JTL Defence Ltd (537254)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, JTL Defence's revenue was ₹21.2 Cr, and net profit ₹-2.7 Cr (a smaller loss than a year earlier); the operating margin was 11.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹21.2 | — | +39.4% |
| Operating profit | ₹2.5 | from loss | -33.2% |
| Net profit | ₹-2.7 | loss narrowed | to loss |
| EPS (₹) | -2.54 | loss widened | to loss |
| Operating margin | 11.6% | — | — |
📢 Recent Corporate Announcements
JTL Defence's board has approved a rights issue of fully paid-up equity shares not exceeding ₹2,460 Lakhs (₹24.60 crore) specifically to eligible public category shareholders to achieve minimum public shareholding norms. Concurrently, the company announced key managerial changes, with CFO Naveen Kumar Laroiya and CS Ankit Singla resigning effective October 13, 2026. They are replaced by Saurabh Jain as the new CFO and Devangna Jain as the Company Secretary and Compliance Officer effective October 14, 2026. The proposed fundraise size of ₹24.60 crore represents approximately 60% of TTM revenue (₹41 crore) but just 0.26% of its market capitalization (₹9,564 crore).
- Board approved a rights issue of fully paid-up equity shares (₹10 face value) up to ₹2,460 Lakhs (₹24.60 crore)
- Rights issue is directed to eligible equity shareholders under the public category to comply with minimum public shareholding requirements
- Simultaneous resignation of CFO Naveen Kumar Laroiya and CS Ankit Singla effective October 13, 2026
- Appointment of Saurabh Jain as Chief Financial Officer and Devangna Jain as CS and Compliance Officer effective October 14, 2026
JTL Defence's board has approved a rights issue of fully paid-up equity shares not exceeding ₹2,460 Lakhs (₹24.60 crore) specifically to eligible public category shareholders to achieve minimum public shareholding norms. Concurrently, the company announced key managerial changes, with CFO Naveen Kumar Laroiya and CS Ankit Singla resigning effective October 13, 2026. They are replaced by Saurabh Jain as the new CFO and Devangna Jain as the Company Secretary and Compliance Officer effective October 14, 2026. The proposed fundraise size of ₹24.60 crore represents approximately 60% of TTM revenue (₹41 crore) but just 0.26% of its market capitalization (₹9,564 crore).
- Board approved a rights issue of fully paid-up equity shares (₹10 face value) up to ₹2,460 Lakhs (₹24.60 crore)
- Rights issue is directed to eligible equity shareholders under the public category to comply with minimum public shareholding requirements
- Simultaneous resignation of CFO Naveen Kumar Laroiya and CS Ankit Singla effective October 13, 2026
- Appointment of Saurabh Jain as Chief Financial Officer and Devangna Jain as CS and Compliance Officer effective October 14, 2026
JTL Defence Limited has approved a Rights Issue of equity shares for an aggregate amount not exceeding ₹24.60 crore to eligible public shareholders to comply with minimum public shareholding norms. The proposed raise represents ~60% of TTM revenue (₹41 crore) but just 0.26% of the company's current market cap of ₹9,564 crore. Concurrently, the company announced key leadership transitions: CFO Naveen Kumar Laroiya and CS Ankit Singla resigned effective October 13, 2026, replaced by Saurabh Jain as CFO and Devangna Jain as Company Secretary with immediate effect. Specific terms of the Rights Issue including price, entitlement ratio, and record date will be determined by a newly formed committee.
- Rights issue approved for an aggregate amount not exceeding INR 2,460 Lakhs (₹24.60 crore)
- Issue aimed at public shareholders to achieve minimum public shareholding (current promoter holding at 95.0%)
- Simultaneous resignation of CFO Naveen Kumar Laroiya and CS Ankit Singla w.e.f. October 13, 2026
- Appointment of Saurabh Jain as new Chief Financial Officer w.e.f. October 14, 2026
JTL Defence Limited (erstwhile RCI Industries & Technologies Limited) has disbursed net proceeds from the sale of fractional share entitlements directly to eligible shareholders' bank accounts. This action completes an administrative step pursuant to the NCLT-approved Resolution Plan dated October 09, 2025 (and referenced Order dated October 09, 2026), which included a reduction of paid-up share capital. Fractional shares were previously consolidated and sold in the open market on behalf of eligible holders. Shareholders with incomplete banking records will be contacted to update their details.
- Resolution plan originally approved via NCLT New Delhi Bench order dated October 09, 2025
- Net proceeds from consolidated fractional shares sold in the open market have been credited to bank accounts
- Company was formerly known as RCI Industries & Technologies Limited
- Shareholders with incomplete banking details will be contacted separately by the company or RTA
JTL Defence Ltd has scheduled a Board of Directors meeting on October 14, 2026, to consider and approve a proposed fundraise via a Rights Issue. This follows a prior board outcome dated June 3, 2026. The company currently has a market capitalization of ₹9,564 Cr against TTM revenue of ₹41 Cr, with promoter holding standing at 95.0%. Trading window remains closed ahead of Q2 FY27 results declaration.
