Jai Balaji Industries Ltd

Financial Performance

• Revenue: INR 1,683 crores, up 24% YoY.
• Adjusted EBITDA: INR 154 crores, up 46% YoY.
• PAT: INR 85 crores, up 21% YoY.
• EBITDA margin 9%; PAT margin 5%.
• Value-added & specialized products: 40–45% of revenue; DI pipe ~15% of Q1 turnover.
• Ferroalloy prices up 46% YoY; pig iron up 16%.
• Specialized ferroalloys contributed ~27% of revenues.
• Value-added share in Q1 FY27: 42% of revenue.

Capacity and Operations

• DI pipe capacity increased to 5.5 lakh tons per annum from 5 lakh.
• Ferroalloy capacity increased to 1.9 lakh TPA from 1.66.
• Blast furnace capacity up to 7.5 lakh TPA; sinter 12.08 lakh.
• Capacities to be commissioned by Q3 FY27.
• DI pipe utilization: 30% in Q1; target 50–60%.
• Ferroalloy utilization >80% in the last quarter.
• Three railway sidings added to improve logistics.
• Capex invested: INR 1,076 crores; outlay revised to INR 1,112 crores.
• Balance to complete: ~INR 35–40 crores by year-end 2026.

Balance Sheet and Liquidity

• Net term debt: INR 188 crores.
• Debt-equity ratio: 0.07 at FY26 end.
• Total sanctioned debt ~INR 550 crores; cash/unutilized INR 70–80 crores; net utilization < INR 500 crores.
• Jal Jeevan Mission receivables released: 25–35%; balance liquidate in 2–4 months.
• Finance cost expected to dip by year-end.

Q&A Highlights

• Post-monsoon recovery in DI pipe dispatches; payments improving.
• Volume guidance for DI pipes and ferroalloys not provided; considered speculative.
• DI pipe utilization target: 60%+; plant designed for 70%.
• Pipe prices down 25–30% vs year-ago; tangible EBITDA guidance not yet.
• Exports to 42 countries; ferroalloys demand steady; utilization >80%.

Meeting Details

• Date: 14 August 2026; Time: not disclosed
• Type: earnings con-call; Mode: not specified

Participants

• Key company participants: not disclosed

Purpose

• Discuss Q1FY27 earnings results

Availability

• Audio recording available on the company website

Business overview

• Core business: DI pipes and specialized Ferro Alloys; export presence across 40+ countries.
• Strategy: Jai Balaji 2.0 focuses on value-added products and a stronger balance sheet.

Operational highlights

• Q1 FY27 revenue rose 24% YoY to Rs 1,683 Cr; EBITDA 154 Cr; PAT 85 Cr.
• DI Pipes capacity expanded to 5.5 lakh TPA; Ferro Alloys capacity target 1.9 lakh TPA.
• Capex spent Rs 1,076 Cr; revised total Rs 1,112 Cr; Rs 36 Cr remaining.
• Capex commissioning expected by Q3 FY27 after upgrades to Blast Furnace and Ferro Alloys.
• Value-added & specialized products contribute 40-45% of revenue.

Financial performance

• Adjusted EBITDA margin 9%; PAT margin 5% in Q1 FY27.
• Revenue growth driven by price normalization and operational efficiencies.

Capital structure & liquidity

• FY26 Net Term Debt-to-Equity 0.07x; solid financial position.
• Working Capital Loan sanctioned Rs 425 Cr; capex funded via internal accruals.

Strategic priorities & outlook

• DI Pipes demand expected to improve with Jal Jeevan Mission 2.0 and AMRUT 2.0.
• Focus on high-margin value-added products and debt reduction.
• Capex expansion to support future growth.

Risks & mitigation

• DI Pipes market subdued due to slower government orders; infra programs could revive demand.
• Mitigation: ramp-ready capacity and diversified product mix.
• Promoter ownership ~64.84% as of 30 June 2026.

Governance & leadership

• Chairman & MD: Aditya Jajodia.
• Promoter-led governance with high promoter stake; no major board changes reported.

Financials

• Revenue from operations: ₹1,682.59 cr for quarter ended 30 June 2026.
• Total income from operations: ₹1,685.96 cr.
• Cost of materials consumed: ₹1,220.89 cr.
• Total expenses: ₹1,576.68 cr.
• Profit before tax: ₹109.28 cr.
• Net profit after tax: ₹85.23 cr.
• Year ended 31 Mar 2026 PAT: ₹129.95 cr.
• Year ended 31 Mar 2026 EPS: ₹1.42.

Board actions

• Audit Committee reviewed and Board approved Q1 results.
• Shri Babu Swadesh Sharma appointed Additional Director and WTD from 15 Sep 2026 for 3 years.
• Shri Pradip Kumar Tibdewal re-appointed NED for 5 years from 16 Apr 2027.
• Shri Parthasarathi Mukhopadhyay re-appointed NED for 5 years from 08 Aug 2027.
• M/s Mondal & Associates appointed Cost Auditor for FY2026-27.
• Shri Bimal Kumar Choudhary to cease as WTD from 14 Sep 2026.

Notes

• Auditors' review: unmodified opinion on standalone results.

Meeting Details

• Date and time: Friday, August 14, 2026, 4:00 PM IST.
• Type and mode: virtual conference call.
• Organizer: Go India Advisors hosting the earnings con-call.

Participants

• Chairman & Managing Director.
• Joint Chief Financial Officer.
• President Finance.
• Company Secretary.

Purpose

• Discuss Q1 FY27 results.

Additional Notes

• Virtual call with universal dial-in options.

Meeting Details

Key Agenda Items

Other Notes