Sales Volume (Q4)
1,23,262 MT
+30% YoY
Highest ever quarterly sales volume, driven by Manga facility ramp-up and DFT product push.
JTL
Other
15 May 2026
JTL Industries Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Value-Added Products Share
27%
+5pp YoY
Share of value-added products in sales mix increased, supporting EBITDA per ton improvement.
Export Contribution
10%
+2pp YoY
Export sales volume percentage reached 10%, with target of 15% in medium term.
Manga Facility Utilization
35-40%
+15pp QoQ
Utilization at Manga facility improved; management expects 60-70% in FY27.
Management Guidance
30% volume growth in FY27
Management guided for 30% year-on-year growth in sales volume for FY27, achievable with current capacity.
growth10-15% EBITDA per ton growth in FY27
EBITDA per ton expected to improve 10-15% in FY27, from ₹3,900 in FY26 to ~₹4,500-4,800.
marginsCapex of ₹100-120 crore in FY27
Total planned capex for FY27 is ₹100-120 crore, with ₹60-70 crore in H1 for completing ongoing expansions.
capexJTL Defense revenue target of ₹150-200 crore in FY27
Defense subsidiary targeting ₹150-200 crore revenue in FY27, scaling production from 100 MT/month to 500 MT/month by exit quarter.
revenueKey Risks
Delay in new capacity commissioning
The cold rolling complex and color-coated pipe capacity may face delays, impacting volume growth and margin expansion targets.
high · management_commentaryGeopolitical and trade uncertainties
Geopolitical situations and trade policies could affect export markets and raw material costs, as acknowledged by management.
medium · management_commentaryMargin pressure from new product discounts
To push DFT products, the company may need to offer discounts, which could temporarily suppress EBITDA per ton.
medium · analyst_questionNegative operating cash flow
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.
medium · analyst_questionNotable 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.