Jai Balaji Industries logo

Jai Balaji Industries

JAIBALAJI NSE

Key Fundamentals

MicrocapIron & SteelMetals & Mining
Market Cap
₹5,948 Cr
Volatility
Moderate
P/E Ratio
41.18
EBITDA
₹934 Cr
Return on Equity
26.26%
Debt to Equity
0.18
Book Value
₹24.75
52W High
₹108
52W Low
₹53.65

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.5%

Weaknesses

2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoters have pledged 31.1% of their holding.

Growth Rate

Revenue Growth
-3.17% lower than 3Y
Net Income Growth
-36.57% lower than 3Y
Cash Flow Change
-62.89% lower than 3Y
ROE
-55.1% lower than 3Y
ROCE
-35.52% lower than 3Y
EBITDA Margin (Avg.)
-13.95% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Jai Balaji Industries is a Kolkata-based integrated steel and ferro alloy producer trading at a market cap of ₹5,382 Cr with a PE of 42.1x. The company delivered a strong 3-year ROE of ~32% but experienced a sharp TTM profit decline of ~76% and a 48% stock price correction over the past year, reflecting margin pressures in the metals sector and elevated promoter pledging at 31.1%.

Bull Case 8
  • Strong long-term wealth creation with 10-year stock CAGR of 36% and 5-year CAGR of 34%, indicating sustained business compounding over cycles
  • Healthy 3-year average ROE of ~32%, well above cost of equity for a metals company, demonstrating efficient capital deployment historically
  • Company has materially reduced debt, improving balance sheet resilience and interest coverage (reported at ~13.4x), reducing financial risk in a cyclical sector
  • 5-year compounded sales growth of 16% and 10-year sales CAGR of 17%, reflecting consistent top-line scaling across commodity cycles
  • 5-year compounded profit growth of 30%, indicating operating leverage and margin expansion during the upcycle phase
  • Diversification into value-added products like ductile iron pipes and specialized ferro alloys, which carry higher margins and reduce commodity cyclicality
  • Promoter holding at ~64.8% indicates strong skin-in-the-game and alignment with minority shareholders
  • Integrated operations spanning iron ore to finished steel products provide cost advantages and supply chain control in a fragmented industry
Bear Case 8
  • TTM net profit has declined ~76%, with Q1FY26 net profit at ₹70.55 Cr showing a 66% YoY decline, signaling severe margin compression
  • PE ratio of 42.1x is elevated for a metals/mining company where sector average is typically 8-15x, suggesting rich valuation relative to depressed earnings
  • Promoters have pledged 31.1% of their holding, creating risk of forced selling if stock price declines further or lenders invoke pledges
  • Stock has corrected 48% in the last 1 year, reflecting market's repricing of growth expectations and earnings deterioration
  • TTM sales growth is -9% and 3-year sales CAGR is -2%, indicating revenue stagnation or contraction in recent periods
  • Zero dividend payout despite years of reported profits suggests either reinvestment needs or cash flow constraints, with 0% dividend yield offering no downside cushion
  • Last year ROE collapsed to just 6% from a 3-year average of 32%, suggesting the high-return phase may have been cyclical rather than structural
  • Price-to-book of 2.42x is demanding for a capital-intensive metals business in a cyclical downturn with shrinking profitability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 44d ago
Headwinds 1
  • Tax demand of Rs 12.89 Cr Jul 1

    Jai Balaji Industries received an assessment order demanding Rs 12.89 crore for the block period 2018-2024. The company plans to appeal and believes there will be no material financial impact.

