### **Executive Summary** JTL Industries Ltd. is emerging as a leading diversified, technology-driven manufacturer of structural steel and non-ferrous metal solutions in India. With a strong foundation in ERW steel tubes and pipes, the company has strategically transformed from a domestic steel tube manufacturer into a multi-material, value-added solutions provider. Driven by innovation, backward integration, and export-oriented expansion, JTL is positioning itself at the forefront of high-growth sectors including defence, renewable energy, electric vehicles (EVs), and infrastructure. Recent entry into the copper and brass foil segment through strategic acquisitions and job-work partnerships marks a pivotal diversification, reducing reliance on cyclical steel markets while targeting low-competition, high-margin niche applications. --- ### **Core Business & Product Portfolio** JTL Industries manufactures a comprehensive range of steel-based and non-ferrous products catering to industrial, infrastructure, and defence applications: - **Steel Products**: - GI Pipes (Galvanized Iron), MS Black Pipes, Hollow Sections (square, rectangular, round) - Solar Module Mounting Structures (MMS) for ground-mounted and rooftop solar projects - Lattice towers for railways, telecom, and pre-engineered buildings - Metal crash barriers, structural poles, and DFT-based high-strength pipes - JTL PETROGAS (gas transmission), JTL MAXX/JUMBO (premium DFT structural pipes) - **Non-Ferrous Expansion (New Focus)**: - **Ultra-Thin Brass Foils** (0.04–0.1 mm): For grounding, sensing, thermal control, EMI/RFI shielding, and defence-grade components (e.g., bullet casings, coin/mint parts) - **Continuous Cast (CC) Copper**: Enables 0.08 mm thickness for high-conductivity applications in EVs, renewables, and industrial systems - Target sectors: Defence, EV battery connectors, busbars, motor windings, solar inverters, and power distribution systems --- ### **Strategic Growth Drivers** #### **1. Technological Advancement: Direct Forming Technology (DFT)** - **Mangaon Plant (Maharashtra)**: - Total capacity: **450,000 MTPA**, with **300,000 MTPA DFT-enabled** - DFT allows production of square tubes up to **350×350 mm** and rectangular up to **400×300 mm** without roll changes - Benefits: 33% reduction in downtime, 25% lower production cost, faster setups, and improved precision - Over **50% of sales now from value-added products (VAPs)**, driven by DFT capabilities - DFT supports structural steel applications in multi-storied buildings, metros, airports, and export projects #### **2. Strategic Acquisition: RCI Industries & Technologies Ltd.** - Acquired via **NCLT process**, fully funded through internal accruals and fresh capital - Brings immediate access to **copper and brass strip manufacturing** in Baddi, Himachal Pradesh - RCI's installed capacity: **15,000 MTPA**, with potential to produce up to **6,000 MTPA of value-added non-ferrous products** - **Synergies**: - Integration into JTL’s B2B and export networks - Capacity expansion, process modernization, and R&D in defence, EVs, and renewables - Expected to significantly contribute to **revenue and profitability by FY27** - Positions JTL as a key supplier to the **Mint Factory, defence establishments, and EV OEMs** #### **3. Entry into High-Margin Niche Markets** - **Defence Sector**: - Supply of **0.04 mm brass foil** and **bullet casings**, aligning with “Make in India” and self-reliance in defence manufacturing - Job-work partnership facilitated first commercial batch of brass foil in Q2 FY26 - Secured supply agreements for defence-grade components and government tenders - **Renewable Energy & EVs**: - Copper foils and busbars for **battery packs, motor windings, and solar inverters** - Customized solar MMS solutions for rugged terrains and large-scale projects - Supplier to key players like **Tata Power, Wada, Siemens**, and EPC contractors --- ### **Financial & Operational Highlights (Nov 2025)** - **Q2 FY26 Performance**: - Total income: **₹4,313 million** - EBITDA: **₹346 million** (8.5% margin) - PAT: **₹222 million** (5.1% margin) - Steel sales volume: **81,593 MT**, **H1 FY26 cumulative: 182,210 MT** (+3.5% YoY) - **Debt-Free Status**: No debt on books, enabling organic and inorganic growth without financial leverage - **EBITDA per Ton**: Industry-leading, supported by backward integration and cost control - **Expansion Plans Fully Funded**: Includes promoter infusion, QIP, and internal accruals --- ### **Manufacturing & Capacity** - **Total Pipe Manufacturing Capacity**: **~936,000 MTPA** - **Backward Integration Capacity**: **300,000 MTPA** (hot-rolled coils, billets) via Chhattisgarh and **JTL Engineering Ltd.** (formerly Nabha Steels) - **Five Manufacturing Plants**: 1. **Derabassi, Punjab** – 100,000 MTPA (serving North India) 2. **Mandi Gobindgarh, Punjab** – 200,000 MTPA (value-added focus) 3. **Raipur, Chhattisgarh** – 200,000 MTPA (backward-integrated, cost-efficient) 4. **Mangaon, Maharashtra** – 450,000 MTPA (export hub, DFT-equipped) 5. **Baddi, Himachal Pradesh** – Acquired RCI plant (non-ferrous metals) 6. **Planned Greenfield Lattice Tower Plant** (Derabassi, 1,500 MT/month) - **Land Bank**: Over **130 acres**, supporting future brownfield and greenfield expansions --- ### **Market Reach & Exports** - **Exports**: Over **20 countries across five continents** - Key Markets: Germany, UK, Belgium, Greece, France, UAE, Australia, Scandinavia, West Indies, Africa, and Southeast Asia - Export Share: **9% of total sales** (up from 5% in FY24) - **Three Star Export House** (DGFT recognition) - **Domestic Leadership**: - Key supplier to **Jal Jeevan Mission (JJM)** – supplied **30,000 MT GI pipes** - Secured **₹265 crore order** under JJM for ISI-certified GMS tubes - Serving sectors: Oil & Gas, CGD, Railways, Metro, and Power --- ### **Sustainability & ESG** - **Backward Integration**: Enhances **supply chain resilience**, reduces import dependency, and lowers costs - **Green Manufacturing**: - Solar structure solutions support **India’s 500 GW non-fossil target by 2030** - DFT reduces material waste and energy consumption - **Export Efficiency**: Mangaon plant’s proximity to port enables **duty-free raw material imports under bonded warehouses** ---