JTL Industries reported a net profit of ₹165.5 million for the first quarter of FY26, with sales volume reaching 1,08,406 MT, a 26.5% year-on-year increase. The company's revenue from operations stood at ₹5,438.6 million.
In Q1 FY26, JTL Industries' revenue from operations reached ₹5,438.6 million, marking a 16% QoQ growth. The EBITDA for the quarter stood at ₹233.7 million, reflecting a 31% QoQ increase. The Profit After Tax (PAT) was reported at ₹165 million, with a PAT margin of 3%.
The company recorded a total sales volume of 1,08,406 MT in Q1 FY26, which represents a 26.5% YoY and 32.4% QoQ growth. Value-added products accounted for 20% of the total sales mix, driven by strong demand across key markets.
Domestic sales constituted 93% of the sales mix in Q1 FY26, with exports accounting for the remaining 7%. In terms of volume, domestic sales reached 1,02,003 MT, while exports amounted to 6,404 MT.
The Mangaon plant has a total installed capacity of 4,50,000 MTPA, including 2,50,000 MTPA with Direct Forming Technology (DFT). An additional 3,00,000 MTPA capacity for ARW/API-grade ERW pipes is expected to be commissioned within a year. Furthermore, the company is adding 4,00,000 MTPA of GI COIL capacity, enhancing the pre-galvanized product range, with commissioning expected by Q3FY26. A 6,00,000 MTPA color-coated coil capacity is also being added, enhancing the color-coated product range by H1FY27.
India's steel pipes market is projected to grow at a CAGR of 8.29% during 2024-2033, reaching 27.76 million tons by 2033. Government-led initiatives have led to a 40% rise in ERW tube usage for construction and a 30% increase in pipeline installations.
The demand for structural steel tubes is driven by government commitments to bolster infrastructure in sectors such as construction, oil & gas, water supply, and agriculture. The Indian warehousing sector is projected to experience significant growth, with demand expected to reach approximately 1.2 billion square feet by 2027.
| Particulars | Q1 FY26 | Q4 FY25 | QoQ | Q1 FY25 | YoY |
|---|---|---|---|---|---|
| Revenue from Operations | 5,438.6 | 4,694.7 | 15.85% | 5,156.7 | 5.47% |
| Other Income | 57.5 | 88.4 | -34.95% | 38.8 | 48.20% |
| Total Income | 5,496.1 | 4,783.1 | 14.91% | 5,195.6 | 5.78% |
| Total Expenses | 5,204.9 | 4,516.5 | 15.24% | 4,756.9 | 9.42% |
| EBITDA | 233.7 | 178.2 | 31.13% | 399.9 | -41.56% |
| EBITDA Margin % | 4.3% | 3.8% | 50 bps | 7.8% | (346 bps) |
| Depreciation & Amortization | 44.4 | 30.0 | 48% | 18.9 | 134.92% |
| Finance Cost | 27.8 | 12.8 | 117.19% | 12.6 | 120.63% |
| Tax Expense | 53.4 | 55.6 | -3.96% | 100.2 | -46.71% |
| PAT | 165.5 | 168.3 | -1.64% | 307.0 | -46.10% |
| PAT Margin % | 3.0% | 3.5% | (51 bps) | 5.9% | (290 bps) |
| Other Comprehensive Income | 12.6 | -77.3 | NA | -7.4 | NA |
| Net PAT | 178.1 | 90.9 | 95.93% | 299.6 | -40.55% |
| Diluted EPS (not annualised) | 0.37 | 0.38 | -2.63% | 0.83 | -55.42% |
Financial Performance
In Q1 FY26, JTL Industries' revenue from operations reached ₹5,438.6 million, marking a 16% QoQ growth. The EBITDA for the quarter stood at ₹233.7 million, reflecting a 31% QoQ increase. The Profit After Tax (PAT) was reported at ₹165 million, with a PAT margin of 3%.
Operational Performance
The company recorded a total sales volume of 1,08,406 MT in Q1 FY26, which represents a 26.5% YoY and 32.4% QoQ growth. Value-added products accounted for 20% of the total sales mix, driven by strong demand across key markets.
Geography-Wise Sales Mix
Domestic sales constituted 93% of the sales mix in Q1 FY26, with exports accounting for the remaining 7%. In terms of volume, domestic sales reached 1,02,003 MT, while exports amounted to 6,404 MT.
Capacity Expansion
The Mangaon plant has a total installed capacity of 4,50,000 MTPA, including 2,50,000 MTPA with Direct Forming Technology (DFT). An additional 3,00,000 MTPA capacity for ARW/API-grade ERW pipes is expected to be commissioned within a year. Furthermore, the company is adding 4,00,000 MTPA of GI COIL capacity, enhancing the pre-galvanized product range, with commissioning expected by Q3FY26. A 6,00,000 MTPA color-coated coil capacity is also being added, enhancing the color-coated product range by H1FY27.
Industry Overview
India's steel pipes market is projected to grow at a CAGR of 8.29% during 2024-2033, reaching 27.76 million tons by 2033. Government-led initiatives have led to a 40% rise in ERW tube usage for construction and a 30% increase in pipeline installations.
Growth Opportunities
The demand for structural steel tubes is driven by government commitments to bolster infrastructure in sectors such as construction, oil & gas, water supply, and agriculture. The Indian warehousing sector is projected to experience significant growth, with demand expected to reach approximately 1.2 billion square feet by 2027.
