Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Jai Balaji Industries Limited (JAIBALAJI)
Micro CapMetals stocks · Micro cap · NSE
Jai Balaji Industries is a leading Eastern India manufacturer of value-added products like DI Pipes and Specialized Ferro Alloys. It operates 4 integrated manufacturing units across West Bengal & Chhattisgarh, with 1.1 MT steel manufacturing capacity and 101.1 MW power plants. A 3 Star Export House, it exports to over 40 countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals22 Oct 2026 · screener
Latest result14 Aug, 03:26 pm IST
Score22 Oct, 05:17 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 -1.6% / mo · MACD +
Stock trend: 57
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JAIBALAJID candles · FIT view-12.9%Latest close ₹68.11 on 2026-10-21
Bar
-2.7%
RSI
52
MACD hist
0.60
52W pos
32%
2026-10-21O ₹70.00H ₹71.00L ₹66.14C ₹68.11Vol 5.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JAIBALAJINifty MetalNifty 500
- JAIBALAJI
- +8.5%
- Nifty 500
- -6.5%
- Nifty Metal
- -6.1%
- Vs Nifty 500
- +15.0 pp
Chart stats
21 Oct 2026- From 52W high
- -30.6%
- 52W range position
- 32%
- ATR (14)
- 5.2%
- Volume vs 20D
- 0.55x
- Avg traded value
- ₹6.8 Cr
- 20D price channel
- ₹59.5 - ₹76.3
₹98.2
₹53.7 - ₹98.2
₹3.5
Latest completed session
20-session average
53.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +24.0% · PAT +19.7% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-23.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +24% YoY · PAT +20% YoY
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,683 Cr | +24.0% | -3.5% |
| EBITDA | ₹151 Cr | +18.9% | +64.1% |
| Operating margin | 9.0% | +0 bps | +400 bps |
| PAT | ₹85 Cr | +19.7% | +304.8% |
| PAT margin | 5.0% | -18 bps | +385 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 42.50
- P/B
- 2.75
- EV/EBITDA
- 13.37
- Market Cap
- 6214.00Cr
Profitability
- ROE
- 5.87%
- ROCE
- 9.57%
- ROA
- 3.56%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.27
- Interest Coverage
- 5.97×
- Altman Z
- 3.85
- Book Value
- 24.80
Cash Flow
- FCF Yield
- 1.87%
- FCF Positive Y
- 8/5
- OCF
- 358.00 Cr
- EPS TTM
- 1.58
Shareholding
- Promoter Hold
- 64.84%
- Promoter Pledge
- 31.10%
- Momentum 52W
- 33%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 5,786-8.9% vs prev
Net Profit
₹ CrLatest: 558-36.6% vs prev
Return on Equity
%Latest: 307+424.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 52.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.7% over last month) — short-term momentum negative.
- RSI(14) at 52 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
+7.2%
3M return
+8.5%
6M return
-4.5%
1Y return
-29.4%
RS 1D
-1
RS 20D
+18
Sector rank
#6
Industry rank
#55
Stage evidence
- Price is within 0.2% of the 30-week proxy.
- The 30-week proxy changed +0.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 73.52-1.75%
RS vs Nifty 50074
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality0/20
Balance Sheet6/15
Cash Flow5/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 17/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Promoter pledge is 31.1%.
- Fair-value margin of safety is negative at -23.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
42.5
PB
2.8
EV/EBITDA
13.4
ROE
5.9%
ROCE
9.6%
FCF Yield
1.9%
Debt/Equity
0.3
MoS
-23.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-23.9%
Previous: -22.8%
Score history
12 stored score snapshots. Latest stored move: -33 points.
22 Oct 2026
v4.3-runtime-valuation
70
70
69
66
66
66
66
66
66
66
66
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹29.69
-129.4% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹54.98
-23.9% MoS
PEG
1.42
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MUKANDLTD
Small
Mukand Limited
Steel
match 80
56
4.2
5.6%
+90%
FAIR VALUE
JINDALSTEL
Large
JINDAL STEEL LIMITED
Steel
match 69
26
34.1
8.2%
-379%
OVERVALUED
JSWSTEEL
Large
JSW Steel Limited
Steel
match 69
41
23.8
10.2%
-23%
WATCHLIST
TATASTEEL
Large
Tata Steel Limited
Steel
match 69
41
18.4
11.7%
+0%
WATCHLIST
SAIL
Mid
Steel Authority of India Limited
Steel
match 69
42
14.6
6.6%
-140%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-04T06:58:10.898Z
Management commentary snapshot
FY25 revenue and PAT declined YoY due to market sluggishness, but Q4FY25 saw sequential revenue growth. Value-added product volumes (DI Pipes, Ferro Alloys) increased YoY. Net term debt reduced significantly, exceeding management's target.
Despite management's focus on value-added products and significant debt reduction, FY25 financial performance (revenue, EBITDA, PAT) deteriorated YoY. While operational volumes for key products increased, realizations per ton declined across most segments. The FY26 targets are ambitious given the recent performance and market challenges.
Growth engines
DI Pipes Segment Growth
POSITIVEDI Pipes industry is expected to grow at 13%-15% CAGR. Company aims to increase market share to 15%-20% post capacity expansion.
Specialized Ferro Alloys
POSITIVERevenues from Specialized Ferro Alloys expected to grow from 17-20% to 25-30% by FY26, sold at significant premium.
