Jyoti Limited is an ISO-9001 certified engineering powerhouse and a **Total Solution Provider** for the global **Power and Water** sectors. Headquartered in **Vadodara, Gujarat**, the company specializes in the end-to-end design, manufacture, and commissioning of sophisticated hydraulic and electrical equipment. From individual high-capacity pumps and motors to turnkey **EPC Pumping Systems** and **Small Hydro Projects (SHP)**, Jyoti Limited serves as a critical link in India’s infrastructure value chain. --- ### **Core Engineering Divisions & Specialized Product Portfolio** The company’s operations are integrated across three specialized divisions that leverage advanced in-house R&D and global technology partnerships. #### **1. Hydraulic & Projects Division** This division is the cornerstone of the company’s water management and power generation offerings. * **Pumping Systems:** Manufactures a diverse range of pumps including **Vertical Turbine (VT)**, **Vertical Mixed Flow (VM)**, **Metallic Volute**, **Horizontal Split Casing**, and **Axial Propeller** pumps. In FY25, the company produced **557 pumps**. Notable achievements include the **1800VP** vertical propeller pump with **>84% efficiency** and large-scale **4.7 MW** vertical turbine pumps. * **Hydel (Hydro-Power):** Designs and refurbishes **Kaplan, Francis, Pelton, and Turgo Impulse turbines** and generators (up to **5 MW**). The division is currently expanding into **Pump as Turbines (PAT)** for energy recovery and **Vertical Francis Turbines** for higher capacities. * **EPC & Services:** Executes turnkey lift irrigation projects and provides **Operation & Maintenance (O&M)** for massive pumping stations. #### **2. Switchgear Division** A high-growth segment focused on medium-voltage power distribution. * **Product Range:** Manufactures **11 kV and 33 kV Vacuum Circuit Breakers (VCB)**, **HT Switchgear Panels**, and **SF6 Ring Main Units**. * **Technology & Performance:** Technology for VCBs is fully absorbed from **Toshiba Corporation, Japan**. The division achieved record sales of **₹88.5 crore** in FY25, producing approximately **1,140 VCBs** and **1,160 panels**. * **Certifications:** Recently upgraded **12kV, 25kA** switchgear to **Class 2 (E2, C2, M2)** and certified **12kV, 40kA** systems for internal arc tests, meeting the highest modern industrial standards. #### **3. ECS (Relay) Division** Produces critical protection components for the power sector. * **Products:** Manufactures the **RE 300 and RE 400 series** of electro-mechanical relays. * **Client Base:** Supplies major industrial giants including **BHEL, NTPC, NPCIL, and Tata Steel**. --- ### **Strategic Growth Drivers & Market Positioning** Jyoti Limited has transitioned from a period of financial restructuring to being recognized as one of **India's Fastest Growing Engineering Companies** in the **₹75 to ₹250 crore** revenue category. * **Leadership Renewal:** The appointment of **Ms. Shubhalakshmi R. Amin** as **CEO** in **February 2026** signals a shift toward aggressive growth and modernization. * **Technological Advancement:** A **Technology Transfer Agreement** signed in **December 2025** with **Mr. Vlado Ostovic (Germany)** aims to further enhance technical capabilities in rotating machines. * **R&D Infrastructure:** The company utilizes advanced numerical tools such as **CFD (Computational Fluid Dynamics)**, **ANSYS-Mechanical**, and **Creo 11.1** for 3D modeling. It maintains in-house facilities for **Performance Guarantee (PG) Tests** of hydro turbines. * **Global Footprint:** Operates **Jyoti Sohar Switchgear LLC (Oman)**, a **49% Joint Venture** manufacturing medium-voltage metal-clad switchgear for the Middle East. Export markets include **Nigeria, Bahrain, Saudi Arabia, and Thailand**. --- ### **Operational Metrics & Financial Performance** The company has demonstrated three consecutive years of net profit growth and a strengthening balance sheet. #### **Comparative Financial Summary** | Metric (₹ Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Revenue from Operations** | **244.92** | **175.35** | **154.55** | | **EBITDA** | **17.17** | **11.83** | **8.68** | | **Profit Before Exceptional Items** | **13.00** | **7.10** | **9.93** | | **Total Order Book** | **315.00** | **207.00** | **N/A** | | **Cost of Materials (% of Rev)** | **70.91%** | **70.40%** | **72.31%** | #### **Key Operational Outputs (FY 2024-25)** * **HT Machines Manufactured:** **159 Nos.** (up from 56 in the previous year). * **Aftermarket Revenue:** **₹11.75 crore** generated from spares, services, and retrofitting. * **Export Value:** **₹2.39 crore**. --- ### **Order Book & Major Contract Wins** As of **March 31, 2025**, the company maintains a robust pipeline of **₹315 crore**, with significant recent wins in the 2025-26 cycle: | Client / Project | Scope of Work | Value (Excl. GST) | | :--- | :--- | :--- | | **Karan Development Services (MP)** | 5 Kaplan Turbines (5MW) & 17 VT Pumps | **₹60.00 Cr** | | **GETCO (Gujarat)** | 11KV VCB Panels (Multiple LOIs) | **₹83.84 Cr** | | **Handia Barrage Project (MP)** | E&M Works (5x5000 KW) & 11 Pumps | **₹56.16 Cr** | | **IOCL Panipat Refinery** | Replacement of Generation Plant HT Panels | **₹21.00 Cr** | | **Tharad-Dhanera Lift Irrigation** | VT Pumps and HT Motors | **₹10.91 Cr** | | **GVPR Engineers (Rajasthan)** | 6 Sets Pumps with HT Motors (Up to 3.7 MW) | **₹9.90 Cr** | --- ### **Capital Structure & Debt Resolution** Following historical financial hardships, the company has stabilized its capital structure through a partnership with **Rare Asset Reconstruction Limited (RARE ARC)**. * **Debt Assignment:** In 2018, the company’s debt was assigned to **RARE ARC**, which subsequently converted **₹32.80 Crore** of debt into **5,963,636 Equity Shares** at a premium of **₹45 per share**. * **Listing Status:** A fresh listing application for these shares is currently **pending with the BSE** following a ratification resolution passed on **May 17, 2025**. * **Security:** Debts are secured by a **first charge** on all movable and immovable properties at the **Kasba, Gorwa, and Mogar** plants. * **Promoter Holding:** **23.59%** of total equity (5,446,503 shares) belonging to the Core Promoter Group is currently pledged to lenders. --- ### **Risk Profile & Mitigation Framework** Management employs a structured framework to address operational and financial headwinds. * **Project Execution:** Risks include **Right of Way (ROW)** issues, statutory approval delays, and the **non-availability of skilled manpower**. The company mitigates this by focusing on O&M services and high-margin retrofitting. * **Financial Risks:** While the company is a **Going Concern** with positive EBITDA, it remains sensitive to the **availability and cost of funds**. Credit risk is managed via an **Expected Credit Loss (ECL)** model. * **Resource Efficiency:** To combat rising overheads, the company has implemented **Variable Frequency Drives (VFDs)**, **LED lighting**, and automatic water level sensors to reduce energy and water wastage. * **Legal/Regulatory:** The company successfully settled a **Section 9 IBC** application by GMW Private Limited in 2022. Current focus remains on the final listing of the RARE ARC allotment shares. ### **Conclusion** Jyoti Limited represents a turnaround story in the Indian heavy engineering space. With a **₹315 crore order book**, a renewed focus on **high-efficiency hydraulic systems**, and a stabilized relationship with its primary asset reconstruction partner, the company is positioned to capitalize on India's massive capital expenditure in water infrastructure and power distribution.