Jai Balaji Industries Limited (JAIBALAJI)
₹72.33 -3.44% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jai Balaji's revenue was ₹1,683 Cr (+24.0% year on year, -3.6% on the previous quarter), and net profit ₹85.2 Cr (+20.8% year on year); the operating margin was 9.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,683 | +24.0% | -3.6% |
| Operating profit | ₹151 | +19.2% | +64.5% |
| Net profit | ₹85.2 | +20.8% | +305.9% |
| EPS (₹) | 0.93 | +20.8% | +304.3% |
| Operating margin | 9.0% | — | — |
JAIBALAJI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.79% of the JAIBALAJI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.27%. That is close to its usual level. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 60.9% · 44.5% · 49.0% · 45.9% · 53.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jai Balaji Industries announced the voting results and Scrutinizer's Report for its 27th Annual General Meeting held on September 24, 2026. All 8 resolutions were approved with requisite majority, securing over 99.99% favorable votes across agenda items. Key approvals included the adoption of FY26 financial statements, re-appointment of Whole-time Director Shri Sanjiv Jajodia for 3 years, and appointment of Shri Babu Swadesh Sharma as Whole-time Director. Total voter participation reached 71.75 crore shares representing 78.66% of the company's voting capital.
- All 8 resolutions passed with over 99.99% of total valid votes cast in favour
- Overall voting turnout stood at 78.6570% with 71,75,49,933 shares polled out of 91,22,51,430 total voting shares
- 143 shareholders attended the meeting via video conferencing (20 promoter group, 123 public)
- Re-appointment of Whole-time Director Sanjiv Jajodia approved for a 3-year term from June 30, 2026 to June 29, 2029
- Appointment of Babu Swadesh Sharma as Whole-time Director approved for 3 years from September 15, 2026 to September 14, 2029
CRISIL Ratings has downgraded its rating on Jai Balaji Industries' Rs 995 crore bank loan facilities from 'Crisil BBB+/Stable/Crisil A2' to 'Crisil BBB/Stable/Crisil A3+'. The downgrade follows weaker-than-expected operating performance in fiscal 2026, where revenue fell 8% year-on-year to Rs 5,786 crore due to a slowdown in government-led water infra projects (JJM and AMRUT). Consequently, ductile iron (DI) pipe capacity utilization dropped sharply to ~30% from 80% in FY25, causing EBITDA margins to contract by 764 bps to 6% and RoCE to drop to 8.8%. While Q1 FY27 revenue touched Rs 1,683 crore with EBITDA margins recovering to 9%, constrained cash flows and working capital pressures triggered the downgrade.
- Long-term bank facilities downgraded to 'Crisil BBB/Stable' (from 'Crisil BBB+/Stable') and short-term to 'Crisil A3+' (from 'Crisil A2') across Rs 995 crore total facilities.
- FY26 revenue dropped 8% YoY to Rs 5,786 crore due to subdued demand in DI pipes and TMT bars.
- DI pipe capacity utilization fell to ~30% in FY26 from 80% in FY25, persisting at ~30% in Q1 FY27.
- Operating EBITDA margin shrank 764 bps to 6% in FY26 (down from 14% in FY25), with RoCE moderating to 8.8% from over 20%.
- Capex plan revised to Rs 1,112 crore (including Rs 112 crore cost overrun), with the remaining Rs 35-40 crore to be spent in FY27.
Jai Balaji Industries announced that CRISIL has downgraded its credit ratings across Rs 995 crore of bank loan facilities. The long-term rating was lowered to 'CRISIL BBB/Stable' from 'CRISIL BBB+/Stable'. Concurrently, the short-term bank facility rating was downgraded from 'CRISIL A2' to 'CRISIL A3+'. The rated bank facility amount of Rs 995 crore represents approximately 17.7% of the company's TTM revenue of Rs 5,629 crore.
- CRISIL downgraded total bank loan facilities amounting to Rs 995 Crores
- Long-term rating revised to CRISIL BBB/Stable from CRISIL BBB+/Stable
- Short-term rating lowered to Crisil A3+ from Crisil A2
- Rated facilities represent ~17.7% of TTM revenue (Rs 5,629 Cr) and exceed total balance sheet debt of Rs 417 Cr
Jai Balaji Industries Limited has scheduled an analyst/institutional investor meeting with JM Financial PCG. The interaction will be a one-on-one virtual meeting set for Friday, September 11, 2026. The company stated that no Unpublished Price Sensitive Information (UPSI) will be shared during the discussion. This is a routine investor relations update and carries no immediate financial impact.
