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JTL Industries Results: Latest Quarterly Results & Analysis

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JTL Industries Ltd. 10 Nov 2025 18:07 PM

Q2FY26 Quarterly Result Announced for JTL Industries Ltd.

Iron & Steel Products company JTL Industries announced Q2FY26 results

  • Total Revenue: Rs 4,312 million against Rs 4,873 million during Q2FY25, change -11.5%.
  • EBITDA: Rs 346 million against Rs 298 million during Q2FY25, change 16.14%.
  • PAT: Rs 221 million against Rs 263 million during Q2FY25, change -15.9%.

Management Commentary: JTL Industries delivered a strong rebound in the second quarter of FY26, with profitability and operational metrics improving sharply over the previous quarter. The Company’s EBITDA increased 48% QoQ, while EBITDA per metric tonne surged 83% to Rs 4,247, reflecting enhanced product mix and cost efficiencies. PAT grew 34% QoQ to Rs 221 million, underscoring a solid recovery in margins driven by higher value-added product contribution andcontinued demand strength across domestic and export markets.

The first half of FY26 reflected steady operational momentum for JTL Industries as we continued to build on the foundation laid in the previous quarters. Despite a softer pricing environment, the Company delivered a stable performance with sales volumes rising 3.5% YoY to 182,210 MT, supported by both domestic and export markets.Total income for H1 stood at Rs 9,809 million, maintaining consistency with last year’s level. During this period, wealso advanced our strategic priorities — launching new product lines, optimizing raw material sourcing, andinitiating capacity expansion to enhance future growth. While profitability was temporarily impacted by pricing pressures and expansion-linked costs, margins are expected to recover in the coming quarters as our value-added product portfolio scales up and efficiencies start reflecting.

The second quarter of FY26 demonstrated continued momentum for JTL Industries, supported by strong volume performance and strategic product diversification. Total income stood at Rs 4,313 million in Q2FY26, with EBITDA at Rs 346 million (8.5%) and PAT at Rs 222 million (5.1%). Sales volume for the quarter reached 81,593 MT, led by a strong domestic contribution and steady exports. The first half of FY26 closed with cumulative sales of 182,210 MT,marking a 3.5% YoY growth and highlighting resilient demand despite a softer pricing environment.

We also achieved a key technological milestone by successfully producing our first batch of 0.04 mm ultra-thin brass foil, marking JTL’s entry into the specialized defence and industrial foil segment through a strategic job-work partnership. In parallel, we announced a major capacity expansion—a new ERW pipe manufacturing line focusedon API-grade, high-thickness pipes catering to the oil & gas, water transmission, and CGD sectors. This expansionstrengthens JTL’s positioning among the few Indian manufacturers capable of producing large-diameter, API compliant ERW pipes.

With strong demand visibility, rising value-added contribution, and new capacities underway, JTL Industriesremains well-positioned to deliver sustainable growth and margin improvement in H2FY26, reinforcing its longterm strategy of innovation-driven and diversified growth.

Result PDF

Iron & Steel Products company JTL Industries announced Q1FY26 results

  • The company dispatched 1,08,406 MT in Q1FY26, up 19.8 % QoQ and 12.5 % YoY, registering its highest-ever quarterly tonnage.
  • Top-line reached Rs5,439 million, expanding 15.9 % over Q4 FY25 and 5.5 % over Q1FY25, buoyed by both domestic and export demand.
  • Including other income, total revenue stood at Rs5,496 million, a sequential rise of 14.9 % and a YoY rise of 5.8 %.
  • Operating profit increased to Rs234 million, jumping 31.1 % QoQ but contracting 41.6 % versus the strong base of Q1FY25.
  • Margin improved 50 bps sequentially to 4.3 %, although it remained 346 bps below the 7.8 % posted in Q1FY25.
  • PAT came in at Rs165 million, broadly flat QoQ (-1.6 %) and down 46.1 % YoY, reflecting higher depreciation and finance costs.
  • Net margin printed at 3.0 %, 51 bps lower than last quarter and 290 bps lower than the prior-year quarter.
  • Value-added products accounted for 20 % of quarterly tonnage versus 11 % a year ago, demonstrating a favourable shift toward higher-margin offerings.
  • Domestic sales formed 94 % of volumes (1,02,003 MT), while exports represented 6 % (6,404 MT).

