JTL Industries Ltd(JTLIND)

NSE: JTLINDBSE: 534600

₹ 72.1-6.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,834 crWebsite: www.jtl.oneUpdated: 24 Oct 2026

About

JTL Industries Ltd is an Indian manufacturer of steel tubes and pipes - including hollow sections, GI pipes, and Direct-Formed Tube (DFT) structural pipes - with a growing non-ferrous metals subsidiary (JTL Defence, formerly RCI Industries) making copper and brass products for defence and automotive uses. The company recorded FY26 revenue of ₹2,136 crore and a record Q1 FY27 quarterly revenue of ₹722 crore. It is expanding total manufacturing capacity to 2 MTPA, anchored by a large greenfield facility at Mangaon, Maharashtra.^[1][2][3]

Business segments

Steel tubes and pipes (ERW, GI, DFT structural, and hollow sections) form the core business; JTL Defence (copper and brass products for defence and automotive) is a separate subsidiary consolidated from Q3 FY26.^[4][2]

Products and brands

Core product range spans Black Welded Hollow Sections, ERW pipes, GI pipes, Direct-Formed Tube (DFT) structural pipes, and API-grade ERW pipes (under commissioning). Value-added products (VAP) were ~35% of the mix in Q1 FY27.^[2][5]
JTL Defence produces copper foils for automobiles, bullet shells, and coins for mint factories. It also achieved a milestone of producing 0.04 mm ultra-thin brass foil for EMI/RFI shielding and defence-grade ammunition.^[2][4]
Cold-rolling complex at Mangaon (colour-coated and GI pipe lines, ~7 lakh MT total capacity outlay) nearing commissioning; ~7 lakh MT of incremental capacity targeted by end of H1 FY27.^[3][2]

Manufacturing capacity and operations

Total company-wide capacity utilisation was 55% in Q1 FY27; management targets ~65% by end of FY27 as Mangaon ramps up.^[2]
Mangaon facility (Maharashtra) utilisation stood at 42% in Q1 FY27, producing 7,000 - 10,000 MT of DFT per month. Total single-location capacity at Mangaon post full build-out is planned at 14 lakh MT.^[2][4]
Additional 3 lakh MT API-grade ERW pipe capacity at Mangaon to be commissioned in approximately one year (FY28); capex of ~₹75 crore.^[2][6]
JTL Engineering Limited (formerly Nabha Steels & Metals partnership) was incorporated as a public limited company subsidiary effective March 11, 2025; its HR coil output was being scaled from 5,000 MT/month to 10,000 MT/month.^[7][4]
JTL Defence reached a run rate of 120 MT/month in the first month of Q2 FY27; long-term capacity target is 700 - 800 MT/month by FY29.^[2][3]

Key operating numbers

Q1 FY27 sales volume: 1,18,513 MT, up 17.8% YoY. H1 FY27 sales volume: 2,20,806 MT, up 21.2% YoY - highest-ever H1. Q2 FY27 sales volume: 1,02,255 MT, up 25.3% YoY.^[2][8]
FY26 full-year sales volume: 3,95,900 MT (+14.5% YoY). Q4 FY26 quarterly volume of 1,23,262 MT (+50.5% YoY) was the highest-ever quarter at that time.^[3]
Consolidated EBITDA/ton: ₹4,954/MT in Q1 FY27 (including ~₹200/MT contribution from JTL Defence); steel tubes standalone ~₹4,750/MT. FY26 full-year EBITDA/ton: ₹3,900/MT vs ₹3,538/MT in FY25.^[2][3]
Operational revenue per tonne: ₹60,882/MT in Q1 FY27, up 12.6% QoQ.^[2]
Working capital days improved from ~90 days to ~75 days in Q1 FY27, aided by shift toward dealer (7 - 8 day payment terms) and export channels.^[2]
DFT structural pipe volumes roughly doubled from ~10,000 MT/quarter to 20,000 - 25,000 MT/quarter by Q1 FY27, driven by new Mangaon capacity and direct impanelment across Maharashtra infrastructure departments, airports, and MMRDA.^[2]

Customers and distribution

Export share fell to 5% of sales in Q1 FY27 (vs. ~10% target) due to Hormuz-related logistics and container shortages; export order book stood at ₹75+ crore at end of Q1 FY27.^[2]
Export markets include Australia (ACRS-certified), USA, Mexico, and Canada. FY26 export volume was 37,301 MT (+10.7% YoY); Q4 FY26 export volume was 11,785 MT (+72.3% YoY).^[2][3]
Government contribution deliberately reduced to below 5% of sales from over 25% previously, with Derabassi plant redirected toward dealer and export markets to shorten the receivables cycle.^[2]
JTL has been empaneled with PSTCL for production of galvanised lattice towers; current order ~400 MT for FY26 with recurring orders expected.^[6]

Expansion and capex

FY27 capex of ~₹100 crore to complete the 2 MTPA total capacity build-out; FY28 reverts to ₹30 - 40 crore maintenance capex only.^[2]
~7 lakh MT of incremental capacity (including colour-coated line) being commissioned at Mangaon, Maharashtra, targeted by end of H1 FY27.^[2][8]
Total manufacturing capacity to reach 2 million MTPA by end of FY27. Peak revenue potential at 70% utilisation of 2 MTPA (~1.4 MT) at ₹65,000 - 66,000/tonne cited as ~₹9,100 crore.^[2][3]
JTL Defence annual capex of ~₹15 crore in FY27 and similar in FY28 for coin and bullet-shell segment machinery.^[2]

Recent developments

October 5, 2026: JTL secured an export order from Canada for 5,000 MT of Black Welded Hollow Sections valued at USD 3.4 million, for execution in the current quarter.^[5]
October 1, 2026: H1 FY27 sales volume reported at 2,20,806 MT (+21.2% YoY), described as the highest-ever H1; Q2 FY27 standalone volume 1,02,255 MT (+25.3% YoY). Incremental 7,00,000 MT capacity commissioned in Maharashtra.^[8]
JTL Defence (formerly RCI Industries) was acquired in December 2025 as a fully owned subsidiary; in Q4 FY26 it delivered ₹15 crore revenue at 20% EBITDA margin, its maiden quarter after overhaul.^[3]
QIP of ₹300 crore completed in July 2024, allotting 1,42,18,009 equity shares at ₹211 per share; funds used for expansion, working capital, and general corporate purposes.^[7]
FY26 final dividend of ₹0.125 per equity share (face value ₹1) declared, subject to shareholder approval at AGM on September 25, 2026.^[9]

Market Cap

₹2,834 Cr

High / Low

₹94 / 40

Stock P/E

24.8

Price / Book

1.9

Book Value

₹38

EPS

₹2.5

No. of Shares

39.31 Cr

ROCE

9.4%

ROE

7.3%

OPM

6.8%

Debt / Equity

0.16

Sales

₹2,136 Cr

Net Profit

₹103 Cr

Promoter holding

49.3%

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