Jyoti Ltd (504076)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jyoti's revenue was ₹74.9 Cr (+8.4% year on year, -10.1% on the previous quarter), and net profit ₹5.2 Cr (-13.1% year on year); the operating margin was 8.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹74.9 | +8.4% | -10.1% |
| Operating profit | ₹6.6 | +52.4% | -26.2% |
| Net profit | ₹5.2 | -13.1% | +72.0% |
| EPS (₹) | 2.26 | -13.4% | +71.2% |
| Operating margin | 8.9% | — | — |
📢 Recent Corporate Announcements
BSE Limited has rejected Jyoti Ltd's listing application on October 12, 2026, regarding 59,63,636 equity shares originally allotted on May 2, 2018, to Rare Asset Reconstruction Ltd under the SARFAESI Act. The listing was rejected as BSE mandated prior shareholder approval for the allotment, a stance upheld through SAT and the Supreme Court. Although Jyoti Ltd passed a ratifying special resolution on May 17, 2025, and refiled the listing application, BSE has once again rejected it. The company stated there are no direct financial implications and plans to take appropriate legal steps.
- Listing application for 59,63,636 equity shares rejected by BSE on October 12, 2026
- Shares were originally allotted to Rare Asset Reconstruction Ltd on May 2, 2018, under SARFAESI Act
- Prior shareholder approval was required by BSE; subsequent appeals were dismissed by SAT and Supreme Court
- Ratification via special resolution was passed by shareholders on May 17, 2025, prior to re-application
Jyoti Ltd has appointed Mr. Minesh Natubhai Patel as an Additional Director (Non-Executive, Independent) for a 5-year tenure effective September 24, 2026, to September 23, 2031, subject to shareholder approval. Mr. Patel brings over 30 years of corporate experience spanning IT, cloud services, and finance. The appointment adds independent oversight to the board of the Rs 137 Cr market cap company, which reported TTM revenue of Rs 282 Cr and carries a negative net worth of Rs -34 Cr.
- Appointment of Minesh Natubhai Patel as Independent Director for a 5-year term ending September 23, 2031
- Appointee brings over 30 years of business experience, having held director-level roles since 1995
- Board meeting commenced at 12:12 p.m. and concluded at 12:24 p.m. on September 24, 2026
- Appointment remains subject to shareholder approval
Jyoti Ltd has issued an intimation regarding communication sent to shareholders who have not registered their email addresses. The letter provides the web-link for the Annual Report for FY 2025-26 and notice for the 82nd Annual General Meeting scheduled for Thursday, September 24, 2026, at 11:00 AM IST via Video Conferencing. Additionally, it serves as a compliance reminder under SEBI guidelines for physical folio holders to update PAN, KYC, and nomination details with the RTA.
- 82nd Annual General Meeting (AGM) scheduled for September 24, 2026, at 11:00 AM IST via Video Conferencing
- Communication sent to members without registered email IDs based on the cut-off date of August 21, 2026
- Reminder issued to physical shareholders to submit KYC, PAN, and nomination details per SEBI Master Circular dated May 07, 2024
- Folios lacking updated KYC details remain ineligible for physical payouts and must move to electronic modes
Jyoti Ltd has announced its share transfer register and book closure dates from September 18, 2026, to September 24, 2026 (both days inclusive). The closure is scheduled pursuant to Regulation 42 of SEBI LODR for holding its 82nd Annual General Meeting on September 24, 2026, via VC/OAVM. This is a standard statutory compliance filing and has no operational or financial impact on the company.
- Book closure scheduled from September 18, 2026 to September 24, 2026 (both days inclusive)
- 82nd Annual General Meeting to be conducted on September 24, 2026 via VC/OVAM
- Applicable to equity shares with paid-up face value of Rs 10 each
Jyoti Ltd has issued a notice for its 82nd Annual General Meeting scheduled for September 24, 2026. Key special business includes seeking shareholder approval under Section 180(1)(a) to sell, lease, or dispose of company undertaking(s) in one or more tranches. The proceeds from any potential sale are intended to repay existing borrowings (debt stands at Rs 209 Cr against negative net worth of Rs -34 Cr) and fund working capital needs. The share transfer books will remain closed from September 18 to September 24, 2026.
