Jai Balaji Industries Ltd

AGM Details

• AGM held on 24 September 2026 at 12:30 PM via Video Conferencing/OAVM.
• Cut-off date for voting was 17 September 2026; e-voting held 21–23 September 2026.
• Total eligible voters cast votes: 267 (265 remote, 2 at AGM).

Key Resolutions

• Item 1 Ordinary: Adoption of Audited Financial Statements for year ended 31 March 2026.
• Item 2 Ordinary: Re-appointment of Shri Rajiv Jajodia by rotation.
• Item 3 Ordinary: Ratification of remuneration for Mondal & Associates, Cost Accountants, 2026-27.
• Item 4 Special: Re-appointment of Shri Sanjiv Jajodia as Whole-time Director (30 Jun 2026–29 Jun 2029).
• Item 5 Ordinary: Appointment of Shri Swadesh Sharma as Director w.e.f. 15 Sept 2026.
• Item 6 Special: To appoint a Director for 15 Sept 2026 to 14 Sept 2029.
• Item 7 Special: Re-appointment of Shri Pradip Kumar Tibdewal as Non-Executive Independent Director for 2027–2032.

Voting Results

• Item 1: Adopted with near-unanimous support; 99.9996% in favour, 0.0004% against.
• Item 2: Re-appointment passed; 99.9995% in favour, 0.0005% against.
• Item 3: Ratification passed; 99.9995% in favour, 0.0005% against.
• Item 4: Jajodia re-appointment passed; 99.9995% in favour, 0.0005% against.
• Item 5: Sharma appointment passed; 99.9995% in favour, 0.0005% against.
• Item 6: Director appointment passed; 99.9995% in favour, 0.0005% against.
• Item 7: Tibdewal re-appointment passed; 99.9995% in favour, 0.0005% against.

Dividend

• Dividend: No dividend proposed or declared.

Director Changes

• Rajiv Jajodia reappointed by rotation.
• Sanjiv Jajodia re-appointed as Whole-time Director.
• Shri Swadesh Sharma appointed as Director.
• Pradip Kumar Tibdewal re-appointed as Independent Director.

Auditors & Remuneration

• Remuneration for Mondal & Associates, Cost Accountants, ratified for 2026-27.

Related Party Transactions

• No material related party transactions disclosed.

Other Approvals

• No other material approvals disclosed.

AGM details

• AGM held on 24 September 2026 at 12:30 IST via VC/OAVM.
• Remote e-voting ran 21–23 September 2026; end at 5:00 PM.
• Total votes cast: 267 members; 265 via remote e-voting and 2 at the AGM.

Resolutions and outcomes

• Adoption of Audited Financial Statements for FY2026 approved (99.9996%).
• Ordinary: Rajiv Jajodia's rotation appointment approved (99.9995%).
• Special: Ratification of remuneration payable to Mondal & Associates for FY2026-27 approved (99.9995%).
• Ordinary: Sanjiv Jajodia as Whole-time Director (30 Jun 2026–29 Jun 2029) approved.
• Ordinary: Swadesh Sharma appointed as Director from 15 Sep 2026 approved.
• Special: Desh Sharma appointed as Director for 2026–2029 approved.
• Special: Pradip Kumar Tibdewal reappointed as Non-Executive Independent Director for 2027–2032 approved.

Director changes

• Rajiv Jajodia appointed by rotation.
• Sanjiv Jajodia reappointed as Whole-time Director.
• Shri Swadesh Sharma appointed as Director.
• Shri Desh Sharma appointed as Director.
• Pradip Kumar Tibdewal reappointed as Non-Executive Independent Director.

JAI BALAJI INDUSTRIES LIMITED: Trading window closed from 1st October, 2026 till 48 hours after the declaration of Un-audited Financial Results for the second quarter ending 30th September, 2026

AGM Details

• Date/time: 24 Sep 2026, 12:30 PM; mode: VC/OAVM.
• Remote e-voting: 21–23 Sep 2026, 10:00 AM to 5:00 PM.