Management Commentary: The first quarter for the year FY26 started with green shoots where we launched new products and planned expansion of our capacities. JTL Industries again achieved its highest-ever quarterly sales volume marking a 26.5% YoY growth with the total income coming at Rs 5,496 million, a growth of 14.9% on QoQ basis. This growth was led by both our domestic and export market as we strive to excel in each quarter and years to come.

JTL Industries saw a stupendous growth in the sales this quarter with JTL engineering (Formerly Known as Nabha Steel and Metals) contributing to this success. The total sales volume stood at 1,08,406 MT with JTL engineering contributing significantly, marking an exponential growth for us. The Domestic market contributed 1,02,003 MT (94%) where as the export sales stood at 6,404 MT (6%) this quarter. The Value Added Products contributed 20% (a significant increase as compared to 11% last year) where as the commercial grade contributed 80% to the total sales.

During the quarter, the company successfully produced its first batch of 0.04 mm brass foil through a strategic job-work partnership, marking JTL’s foray into the specialized ultra-thin brass foil segment. This high-performance product is valued for its low friction and corrosion resistance, with applications across defence and industrial sectors. This enables JTL to leverage specialized expertise and infrastructure for high-quality, cost-efficient brass foil production—ensuring scalability, flexibility, and alignment with its innovation-driven, market-responsive strategy.

Recently we also announced a significant capacity expansion initiative with the planned commissioning of a new Electric Resistance Welded (ERW) pipe manufacturing line, specifically targeted to serve the API-grade pipe market. This expansion strengthens our presence in high-margin segments like oil & gas, water transmission, and CGD. Entering the API-grade, high-thickness ERW pipe market reflects a natural progression in JTL’s technical and strategic growth. The new line positions JTL among the few Indian manufacturers capable of producing large-diameter, APIcompliant pipes. With over 500 SKUs, we’re equipped to serve diverse, customized infrastructure needs. Supported by a strong distribution network and execution capabilities, we are confident in scaling this segment efficiently and establishing JTL as a future-ready leader in both domestic and select global markets.

Driven by strong market demand, ongoing project momentum across sectors, and strategic investments, JTL Industries is well-positioned to sustain its growth trajectory. Our agile business model allows us to adapt to market fluctuations, ensuring consistent performance and long-term value creation for our stakeholders.

Result PDF

Iron & Steel Products company JTL Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations stood at Rs 4,695 million.
  • EBITDA at Rs 178 million.
  • PAT at Rs 168 million.

FY25 Financial Highlights:

  • Revenue from Operations reached Rs 19,163 million.
  • EBITDA at Rs 1,230 million.
  • PAT at Rs 988 million.

Management Commentary:

FY25 was a landmark year for JTL, marked by robust growth, strategic initiatives, and a focus on value creation. We achieved our highest-ever annual sales volume of 387,555 MT, including contributions from JTL Engineering (formerly Nabha Steels), reflecting a healthy 13% YoY growth over 341,846 MT in FY24. Excluding JTL Engineering, standalone volumes stood at 345,689 MT. Exports witnessed a significant surge, reaching 32,258 MT, contributing 9% of total sales—a notable increase from 17,792 MT (5%) in FY24. The share of value-added products for the year stood at 26%, underscoring our focus on quality-driven differentiation.

Despite a challenging pricing environment, total income for FY25 stood at Rs 19,388 million, compared to Rs 20,489 million in FY24—a 5.4% YoY decline, reflecting disciplined operations and strategic product mix optimization.

