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Revenue
₹693 Cr
verified against source
Revenue YoY
47.5%
reported change
EBITDA
₹58 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JTL Industries reported a strong Q4 FY26 with revenue of ₹693 crore (up 47.5% YoY) and EBITDA of ₹58 crore, driven by record quarterly sales volume of 1,23,262 metric tons (up ~30% YoY). The key driver was the ramp-up of the Manga facility, which contributed ~25,000 tons of incremental volume, and increasing share of value-added products (27% of mix). Management guided for 30% volume growth in FY27 and 10-15% improvement in EBITDA per ton, supported by new capacity (cold rolling complex, color-coated pipes) coming online by H2 FY27. Export contribution reached 10% and is targeted at 15%. The JTL Defense subsidiary is scaling up, targeting ₹150-200 crore revenue in FY27. Key risk: delay in new capacity commissioning could temper volume growth and margin expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for 30% year-on-year growth in sales volume for FY27, achievable with current capacity.
- EBITDA per ton expected to improve 10-15% in FY27, from ₹3,900 in FY26 to ~₹4,500-4,800.
- Total planned capex for FY27 is ₹100-120 crore, with ₹60-70 crore in H1 for completing ongoing expansions.
- Defense subsidiary targeting ₹150-200 crore revenue in FY27, scaling production from 100 MT/month to 500 MT/month by exit quarter.
Risks flagged
- The cold rolling complex and color-coated pipe capacity may face delays, impacting volume growth and margin expansion targets.
- Geopolitical situations and trade policies could affect export markets and raw material costs, as acknowledged by management.
- To push DFT products, the company may need to offer discounts, which could temporarily suppress EBITDA per ton.
- The company has reported negative operating cash flow for the past 2-3 years due to heavy capex; positive cash flow expected only by next financial year.
Key quotes
- We are one of the only companies in fact the only company in India and pipe segment to get the certifications and recently we have explored our options to USA as well and even Canada as well.
- 30% is something that we can easily do with the current capacity itself. Our new capacity whatever comes on the timeline basis we'll come and upgrade the future outlook as well.
- We should be driven close to 25-30% ROCE's for the next years given that a lot of our assets are not spreading and a lot of capex is happening.
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