TL;DR: Jai Balaji Industries faces a minor tax demand of Rs 12.89 Cr for the 2018-2024 block period, though the company considers it immaterial and intends to appeal. With limited recent news flow, there are no visible bullish catalysts or major risks beyond routine regulatory matters. The outlook remains neutral pending further operational or financial updates from the Metals & Mining player.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,483
1,547
1,539
1,846
1,718
1,557
1,486
1,590
1,357
1,353
1,329
1,745
1,683
Expenses
1,277
1,333
1,292
1,605
1,403
1,328
1,296
1,457
1,230
1,281
1,274
1,653
1,531
Operating Profit
205
213
247
241
316
228
190
133
127
72
54
92
151
OPM %
14%
14%
16%
13%
18%
15%
13%
8%
9%
5%
4.1%
5%
9%
Other Income
8
28
23
156
10
22
18
19
16
13
8
0
3
Interest
21
19
15
18
16
15
15
17
18
15
16
18
14
Depreciation
21
21
21
23
22
22
23
26
31
31
32
32
32
PBT
170
202
235
357
287
213
170
108
95
40
15
42
109
Tax %
0%
0%
0%
23%
27%
28%
29%
30%
25%
33%
21%
50%
22%
Net Profit
170
202
235
273
209
153
120
75
71
26
12
21
85
EPS in Rs
2.19
2.51
2.92
3.34
2.35
1.68
1.32
0.83
0.77
0.29
0.13
0.23
0.93
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,478
1,213
1,564
2,389
3,077
2,912
2,785
4,644
6,125
6,414
6,351
5,784
6,110
Expenses
1,498
1,365
1,664
2,482
3,054
2,876
2,689
4,435
5,795
5,485
5,484
5,435
5,740
Operating Profit
-20
-152
-100
-93
24
36
96
209
330
929
867
350
370
OPM %
-1.4%
-13%
-6%
-3.9%
0.8%
1.2%
3.5%
4.5%
5%
14%
14%
6%
6%
Other Income
31
16
21
-22
36
49
10
29
-38
193
68
33
24
Interest
375
414
45
34
112
103
88
99
89
73
63
66
62
Depreciation
126
116
112
107
102
97
94
91
98
86
94
125
126
PBT
-490
-666
-236
-257
-154
-114
-76
48
105
963
778
192
206
Tax %
-21%
0%
0%
0%
0%
0%
0%
0%
45%
9%
28%
32%
—
Net Profit
-386
-666
-236
-257
-154
-114
-76
48
58
880
558
130
145
EPS in Rs
-10.47
-17.13
-5.47
-5.33
-3.19
-2.07
-1.37
0.87
0.79
10.75
6.12
1.42
1.58
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
74
78
86
96
96
110
110
110
145
164
182
182
Reserves
-255
-916
-1,268
-1,523
-1,676
-1,768
-1,843
-1,773
411
1,340
1,942
2,075
Borrowings
2,981
3,415
3,492
3,510
3,638
3,464
3,434
3,169
860
473
559
417
Other Liabilities
1,175
1,229
1,097
1,154
1,145
1,173
1,306
1,463
1,543
1,378
1,207
1,403
Total Liabilities
3,974
3,805
3,407
3,238
3,204
2,979
3,006
2,969
2,960
3,354
3,891
4,077
Fixed Assets
1,700
1,588
1,486
1,409
1,324
1,238
1,181
1,165
1,132
1,382
1,614
1,573
CWIP
112
115
121
119
79
98
102
52
69
116
129
294
Investments
81
81
79
1
1
1
1
1
1
1
1
1
Other Assets
2,081
2,020
1,722
1,709
1,800
1,642
1,722
1,751
1,758
1,856
2,147
2,209
Total Assets
3,974
3,805
3,407
3,238
3,204
2,979
3,006
2,969
2,960
3,354
3,891
4,077
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-62
-172
-104
66
40
291
143
463
321
839
311
358
Investing
32
4
25
-12
7
-37
-40
-124
-119
-398
-352
-242
Financing
43
157
76
-48
-48
-250
-89
-351
-192
-416
88
-209
Net Cash Flow
13
-11
-2
5
0
4
15
-12
10
24
47
-93
Free Cash Flow
-68
-186
-101
34
48
254
102
336
229
459
-43
115
CFO/OP
309
114
103
-69
174
816
149
223
99
90
36
102
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
188
220
114
61
47
36
32
12
14
14
25
21
Inventory Days
154
167
120
94
75
94
123
83
70
84
112
125
Days Payable
276
269
161
123
102
112
132
90
76
77
64
73
Cash Conversion Cycle
66
118
72
32
20
17
23
6
7
21
73
74
Working Capital Days
-136
-240
-750
-503
-211
-345
-378
-218
-25
-5
17
22
ROCE %
-4%
-9%
-8%
-8%
-2%
0%
1%
9%
18%
62%
36%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs0.10%Promot.64.84%FIIs2.79%Public10.34%Others21.93%As ofJun 2026
31.09% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Jai Balaji Industries

What does Jai Balaji Industries Ltd do?
Incorporated in 1999, Jai Balaji Industries Limited is engaged in the manufacturing of Iron and Steel products [1]
Where is Jai Balaji Industries Ltd (JAIBALAJI) listed?
Jai Balaji Industries Ltd trades as JAIBALAJI on the NSE and under code 532976 on the BSE.
Which sector does Jai Balaji Industries Ltd belong to?
Jai Balaji Industries Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the market capitalisation of Jai Balaji Industries Ltd?
Jai Balaji Industries Ltd has a market capitalisation of ₹5,948 Cr, which places it in the Mid Cap band.
What is the PE ratio of Jai Balaji Industries Ltd?
Jai Balaji Industries Ltd trades at a PE ratio of 41.18, against a book value of ₹24.75 per share.
What is the 52-week high and low of Jai Balaji Industries Ltd?
Over the last 52 weeks Jai Balaji Industries Ltd has traded between ₹53.65 and ₹108.
What is the Return on Equity (ROE) of Jai Balaji Industries Ltd?
Jai Balaji Industries Ltd reported a return on equity of 26.26%. Its debt-to-equity ratio is 0.18.

Company Information

Incorporated in 1999, Jai Balaji Industries Limited is engaged in the manufacturing of Iron and Steel products [1]

Website jaibalajigroup.com
CEO Mr. Aditya Jajodia
Employees 4,570
Listed 2003-12-09
Face Value ₹ 2
Issued Size 91,22,56,930

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