In Q4FY25, we continued to build on our momentum with sales volumes of 90,473 MT, supported by increased contributions from value-added segments, which comprised 34% of quarterly volumes. Exports for the quarter stood at 8%, up meaningfully YoY. Total income rose to Rs 4,783 million, up 5.5% QoQ and 1.8% YoY, indicating improving traction in both domestic and international markets.

As we move forward, we remain confident in our strategy, driven by continued innovation, operational excellence, and a growing global footprint. Our focus remains on enhancing product value, expanding capacity, and driving sustainable, long-term growth.

JTL Industries completed 2,50,000 MTPA installation of DFT at Mangaon plant in Maharashtra. It will aid in expanding product offerings and will increase our VAP share. This is one of our most significant investments as this streamlines production, reduces waste, and expands the range of high-value products with greater precision. DFT positions JTL as a market leader, enhancing its ability to meet diverse customer needs. This is expected open up newer opportunities in the export market and allow the Company to penetrate into the newer markets of structural applications and multi-storied buildings.

In our quest to enter new sectors JTL has entered in an MOU for production of copper and brass alloys on a job-work basis. . This not only gives us entry in the copper segment but also boosts our value added basket. We also entered into manufacturing brass foils through job work model, this is a specialised product and a key raw material for high precision products used in defence and industrial settings. This product gives us entry in a high margin niche segment and will push our agenda of increasing VAP share to 50% from 34% currently

JTL’s key to success lies in delivering high-quality, value-added products that meet the most stringent government standards.

Result PDF

Iron & Steel Products company JTL Industries Industries announced Q3FY25 & 9MFY25 results

  • Total Income: Rs 4,535 crore in Q3FY25 (-20.2% YoY); Rs 14,604 crore in 9MFY25 (-7.5% YoY).
  • EBITDA: Rs 351 crore in Q3FY25 (-17.4% YoY); Rs 1,047 crore in 9MFY25 (-9.4% YoY).
  • EBITDA Margin: 7.8% in Q3FY25 ( 28 BPS YoY); 7.2% in 9MFY25 (-6 BPS YoY).
  • PAT: Rs 249 crore in Q3FY25 (-17.4% YoY); Rs 820 crore in 9MFY25 (-1.8% YoY).
  • PAT Margin: 5.5% in Q3FY25 ( 20 BPS YoY); 5.6% in 9MFY25 ( 31 BPS YoY).

Management Commentary:

The nine-month period i.e. 9M FY25 was a period of growth, with new product launches, acquisitions and expansions. The company demonstrated highest ever sales volume with a growth of 14.3% on YoY basis whereas the total income came in at Rs 14,604 million; a dip of 7.5%. For the quarter, the total income stood at Rs 4,535 million as compared to Rs 4,874 million last quarter resulting in a degrowth of 6.9%. We are confident that our strategic initiatives and ongoing operational improvements will fuel future growth.

JTL Industries achieved a total sales volume of 97,488 MT in Q3 FY25, including contributions from Nabha Steel. The company recorded highest ever sales volume of 2,97,082 including Nabha Steels (263,805 MT excluding Nabha Steels), surpassing 2,59,933 MT in the same period of FY24. The Valueadded products accounted for 21% of the total sales volume in Q3 FY25, with commercial-grade products making up the remaining 79%. Exports for the nine-month period in FY25 reached 26,859 MT, representing 10% of total sales, a significant increase from 12,542 MT (5% of total sales) in the corresponding period of FY24.

During the quarter, JTL Industries was selected as the L1 bidder for the Jal Jeevan Mission project, securing a Rs 265 crore order to supply 35,473 MT of ISI-certified Galvanized Mild Steel (GMS) tubes, covering 95% of the required sizes. This win reinforces JTL’s leadership in delivering high-quality, value-added products that meet stringent government standards and showcases its commitment to supporting key infrastructure initiatives for national development.