- One-on-one virtual meeting scheduled with JM Financial PCG
- Meeting date scheduled for Friday, 11th September, 2026
- Filing confirms no Unpublished Price Sensitive Information (UPSI) will be shared
Jai Balaji Industries Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report filings. The report shows operational revenue of ₹5,784.27 crore and a net worth of ₹2,213.56 crore. Product-wise, Ferro Alloys contributed 29.62% of turnover, followed by Pig Iron (18.19%), Ductile Iron Pipes (17.82%), and Steel Bars/Rods (15.11%). Exports accounted for 5.88% of total turnover, while the company operated 5 manufacturing plants and 6 offices nationally.
- Revenue from operations reported at ₹5,784.27 crore with a net worth of ₹2,213.56 crore for FY26
- Product mix led by Ferro Alloys (29.62%), Pig Iron (18.19%), and Ductile Iron Pipes (17.82%)
- Exports contributed 5.88% of total turnover with presence across ~32 countries
- Total workforce stood at 3,280 employees and 5,955 workers across 5 operational plants
- Total Scope 1 emissions were 4,359,031 tCO2e and Scope 2 emissions were 392,433 tCO2e
Jai Balaji Industries Limited has released its Annual Report for FY 2025-26 and scheduled its 27th Annual General Meeting for September 24, 2026. The report highlights that specialized ferro alloys increased their revenue contribution from 17% in the previous year to 30% in FY26. Additionally, the company improved its debt-to-equity ratio to approximately 0.19x with reserves and surplus standing at ₹2,075.11 crore. Credit ratings for the company stood at CRISIL BBB+/Stable and CRISIL A2 across its 5 manufacturing facilities.
- 27th Annual General Meeting scheduled for September 24, 2026, at 12:30 p.m. via VC/OAVM
- Specialised ferro alloys revenue contribution surged from 17% to 30% in FY26
- Debt-to-equity ratio improved to ~0.19x, with reserves and surplus at ₹2,075.11 cr
- CRISIL credit rating affirmed at BBB+/Stable (long-term) and A2 (short-term)
Jai Balaji Industries Limited has scheduled its 27th Annual General Meeting (AGM) for Thursday, September 24, 2026, at 12:30 PM IST via Video Conferencing/OAVM. The company fixed Thursday, September 17, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. The detailed AGM notice and Annual Report for FY26 will be dispatched and filed separately in due course.
- 27th Annual General Meeting scheduled for September 24, 2026, at 12:30 PM IST
- Meeting to be conducted virtually through Video Conferencing (VC) / Other Audio Visual Means (OAVM)
- Cut-off date fixed as September 17, 2026, for e-voting eligibility
- Notice of AGM and Annual Report for FY 2025-2026 to be submitted in due course
Jai Balaji Industries reported a resilient Q1 FY27 performance with revenue growing 24% YoY to ₹1,683 Cr, adjusted EBITDA rising 46% YoY to ₹154 Cr, and PAT increasing 21% YoY to ₹85 Cr. Net term debt has significantly reduced from ₹3,408 Cr in FY21 to ₹188 Cr in Q1 FY27, bringing the net term debt-to-equity ratio down to 0.07. The company has invested ₹1,076 Cr out of its revised ₹1,112 Cr capex program, largely funded via internal accruals, with the remaining ₹35-40 Cr to be deployed by end-2026. Expanded capacities in DI pipes (5.5 lakh TPA), specialized ferroalloys (1.9 lakh TPA), and blast furnace/sinter are scheduled to be fully commissioned by Q3 FY27.
- Q1 FY27 revenue rose 24% YoY to ₹1,683 Cr, with adjusted EBITDA up 46% YoY to ₹154 Cr and PAT up 21% YoY to ₹85 Cr.
- Repayable net term debt fell drastically to ₹188 Cr in Q1 FY27 versus ₹3,408 Cr in FY21, with total debt utilization staying under ₹500 Cr.
- Capex of ₹1,076 Cr out of total revised outlay of ₹1,112 Cr already spent, with balance ₹35-40 Cr expected to conclude by CY2026.
- DI pipe capacity expanded to 5.5 lakh TPA, with enhanced ferroalloy (1.9 lakh TPA) and blast furnace (7.5 lakh TPA) capacities set for Q3 FY27 commissioning.
