Jyoti Structures Limited (JYOTISTRUC)
₹8.92 +0.11% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jyoti Structures' revenue was ₹251 Cr (+60.7% year on year, +7.3% on the previous quarter), and net profit ₹19.0 Cr (+70.3% year on year); the operating margin was 8.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹251 | +60.7% | +7.3% |
| Operating profit | ₹21.0 | +204.3% | +23.5% |
| Net profit | ₹19.0 | +70.3% | +5.6% |
| EPS (₹) | 0.16 | +70.4% | +6.7% |
| Operating margin | 8.4% | — | — |
JYOTISTRUC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.94% of the JYOTISTRUC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.85%. That is close to its usual level.
Delivery in the last 5 sessions: 56.5% · 44.1% · 53.0% · 49.9% · 54.9%
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
Jyoti Structures announced that Mr. Abdul Hameed Khan has relinquished his role as Chief Financial Officer (CFO) and Key Managerial Personnel effective October 15, 2026. The move is intended to allow him to focus entirely on his responsibilities as Whole-time Director, a position he will hold until June 30, 2028. The company has a heavy debt burden of ₹2,083 Cr and TTM revenue of ₹845 Cr, making financial leadership a critical function. The announcement did not name an immediate replacement for the CFO position.
- Abdul Hameed Khan relinquished the role of Chief Financial Officer w.e.f. October 15, 2026
- Continues to serve as Whole-time Director of the company up to June 30, 2028
- Board noted and approved the change at its meeting held on October 15, 2026
- Company reported TTM revenue of ₹845 Cr and carries debt of ₹2,083 Cr
Jyoti Structures announced key leadership transitions following its board meeting on October 15, 2026. Mr. Abdul Hameed Khan relinquished his role as Chief Financial Officer (CFO) but had his term as Whole-time Director extended up to June 30, 2028. Mr. Deepak Dinkar Salunke, a 36-year veteran at the company, was appointed as the new CFO and KMP effective October 15, 2026, through June 30, 2029. Additionally, power sector veteran Mr. Anil Jain (ex-POWERGRID, UPPTCL) was appointed as Non-Executive Additional Director.
- Mr. Abdul Hameed Khan resigned as CFO effective close of business hours on October 15, 2026, while continuing as Whole-time Director up to June 30, 2028
- Mr. Deepak Dinkar Salunke appointed as CFO and KMP from October 15, 2026, for a term ending June 30, 2029
- New CFO brings approximately 36 years of internal operational and financial experience with Jyoti Structures
- Mr. Anil Jain appointed as Additional Director (Non-Executive) bringing over 44 years of power sector experience including senior roles at POWERGRID and UPPTCL
Jyoti Structures Limited has announced leadership changes effective October 15, 2026. Mr. Deepak Dinkar Salunke, an internal veteran with 36 years of experience at the firm, has been appointed Chief Financial Officer (CFO) for a term ending June 30, 2029. He succeeds Mr. Abdul Hameed Khan, who relinquished the CFO position but continues as Whole-time Director until June 30, 2028. Additionally, Mr. Anil Jain, possessing 44 years of experience including leadership at POWERGRID, has been appointed as Non-Executive Additional Director.
- Deepak Dinkar Salunke appointed as CFO and KMP w.e.f. October 15, 2026, with a term up to June 30, 2029
- Abdul Hameed Khan relinquished CFO post; his term as Whole-time Director is extended up to June 30, 2028
- Deepak Salunke brings approximately 36 years of experience within Jyoti Structures across finance and operations
- Anil Jain appointed as Non-Executive Additional Director, bringing over 44 years of power transmission sector experience
Jyoti Structures announced that Mr. Abdul Hameed Khan has relinquished his role as Chief Financial Officer (CFO) and Key Managerial Personnel effective October 15, 2026. The move is intended to allow him to focus entirely on his responsibilities as Whole-time Director, a position he will hold until June 30, 2028. The company has a heavy debt burden of ₹2,083 Cr and TTM revenue of ₹845 Cr, making financial leadership a critical function. The announcement did not name an immediate replacement for the CFO position.
- Abdul Hameed Khan relinquished the role of Chief Financial Officer w.e.f. October 15, 2026
- Continues to serve as Whole-time Director of the company up to June 30, 2028
- Board noted and approved the change at its meeting held on October 15, 2026
- Company reported TTM revenue of ₹845 Cr and carries debt of ₹2,083 Cr
Jyoti Structures announced key leadership transitions following its board meeting on October 15, 2026. Mr. Abdul Hameed Khan relinquished his role as Chief Financial Officer (CFO) but had his term as Whole-time Director extended up to June 30, 2028. Mr. Deepak Dinkar Salunke, a 36-year veteran at the company, was appointed as the new CFO and KMP effective October 15, 2026, through June 30, 2029. Additionally, power sector veteran Mr. Anil Jain (ex-POWERGRID, UPPTCL) was appointed as Non-Executive Additional Director.
