JSL Industries Ltd. is an **ISO 9001:2015** certified engineering firm and a pioneer in the Indian electrical equipment sector. Established in **1966**, the company specializes in the design, manufacture, and supply of high-tension (**HT**) and low-tension (**LT**) electrical equipment. Operating from a modern manufacturing facility in **Mogar, Gujarat**, JSL serves as a critical approved vendor for state utilities, public sector undertakings (PSUs), and private industrial giants. ### Core Business Segments & Product Portfolio The company operates through a single reportable segment focused on engineering goods, categorized into four specialized divisions: * **Instrument Transformer Division:** A primary revenue driver focusing on **HT Indoor and Outdoor Instrument Transformers** (up to **245kV** rating). The division is a major supplier to state utilities like **GETCO** (Gujarat Energy Transmission Corporation Limited). * **Switchgear & LT Switchboard Division:** Manufactures a comprehensive range of **LT Switchboards**, **Air Circuit Breakers (415V)**, **MCCBs**, Control and Power Switches, and Motor Control Centres. * **Motors and Pumps Division:** Produces **TEFC, SPDP, and VHS Motors** (frame sizes up to **355**), **Induction Generators**, and **Mono-block Pumps** (up to **30 HP**). * **Control Gear:** Includes full and reduced voltage motor starters (Air Break and Oil Immersed), thermal overload relays, and auxiliary contactors. ### Technical Specifications & Product Capabilities | Segment | Key Products & Specifications | | :--- | :--- | | **Instrument Transformers** | • **66 kV** Outdoor CT & PT (Oil cooled/Polymer Insulator)<br>• **25 kV** Outdoor CT & PT for **Railways**<br>• **11, 22 & 33 kV** CT/PT and Combined Metering Units<br>• Indoor CT & PT up to **33 kV** | | **LT Switchgear** | • Air Circuit Breakers (**ACB**) Type **A7** (up to **800A**) and **A2-253**<br>• Oil Immersed Starters (DOL, Star-Delta, Auto Transformer)<br>• Contactors, Thermal Overload Relays, and APFC Panels<br>• Submersible pump controllers | | **LT Switchboards** | • Power Control Centres (**PCC**) and Motor Control Centres (**MCC**)<br>• Distribution Boards, Bus-ducts, and Feeder panels | | **Motors & Pumps** | • **TEFC/SPDP** Induction Motors and **VHS** (Vertical Hollow Shaft) Motors<br>• Energy Efficient Motors (**IE2, IE3, and IE4** classes)<br>• Unibuilt mono-block pumps | ### Financial Performance & Divisional Growth JSL has demonstrated consistent growth in profitability and revenue, transitioning to a stronger financial position supported by a diversified product portfolio. Financial reporting follows **IND AS** standards. **Comparative Financial Highlights** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue from Operations** | > **₹51.35 Cr** | **₹51.35 Cr** | **₹49.25 Cr** | | **Profit After Tax (PAT)** | *TBD* | **₹6.16 Cr** | **₹3.49 Cr** | | **Order Book (Pending)** | *TBD* | **₹13.87 Cr** | **₹7.87 Cr** | **Divisional Revenue Breakdown (FY 2024-25)** * **Instrument Transformer Division:** Achieved a turnover of **₹20.01 Cr**. * **Switchgear Division:** Recorded net sales of **₹18.26 Cr**. * **Motors and Pumps Division:** Achieved net sales of **₹15.27 Cr**. ### Strategic Infrastructure & R&D Advancements The company leverages its **50-year presence** to drive growth through indigenous technology and operational streamlining. * **Manufacturing Base:** Centralized works at **Mogar, Anand**, equipped with full-load testing facilities for horizontal and vertical motors. * **NABL Accreditation:** The JSL Instrument Transformer Laboratory is accredited (**ISO/IEC 17025:2017**) for electrical testing up to **72.5 kV**. * **Synergy with Jyoti Ltd:** Maintains a strategic relationship involving mutual supply of motors, pumps, and vacuum circuit breakers, facilitating shared R&D and coordinated inspections. * **Energy Sustainability:** Operates **2 Wind Mills** for captive power generation, providing **24.8%** of total electrical energy requirements in **FY 2024-25**. * **Recent R&D Successes:** * Developed **IE4 Efficiency Class** TEFC motors (**11 kW to 355 kW**). * Supplied **2,728 units** of **66 kV** transformers in FY25 (up from **1,307** in FY24). * Certified **Type A7 ACB (800A)** for short circuit withstand at **36 kA**. * Developed specialized **Vertical Hollow Shaft (VHS)** motors with copper rotors for the **180 Frame** series. ### Market Strategy & Future Outlook JSL’s strategy focuses on **cost reduction**, **process optimization**, and **market penetration** to maintain competitiveness. * **Order Book Expansion:** Actively bidding for high-value state utility contracts. Recent wins include a **₹3.37 Cr** order from **GETCO** for **66KV Class CT/PT** supply, alongside other orders of **₹7.88 Cr**, **₹2.91 Cr**, and **₹1.51 Cr**. * **Structural Reforms:** Management anticipates significant business potential from government-led infrastructure development and economic reforms. * **Governance:** Strengthening leadership with the appointment of new **Independent Directors** (Mr. Pradeep Sinha and Ms. Pragnya Seth) for **five-year terms**. ### Capital Structure & Shareholder Information * **Share Capital:** Paid-up share capital stands at **₹3.10 Cr**. * **Dividend Policy:** Dividends on **Equity Shares** are currently withheld to fund future growth; however, the company maintains a **6% dividend** on its **1,92,735 Non-Convertible Non-Cumulative Redeemable Preference Shares** (Face Value **₹100**). * **Investment Portfolio:** As of **April 1, 2025**, the company reclassified its long-term investment in **Jyoti Limited** to **FVTOCI-NR**, reflecting a fair market value of **₹10.08 Cr** and a half-year gain of **₹1.34 Cr**. ### Risk Management & Regulatory Framework The Board oversees a formal framework to mitigate operational and financial risks: | Risk Category | Mitigation Strategy | | :--- | :--- | | **Credit Risk** | Continuous monitoring of trade receivables and rigorous follow-up for overdues. | | **Liquidity Risk** | Prioritizing **internal accruals** for funding and monitoring capital return levels. | | **Market/Price Risk** | Minimal **Currency Risk** (primarily **USD**); equity price risk managed via internal portfolio frameworks. | | **Legal/Tax Risk** | Managing **Service Tax** litigation regarding the **Reverse Charge Mechanism (RCM)**. Recent **CESTAT** rulings have been favorable, remanding the matter for verification of non-legal professional expenses. | The company remains focused on maintaining **healthy capital ratios** and optimizing shareholder returns while navigating market volatility and regulatory interpretations.