- 82nd AGM to be held on September 24, 2026 via VC/OAVM.
- Special resolution proposed to sell, lease, or dispose of undertakings under Section 180(1)(a) to non-related parties.
- Proceeds from asset disposal earmarked for reducing existing borrowings (Rs 209 Cr) and working capital.
- Cost audit fees ratified at Rs 50,000 (Motors & Pumps) and Rs 25,000 (Generators, Turbines & Relay) for FY27.
- Register of members and share transfer books closed from September 18 to September 24, 2026.
Jyoti Ltd has submitted its 82nd Annual Report for FY 2025-26 and convened its Annual General Meeting (AGM) for September 24, 2026. In the AGM notice, the company has proposed a special resolution under Section 180(1)(a) authorizing the Board to sell, lease, or dispose of the whole or substantially the whole of any undertaking(s) to non-related parties. Proceeds from any such asset monetization are intended to be utilized towards reducing existing borrowings (total debt stands at ₹209 crore) and meeting working capital requirements. The company reported FY26 revenue of ₹276.53 crore and PAT of ₹18.04 crore amid a negative net worth of ₹-34 crore.
- 82nd Annual General Meeting scheduled for Thursday, September 24, 2026 via Video Conferencing.
- Proposed Special Resolution under Section 180(1)(a) to sell or dispose of undertakings to repay debt and fund working capital.
- Book closure dates fixed from September 18, 2026 to September 24, 2026 for the purpose of the AGM.
- Cost audit fees ratified at ₹50,000 for Motors & Pumps and ₹25,000 for Turbines, Generators, and Relays for FY27.
NCLT Chennai has dismissed Jyoti Ltd's insolvency application filed under Section 9 of the IBC against M/s. Marg Limited for an operational debt claim of ~₹22.67 crore (including interest). The petition was originally filed on November 3, 2022, and the dismissal order dated August 7, 2026 was uploaded on August 28, 2026. The claim amount represents ~8% of Jyoti's TTM revenue of ₹282 crore and exceeds its FY26 annual net profit of ₹18.04 crore. The company announced it is taking steps to appeal against the dismissal order.
- NCLT Chennai dismissed Section 9 IBC petition CP(IB)/262(CHE)2022 filed against Marg Limited
- Operational debt claim under dispute stands at ~₹22.67 crores (including interest)
- Original petition was filed on November 3, 2022; order dated August 7, 2026 was uploaded on August 28, 2026
- Claim value of ₹22.67 crore equals ~8.0% of Jyoti Ltd's TTM revenue of ₹282 crore
- Company plans to file an appeal against the dismissal before the appellate authority (NCLAT)
The Bombay City Civil Court (Mazgaon) has dismissed a legacy commercial suit dating back to 2002 filed by M/s. Navinbhai Cables Private Limited against Jyoti Ltd. The suit sought recovery of ₹96.89 lakh with 24% p.a. interest, alongside ₹87.50 lakh in sales tax C-form liabilities (total principal claim of ~₹1.84 crore plus substantial accumulated interest). With the dismissal order dated August 20, 2026, the company confirmed zero financial or operational liability.
- Bombay City Civil Court dismissed commercial suit no. 691 of 2025 (old suit no. 7586 of 2002).
- Plaintiff had claimed outstanding dues of ₹ 96,89,211/- along with interest @ 24% p.a.
- Plaintiff also sought ₹ 87,49,556/- towards penal liability and CST interest for missing C-forms.
- Court order passed on August 20, 2026 results in zero financial or operational liability for Jyoti Ltd.
