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JTL Industries Ltd

JTLIND

NSE

₹83.96-3.86%19 Oct 2026

Reports

Steel Tubes and Pipes

JTL Industries Ltd

JTLIND

NSE

₹83.96

-3.86%

19 Oct 2026

SOICxStockScans Reports

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Steel Tubes and Pipes

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

JTL Industries is a steel pipes and tubes manufacturer that has spent three decades turning a single-product workshop into a multi-material platform - it now makes everything from water pipes and solar structures to ultra-thin brass foil for defence, all from the same integrated manufacturing backbone. The company was incorporated in 1991 as Jagan Tubes Private Ltd., commenced manufacturing in 1993, went public on a small exchange, and kept adding capabilities - galvanising, large-diameter pipes, non-ferrous metals - each time using the cash flows and plant footprint of the previous stage to fund the next. The recurring approach is simple: own the raw-material conversion step, run plants that can switch between primary and secondary steel depending on where demand is, and steadily push the mix toward higher-value products that competitors cannot easily replicate.

Business segments

A single integrated steel-tube platform with two raw-material legs - primary HR coil and secondary billet - feeding six plants that produce over 2,000 product configurations, from commodity hollow sections to branded solar structures and defence-grade non-ferrous alloys.

1. Structural steel tubes and pipes: the volume engine that funds everything else

A million-tonne capacity spread across six plants makes commodity ERW pipes and hollow sections the high-volume, low-cost backbone - these products pay for the factories, the distribution network, and the move into premium segments.

Two raw-material paths, one platform - the company runs a primary-steel line using HR coils from large mills and a secondary-steel line using billets rerolled into narrow-width coils at its Raipur plant, so it can lean into cheaper secondary products when domestic demand tightens and push higher-specification primary products when infrastructure spending rises.
Plants placed where the economics work - the Mangaon facility sits near three ports (JNPT, Nava Sheva, and the upcoming Dighi Port), cutting export logistics costs, while the Raipur and Mandi Gobindgarh units sit close to raw-material sources and northern demand centres, giving the company freight advantages that independent rerollers lack.
Galvanising on every line - all six manufacturing units can apply zinc coating, which means the company can sell the same base pipe as a commodity black tube or as a corrosion-resistant galvanised product commanding a premium, without shipping semi-finished goods to a third-party coater.
Backward integration that lowers the bill - the JTL Engineering subsidiary produces 5,000 metric tonnes of HR coils monthly for in-house consumption, reducing the raw-material purchase from external mills and insulating the company from supply shocks.

2. Value-added products: the margin engine built on top of the pipe platform

Direct Forming Technology, solar mounting structures, crash barriers, and lattice towers turn the same steel into higher-revenue products - the company targets moving value-added products from about a quarter of sales to over half.

Direct Forming Technology removes the tooling bottleneck - deployed at Mangaon in March 2025, DFT lets the company produce square tubes up to 350x350 mm and rectangular tubes up to 400x300 mm without changing roll tooling between sizes, cutting downtime by an expected third and expanding the SKU range from 1,200 to 2,000.
Solar structures as a turnkey proposition - the JTL SOLARIUM brand covers design, fabrication, installation, and electrical integration for ground-mounted and rooftop solar projects, and the company is the only integrated GI pipe and solar structure unit in Punjab, serving the Himalayan regions where no competing unit exists.
Infrastructure products with government backing - metal crash barriers for highways and expressways, plus steel tubular poles and lattice towers for transmission and telecom, tap into public-sector procurement cycles where specifications create barriers to entry.
A cold-rolling complex to unlock colour-coated pipes - a 700,000-tonne cold-rolling facility being added at Mangaon will feed colour-coated and GT pipe lines, adding entirely new SKU families that sit above galvanised products in the value chain.

3. Non-ferrous metals and defence: the diversification bet on copper, brass, and alloys

Acquiring a distressed non-ferrous mill through the insolvency process gave JTL an 18,000-tonne-per-annum entry into copper and brass strips, wires, and cables - a business that serves defence, electrical, and coin-minting customers with no overlap in the steel cycle.

