Jay Bee Laminations Ltd(JAYBEE)

NSE: JAYBEE

₹ 80.05-1.48%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 181 crUpdated: 24 Oct 2026

About

Jay Bee Laminations processes CRGO electrical steel into transformer laminations and assembled cores, and has added transformer manufacturing and a T&D EPC projects business. It reported revenue of 547.97 crore for FY26. In FY26, manufacturing of CRGO products and transformers made up 74.2% of revenue and EPC turnkey projects 25.8%. Installed CRGO processing capacity was 23,340 MTPA as of FY26.^[1][2][3]

Business segments

Manufacturing of CRGO products and Transformers: Rs 406.51 Cr revenue, 74.2% of the total, EBIT margin 3.8% in FY26.^[2]
EPC Turnkey Projects (T&D lines): Rs 141.46 Cr revenue, 25.8% of the total, EBIT margin 11.0% in FY26. All of it was booked in H2 FY26.^[2][3]
The EPC business made Rs 15 crore of revenue in 9M FY26, against Rs 317 crore from manufacturing in the same period.^[4]

Products and mix

Cut laminations made up 79.27% of product revenue and assembled cores 15.76% in FY25. The company is cutting back slit coils in favour of assembled cores.^[5]
Power transformer laminations rose to 72% of the revenue mix in H1 FY26, from 59% in FY25.^[6]
Products for 400 kV and above were 12-14% of revenue (~INR25-26 crore) in H1 FY26.^[6]
Transformers are sold under the INTELLICORE brand. Sales of transformers and allied components (core coil assemblies, tanks, coils) were about INR6 crores in FY26.^[6][3]

Plants and capacity

Installed CRGO processing capacity reached 23,340 MTPA in Q3 FY26, up from 19,740 MTPA in H1 FY26 and 18,060 MTPA in FY25.^[4][6][5]
The Unit II brownfield expansion was completed in October 2024. Unit II also houses an in-house CRGO testing lab, which received NABL accreditation in April 2026.^[5][3]
Unit III began commercial operations in July 2025. It has 1,000 MVA of installed transformer capacity, and the company holds a BIS licence for transformer sales.^[6][4]
Total capex over two years was INR30 crores.^[3]

Key operating numbers

CRGO production was 15,554 MT in FY26, up 25% from 12,400 MT in FY25, which was itself up 32% on FY24.^[3][5]
CRGO capacity utilisation was about 65% in FY26, against 78% in H1 FY26 and about 75% in FY25.^[3][6][5]
Average CRGO sale price was INR230/kg in Q4 FY26, against an average realisation of ₹296/kg in FY25. Realisations fell about 12% QoQ in Q3 FY26.^[3][5][4]
CRGO EBITDA per tonne was about INR11,000-12,000 in Q4 FY26, against about ₹30,000/MT in H2 FY25.^[3][5]
CRGO raw material prices fell 30-35% between March 2025 and March 2026. Volume grew 25% in FY26, but CRGO processing revenue rose only 10%.^[3]
Gross spread (sale price minus purchase price) was INR50-60/kg in H1 FY26, down about INR10-15/kg on the prior period.^[6]
The cash conversion cycle was under 70 days in FY26, down from 116 days in FY25.^[3]

Customers and markets

The top 10 customers accounted for 57% of sales in H1 FY26, down from 66% in FY25. Customers onboarded in H1 FY26 provided about 10% of sales.^[6]
Recent customer additions include Atlanta Electricals, Transformers & Rectifiers, BHEL Bhopal and several export customers.^[6][5]
Exports were about 8% of sales in H1 FY26 and less than 10% of CRGO sales in FY26.^[6][3]
The company received PGCIL 400 kV class approval for Unit II in March 2025. PGCIL 765 kV class approval and NTPC vendor approval followed in April 2026.^[5][3]

EPC order book

The EPC order book stood at INR280 crores in FY26, up from an initial INR267.5 crores after BOQ and price-variation adjustments.^[3]
Management expects about INR100 crores of EPC revenue in FY27 and INR35-40 crores in FY28 from the existing order book.^[3]
Of INR190 crores in trade receivables at the end of FY26, INR118 crores came from the EPC business.^[3]

Plans

No capex is planned for FY27; the focus is on raising utilisation at existing units.^[3]
The FY27 CRGO volume target is 16,000-18,000 MT.^[3]
Revenue from transformers and allied components is targeted at INR20-30 crores in FY27.^[3]
Management has a long-term aim for EPC to provide about 50% of revenue.^[3]

Market Cap

₹181 Cr

High / Low

₹200 / 70

Stock P/E

10.8

Price / Book

1.3

Book Value

₹74

EPS

₹8.1

No. of Shares

2.26 Cr

ROCE

16.5%

ROE

11.7%

OPM

5.5%

Debt / Equity

0.19

Sales

₹548 Cr

Net Profit

₹18 Cr

Promoter holding

70.6%

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