- Mr. Abdul Hameed Khan resigned as CFO effective close of business hours on October 15, 2026, while continuing as Whole-time Director up to June 30, 2028
- Mr. Deepak Dinkar Salunke appointed as CFO and KMP from October 15, 2026, for a term ending June 30, 2029
- New CFO brings approximately 36 years of internal operational and financial experience with Jyoti Structures
- Mr. Anil Jain appointed as Additional Director (Non-Executive) bringing over 44 years of power sector experience including senior roles at POWERGRID and UPPTCL
Jyoti Structures Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued based on confirmation from its Registrar and Share Transfer Agent, Bigshare Services Private Limited. It confirms that share certificates received for dematerialization were processed, mutilated, and cancelled within the mandated 15-day window. This is a purely administrative filing with zero impact on the company's financials or operations.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- RTA Bigshare Services Private Limited issued confirmation dated October 09, 2026
- Dematerialization requests confirmed processed and certificates cancelled within 15 days of receipt
Jyoti Structures Limited has filed the voting results and Scrutinizer's report for its 51st Annual General Meeting (AGM) held on August 13, 2026. This is a mandatory regulatory filing under SEBI Regulation 44(3) confirming the completion of shareholder voting on proposed resolutions. The company continues to operate with a high debt-to-equity ratio of 4.17, though it has shown revenue growth, reaching a TTM revenue of Rs 845 Cr. This filing is procedural and does not indicate any new material financial developments beyond the conclusion of the AGM.
- 51st Annual General Meeting successfully conducted on August 13, 2026
- Compliance filing submitted under Regulation 44(3) of SEBI LODR Regulations
- Company operates with a significant debt of Rs 2,083 Cr as per latest financial context
- TTM Revenue reported at Rs 845 Cr with an operating margin of 7.4%
- Market capitalization stands at Rs 1,333 Cr as of the reporting period
Jyoti Structures Limited held its 51st Annual General Meeting on August 13, 2026, where shareholders approved the adoption of FY26 financial statements and an increase in the company's Authorized Share Capital. The company reported a TTM revenue of ₹750 Cr and a PAT of ₹56 Cr for the period ending March 2026. Other approvals included the appointment of branch auditors for FY27 and the ratification of cost auditor remuneration. The increase in authorized capital follows recent rights issues totaling over ₹630 Cr, aimed at supporting the company's 15-20% growth target.
- 51st Annual General Meeting concluded on August 13, 2026, with 117 members in attendance.
- Shareholders approved the increase in Authorized Share Capital and consequential amendment to the MoA.
- Adoption of Audited Standalone and Consolidated Financial Statements for FY26 (Revenue: ₹750.16 Cr).
- Ratification of remuneration for Cost Auditors and appointment of Branch Auditors for FY27.
- The meeting was chaired by Independent Director Mrs. Monica Chaturvedi.
Jyoti Structures reported a robust Q1 FY27 with total income rising 57.1% YoY to ₹255.18 Cr, significantly outpacing the ₹162.40 Cr in the same quarter last year. Operational efficiency improved as EBITDA margins expanded by 169 basis points to 9.79%, leading to a 90% surge in EBITDA. Net profit grew 74.4% YoY to ₹19.46 Cr, continuing the growth momentum from FY26. The performance reflects a higher execution run-rate of the existing order book in the Transmission and Distribution (T&D) sector.
- Total Income increased by 57.1% YoY to ₹255.18 Cr from ₹162.40 Cr.
- EBITDA surged 90.0% YoY to ₹24.97 Cr, driven by operational efficiencies.
- Net Profit rose 74.4% YoY to ₹19.46 Cr compared to ₹11.16 Cr in Q1 FY26.
- EBITDA margins expanded by 169 basis points to reach 9.79%.
- PBT margins improved by 125 basis points to 7.55%.
Jyoti Structures Limited has removed M/s. Bhushan Khot & Co., Chartered Accountants, as one of its internal auditors effective August 04, 2026. The decision followed a recommendation from the Audit Committee. The company's other internal auditor, M/s. KNBJ & Co., will continue in its role. This administrative change occurs as the company manages a high debt-to-equity ratio of 4.17 and a TTM revenue of Rs 750.16 Cr.
