JAIBALAJI
Micro CapJai Balaji Industries Limited
Metals
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -72% YoY · margin compression · Rev +10% YoY · +31% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,745 Cr | +9.8% | +31.3% |
| EBITDA | ₹92 Cr | -30.8% | +70.4% |
| Operating margin | 5.0% | -300 bps | +100 bps |
| PAT | ₹21 Cr | -72.0% | +75.0% |
| PAT margin | 1.2% | -352 bps | +30 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Trend score and candlestick chart
54NeutralSMA20 +10.8% / mo
Technical chart
JAIBALAJIweekly · 3Y-93.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 40.
- SMA20 rising (~9.7% over last month) — short-term momentum positive.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 52% off 52W high · 25% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Promoter pledge is 31.1%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +29 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 39th percentile within Metals. Main check: results consistency is weak at 27/100.
Healthy Trust Lite: Promoter holding is 64.8%. Key concern: Promoter pledge is elevated at 31.1%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Metals: 39th pctile, median 68 · Micro: 30th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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%.
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -2.6%.
- ▸2/7 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.80
- P/B
- 2.74
- EV/EBITDA
- 10.36
- Market Cap
- 6096.00Cr
Profitability
- ROE
- 30.70%
- ROCE
- 36.10%
- ROA
- 7.43%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 48.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 120.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 8.16×
- Altman Z
- 4.03
- Book Value
- 24.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 311.00 Cr
- EPS TTM
- 3.21
Shareholding
- Promoter Hold
- 64.84%
- Promoter Pledge
- 31.10%
- Momentum 52W
- 16%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.