On the Raipur plant, as discussed in our last earnings call, the expanded facility is operating as expected, with its capacity now doubled to 200,000 MTPA. The facility has introduced larger tubes and pipes (4–8 inches) and 200 additional SKUs, with 50% of its capacity focused on value-added products. This expansion aligns with our goal of achieving 1 million MTPA by the end of the year.

JTL is in the process of implementation of Direct Forming Technology (“DFT”), reflecting Company’s commitment to innovation and profitability. DFT will enable the direct production of square and rectangular sections from HR coils. This innovation streamlines production, reduces waste, and expands the range of high-value products with greater precision. DFT positions JTL as a market leader, enhancing its ability to meet diverse customer needs. This is expected open up newer opportunities in the export market and allow the Company to penetrate into the newer markets of structural applications and multi-storied buildings.

JTL Industries remains confident in delivering quality and growth on the back of robust investments, sustained demand in the market and the on going projects across sectors. Our business model provides us the flexibility to navigate through market instability making us resilient resulting in achieving growth and creating value to the stakeholders.

Result PDF

Iron & Steel Products company JTL Industries announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue from Operations stood at Rs 4,795 million.
  • EBITDA at Rs 377 million.
  • PAT at Rs 264 million.
  • Sales Volume at 1,03,193 MT, a rise of 26.3% YoY.

H1FY25 Financial Highlights:

  • Revenue from Operations reached Rs 9,949 million.
  • EBITDA at Rs 815 million.
  • PAT at Rs 571 million.
  • Sales Volume at 1,99,593 MT, a rise of 25.5% YoY.

Management Commentary: In Q2FY25, JTL Industries demonstrated resilience in its financial performance, achieving a total income of Rs 4,874 million. Although this reflects a slight decrease from Rs 5,051 million in Q2FY24, we remain optimistic about our strategic initiatives and ongoing operational enhancements that will drive future growth.

Our EBITDA for the quarter was Rs 377 million, reflecting our commitment to cost management and product focus, resulting in an EBITDA margin of 7.7%. Notably, our H1FY25 EBITDA increased by 6.3% to Rs 815 million, showcasing our efforts to strengthen our financial foundation and operational efficiencies.

We are pleased to report a PAT of Rs 264 million for Q2FY25, with a PAT margin of 5.4%. Our year-to-date PAT increased by 7.1% to Rs 571 million, highlighting our effective management strategies and our focus on sustainable growth.

Notably, our sales volume reached 103,193 MT, marking a 26.32% growth compared to 81,686 MT in Q2FY24. Value-added products constituted 25% of our total sales mix, contributing significantly to overall revenue.

We are pleased to report that the commercialization of Nabha Steels is progressing as planned, with the successful integration contributing 23,502 MT in H1FY25. Furthermore, we achieved record export volumes, reaching 18,219 MT in H1FY25, a remarkable growth of 104.74% compared to the previous year. This robust performance highlights our adaptability in challenging global market conditions.

Additionally, our DFT lines are on track to enhance manufacturing capabilities, with machinery already delivered to our Mangaon plant. Installation is underway, and we expect trial runs by the end of November. This technology will allow us to produce large-diameter pipes, expanding our value-added product portfolio and driving higher margins. Our Mangaon facility has also commenced a new GI line, which is now supporting our export demands, raising exports to 10% of our total sales mix from 6-7% last year. Meanwhile, at our Raipur facility, we have doubled capacity from 1 lakh MTPA to 2 lakh MTPA and expanded the product size range from 4 inches to 8 inches. These upgrades across our plants collectively strengthen JTL’s manufacturing capabilities and position us well to meet growing demand.

In line with our commitment to enhancing shareholder value, we have undertaken a share split to improve the liquidity of the company’s shares and make them more accessible to small and retail investors. Each equity share with a face value of Rs 2 has been split into two equity shares with a face value of Rs 1. Following this split, our authorized share capital has increased to Rs 55.00 crore, while paid-up share capital now stands at Rs 39.31 crore. The split is expected to be completed within two months, following BoD and EGM approvals received on October 3 and October 26, 2024, respectively.