- Removal of M/s. Bhushan Khot & Co. as internal auditor effective August 04, 2026
- M/s. KNBJ & Co. to continue as the sole remaining internal auditor
- Company reported TTM revenue of Rs 750.16 Cr and PAT of Rs 56.16 Cr for FY26
- Debt-to-equity ratio remains high at 4.17 with total debt of Rs 2,083 Cr
Jyoti Structures has approved a fundraise of up to ₹250 crore through various modes including QIP, rights issue, or convertible securities, representing approximately 18% of its current market capitalization. The board also approved the Q1 FY27 financial results and the immediate removal of M/s. Bhushan Khot & Co. as one of its internal auditors. This capital infusion is significant given the company's high debt-to-equity ratio of 4.17 and its ongoing need for working capital to execute its T&D order book. The company will continue with M/s. KNBJ & Co. as its internal auditor.
- Board approved fundraise up to ₹250 Cr via equity, QIP, rights issue, or convertible instruments
- Fundraise amount represents ~18% of the current ₹1,390 Cr market capitalization
- Removal of M/s. Bhushan Khot & Co. as Internal Auditor effective August 4, 2026
- Unaudited standalone and consolidated financial results for Q1 FY27 (ended June 30, 2026) approved
- Company maintains a high debt level of ₹2,083 Cr against a net worth of ₹500 Cr
Jyoti Structures has approved a significant fundraising plan of up to ₹250 crore through equity or convertible instruments, representing approximately 18% of its current market capitalization. This capital infusion is critical given the company's high debt-to-equity ratio of 4.17 and its ongoing need to fund T&D projects. Simultaneously, the board removed M/s. Bhushan Khot & Co. as one of its internal auditors with immediate effect, leaving M/s. KNBJ & Co. in the role. While Q1 FY27 results were approved, the primary focus for investors will be the dilution impact and the rationale behind the auditor change.
- Board approved a fundraise of up to ₹250 crore via QIP, Rights Issue, or other permissible modes.
- The proposed fundraise amount represents approximately 50% of the company's current Net Worth of ₹500 Cr.
- Immediate removal of M/s. Bhushan Khot & Co. as Internal Auditor effective August 4, 2026.
- M/s. KNBJ & Co. will continue to act as the Internal Auditor for the company.
- The fundraise follows previous rights issues totaling over ₹630 crore used for vendor payments and operations.
Jyoti Structures Limited has issued a corrigendum to its FY 2025-26 Annual Report to update the Corporate Social Responsibility (CSR) Committee composition. The filing formally notes the demise of Chairperson and Independent Director Dr. Rajendra Prasad Singh on July 17, 2026. The company reported a total CSR expenditure of Rs 0.36 Crores for the financial year. This administrative update follows the original report submission on July 22, 2026, and has no impact on the company's financial results.
- Total CSR expenditure for FY 2025-26 confirmed at Rs 0.36 Crores
- Chairperson Dr. Rajendra Prasad Singh ceased to be a Director on July 17, 2026, due to his demise
- Corrigendum updates Page No. 23 of the Annual Report originally submitted on July 22, 2026
- CSR spend of Rs 0.36 Cr represents approximately 0.64% of the TTM PAT of Rs 56 Cr
Jyoti Structures has issued a notice for its 51st Annual General Meeting (AGM) to be held on August 13, 2026. A key agenda item is the proposal to increase the authorized share capital by approximately 25%, from ₹256.30 Cr to ₹320.00 Cr. This move typically precedes further equity fundraising or debt-to-equity conversions, which is significant given the company's high debt-to-equity ratio of 4.17. The company also seeks to formalize branch auditors for its international operations in Uganda, Kenya, and Tunisia.
- Proposed increase in authorized share capital from ₹256.30 Cr to ₹320.00 Cr, involving the creation of 31.85 Cr new equity shares.
- AGM scheduled for August 13, 2026, to adopt FY26 audited financial statements showing TTM revenue of ₹750 Cr.
- Appointment of branch auditors for overseas operations in Uganda ($1800), Kenya ($1000), and Tunisia ($824).
- Ratification of Cost Auditor remuneration at ₹1.25 Lakh for the financial year 2026-27.
Jyoti Structures Limited has scheduled its 51st Annual General Meeting (AGM) for August 13, 2026. The company has fixed August 6, 2026, as the record date (cut-off date) to determine shareholder eligibility for remote e-voting. Consequently, the Register of Members and Share Transfer Books will remain closed from August 6 to August 13, 2026. This is a standard procedural filing to facilitate the annual shareholder meeting.