Jyoti Ltd reported a standalone revenue of ₹74.90 crore for Q1 FY27, marking an 8.4% increase over the ₹69.11 crore reported in the same quarter last year. Standalone EBITDA improved significantly to ₹6.63 crore from ₹4.35 crore YoY, with margins expanding to 8.85%. However, consolidated net profit saw a slight decline to ₹5.23 crore from ₹6.02 crore YoY, primarily due to a sharp reduction in other income from ₹2.69 crore to ₹0.73 crore. The company continues to face structural challenges with a negative net worth of ₹21 crore and high debt of ₹209 crore.
- Standalone Revenue from operations grew 8.4% YoY to ₹74.90 crore.
- EBITDA increased to ₹6.63 crore, representing an 8.85% margin versus 6.29% YoY.
- Consolidated Net Profit stood at ₹5.23 crore, down 13% from ₹6.02 crore in the previous year's quarter.
- Finance costs remained exceptionally low at ₹0.31 crore for the quarter despite a reported debt of ₹209 crore.
- The company disclosed a ₹5,900 fine paid to BSE for a one-day delay in Related Party Transaction filings.
Jyoti Ltd reported its Q1 FY27 consolidated revenue from operations at ₹74.90 cr, up 8.4% YoY compared to ₹69.11 cr in Q1 FY26. Operating performance strengthened with EBITDA rising 52.4% YoY to ₹6.63 cr (EBITDA margin of 8.9% vs 6.3% YoY). Consolidated net profit stood at ₹5.23 cr compared to ₹6.02 cr in Q1 FY26, impacted by a ₹1.70 cr current tax expense (vs zero tax in the base quarter), though PAT rose 72.0% sequentially from ₹3.04 cr. Additionally, the company announced its 82nd AGM for 24th September, 2026, and noted payment of a ₹5,900 BSE fine for a 1-day delay in RPT disclosure.
- Consolidated revenue from operations rose 8.4% YoY to ₹74.90 cr from ₹69.11 cr in Q1 FY26
- Consolidated EBITDA increased 52.4% YoY to ₹6.63 cr from ₹4.35 cr in Q1 FY26
- Consolidated Net Profit stood at ₹5.23 cr (down 13.1% YoY due to ₹1.70 cr tax provision, but up 72.0% QoQ)
- Diluted EPS for the quarter was ₹2.26 compared to ₹2.61 in Q1 FY26 and ₹1.32 in Q4 FY26
- 82nd AGM scheduled for Thursday, 24th September, 2026 via Video Conferencing
Jyoti Ltd has scheduled a board meeting on August 14, 2026, to approve its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company enters this period with a TTM revenue of ‡277 crore and a PAT of ‡18 crore. A critical focus for investors will be the company's financial stability, as it currently reports a negative net worth of ‡-21 crore and a high debt of ‡209 crore. The trading window for designated persons has been closed since July 1, 2026.
- Board meeting scheduled for August 14, 2026, to approve Q1 results
- Trading window closed from July 1, 2026, until 48 hours post-announcement
- Company reported a TTM PAT of ‡18 crore against a market cap of ‡122 crore
- Net worth remains negative at ‡-21 crore as per latest financial context
- Debt levels are significant at ‡209 crore relative to its ‡122 crore market cap
Financial Performance
Revenue Growth by Segment
Total revenue grew 39.67% YoY to INR 244.92 Cr in FY 2024-25. Historical segment split (2010-11) showed Engineered Pumps and Project Works at 63%, Hydel Projects at 15%, and Switchgears at 13.5%. Current reporting identifies only one reportable segment.
Geographic Revenue Split
Not disclosed in available documents, though the company operates a Joint Venture, Jyoti Sohar Switchgear LLC, in Oman and is based in Vadodara, Gujarat.
Profitability Margins
Operating Profit Margin improved from 6.74% to 7.01% YoY. Net Profit Margin increased from 4.74% to 5.52% YoY, driven by operational efficiency and cost control measures.