Bought through the bankruptcy code, not built - JTL paid Rs. 46.50 Crores for a 95% stake in RCI Industries, a Baddi-based manufacturer with three continuous casting lines and a Direct Chill casting line, gaining an operational plant with existing clients rather than constructing one from scratch.
Thin enough for bullet shells and mint coins - the plant can roll brass down to 0.04 mm and copper to 0.08 mm, producing ultra-thin foils and strips for defence components, coin blanks supplied to the Mint, and precision electrical parts for clients like Havells and Finolex.
Production ramping on existing lines - monthly output was roughly 100 metric tonnes of brass before the acquisition; adding Continuous Cast Copper doubled it to around 200 metric tonnes, with a near-term target of 500 metric tonnes per month by the end of Q4 FY26, all from capacity that was already installed but underutilised.

Group structure and partners

A listed flagship with two operating subsidiaries and one associate - each added through acquisition rather than greenfield build - plus a legacy merger that doubled the dealer base and added backward-integration capacity.

JTL Industries Limited is the listed parent, with promoters holding 48.91% and shares trading on both NSE and BSE after a voluntary delisting from the Metropolitan Stock Exchange in April 2025.
JTL Defence Limited (95% stake, formerly RCI Industries) was acquired through an NCLT-approved resolution plan that cancelled existing promoter equity and allotted fresh shares to JTL; the subsidiary is listed on BSE in the trade-to-trade segment and operates the Baddi non-ferrous plant.
Powersol Metalcraft Limited (47.97% associate) was acquired in February 2026, adding hot-rolled steel sections manufacturing with a turnover of Rs. 150.86 Crores in FY25.
Chetan Industries amalgamation (effective 2021) added 100,000 MTPA of pipe capacity at Raipur, 150,000 MTPA of coil capacity, and doubled the distributor count from over 300 to over 600, creating the raw-material proximity and market reach that the current platform rests on.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹3,198Cr

Close Price

₹83.70

Industry

Steel Tubes and Pipes

Price To Earnings

27.09

Price To Sales

1.38

Revenue

₹2,314Cr

Rev Gr TTM

Revenue Growth TTM

19.01%

PAT Gr TTM

PAT Growth TTM

43.93%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	502	567	466	516	480	452	469	544	429	471	693	722
Growth YoY Revenue Growth YoY%	37.2	65.3	-1.4	2.1	-4.5	-20.4	0.7	5.5	-10.5	4.2	47.5	32.7
Expenses ExpensesCr	465	525	429	476	450	416	452	520	395	432	635	663
Operating Profit Operating ProfitCr	37	43	37	40	30	35	18	23	35	39	58	59
OPM OPM%	7.5	7.5	7.9	7.8	6.2	7.8	3.8	4.3	8.1	8.2	8.3	8.1
Other Income Other IncomeCr	3	1	4	4	8	2	9	6	2	4	1	5
Interest Expense Interest ExpenseCr	1	2	1	1	1	1	1	3	1	3	4	5
Depreciation DepreciationCr	1	2	2	2	2	2	3	4	5	6	5	10
PBT PBTCr	38	40	38	41	35	34	22	22	31	33	50	48
Tax TaxCr	10	10	9	10	8	9	6	5	9	7	12	13
PAT PATCr	28	30	30	31	26	25	17	17	22	26	38	35
Growth YoY PAT Growth YoY%	33.5	47.2	-19.4	21.0	-5.5	-17.4	-43.0	-46.1	-15.9	6.2	125.0	113.7
NPM NPM%	5.6	5.3	6.3	6.0	5.5	5.5	3.6	3.0	5.2	5.6	5.5	4.9
EPS EPS₹	0.8	0.9	0.9	0.9	0.7	0.6	0.4	0.4	0.6	0.7	1.0	0.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	502	567	466	516	480	452	469	544	429	471	693	722
Growth YoY Revenue Growth YoY%	37.2	65.3	-1.4	2.1	-4.5	-20.4	0.7	5.5	-10.5	4.2	47.5	32.7
Expenses ExpensesCr	465	525	429	476	450	416	452	520	395	432	635	663
Operating Profit Operating ProfitCr	37	43	37	40	30	35	18	23	35	39	58	59
OPM OPM%	7.5	7.5	7.9	7.8	6.2	7.8	3.8	4.3	8.1	8.2	8.3	8.1
Other Income Other IncomeCr	3	1	4	4	8	2	9	6	2	4	1	5
Interest Expense Interest ExpenseCr	1	2	1	1	1	1	1	3	1	3	4	5
Depreciation DepreciationCr	1	2	2	2	2	2	3	4	5	6	5	10
PBT PBTCr	38	40	38	41	35	34	22	22	31	33	50	48
Tax TaxCr	10	10	9	10	8	9	6	5	9	7	12	13
PAT PATCr	28	30	30	31	26	25	17	17	22	26	38	35
Growth YoY PAT Growth YoY%	33.5	47.2	-19.4	21.0	-5.5	-17.4	-43.0	-46.1	-15.9	6.2	125.0	113.7
NPM NPM%	5.6	5.3	6.3	6.0	5.5	5.5	3.6	3.0	5.2	5.6	5.5	4.9
EPS EPS₹	0.8	0.9	0.9	0.9	0.7	0.6	0.4	0.4	0.6	0.7	1.0	0.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	436	1,355	1,550	2,041	1,916	2,136	2,314
Growth Revenue Growth%		211.0	14.4	31.7	-6.1	11.5	19.0
Expenses ExpensesCr	403	1,266	1,421	1,888	1,793	1,982	2,124
Operating Profit Operating ProfitCr	33	89	129	153	123	154	190
OPM OPM%	7.5	6.6	8.3	7.5	6.4	7.2	8.2
Other Income Other IncomeCr	5	4	4	8	22	13	12
Interest Expense Interest ExpenseCr	9	8	6	5	5	11	14
Depreciation DepreciationCr	2	3	4	6	9	21	26
PBT PBTCr	27	82	123	150	132	135	162
Tax TaxCr	7	21	32	37	33	32	40
PAT PATCr	20	61	90	113	99	103	122
Growth PAT Growth%		204.3	47.6	25.4	-12.6	4.3	43.9
NPM NPM%	4.6	4.5	5.8	5.5	5.2	4.8	5.3
EPS EPS₹	0.9	2.1	2.7	3.3	2.6	2.6	3.1

