BSE: 504076
JYOTI LTD.
Designs, manufactures and supplies VT (Vertical Turbine) Pumps and HT (High Tension) Motors, with orders flowing primarily into state government lift irrigation schemes in Andhra Pradesh and Telangana through EPC contractors. Recent order disclosures in FY26 included Rs 9.52 crore for 6 VT Pumps and 6 HT Motors from Megha Engineering for the Mukthyala Lift Irrigation Scheme, and Rs 5.38 crore for 10 Large Capacity VT Pumps from PVR Projects for the Jawahar Lift Irrigation Scheme in Khammam. Nine-month revenue grew about 41% year-on-year to Rs 19,322 lakh in 9M FY26, though Q4 FY26 total income fell to Rs 8,409 lakh from Rs 10,853 lakh in Q4 FY25. The cost structure is dominated by materials at 76% of revenue, with employee cost at 13.2% and other operating expenses at 9.1%. The balance sheet carries a negative net worth of Rs 3,385 lakh on a standalone basis and total borrowings of Rs 20,925 lakh, with a Rs 76 crore principal default disclosed to Rare Asset Reconstruction Limited as of 31 March 2026. Inventories rose to Rs 4,965 lakh in FY26 from Rs 2,898 lakh a year earlier, indicating heavy working capital tied up in the order book. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and supply of VT Pumps and HT Motors. Project-order-driven, working-capital-heavy heavy electrical equipment manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 120 | 155 | 175 | 245 | 277 |
| EBITDA (ex other income) | (1) | 2 | 12 | 17 | 23 |
| margin % | (0.7) | 1.4 | 7.0 | 7.0 | 8.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.65 | 2.00 | 3.65 | 7.03 | 7.82 |
| ROE % · ROCE % | (2.2) · 0.4 | (7.2) · 5.2 | (15.1) · 24.7 | (41.0) · (47.9) | (85.8) · (254.8) |
| Debt / equity (x) | (3.91) | (3.96) | (4.33) | (5.57) | (9.95) |
| Cash from operations | 40 | 16 | 23 | 13 | 16 |
| Capex | (0) | (1) | (3) | (3) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43 | 42 | 52 | 108 | 69 | 71 | 53 | 83 |
| Profit before tax | 2 | 1 | 3 | 7 | 6 | 7 | 2 | 7 |
| Net profit | 3 | 2 | 4 | 8 | 6 | 6 | 3 | 3 |
| EPS (₹) | 1.12 | 0.66 | 1.70 | 3.55 | 2.61 | 2.80 | 1.09 | 1.32 |
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 | 1,49,589 | 61.5 | 5.72 | 49.6 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,43,456 | 48.0 | 15.36 | — | 23.0 | 10.2 | — | 15.2 |
| HITACHI ENERGY INDIA LTD | 1,37,970 | 119.9 | 26.66 | — | 19.1 | 24.7 | — | 16.9 |
| CG POWER AND IND SOL LTD | 1,35,773 | 88.9 | 16.56 | 73.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,29,548 | 39.5 | 9.35 | 36.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| SIEMENS ENERGY INDIA LTD | 1,13,208 | 76.1 | 23.53 | — | 14.3 | 15.8 | — | 25.9 |
| GE VERNOVA T&D INDIA LTD | 1,07,541 | 82.4 | 39.97 | — | 45.8 | 57.9 | — | 27.4 |
| SUZLON ENERGY LIMITED | 50,102 | 16.0 | 5.29 | 15.5 | 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) | 8.7 | 36.5 | 3 of 34 | 94% |
| ROCE | (249.4) | 16.6 | 36 of 36 | 0% |
| EBITDA margin | 11.8 | 16.4 | 24 of 35 | 32% |
| Revenue growth | (22.9) | 17.7 | 31 of 33 | 6% |
| Profit growth | (62.8) | 6.7 | 28 of 32 | 13% |
| Market cap | 157 | 7467 | 33 of 35 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Quarterly compliance certificate submitted to BSE for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Jyoti Ltd 82nd AGM results: all 4 resolutions passed with about 100 percent in favor | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Jyoti Ltd secures Rs 663.71 lakh repeat order from GETCO for 11 KV VCB panels | business updates | medium | — | — |
| 2 Sept 2026 · Jyoti Ltd changes official company email ID | compliance | minimal | — | — |
| 1 Sept 2026 · Jyoti Ltd 82nd AGM notice published, e-voting from Sep 20 | compliance | minimal | — | — |
| 31 Aug 2026 · Annual Report web link sent to shareholders; KYC update reminder for physical holders | compliance | minimal | — | — |
| 31 Aug 2026 · Jyoti Ltd: Book Closure for 52nd AGM on 24 September 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · 82nd AGM notice on Sep 24, 2026 via VC; includes asset sale resolution | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Jyoti Ltd FY26 Annual Report filed; AGM on Sep 24, sale of undertaking on agenda | results | high | — | — |
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.