Jai Balaji Industries (JAIBALAJI) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue from operations was ₹1,682.59 crore, up 24% YoY; adjusted EBITDA rose 46% to ₹154 crore and net profit increased 21% to ₹85.23 crore.

• Higher realizations, operational efficiencies and a greater value-added mix supported performance; value-added products accounted for 42% of sales.

• Strategy centers on DI Pipes, Specialized Ferro Alloys and other value-added products, capacity expansion, cost reduction and net term debt reduction.

Financial highlights

• Revenue was ₹1,682.59 crore versus ₹1,357.17 crore YoY and ₹1,745.17 crore QoQ.

• Adjusted EBITDA, excluding non-cash items, was ₹154 crore versus ₹106 crore; reported EBITDA was ₹151 crore versus ₹127 crore.

• Net profit was ₹85.23 crore versus ₹70.55 crore YoY and ₹21.37 crore QoQ; PBT was ₹109.28 crore versus ₹94.68 crore YoY.

• Basic and diluted EPS was ₹0.93, up 21% YoY; total comprehensive income was ₹85.23 crore.

• A ₹3.31 crore exceptional item for the statutory impact of new Labour Codes was reflected in Q4 FY26 and FY26; Q1 FY27 reported no amount for this item.

Outlook and guidance

• DI Pipe dispatches and payments are expected to recover post-monsoon, with improvement from Q3 as fund releases and project execution pick up; management anticipates demand recovery in H2 FY27.

• No FY27 DI Pipe volume guidance was given amid uncertain state-level ordering; Q1 utilization was ~30%, with production of 41,000 tons.

• Expanded capacity could support turnover of ₹7,000–7,500 crore in a normal market; current expansion is expected to complete by Q3 FY27/end-CY26.

• Specialized Ferro Alloy margins are expected to sustain at 15%–20% long term; DI Pipe margins could reach 18% if prices improve, versus ~12% in Q1.