- Value-added and specialized products accounted for 42% of sales in Q1 FY27, supported by a 46% YoY surge in ferroalloy realizations.
Jai Balaji Industries Limited has disclosed the audio recording link for its Q1FY27 earnings conference call held on August 14, 2026. The intimation is submitted under Regulation 30 of SEBI (LODR) Regulations, 2015. Investors can access the audio recording on the company's website to review management's commentary on performance and business outlook.
- Audio recording for the Q1FY27 earnings call held on August 14, 2026, made publicly available.
- Filing compliance completed under Regulation 30 of SEBI LODR Regulations, 2015.
- Recording hosted on the official Jai Balaji Industries website.
Jai Balaji Industries has appointed Shri Babu Swadesh Sharma as a Whole-time Director for a 3-year term effective September 15, 2026, bringing nearly 40 years of steel industry experience. This follows the upcoming cessation of Shri Bimal Kumar Choudhary's tenure as WTD on September 14, 2026. The board also re-appointed two Independent Directors for 5-year terms and appointed a new Cost Auditor for FY 2026-27. The incoming WTD's expertise in operational excellence and plant turnarounds is significant as the company targets scaling DI pipe production to over 4 lakh tons.
- Shri Babu Swadesh Sharma appointed as Whole-time Director for a 3-year term starting September 15, 2026
- Shri Bimal Kumar Choudhary to cease being WTD on September 14, 2026, upon completion of his tenure
- New WTD brings nearly 40 years of experience in integrated iron and steel manufacturing and business transformation
- Two Independent Directors re-appointed for 5-year terms starting in April and August 2027
- Company is currently scaling DI pipe production toward a target of 4,00,000 MT for FY26
Jai Balaji Industries reported a strong start to FY27 with Q1 revenue growing 24% YoY to ₹1,683 Cr. Adjusted EBITDA and PAT increased by 46% and 21% respectively, reaching ₹154 Cr and ₹85 Cr, supported by a 46% YoY jump in Ferro Alloy realizations. The company has nearly completed its major capex cycle, having spent ₹1,076 Cr out of a revised ₹1,112 Cr budget, mostly through internal accruals. Net term debt has been significantly reduced to ₹188 Cr, resulting in a healthy Net Debt-to-Equity ratio of 0.07x.
- Revenue grew 24% YoY to ₹1,683 Cr in Q1 FY27, driven by price normalization and operational efficiency.
- Adjusted EBITDA increased 46% YoY to ₹154 Cr, with margins improving to 9% from 8% YoY.
- Total capex outlay revised from ₹1,000 Cr to ₹1,112 Cr, with ₹1,076 Cr (96%) already spent.
- DI Pipe capacity expanded to 5.5 lakh TPA, though the segment remains subdued due to slow government orders.
- Net Term Debt reduced to ₹188 Cr in Q1 FY27, down from ₹3,408 Cr in FY21.
Jai Balaji Industries has approved its financial results for the quarter ended June 30, 2026, and announced a significant leadership transition. Shri Babu Swadesh Sharma, a steel industry veteran with nearly 40 years of experience, has been appointed as a Whole Time Director for a 3-year term starting September 15, 2026. He replaces Shri Bimal Kumar Choudhary, who will step down on September 14, 2026. The board also re-appointed two independent directors for 5-year terms and appointed a cost auditor for FY27.
- Appointment of Shri Babu Swadesh Sharma as Whole Time Director for a 3-year term starting September 15, 2026.
- Cessation of Shri Bimal Kumar Choudhary as Whole Time Director effective September 14, 2026.
- Re-appointment of two Independent Directors for 5-year terms starting in April and August 2027.
- New appointee Shri Babu Swadesh Sharma brings nearly 40 years of experience in integrated iron and steel manufacturing.
- Company is targeting DI pipe production of over 4,00,000 MT for the current fiscal year.
Jai Balaji Industries has scheduled its Q1 FY27 earnings conference call for August 14, 2026, at 4:00 PM IST. The call will feature Chairman & MD Aditya Jajodia and senior finance leadership to discuss the latest quarterly performance. This comes at a critical time as the company reported a significant decline in FY26 revenue to ₹4,039.1 cr from ₹6,351.27 cr in FY25. Investors will be looking for updates on the target DI pipe production of 4 lakh tons and the recovery of operating margins which fell to 6.27% in FY26.
