Jai Balaji Industries Ltd(JAIBALAJI)

NSE: JAIBALAJIBSE: 532976

₹ 63.74-5.65%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 5,815 crWebsite: www.jaibalajigroup.comUpdated: 24 Oct 2026

About

Jai Balaji Industries Ltd is a West Bengal-based integrated steel and iron manufacturer producing ductile iron pipes, specialised ferro alloys, pig iron, and TMT bars across five plants in West Bengal and Chhattisgarh. It holds a CRISIL BBB/Stable credit rating and 3 Star Export House status, serving B2B and B2G customers across approximately 32 countries.^[1][2][3]

Business segments

Specialised ferro alloys contributed ~30% of total revenue in FY26, up from 17% in FY25.^[2]
Ductile iron (DI) pipe contributed ~18% of total revenue in FY26, down from 32% in FY25, as government ordering slowed.^[2]
Pig iron contributed ~18% of total revenue in FY26, up from 12% in FY25.^[2]
Value-added and specialised products (ferro alloys + DI pipes) together accounted for 42% of total sales in Q1 FY27.^[4]

Operations and capacity

The company operates five manufacturing facilities: sites in Raniganj and two in Durgapur (West Bengal) and one in Durg (Chhattisgarh).^[2]
DI pipe installed capacity is 5.5 lakh TPA as of Q1 FY27, expanded from 5 lakh TPA.^[4]
Three dedicated railway sidings support raw material intake and finished-goods despatch.^[2]
As of 31 March 2026 the company employed 4,220 permanent employees; 83.33% of total wage cost was paid to workers in smaller towns.^[2]

Key operating numbers

Ferro alloy capacity utilisation exceeded 80% in Q1 FY27; realisations rose 46% YoY in the same quarter.^[4]
DI pipe capacity utilisation was ~30% of the enhanced 5.5 lakh TPA capacity in Q1 FY27, with production of 41,000 tonnes.^[4]
Pig iron realisations rose 16% YoY in Q1 FY27.^[4]
DI pipe production in FY25 was 2,82,000 tonnes (+17% YoY); ferro alloys production was 2,42,000 tonnes (+8% YoY) in FY25.^[5]
DI pipe EBITDA per tonne was INR 19,000 in FY25, down from highs of INR 23,000 - 24,000 in H1 FY25.^[5]
Ferro alloys EBITDA per tonne (blended) was INR 20,000 in FY25; pig iron and TMT bar each at INR 4,000 per tonne.^[5]
Specialised ferro alloys contributed 27% of revenues in Q1 FY27, supported by exports to 42+ countries.^[4]

Customers and distribution

The company sells to B2B customers (automotive and construction OEMs) and B2G customers (government bodies and PSUs).^[2]
Exports accounted for 5.88% of total turnover in FY26; the company served approximately 32 countries.^[2]
Sales through dealers and distributors represented 1.33% of total sales, made via 315 dealers/distributors in FY26.^[2]
DI pipe order book visibility was approximately 4 months in Q1 FY27.^[4]

Expansion and capex

Total capex outlay was revised to INR 1,112 crore (from INR 1,000 crore); INR 1,076 crore already spent largely from internal accruals as of Q1 FY27; balance INR 36 crore to be completed by end of CY2026.^[4]
Blast furnace (to 7.5 lakh TPA), sinter (to 12.08 lakh TPA) and ferro alloy (to 1.9 lakh TPA) capacity additions are targeted for commissioning by Q3 FY27.^[4]
OPVC pipe trial approved by the Board; initial capex ~INR 20 - 25 crore, total capped at INR 100 crore across a few years.^[5]
Management targets revenue of INR 7,000 - 7,500 crore in a normal market once full capacity is commissioned, guided for FY28.^[4]

Deleveraging

Net term debt reduced from INR 3,408 crore in FY21 to INR 188 crore in Q1 FY27; net term debt-to-equity stood at 0.07x at FY26 year-end.^[4]
Finance costs fell 22% YoY to INR 14 crore in Q1 FY27.^[4]

Recent developments

CRISIL downgraded Jai Balaji's bank loan ratings to BBB/Stable (from BBB+/Stable) and to A3+ (from A2) in September 2026, citing weaker operating performance in FY26.^[3]
Management flagged the change of government in West Bengal as a new demand catalyst for TMT bars; currently 15 - 20% of TMT output is sold locally, with a target of 50 - 70% in West Bengal in the next year.^[4]

Market Cap

₹5,815 Cr

High / Low

₹98 / 53

Stock P/E

219.8

Price / Book

0.0

Book Value

₹25

EPS

₹1.4

No. of Shares

91.23 Cr

ROCE

9.7%

ROE

5.9%

OPM

4.5%

Debt / Equity

0.18

Sales

₹5,784 Cr

Net Profit

₹130 Cr

Promoter holding

64.8%

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