- Board meeting scheduled on Wednesday, October 14, 2026
- Agenda: Consider and approve fundraising via equity shares through Rights Issue
- Trading window closed until 48 hours post Q2 FY27 unaudited financial results declaration
- Follows earlier board outcome dated June 03, 2026
JTL Defence Limited announced its business performance update for Q2 FY27, reporting record quarterly volumes of 356 metric tonnes (MT), marking an 18.67% increase compared to 300 MT achieved in Q1 FY27. The volume comprised 205 MT from manufacturing sales and 151 MT from job work operations. The company attributes the sequential volume growth to higher job work execution and steady demand across copper, brass, and industrial metal segments. While operational volumes improved, full financial details including revenue and margins for the quarter will be reported in upcoming audited results.
- Achieved all-time high quarterly total volume of 356 MT in Q2 FY27
- Quarterly volume grew by 18.67% QoQ compared to 300 MT in Q1 FY27
- Manufacturing sales contributed 205 MT during the quarter
- Job work volume accounted for 151 MT of the total volume
JTL Defence Limited announced shareholder approval at its 35th AGM on September 23, 2026, for the addition of 5 new sub-clauses (23 to 27) to its Memorandum of Association. The changes formally permit entry into defence, space, explosives, drones, and military equipment manufacturing. Shareholders also approved the appointment of Mr. Deevesh Bhojia as Whole-time Director for a 5-year term and re-appointed Managing Director Mr. Pranav Singla. Despite the significant operational scope expansion, the company operates at a modest scale with TTM revenue of ₹41 Cr compared to a market cap of ₹9,564 Cr.
- Shareholders approved insertion of 5 new sub-clauses (Nos. 23, 24, 25, 26, and 27) into the Main Objects of the MOA.
- Scope expanded to include rockets, missiles, battle tanks, drones, TNT explosives, and military weapon systems.
- Appointed Mr. Deevesh Bhojia as Whole-time Director for a period of 5 years.
- Approved Material Related Party Transactions and re-appointment of MD Mr. Pranav Singla at the 35th AGM.
JTL Defence Limited announced shareholder approval at its 35th AGM on September 23, 2026, for the addition of 5 new sub-clauses (23 to 27) to its Memorandum of Association. The changes formally permit entry into defence, space, explosives, drones, and military equipment manufacturing. Shareholders also approved the appointment of Mr. Deevesh Bhojia as Whole-time Director for a 5-year term and re-appointed Managing Director Mr. Pranav Singla. Despite the significant operational scope expansion, the company operates at a modest scale with TTM revenue of ₹41 Cr compared to a market cap of ₹9,564 Cr.
- Shareholders approved insertion of 5 new sub-clauses (Nos. 23, 24, 25, 26, and 27) into the Main Objects of the MOA.
- Scope expanded to include rockets, missiles, battle tanks, drones, TNT explosives, and military weapon systems.
- Appointed Mr. Deevesh Bhojia as Whole-time Director for a period of 5 years.
- Approved Material Related Party Transactions and re-appointment of MD Mr. Pranav Singla at the 35th AGM.
JTL Defence Limited announced the outcome of its board meeting held on August 29, 2026. The board approved the re-appointment of Mr. Pranav Singla as Managing Director for a 5-year tenure effective October 28, 2025, and appointed Mr. Deevesh Bhojia as Whole-time Director for 5 years effective August 29, 2026. Additionally, the board approved an alteration to the Object Clause of the Memorandum of Association (MOA) to enable future expansion plans. The 35th Annual General Meeting (AGM) has been scheduled for September 23, 2026, where shareholder approval will be sought for these resolutions.
- 35th Annual General Meeting scheduled for Wednesday, September 23, 2026 at 11:00 AM IST via VC/OAVM
- Re-appointed Mr. Pranav Singla as Managing Director for a 5-year term with effect from October 28, 2025
- Appointed Mr. Deevesh Bhojia as Whole-time Director (Additional) for a 5-year term with effect from August 29, 2026
- Approved alteration of the Object Clause (Main Objects) in the MOA to support future expansion plans, subject to shareholder approval
JTL Defence's Board of Directors approved the reappointment of Mr. Pranav Singla as Managing Director for a 5-year term starting October 28, 2025. The Board also appointed Mr. Deevesh Bhojia as Whole-time Director (Additional) for a 5-year tenure effective August 29, 2026, subject to shareholder approval. Additionally, the company scheduled its 35th Annual General Meeting for September 23, 2026, and approved amendments to its Main Object Clause to support future expansion plans.