In July 2024, we raised Rs 300 crore through a Qualified Institutional Placement (QIP) at an issue price of Rs 211 per share, of which Rs 207 crore have been utilized to date. These funds have been primarily allocated towards capacity expansion, working capital requirements, and general corporate purposes.

Additionally, in September 2024, we converted warrants issued in January 2023, generating an additional Rs 249.50 crore. The funds raised have been used for modernization, debt repayment, and working capital needs, with the remainder designated for general corporate purposes.

Looking ahead, we remain optimistic about the continued demand for structural steel, bolstered by infrastructure investments and sustained project activity across key sectors. Our strategic positioning across both primary and secondary markets provides us with a unique advantage. In periods of strong demand, we experience steady growth across all product lines, allowing for balanced sales. When demand softens, our flexibility enables us to shift focus toward secondary products, ensuring consistent sales volume without margin pressure. This versatility allows us to effectively manage market fluctuations, providing resilience and a stable foundation for continued growth.

Result PDF

Iron & Steel Products company JTL Industries announced Q1FY25 results:

Financial Highlights: 

  • Sales volume increased by 10.8% YoY to 85,674 MT
  • Nabha Steels 1st phase, commissioned in June 2024 and achieved a robust 10,726 MT sales.
  • Revenue increased by 2.1% YoY to Rs 5,153.8 million
  • EBITDA increased by 20.8% YoY to Rs 438.6 million;
  • EBITDA Margin stood at 8.5% improving by 130 Bps YoY
  • EBITDA per ton stood at a healthy Rs 4,632.1; which has remained largely stable
  • Net Proft increased by 21.0% YoY to Rs 307 million

Result PDF

Iron & Steel Products company JTL Industries announced Q3FY24 results:

Financial Performance:

  • In Q3FY24, JTL Industries reported a significant increase in revenue from operations, with a growth of 65.26% to Rs 5,673.86 million compared to Rs 3,433.31 million in Q3FY23.
  • The company's EBITDA for Q3FY24 rose to Rs 425.09 million, marking an increase of 46.35% from Rs 290.46 million in the same quarter of the previous year.
  • Net Profit After Tax (PAT) for Q3FY24 climbed by 47.23% to Rs 301.82 million from Rs 204.99 million in Q3FY23.

Sales Volume:

  • JTL Industries achieved a record-breaking sales volume of 1,00,905 MT in Q3FY24, representing a substantial 76.05% increase over the 57,317 MT achieved in Q3FY23.
  • The company surpassed its FY23 sales figures in just nine months of FY24.

Market and Product Strategy:

  • The sales mix of Q3FY24 included a decrease in sales of value-added products due to scheduled maintenance, affecting EBITDA margins which decreased slightly by 97 basis points from 8.46% in Q3FY23 to 7.49% in Q3FY24.

Expansion and Investment:

  • JTL Industries has plans to raise capital of Rs 13,100 million to fund a manufacturing capacity expansion in Maharashtra The promoters will contribute Rs 5,400 million, the public and non-promoter category will infuse Rs 2,700 million, and the rest through a QIP.

Guidance for FY24:

  • The management expects revenue to grow by 30-35% from FY23 to FY24.
  • EBITDA for FY24 is anticipated to be in line with the levels seen in FY23.

 

 

 

Result PDF

Iron & Steel Products company JTL Industries announced Q2FY24 & H1FY24 results:

1. Company Overview:
- JTL Industries Limited (formerly JTL Infra Limited) is a leading steel pipe manufacturing company in India.
- With a strong presence in the building materials solutions industry, JTL has a wide range of products and a pan-India presence.

2. Geographical Presence and Penetration:
- JTL has manufacturing facilities in Punjab, Maharashtra, and Chhattisgarh, with a land bank area of 100 acres.
- The company has a strong distribution network and exports its products to over 20 countries across 5 continents.