- Earnings conference call scheduled for August 14, 2026, at 4:00 PM IST
- Management to discuss Q1 FY27 results and future business outlook
- Key participants include Chairman & MD Aditya Jajodia and Joint CFO Raj Kr Sharma
- Company is targeting DI pipe production capacity of over 400,000 MT for the current cycle
- Discussion likely to cover the transition toward value-added products like special-grade ferroalloys
Jai Balaji Industries has received an assessment order from the Income Tax Authority determining a tax liability of ₹12.90 Cr. The order, issued under section 158BC, covers a block period from April 2018 to November 2024 and follows a search operation conducted in late 2024. While the demand represents approximately 7% of the company's TTM PAT of ₹184 Cr, it exceeds the most recent quarterly profit of ₹11.55 Cr (Dec 2025). The company has stated its intention to file an appeal against the order and does not currently anticipate a material impact on operations.
- Tax liability of ₹12,89,53,937 (₹12.90 Cr) determined by the Income Tax Authority, Kolkata.
- Assessment covers a block period of over six years from April 1, 2018, to November 30, 2024.
- The order follows a search operation previously initiated by the department on November 30, 2024.
- The company intends to challenge the additions/adjustments by filing an appeal before the appropriate authority.
- Tax demand is equivalent to ~111.7% of the company's reported PAT for the quarter ended December 2025 (₹11.55 Cr).
Jai Balaji Industries Limited has announced the closure of its trading window for all designated persons and their relatives starting July 1, 2026. This move is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the company's Q1 financial results for the period ending June 30, 2026. The window will remain closed until 48 hours after the un-audited financial results are declared. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure starts on July 1, 2026
- Closure is in anticipation of Q1 results for the period ending June 30, 2026
- Window reopens 48 hours after the official declaration of financial results
- Applies to all designated persons and their immediate relatives as per SEBI norms
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 6,361.92 Cr in FY25, a 3% degrowth from INR 6,418.04 Cr in FY24 due to moderation in realizations. However, the value-added segment (DI pipes and specialized ferroalloys) increased its revenue contribution from 39% in FY23 to 47% in FY24, driving a 3-year CAGR of 33%.
Geographic Revenue Split
Operations are concentrated in Eastern and Central India with four integrated steel plants: three units in West Bengal (Burdwan) and one unit in Chhattisgarh (Durg). Specific regional revenue percentages are not disclosed, but the company leverages these locations for proximity to raw material sources and domestic infrastructure projects.
Profitability Margins
PAT margins declined from 13.70% (INR 879.56 Cr) in FY24 to 8.77% (INR 557.88 Cr) in FY25. This 493 bps compression was primarily driven by inventory losses and a sharp drop in finished goods realizations despite higher sales volumes.
EBITDA Margin
Operating margins moderated by 86 bps from 14.58% in FY24 to approximately 13.72% in FY25. The company targets a rebound to 16-17% EBITDA margins in FY26 by increasing the share of high-margin DI pipe production and optimizing costs through integrated operations.
Capital Expenditure
The company has a pending capex of INR 170-180 Cr for capacity expansion. It recently secured a term loan of INR 45 Cr from Tourism Finance Corporation of India Limited for Unit III expansion, while the remaining 50% of generated cash flow is being reinvested into capacity enhancement.
Credit Rating & Borrowing
Credit ratings were upgraded in July 2025 to 'CRISIL BBB+/Stable/CRISIL A2' from 'CRISIL BBB/Stable/CRISIL A3+'. This reflects improved financial flexibility and a reduction in Adjusted Debt/Adjusted Net Worth from 1.55x in FY23 to 0.26x in FY25.
Operational Drivers
Raw Materials
Key raw materials include iron ore and coal, which are essential for the production of sponge iron and pig iron. These inputs represent a significant portion of the cost structure, as evidenced by the 86 bps margin impact when raw material prices fluctuated in FY25.
Import Sources
Sourced primarily from domestic mines near the integrated plants in West Bengal and Chhattisgarh to minimize logistics costs. Specific import countries are not disclosed, but the company relies on established relationships with domestic stakeholders.
Key Suppliers
Not specifically named in the documents, but the company maintains long-term relationships with stakeholders to ensure a steady supply of iron ore and coal for its four integrated units.
Capacity Expansion
Current DI pipe production is scaling toward a target of over 400,000 MT (4 lakh tons) for FY26. Total production of finished goods was 3,55,301 MT in FY25, up 9.3% from 3,25,051 MT in FY24.
