NSE: JYOTISTRUC · BSE: 513250
JYOTI STRUCTURES LTD
EPC contractor in power transmission, building transmission lines, towers and related infrastructure for utility customers. Manufactures at a Nashik facility — Plant-2 was commissioned in January 2026, doubling manufacturing capacity to 72,000 MT. Order book stood at Rs 2,274 Cr at the end of FY26. Operations span 5 Indian states and run internationally, with branch auditors appointed for Uganda, Kenya and Tunisia; a new joint venture contract was signed in May 2026 for a 28km, 220kV double circuit transmission line in Sri Lanka valued at Rs 67.96 Crores, to be completed in 18 months. FY26 revenue was Rs 750.87 Cr. Materials are the largest cost line at 57.8% of revenue, followed by other operating expenses at 32.5% and employee costs at 9.3%; depreciation accounted for 1.7% and capex 5.5%. The company employed 876 people as of the FY26 BRSR filing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power transmission EPC. Project-based, asset-heavy EPC contractor with an order-book-driven revenue cycle
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 229 | 451 | 498 | 751 |
| EBITDA (ex other income) | (36) | (0) | 16 | 37 | 48 |
| margin % | (825.8) | (0.1) | 3.6 | 7.5 | 6.4 |
| Owners' profit | (43) | (4) | 0 | 36 | 11 |
| EPS, as reported (₹) | (1.02) | (0.06) | 0.41 | 0.40 | 0.47 |
| ROE % · ROCE % | (28.0) · (2.1) | (16.0) · (0.2) | (113.1) · 1.0 | 6.3 · 1.4 | 11.8 · 2.3 |
| Debt / equity (x) | 11.13 | 70.99 | (75.11) | 3.55 | 4.39 |
| Cash from operations | (100) | (44) | (19) | (177) | (269) |
| Capex | (1) | (10) | (10) | (18) | (41) |
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 | 107 | 137 | 165 | 156 | 151 | 209 | 234 | 251 |
| Profit before tax | 7 | 11 | 12 | 10 | 10 | 15 | 19 | 19 |
| Net profit | 7 | 11 | 12 | 11 | 10 | 17 | 18 | 19 |
| EPS (₹) | 0.08 | 0.13 | 0.14 | 0.09 | 0.08 | 0.14 | 0.15 | 0.16 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,39,247 | 57.2 | 5.33 | 46.4 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,38,795 | 46.5 | 14.86 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,576 | 86.1 | 16.05 | 71.6 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,642 | 110.0 | 24.47 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,18,886 | 36.3 | 8.58 | 33.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,01,908 | 78.1 | 37.88 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,243 | 68.0 | 21.04 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 50,776 | 16.2 | 5.37 | 15.7 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.0 | 36.3 | 8 of 34 | 79% |
| P/B | 2.3 | 5.4 | 5 of 33 | 88% |
| ROCE | 2.2 | 16.6 | 34 of 36 | 6% |
| ROE | 11.8 | 14.7 | 24 of 34 | 30% |
| Debt / Equity | 4.4 | 0.1 | 34 of 34 | 0% |
| EBITDA margin | 9.9 | 16.4 | 27 of 35 | 24% |
| Revenue growth | 61.0 | 17.7 | 7 of 33 | 81% |
| Profit growth | 74.4 | 6.7 | 6 of 32 | 84% |
| Market cap | 1077 | 6531 | 28 of 35 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Jyoti Structures wins Rs 949.35 crore Power Grid transmission orders | compliance | low | — | — |
| 26 Oct 2026 · Jyoti Structures wins Rs 949.35 crore Power Grid transmission order | business updates | high | — | — |
| 23 Oct 2026 · JSL wins Rs 689.93 crore GETCO transmission order | compliance | low | — | — |
| 23 Oct 2026 · 765kV Gujarat transmission project order worth Rs. 689.93 crore | business updates | high | — | — |
| 15 Oct 2026 · CFO relinquishes post, continues as Whole-time Director | management changes | high | — | — |
| 15 Oct 2026 · CFO Change: Khan steps down, Salunke takes over; Anil Jain joins board | management changes | medium | — | — |
| 15 Oct 2026 · CFO change at Jyoti Structures: Khan steps down, Salunke appointed; Anil Jain joins board | management changes | high | — | — |
| 12 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 28 Aug 2026 · NSE seeks clarification on quarterly results from Jyoti Structures | regulatory legal | medium | — | — |
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.