3. Competitive Advantage:
- JTL has a highly scalable manufacturing capacity of 5,86,000 MTPA, with plans to expand it to 10 lakh MTPA.
- The company focuses on building brand equity and maintaining strong corporate governance.

4. Leadership:
- The company is led by Mr. Madan Mohan Singla, the Managing Director, who has over 35 years of experience in the steel industry.
- The board of directors includes experienced professionals from various backgrounds, ensuring a strategic and diverse approach.

5. Industries Catered To:
- JTL serves various industries, including agriculture, water distribution, solar projects, energy, engineering, heavy vehicles, construction, and core infrastructure.
- The company offers a wide range of products, including structural tubes, solar module mounting structures, and galvanized steel tubes.

6. Growth Opportunities:
- JTL operates in industries with a high growth potential, such as warehousing, infrastructure, green growth, water sanitization, affordable housing, oil, and railways.
- The government's focus on these sectors provides opportunities for JTL to expand its business and meet the growing demand.

7. Financial Performance:
- JTL has shown a robust financial performance, with revenue growing by 37.19% in H1FY23 to H1FY24.
- The company has also achieved its highest-ever sales volume and witnessed significant growth in value-added products.

8. Expansion Plans:
- JTL plans to enhance its manufacturing capacity to 1 Million MTPA by the end of FY25, with the implementation of Direct Forming Technology (DFT).
- The company also aims to increase the share of value-added products to over 50% by FY24.

 

 

Result PDF

Iron & steel products company JTL Industries announced Q1FY24 results:

  • Revenue from operation grew by 37.16% from Rs 3,680.35 million in Q1FY23 to Rs 5,048.02 million in Q1FY24. This growth was majorly led by increasing demand for the products in domestic markets as reflected in the volume growth of 52.49% on a YoY basis from 50,720 MT in Q1FY23 to 77,342 MT in Q1FY24.
  • Further, the company witnessed its highest-ever quarterly sales volume of value-added products, recording an impressive 32,506 MT, registering a YoY growth rate of 108.12%, surpassing the sales volume of 15,619 MT recorded during Q1FY23, contributing significantly towards the revenue growth.
  • EBITDA increased by 131.03% from Rs 153.79 million in Q1FY23 to Rs 355.31 million in Q1FY24 and EBITDA Margins increased by 286 bps from 4.18% in Q1FY23 to 7.04% in Q1FY24 led by increase in contribution of value-added products, increasing scale of operations, improved manufacturing efficiency, and the benefits enjoyed from the backward integration of Raipur facility.
  • PAT increased by 110.12% from Rs 120.74 million in Q1FY23 to Rs 253.70 million in Q1FY24 and PAT Margins increased by 175 bps from 3.28% in Q1FY23 to 5.03% in Q1FY24.

 

 

Result PDF

Iron & Steel Manufacturing company JTL Infra announced Q2FY23 results:

  • Revenue from operations for the quarter grew 14.53% on YoY basis from Rs. 263.02 crore to Rs.301 crore and by 16.21% to Rs. 259 crore in QoQ.
  • Sales volume increased by 22.60% at 40829 MT in Q2 FY23 as compared to 33,302 MT in Q1 FY23
  • PAT for the quarter stood at Rs. 20.01 crore against Rs. 12.95 crore in Q1FY22, YoY growth of 53.85%
  • During quarter company allotted 50,00,000 nos. of shares on conversion of share warrants.
  • Company was allocated 30000 tonne of GI pipe order valued approx. Rs 300cr under Jal Jeevan Mission (JJM) in state of Jammu & Kashmir. JTL supplied 15000 MT of GI pipes in this quarter itself
  • JTL received approval for motion 1 filed at NCLT. SEBI approved Scheme of Amalgamation between Chetan Industries Ltd (Transferor company), with JTL Infra Ltd (Transferee company) filed by the company in early July 2022.

 

Result PDF

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