- Re-appointment of Mr. Pranav Singla as Managing Director for a 5-year term w.e.f. October 28, 2025
- Appointment of Mr. Deevesh Bhojia as Whole-time Director for a 5-year term w.e.f. August 29, 2026
- 35th Annual General Meeting scheduled for Wednesday, September 23, 2026 at 11:00 AM
- Approved alteration of the Object Clause in the Memorandum of Association to support business expansion plans
JTL Defence Ltd held its board meeting on August 29, 2026, approving key leadership and administrative matters ahead of its 35th Annual General Meeting (AGM) scheduled for September 23, 2026. The board approved the re-appointment of Mr. Pranav Singla as Managing Director for a 5-year tenure effective October 28, 2025, and appointed Mr. Deevesh Bhojia as Whole-time Director for 5 years effective August 29, 2026, both subject to shareholder approval. Additionally, the board approved an alteration to the Main Object Clause of the company to support upcoming expansion plans.
- 35th Annual General Meeting fixed for Wednesday, September 23, 2026 at 11:00 AM via VC/OAVM
- Re-appointed Mr. Pranav Singla as Managing Director for a term of 5 years w.e.f. October 28, 2025
- Appointed Mr. Deevesh Bhojia as Whole-time Director for a period of 5 years w.e.f. August 29, 2026
- Approved alteration of the Object Clause (Main Objects) to support business expansion plans, subject to member approval
JTL Defence Ltd has informed exchanges that its Managing Director, Mr. Pranav Singla, will hold physical one-to-one investor meetings in Mumbai on August 26 and August 27, 2026. The meetings are scheduled from 10:00 AM to 5:00 PM each day. The company stated that discussions will cover publicly available information only, and no unpublished price sensitive information (UPSI) will be shared.
- One-to-one physical meetings scheduled with investors in Mumbai
- Scheduled for two days: August 26, 2026 to August 27, 2026
- Meeting hours planned from 10:00 AM to 5:00 PM each day
- Company clarified that discussions will be confined to publicly available information
JTL Defence reported a significant scale-up in Q1 FY27, with revenue reaching ₹21.2 crore, surpassing the entire FY26 revenue of ₹19.29 crore. While the company reported a net loss of ₹2.7 crore, this was driven by a ₹2.8 crore non-cash depreciation charge on revalued assets; adjusted PAT stood at a marginal ₹0.1 crore. Operating performance showed an EBITDA of ₹2.5 crore with a margin of 11.6%, a sharp contraction from 24.2% in the preceding quarter. The company is currently utilizing a 20,000 MTPA capacity in Baddi, focusing on high-value copper and alloy products.
- Revenue from operations grew 39.4% QoQ to ₹21.2 crore, exceeding the total FY26 revenue of ₹19.29 crore.
- EBITDA per ton for the quarter was reported at ₹82,103 on a sales volume of 300 MT.
- Reported a net loss of ₹2.7 crore due to a high depreciation charge of ₹4.0 crore following asset revaluation.
- Promoter holding remains exceptionally high at 95.0%, indicating tight control but low public float.
- Management targets restoring FY17-19 revenue levels within the next 2-3 years through product innovation and OEM empanelment.
JTL Defence reported a significant operational scale-up in Q1 FY27, with revenue reaching Rs 21.2 Cr, a 39.4% increase over the previous quarter. Notably, this single quarter's revenue exceeds the company's entire FY26 revenue of Rs 19.29 Cr. While EBITDA was positive at Rs 2.5 Cr (11.6% margin), reported profitability was impacted by a non-cash depreciation charge of Rs 2.8 Cr arising from asset revaluation. Excluding this, the adjusted PAT was a marginal Rs 0.1 Cr, compared to a reported loss.
- Revenue of Rs 21.2 Cr in Q1 FY27 represents 109.9% of the total FY26 annual revenue of Rs 19.29 Cr
- Total sales volume for the quarter reached 300 MT, driven by improved business operations
- EBITDA stood at Rs 2.5 Cr with a margin of 11.6% for the quarter
- Additional depreciation of Rs 2.8 Cr due to asset revaluation significantly impacted the reported bottom line
JTL Defence (formerly RCI Industries) reported a significant operational turnaround with Q1 FY27 revenue reaching ₹21.24 cr, surpassing its entire TTM revenue of ₹19 cr. The company has resumed full operations following the completion of its Corporate Insolvency Resolution Process (CIRP) in December 2025. However, auditors have raised concerns regarding the recoverability of ₹11.86 cr in long-standing investments and outstanding pre-CIRP trade receivables. The company is also contesting various taxation notices, claiming immunity under the NCLT-approved resolution plan.
- Revenue from operations surged to ₹21.24 cr in Q1 FY27 from zero in the corresponding quarter last year.
- Quarter-on-quarter revenue grew by 39.4% compared to ₹15.24 cr in the March 2026 quarter.
- Auditors highlighted ₹11.86 cr of long-standing investments in three entities where recoverability is currently unascertainable.
- The company successfully exited the Corporate Insolvency Resolution Process (CIRP) on December 8, 2025.
- Promoter holding remains exceptionally high at 95.0%, indicating tight control post-restructuring.
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