- 51st Annual General Meeting scheduled for August 13, 2026
- Record date for remote e-voting fixed as August 6, 2026
- Book closure period spans 8 days from August 6 to August 13, 2026
- Cut-off date applies to both physical and dematerialized shareholdings
Financial Performance
Revenue Growth by Segment
Standalone total income grew by 59.6% YoY in H1 FY2025-26, reaching INR 317.34 Cr compared to INR 198.81 Cr in H1 FY2024-25. For Q2 FY2025-26, revenue was INR 155.21 Cr, a 42% increase from INR 109.29 Cr in the same quarter previous year.
Profitability Margins
Net Profit Margin for H1 FY2025-26 stood at 6.58% (INR 20.88 Cr profit on INR 317.34 Cr income), showing significant improvement from 6.12% in H1 FY2024-25. Standalone Net Profit grew 71.8% YoY for the half-year period.
EBITDA Margin
EBITDA margin for Q2 FY2025-26 was 8.63%, an improvement of 67 BPS from 7.96% in Q2 FY2024-25. For H1 FY2025-26, EBITDA margin was 8.36%, up 44 BPS from 7.92% YoY.
Capital Expenditure
The company raised INR 174.63 Cr through a rights issue in April 2024 and an additional INR 459.69 Cr through a second rights issue in February 2025. These funds are primarily allocated for margin requirements for bank guarantees/LCs (INR 60 Cr per issue) and general corporate purposes rather than traditional heavy asset capex.
Credit Rating & Borrowing
Monitoring reports were issued by CARE Ratings. While specific interest rate percentages are not disclosed, the company utilized INR 3.78 Cr in Q2 FY2026 for FD margins to secure letters of credit and bank guarantees for operations.
Operational Drivers
Raw Materials
Steel, zinc, and aluminum components for transmission towers (estimated to represent 60-70% of total EPC costs based on industry standards for power infrastructure).
Capacity Expansion
The company operates factories in Nashik (Satpur Industrial Complex) and Raipur (Urla Industrial Complex), along with a Testing Station & R&D Center in Igatpuri. Specific capacity figures in MTPA are not disclosed in the provided documents.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company noted that 'cost optimization' contributed to the 67 BPS improvement in EBITDA margins in Q2 FY2025-26.
Manufacturing Efficiency
The company reported 'robust operational performance' and 'efficient execution of its order book,' though specific capacity utilization percentages were not provided.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth is driven by the execution of a healthy order book and expanding opportunities in the transmission and distribution (T&D) space. The company is utilizing proceeds from two rights issues (totaling over INR 630 Cr) to provide the necessary bank guarantee margins and working capital required to bid for and execute larger EPC projects.
Products & Services
Power transmission towers, engineering, procurement, and construction (EPC) services for power lines, and structural testing services.
Brand Portfolio
Jyoti Structures Limited (JSL).
Market Expansion
The company is targeting the expanding Transmission and Distribution (T&D) sector, specifically focusing on infrastructure engineering and power transmission projects.
External Factors
Industry Trends
The industry is shifting toward higher voltage transmission and renewable energy integration, requiring more robust and technically advanced tower structures. The T&D space is currently in a growth phase due to global energy transition needs.
Competitive Landscape
Operates in the heavy electrical equipment and capital goods sector, competing with other large-scale EPC firms in the power transmission segment.
Competitive Moat
The company's moat is built on its integrated capabilities, including in-house R&D and a specialized testing station at Igatpuri, which are critical for qualifying for high-voltage international and domestic EPC contracts.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and power sector reforms, which drive the demand for new transmission lines.
Regulatory & Governance
Industry Regulations
Operations are subject to technical standards for power transmission and NCLT-approved resolution plan guidelines, as the company is currently implementing payments to operational creditors (INR 0.16 Cr paid in Q2 FY2026) under such a plan.
Taxation Policy Impact
The effective tax rate appears low for the period, with a PBT of INR 10.17 Cr and Net Profit of INR 9.72 Cr in Q2 FY2026, suggesting a tax impact of approximately 4.4%.
Legal Contingencies
The company is fulfilling obligations under an NCLT-approved resolution plan, which includes structured payments to operational creditors, employee dues, and statutory creditors through March 2026.
Risk Analysis
Key Uncertainties
The Monitoring Agency noted 'comingling of funds' as the company transfers issue proceeds from monitoring accounts to current accounts for utilization, which creates a risk in tracking the exact end-use of funds.
Third Party Dependencies
High dependency on financial institutions for non-fund-based limits (LCs/BGs), which are essential for project execution.
Technology Obsolescence Risk
Low risk in structural steel, but high requirement for R&D in tower design to handle higher voltages and extreme weather conditions.
Credit & Counterparty Risk
The company is managing legacy credit issues through an NCLT resolution plan, with ongoing payments to operational creditors to restore counterparty trust.
