Jai Balaji Industries (JAIBALAJI) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue was ₹1,718.31 crore, up 16% YoY; adjusted EBITDA reached ₹324.6 crore at a 19% margin, and net profit was ₹208.82 crore.

• Strategy prioritizes DI Pipes and specialized ferro alloys, targeting a higher combined contribution while reducing net debt and funding expansion through internal accruals.

Financial highlights

• Revenue from operations was ₹1,718.31 crore, up 16% YoY and down 7% QoQ; Q1 FY24 comparatives were restated for the merger.

• Adjusted EBITDA, excluding non-cash items, was ₹324.6 crore, up 58% YoY and 26% QoQ; margin was 19% versus 14% in Q1 FY24.

• Net profit was ₹208.82 crore, up 23% YoY; PBT was ₹287.29 crore.

• Q4 FY24 revenue was ₹1,845.60 crore and net profit ₹272.98 crore.

Outlook and guidance

• FY25 guidance includes revenue growth of 25%-30%, DI Pipes production above 4 lakh tonnes, EBITDA margin of 17%-18% and capex of ₹300-350 crore.

• DI pipe sales guidance is 4.0-4.5 lakh tonnes for FY25 and ~6 lakh tonnes for FY26; EBITDA per tonne is expected at ₹21,000-22,000 over the next two quarters.

• Management aims to sustain EBITDA margins of 18%-20% and reach net-debt-free status within 12 months.

• FY25-end net debt target was stated as ₹225-250 crore in guidance; a separate management statement cited ₹125-250 crore.