Capacity Enhancement
POSITIVEDI Pipes capacity expected to grow to 6L TPA, Ferro Alloys to 1.9L TPA. This will drive higher volumes and market share.
Net Term Debt Reduction
POSITIVESustained focus on net term debt reduction for a stronger financial position, enhancing balance sheet strength and flexibility.
Capacity and execution
DI Pipes Capacity Expansion
POSITIVEExisting capacity 504,000 TPA, adding 96,000 TPA to reach 600,000 TPA. 204,000 T commissioned in Q4FY25; balance 100,000 T by FY26.
Ferro Alloys Capacity Expansion
POSITIVEExisting capacity 166,000 TPA, adding 24,000 TPA to reach 190,000 TPA. Balance capacity of 24,000 T will be commissioned by Q1FY27.
Blast Furnaces Revamping
POSITIVEExisting capacity 630,000 TPA, adding 120,000 TPA to reach 750,000 TPA. One furnace commissioned; 2nd furnace by Q4FY26.
Sinter Capacity Expansion
POSITIVEExisting capacity 908,000 TPA, adding 300,000 TPA to reach 1,208,000 TPA. 2nd phase of 300,000 T shall be commissioned in Q4FY26.
Tailwinds
Government Infrastructure Programs
POSITIVEJAL JEEVAN MISSION and MISSION AMRUT SAROVAR drive increased requirement for DI Pipes. Government investing heavily in infrastructure.
Special Grade Ferro Alloys Market
POSITIVEStrengthening of Special Grade Ferro Alloys market provides opportunities for premium products.
Cost Effective Logistics
POSITIVECompany has 3 railway sidings, saving significant costs by using rail transport over road for raw materials.
Headwinds
Industry-wide Challenges
NEGATIVECompany faced industry-wide challenges in FY25, including a temporary slowdown in government orders and market sluggishness.
Commodity Price Impacts
NEGATIVECommodity price impacts are identified as a weakness and a risk in the SWOT analysis and disclaimer.
Risk radar
Fiscal Policy & Economic Conditions
NEGATIVERisks and uncertainties include fiscal policy and general economic conditions affecting demand/supply and price conditions.
Competition
NEGATIVECompetition is identified as a risk factor that could cause actual results to differ materially from forward-looking statements.
Inflationary Pressures
NEGATIVEInflationary pressures are cited as a risk, alongside general economic conditions, affecting market dynamics.
Geopolitical Instability
NEGATIVEGeopolitical instability is listed as a threat in the SWOT analysis.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both YoY and QoQ comparisons for financial results, and YoY for full-year operational performance. For the metals sector, both annual trends and sequential momentum in volumes, realizations, and utilization are crucial for assessing performance and market conditions.
Sector KPIs management disclosed
DI Pipes Production Volume
POSITIVEFY25 production was 281,913 tons, up from 242,121 tons in FY24. Q4FY25 production was 72,000 tons, up from 66,000 tons in Q4FY24.
Ferro Alloys Production Volume
MIXEDFY25 production was 124,362 tons, up from 115,384 tons in FY24. Q4FY25 production was 30,000 tons, down from 33,000 tons in Q4FY24.
DI Pipes Realization
NEGATIVEFY25 realization was Rs. 74,169 per ton, down from Rs. 77,106 per ton in FY24. Q4FY25 realization was Rs. 68,314 per ton, down from Rs. 83,554 per ton in Q4FY24.
Adjusted EBITDA Margin
NEGATIVEFY25 Adjusted EBITDA Margin was 14%, down from 15% in FY24. Q4FY25 Adjusted EBITDA Margin was 9%, down from 14% in Q4FY24.
Management forward view
FY26 Revenue Growth Target
POSITIVEManagement is optimistic about a revival in government ordering activity and targets 25–30% revenue growth for FY26.
FY26 EBITDA Margin Target
POSITIVEManagement aims to achieve 16–17% EBITDA margins in FY26, driven by focus on value-added segments.
FY26 DI Pipe Production Target
POSITIVEManagement targets DI Pipe production exceeding 400,000 tons in FY26, leveraging increased capacities.
Sustained Debt Reduction
POSITIVEManagement expects to continue its sustained focus on net term debt reduction for a stronger financial position.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| DI Pipes Production | FY25: 281,913 tons | Achievement of FY26 target exceeding 400,000 tons. |
| Adjusted EBITDA Margin | FY25: 14% | Progress towards the FY26 target of 16%-17%. |
| Net Term Debt | Rs. 2,214 Mn (as of Mar'25) | Continued reduction and maintenance of a strong financial position. |
| Revenue Growth | FY25: -1% YoY | Achievement of FY26 target of 25%-30% growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 38th percentile within Metals. Main check: results consistency is weak at 27/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
32 docs text-extracted · 10 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Metals: 38th pctile, median 70 · Micro: 27th pctile, median 73
Evidence depth
Financial-only
32 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
54
watch · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 64.8%.
- ▸7 years of positive FCF.
- ▸ROCE is 36.1%.
Trust risks
- ▸Promoter pledge is elevated at 31.1%.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.6%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jai Balaji Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Copy of Newspaper Publication regarding completion of dispatch of Notice convening 27th Annual General Meeting
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 31 Aug - Submitted Business Responsibility and Sustainability Report for FY 2025-26 as part of annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.