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	436	1,355	1,550	2,041	1,916	2,136	2,314
Growth Revenue Growth%		211.0	14.4	31.7	-6.1	11.5	19.0
Expenses ExpensesCr	403	1,266	1,421	1,888	1,793	1,982	2,124
Operating Profit Operating ProfitCr	33	89	129	153	123	154	190
OPM OPM%	7.5	6.6	8.3	7.5	6.4	7.2	8.2
Other Income Other IncomeCr	5	4	4	8	22	13	12
Interest Expense Interest ExpenseCr	9	8	6	5	5	11	14
Depreciation DepreciationCr	2	3	4	6	9	21	26
PBT PBTCr	27	82	123	150	132	135	162
Tax TaxCr	7	21	32	37	33	32	40
PAT PATCr	20	61	90	113	99	103	122
Growth PAT Growth%		204.3	47.6	25.4	-12.6	4.3	43.9
NPM NPM%	4.6	4.5	5.8	5.5	5.2	4.8	5.3
EPS EPS₹	0.9	2.1	2.7	3.3	2.6	2.6	3.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	13	17	39	39
Reserves ReservesCr	71	184	390	1,010	1,447
Current Liabilities Current LiabilitiesCr	99	128	141	106	390
Non Current Liabilities Non Current LiabilitiesCr	14	14	15	14	85
Total Liabilities Total LiabilitiesCr	209	339	563	1,339	1,996
Current Assets Current AssetsCr	180	258	473	971	1,255
Non Current Assets Non Current AssetsCr	30	81	90	368	741
Total Assets Total AssetsCr	209	339	563	1,339	1,996

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	13	17	39	39
Reserves ReservesCr	71	184	390	1,010	1,447
Current Liabilities Current LiabilitiesCr	99	128	141	106	390
Non Current Liabilities Non Current LiabilitiesCr	14	14	15	14	85
Total Liabilities Total LiabilitiesCr	209	339	563	1,339	1,996
Current Assets Current AssetsCr	180	258	473	971	1,255
Non Current Assets Non Current AssetsCr	30	81	90	368	741
Total Assets Total AssetsCr	209	339	563	1,339	1,996

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	17	4	-22	-246	-67
Investing Cash Flow Investing Cash FlowCr	-8	-34	-20	-96	-188	-142
Financing Cash Flow Financing Cash FlowCr	12	17	66	169	407	170
Net Cash Flow Net Cash FlowCr	0	0	50	51	-27	-40
Free Cash Flow Free Cash FlowCr	-11	-5	-15	-125	-424	-213
CFO To PAT CFO To PAT%	-24.7	28.0	4.4	-19.1	-248.6	-65.4
CFO To EBITDA CFO To EBITDA%	-15.1	19.1	3.1	-14.2	-199.8	-43.6

