Conference Call with JTL Industries Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
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