Ordinary Business

• Adoption of audited financial statements for the year ended 31 March 2026.
• Re-appointment of Rajiv Jajodia as Director by rotation.

Special Business

• Ratification of remuneration payable to Mondal and Associates as Cost Auditor for 2026-27.
• Re-appointment of Sanjiv Jajodia as Whole-Time Director for 3 consecutive years.
• Appointment of Babu Swadesh Sharma as Director.
• Appointment of Babu Swadesh Sharma as Whole-Time Director for 3 consecutive years.
• Re-appointment of Pradip Kumar Tibdewal as Independent Director for 5 consecutive years.
• Re-appointment of Parthasarathi Mukhopadhyay as Independent Director for 5 consecutive years.

Voting Status

• Ord Res 1 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Ord Res 2 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Res 3 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Res 4 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Res 5 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Res 6 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Res 7 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Res 8 outcome not yet disclosed; awaiting Scrutinizer's Report.
• Voting results to be placed on company website and on CDSL and sent to stock exchanges.

Rating Action & Ratings

• Agency: Crisil Ratings Limited.
• Total bank loan facilities rated: Rs 995 crore.
• Long-term rating: Crisil BBB/Stable (downgraded from BBB+/Stable).
• Short-term rating: Crisil A3+ (downgraded from A2).
• Downgrade reflects downgrade from BBB+/Stable to BBB/Stable (LT) and A2 to A3+ (ST).
• Outlook: Stable.

Rationale & Performance

• FY2026 revenue declined 8% YoY to Rs 5,786 crore.
• EBITDA margin fell to 6% in FY2026 from 14%.
• RoCE declined to 8.8% from over 20% previously.
• DI pipe capacity utilisation around 30% in FY2026 and Q1 FY2027.
• Demand slowdown in DI pipes and TMT bars amid muted construction activity.
• Capex planned at Rs 1,112 crore, funded mainly via internal accrual.
• Higher short-term debt to fund working capital; cash flows adequate to service debt.
• Captive power improves cost structure; financial flexibility remains constrained.

Outlook & Sensitivities

• Outlook: Stable.
• Upward factors: scale expansion with margin above 9% and better working capital.
• Downward factors: revenue/profit decline, debt-funded capex, weaker liquidity.

Liquidity & Financial Position

• Liquidity adequate; annual cash accrual over Rs 500 crore; debt obligations below Rs 200 crore.
• Bank limit utilisation averaged 71%; current ratio 1.35x.
• Free cash and bank balance around Rs 20 crore as of July 2026.

Company Profile Highlights

• Promoters' extensive iron and steel industry experience supports market position.
• DI pipes capacity 5.5 lakh TPA (~30% East India share); ferro alloys 1.66 lakh TPA.
• Plans to add DI pipes +0.5 lakh TPA and ferro alloys +0.3 lakh TPA in 2027.
• Revenue range Rs 5,786–6,418 crore over FY2024–FY2026.
• PAT FY2026 Rs 129.9 crore; PAT margin 2.25%.
• Debt protection metrics: interest coverage 4.68x; NCA to debt 0.6x.
• CAPEX and expansion risk; execution dependency.

Rating Action

• Total bank loan facilities rated: Rs 995 crores.
• Long-term rating: CRISIL BBB/Stable, downgraded from BBB-+/Stable.
• Short-term rating: CRISIL A3+, downgraded from A2.
• Outlook: Stable for long-term rating.
• Agency: CRISIL.

Rating Action

• Long-term rating downgraded to BBB/Stable.
• Short-term rating downgraded to A3+.

Instruments & Ratings

• Total bank loan facilities rated: Rs 995 crore.
• Long-term rating: CRISIL BBB/Stable.
• Short-term rating: CRISIL A3+.

Rating Agency

• CRISIL is the rating agency.

Outlook

• Long-term outlook: Stable.

Rationale / Changes

• Rationale not disclosed in filing.
• Downgrade: long-term from BBB-+/Stable to BBB/Stable.
• Downgrade: short-term from A2 to A3+.

Meeting Details

• Event type: Analyst/Investor Meet for Jai Balaji Industries Ltd; participants: company management.