EBITDA Margin
EBITDA margin was 7.01% in FY 2024-25. EBITDA grew 45.14% YoY to INR 17.17 Cr from INR 11.83 Cr, reflecting improved core profitability from spares and service orders.
Capital Expenditure
Historical planned capex of INR 75 Cr (750 million) was targeted for expansion and technology upgradation. Current capex plans are not explicitly detailed in FY25 documents.
Credit Rating & Borrowing
CRISIL suspended ratings on INR 158 Cr (1580 million) bank facilities on September 12, 2012, due to non-cooperation. Previous ratings were BBB/Stable (Long-term) and A3+ (Short-term).
Operational Drivers
Raw Materials
Critical materials (unspecified) for electrical and hydraulic engineering products. Specific names like steel or copper are not explicitly listed in the snippets.
Capacity Expansion
Historical expansion plans involved a debt-to-equity funding ratio of 1.5 times for technology upgradation. Current installed capacity metrics are not disclosed.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but management notes that availability and cost of critical materials are key factors influencing operations.
Manufacturing Efficiency
Inventory turnover ratio was 11.23 in FY 2024-25, a decline of 10.9% from 12.61 in FY 2023-24, suggesting potential stock holding increases or slower movement.
Strategic Growth
Growth Strategy
Growth is targeted through a focus on high-margin spares, retrofit, and service orders. The company aims to leverage its 80-year presence in the Power and Water sectors and its status as a 'Total Solution Provider' for EPC Pumping Systems.
Products & Services
Engineered pumps, EPC Pumping Systems, Switchgears, Hydroelectric sets, Rotating electric machines, MV HT VCB Panels, starters, motors, instrument transformers, and control panels.
Brand Portfolio
Jyoti
New Products/Services
Increased focus on spares, retrofit, and service orders which contribute higher margins and positive EBITDA.
Market Expansion
Targeting the Power and Water sectors in India, which are identified as prime movers for economic development under current government policies.
Strategic Alliances
Joint Venture: Jyoti Sohar Switchgear LLC (JSSL). Related parties include JSL Industries Ltd and Insutech Industries Ltd.
External Factors
Industry Trends
The industry is evolving toward customized EPC solutions and turnkey projects in water management and power generation, with Jyoti positioning itself as a total solution provider.
Competitive Landscape
The company faces competition in the engineering sector but relies on its long-term presence to remain competitive.
Competitive Moat
Durable advantage stems from an 80-year industry presence and ISO-9001:2008 certification, providing a long-standing brand reputation in core engineering sectors.
Macro Economic Sensitivity
Highly sensitive to India's economic development and government spending in the Power and Water infrastructure sectors.
Consumer Behavior
Not applicable as the company serves B2B industrial and government sectors.
Geopolitical Risks
Global demand and supply conditions are noted as factors that could influence operations.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013, FEMA 1999, and various SEBI regulations (Substantial Acquisition of Shares, Prohibition of Insider Trading).
Taxation Policy Impact
Management evaluates uncertain tax positions and disputed cases with internal tax experts; specific tax rate not disclosed.
Legal Contingencies
Pending dividend dispute amounting to INR 6.67 Lakhs which is subjudice. Other pending litigations are disclosed in Note No 24(3) of the financial statements.
Risk Analysis
Key Uncertainties
Erosion of Net Worth and accumulated losses cast significant doubt on the company's ability to continue as a going concern.
Geographic Concentration Risk
Primary operations in Vadodara, Gujarat, with international exposure through the Oman-based JV.
Third Party Dependencies
Dependency on the availability of critical materials from external vendors.
Technology Obsolescence Risk
The company addresses technology risks through 'retrofit' services and historical plans for technology upgradation capex.
Credit & Counterparty Risk
Debtors' Turnover Ratio improved 23.4% to 1.37, indicating improved collection efficiency from customers.