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	17	4	-22	-246	-67
Investing Cash Flow Investing Cash FlowCr	-8	-34	-20	-96	-188	-142
Financing Cash Flow Financing Cash FlowCr	12	17	66	169	407	170
Net Cash Flow Net Cash FlowCr	0	0	50	51	-27	-40
Free Cash Flow Free Cash FlowCr	-11	-5	-15	-125	-424	-213
CFO To PAT CFO To PAT%	-24.7	28.0	4.4	-19.1	-248.6	-65.4
CFO To EBITDA CFO To EBITDA%	-15.1	19.1	3.1	-14.2	-199.8	-43.6

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	564	1,366	2,679	3,153	2,903	1,557	3,198
Price To Earnings Price To Earnings	28.1	25.4	29.7	28.8	30.3	16.2	27.1
Price To Sales Price To Sales	1.3	1.0	1.7	1.5	1.5	0.7	1.4
Price To Book Price To Book	6.9	7.8	6.6	6.0	2.9	1.2	2.4
EV To EBITDA EV To EBITDA	19.0	16.3	21.1	20.6	23.6	11.4	18.6
Profitability Ratios Profitability Ratios
GPM GPM%	9.7	9.1	10.6	9.3	9.4	10.7	10.7
OPM OPM%	7.5	6.6	8.3	7.5	6.4	7.2	8.2
NPM NPM%	4.6	4.5	5.8	5.5	5.2	4.8	5.3
ROCE ROCE%	24.8	31.2	25.1		12.1	8.5	8.5
ROE ROE%	24.7	30.9	22.1		9.4	6.9	6.9
ROA ROA%	9.6	18.0	16.0		7.4	5.2	5.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	564	1,366	2,679	3,153	2,903	1,557	3,198
Price To Earnings Price To Earnings	28.1	25.4	29.7	28.8	30.3	16.2	27.1
Price To Sales Price To Sales	1.3	1.0	1.7	1.5	1.5	0.7	1.4
Price To Book Price To Book	6.9	7.8	6.6	6.0	2.9	1.2	2.4
EV To EBITDA EV To EBITDA	19.0	16.3	21.1	20.6	23.6	11.4	18.6
Profitability Ratios Profitability Ratios
GPM GPM%	9.7	9.1	10.6	9.3	9.4	10.7	10.7
OPM OPM%	7.5	6.6	8.3	7.5	6.4	7.2	8.2
NPM NPM%	4.6	4.5	5.8	5.5	5.2	4.8	5.3
ROCE ROCE%	24.8	31.2	25.1		12.1	8.5	8.5
ROE ROE%	24.7	30.9	22.1		9.4	6.9	6.9
ROA ROA%	9.6	18.0	16.0		7.4	5.2	5.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DEEDEV	VENUSPIPES	WELSPLSOL	JTLIND	HITECH	GANDHITUBE	HARIOMPIPE
Market CapitalizationMkt CapCr	3,972	3,791	3,240	3,198	1,438	1,042	1,006
Close PriceClose₹	527.85	1,830.00	48.89	83.70	70.80	923.00	325.00
IndustryIndustry	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes
Price To EarningsPE	45.58	36.36	116.40	27.09	18.98	15.02	14.65
Price To SalesPS	3.27	3.13	3.69	1.38	0.30	5.19	0.62
RevenueRevenueCr	1,213	1,211	879	2,314	4,822	201	1,635
Revenue Growth TTMRev Gr TTM%	40.0%	21.7%	15.2%	19.0%	61.1%	11.7%	10.9%
PAT Growth TTMPAT Gr TTM%	49.5%	15.0%	500.3%	43.9%	-0.7%	13.2%	1.3%

	DEEDEV	VENUSPIPES	WELSPLSOL	JTLIND	HITECH	GANDHITUBE	HARIOMPIPE
Market CapitalizationMkt CapCr	3,972	3,791	3,240	3,198	1,438	1,042	1,006
Close PriceClose₹	527.85	1,830.00	48.89	83.70	70.80	923.00	325.00
IndustryIndustry	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes
Price To EarningsPE	45.58	36.36	116.40	27.09	18.98	15.02	14.65
Price To SalesPS	3.27	3.13	3.69	1.38	0.30	5.19	0.62
RevenueRevenueCr	1,213	1,211	879	2,314	4,822	201	1,635
Revenue Growth TTMRev Gr TTM%	40.0%	21.7%	15.2%	19.0%	61.1%	11.7%	10.9%
PAT Growth TTMPAT Gr TTM%	49.5%	15.0%	500.3%	43.9%	-0.7%	13.2%	1.3%

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