Raw Material Costs
Raw material prices fell by INR 5,000 to INR 6,000 per ton in FY25, which led to inventory losses and a 3% decline in overall revenue despite volume growth. The company uses an integrated manufacturing process to mitigate these cost fluctuations.
Manufacturing Efficiency
Return on Capital Employed (RoCE) stood at 35% in FY25, down from 59% in FY24 but significantly higher than the 21% recorded in FY23, indicating high asset efficiency and utilization of the gross block (ratio over 2x).
Logistics & Distribution
Distribution is focused on government infrastructure projects. Logistics costs are managed by the strategic location of plants in the mineral-rich belts of West Bengal and Chhattisgarh.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be driven by a rebound in government ordering activity for infrastructure, targeting DI pipe production of over 4 lakh tons. The company is focusing on value-added products (DI pipes and special-grade ferroalloys) which now contribute nearly 50% of revenue, and completing the remaining INR 170-180 Cr capex funded via internal accruals.
Products & Services
Ductile Iron (DI) pipes, special-grade ferroalloys, sponge iron, pig iron, mild steel (MS) billets, reinforcement steel TMT bars, and wire rods.
Brand Portfolio
Jai Balaji Group (JBIL).
New Products/Services
The company is currently trialing OPVC (Oriented Polyvinyl Chloride) pipes as a potential new product line, though it is currently in a very early trial phase with no significant revenue contribution yet.
Market Expansion
Expansion is focused on increasing the production capacity of Unit III and leveraging the rebound in government infrastructure contracts expected in FY26.
Market Share & Ranking
Not disclosed as a specific percentage, but the company is the flagship of the Jai Balaji Group and is a significant player in the DI pipe and ferroalloy segments in Eastern India.
Strategic Alliances
The company has refinancing and loan arrangements with Tourism Finance Corporation of India, Piramal Enterprises, Aditya Birla Finance, and Arka Fincap to support its financial restructuring and expansion.
External Factors
Industry Trends
The industry is shifting toward value-added steel products. JBIL is positioning itself by increasing its DI pipe capacity to over 4 lakh tons to capture the 25-30% projected growth in the infrastructure sector.
Competitive Landscape
Competes with other integrated steel and DI pipe manufacturers in India. Market dynamics are currently influenced by low demand leading to price drops of INR 5,000-6,000 per ton.
Competitive Moat
The moat is built on integrated operations (reducing costs) and established relationships with government stakeholders. The high entry barrier in DI pipe manufacturing provides a sustainable competitive advantage over non-integrated players.
Macro Economic Sensitivity
Highly sensitive to government infrastructure budgets and the 'Jal Jeevan Mission' which drives DI pipe demand. A slowdown in government disbursements can double working capital requirements.
Consumer Behavior
Demand is primarily driven by institutional and government procurement for water infrastructure and power projects rather than individual retail consumers.
Geopolitical Risks
Exposure to global steel price volatility and shifts in international demand/supply patterns for ferroalloys.
Regulatory & Governance
Industry Regulations
Operations are governed by statutory and regulatory requirements for internal controls and environmental standards for steel manufacturing. Compliance is monitored by an Audit Committee.
Environmental Compliance
The company operates sinter and captive power plants which must comply with industrial emission norms; however, specific ESG spend in INR is not disclosed.
Taxation Policy Impact
The company is subject to domestic corporate tax rates and changes in regulatory policies or taxation laws, which are cited as incidental development risks.
Legal Contingencies
The company opened a special window for re-lodgment of transfer requests for physical shares as per SEBI regulations. No major pending court case values (High Court/Supreme Court) were specified in the provided text.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (iron ore/coal) and fluctuations in domestic demand for steel products could impact margins by 5-10% if realizations do not align with input costs.
Geographic Concentration Risk
100% of manufacturing assets are located in West Bengal and Chhattisgarh, making the company sensitive to regional labor laws and state-specific industrial policies.
Third Party Dependencies
High dependency on government infrastructure spending for the DI pipe segment, which is the primary driver for the targeted 25-30% revenue growth.
Technology Obsolescence Risk
The company is addressing digital risks by implementing audit trail functionalities in its accounting software as per statutory requirements.
Credit & Counterparty Risk
Receivables quality is generally high as they are linked to government-backed infrastructure projects, though they are subject to timing delays (as seen in the 2x working capital increase in Q4 FY25).
