NSE: JTLIND · BSE: 534600
JTL INDUSTRIES LIMITED
Manufactures steel pipes, hollow sections and value-added tubular products from four plants located in Punjab, Maharashtra (Mangaon) and Chhattisgarh, with cumulative manufacturing capacity of about 9,36,000 MTPA. FY26 sales volumes reached 3,95,900 MT (a record), of which value-added lines such as DFT structural pipes and color-coated pipes made up about 27% of Q4 FY26 sales. A new cold rolling complex at Mangaon for color-coated pipes was nearing commissioning for H1 FY27. Exports account for about 10% of revenue, including supply to Australia under ACRS certification, and the business holds Three Star Export House status. A separate copper, brass and bronze alloys line sits in 95%-owned subsidiary JTL Defence, which is scaling from 100 tons/month to a 500 tons/month run rate by FY27 exit. Materials (steel and other inputs) form the biggest cost at 79.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel pipes and hollow sections, Value-added tubular products, Exports, JTL Defence (alloys). Capital-intensive steel pipe manufacturer expanding into value-added tubes and copper/brass alloys.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 976 | 1,550 | 2,040 | 1,916 | 2,136 |
| EBITDA (ex other income) | 73 | 128 | 152 | — | 154 |
| margin % | 7.4 | 8.3 | 7.5 | — | 7.2 |
| Owners' profit | 50 | 90 | 113 | — | 98 |
| EPS, as reported (₹) | 8.45 | 10.69 | 6.63 | 2.60 | 2.62 |
| ROE % · ROCE % | 31.8 · 43.8 | 22.1 · 30.5 | 14.6 · 19.9 | — · 11.0 | 6.8 · 9.1 |
| Debt / equity (x) | 0.50 | 0.13 | 0.03 | — | 0.16 |
| Cash from operations | 10 | 5 | (22) | (246) | (67) |
| Capex | (20) | (19) | (103) | (178) | (146) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 480 | 451 | 469 | 544 | 429 | 471 | 693 | 722 |
| Profit before tax | 35 | 34 | 22 | 22 | 31 | 33 | 50 | 48 |
| Net profit | 26 | 25 | — | 17 | 22 | 26 | 38 | 35 |
| EPS (₹) | 1.39 | 0.63 | 0.43 | 0.42 | 0.56 | 0.67 | 0.96 | 0.90 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.0 | 15.4 | 68 of 105 | 36% |
| P/B | 1.9 | 1.5 | 63 of 101 | 38% |
| ROCE | 8.4 | 9.1 | 60 of 115 | 48% |
| ROE | 6.8 | 8.6 | 59 of 103 | 43% |
| Debt / Equity | 0.2 | 0.2 | 46 of 101 | 55% |
| EBITDA margin | 8.8 | 11.0 | 59 of 100 | 41% |
| Revenue growth | 32.7 | 13.7 | 21 of 97 | 79% |
| Profit growth | 113.7 | 29.3 | 25 of 105 | 77% |
| Market cap | 2912 | 216 | 24 of 122 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 2 to approve Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · JTL Industries gets CPWD approval for steel pipes and hollow sections | business updates | high | — | — |
| 7 Oct 2026 · RTA certificate for securities dematerialization filed under SEBI Reg 74(5) | compliance | minimal | — | — |
| 5 Oct 2026 · JTL Industries bags USD 3.4 million export order from Canada | business updates | high | — | — |
| 5 Oct 2026 · Export Order from Canada for 5,000 MT Black Welded Hollow Sections | business updates | high | — | — |
| 1 Oct 2026 · JTL Industries hits record H1 FY27 sales volume, 21.2% YoY growth | business updates | medium | — | — |
| 30 Sept 2026 · JTL Industries closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · JTL Industries 35th AGM: all 6 resolutions passed, dividend of Rs 0.125 per share approved | board shareholder meetings | low | — | — |
| 20 Sept 2026 · JTL Industries to attend JM Financial Environmental and Energy Conclave on Sep 24 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · JTL Industries to hold Non-Deal Roadshow with investors on Sep 22 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.