JTL Industries Limited (JTLIND) AI Stock Analysis

• Market Cap: ₹26.70B
• Dividend Yield: 0.21%
• Average Volume (3M): 97.59K
• Price to Earnings (P/E): 35.2
• Beta (1Y): 1.44
• Revenue Growth: -9.50%
• EPS Growth: -39.90%
• Country: IN
• Employees: 735
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Steel
• EPS (TTM): N/A
• Shares Outstanding: 382,041,630
• 10 Day Avg. Volume: 62,390
• 30 Day Avg. Volume: 97,586
• PEG Ratio: -1.39
• Price to Book (P/B): 2.45
• Price to Sales (P/S): 1.56
• P/FCF Ratio: -7.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹72.00 ▲(25.83% Upside)

The score is primarily supported by solid fundamentals (growth and profitability trends plus a strong, low-leverage balance sheet), but is held back by cash-flow weakness (negative FCF/operating cash flow) and a mixed technical/valuation profile (negative MACD and a relatively high P/E with a low dividend yield).

Positive Factors

Low leverage / strong equity base

A high equity ratio and low debt-to-equity provide durable financial stability, reducing default risk and interest burdens. This balance sheet strength supports multi-year investment capacity, resilience in downturns, and the ability to pursue strategic M&A or capex without over-relying on external financing.

Improving margins and revenue trend

Sustained revenue growth and rising gross/net margins indicate strengthening operational efficiency and pricing power. Over 2–6 months this supports higher internal cash generation potential and competitive advantage from better cost control and product mix, aiding long-term profitability sustainability.

Diversified and recurring revenue streams

Multiple revenue streams including after-sales and custom solutions increase revenue visibility and reduce cyclical exposure. Recurring service income enhances predictability, supports higher customer retention and cross-sell potential, and underpins steadier cash flows across industry cycles.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow driven by heavy capex undermines the company’s ability to self-fund growth and obligations. Over months this increases reliance on external financing, heightens liquidity risk, and raises execution pressure to convert investments into cash-generative assets.

Declining top-line and EPS

Meaningful declines in revenue and EPS point to weakening demand or margin contractions. If sustained, falling top-line and earnings reduce scale economics and internal funding, impair investor confidence, and raise questions about competitiveness and the durability of recent margin improvements.

Rapid asset expansion risk

A major asset base increase suggests aggressive expansion or capex that may dilute returns if projects underperform. Over a multi-month horizon this creates execution and integration risk, potential overcapacity, and pressure on ROIC and cash conversion if revenue gains lag the asset build-out.

JTL Industries Limited Business Overview & Revenue Model

Company Description

JTL Industries Limited manufactures and sells steel pipes and tubes in India. The company offers galvanized, welded black, and electrogalvanized steel pipes and tubes for use in structural, mechanical, and general engineering purposes; ERW pipes for water, gas, and sewerage; steel tubes for idlers of belt conveyors and water wells; and lancing pipes for various automotive and industrial applications. It also provides structural, steel, square/rectangular, and round hollow sections, as well as mild steel black ERW square tubes, rectangular and round tubes, and hot rolled steel sections; LTZ sections and other steel products; and scaffolding fittings, scaffolding fitting systems, and accessories, including cold pressed steel scaffolding and drop forged fittings. In addition, the company offers mild steel angles and channels, and MS angles and channels; solar module mounting structures; solar turnkey EPC solutions; and logistics, and packaging and loading services. It serves various industries, including water transportation, agriculture, infrastructure, solar power, green houses, chemicals, sign posts, automotive, consumer durables, engineering, and oil and gas. JTL Infra Limited also exports its products. The company was formerly known as JTL Infra Limited and changed its name to JTL Industries Limited in November 2022. JTL Industries Limited was incorporated in 1991 and is based in Chandigarh, India.

How the Company Makes Money

JTL Industries Limited generates revenue through multiple key streams. Primarily, the company earns income from the sale of its manufactured products, which are sold directly to businesses across various sectors. This includes both standard items and custom solutions tailored to specific client needs. Additionally, JTLIND provides after-sales services such as maintenance and support, generating recurring revenue. The company may also engage in strategic partnerships with other firms to expand its market reach and share resources, further enhancing its profitability. Moreover, collaborations with technology providers allow JTLIND to integrate advanced solutions into its offerings, attracting more clients and increasing sales.

JTL Industries Limited Financial Statement Overview

Summary

JTL Industries Limited shows strong revenue and profitability growth, supported by a robust balance sheet with low leverage. However, cash flow challenges due to negative free cash flow and significant capital expenditures pose a risk.

Income Statement

The company has shown a consistent increase in revenue over the years, with a significant revenue growth rate from 2021 to 2022 and a steady pace thereafter. Gross profit margins and net profit margins have been improving, indicating strong operational efficiency. However, the decline in EBIT and EBITDA margins in the latest year suggests potential operational challenges or increased costs.

Balance Sheet

The balance sheet reflects a robust equity position with a high equity ratio over the years, indicating financial stability. The debt-to-equity ratio is low, reflecting prudent leverage management. The return on equity is healthy, underscoring effective use of equity capital. However, the significant increase in total assets signals a major expansion, which could entail risk if not managed well.

Cash Flow

The cash flow statement highlights negative free cash flow, primarily due to significant capital expenditures and negative operating cash flow in recent years. Despite strong financing cash flows, the company's ability to generate positive cash flow from operations remains a concern. The free cash flow to net income ratio indicates that earnings are not fully translating into cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.44B	19.16B	20.40B	15.50B	13.54B	4.34B
Gross Profit	2.09B	1.97B	2.42B	1.64B	1.22B	403.76M
EBITDA	1.31B	1.45B	1.60B	1.32B	920.83M	358.70M
Net Income	846.73M	988.25M	1.13B	901.28M	610.63M	200.63M
Balance Sheet
Total Assets	0.00	13.39B	8.43B	5.63B	3.39B	2.09B
Cash, Cash Equivalents and Short-Term Investments	744.30M	773.03M	1.01B	531.41M	2.58M	2.12M
Total Debt	0.00	761.74M	200.05M	1.07B	943.13M	631.15M
Total Liabilities	-12.19B	1.20B	687.33M	1.56B	1.42B	1.12B
Stockholders Equity	12.19B	12.18B	7.75B	4.07B	1.98B	969.05M
Cash Flow
Free Cash Flow	0.00	-4.14B	-1.25B	-149.47M	-45.15M	-115.92M
Operating Cash Flow	0.00	-2.36B	-221.26M	39.70M	170.86M	-49.61M
Investing Cash Flow	0.00	-2.02B	-955.89M	-199.28M	-343.31M	-75.66M
Financing Cash Flow	0.00	4.11B	1.69B	657.85M	170.41M	122.00M

JTL Industries Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 57.22
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JTLIND, the sentiment is Positive. The current price of 57.22 is below the 20-day moving average (MA) of 59.67, below the 50-day MA of 61.64, and below the 200-day MA of 70.01, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 66.94 is Neutral, neither overbought nor oversold. The STOCH value of 94.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:JTLIND.

JTL Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GOODLUCK	76 Outperform	₹37.74B	22.68	―	0.38%	9.57%	3.24%
JTLIND	66 Neutral	₹26.70B	35.23	―	0.21%	-9.50%	-39.90%
PARAGMILK	65 Neutral	₹34.28B	24.51	―	0.33%	13.73%	32.07%
LAOPALA	64 Neutral	₹22.23B	22.01	―	3.64%	-8.09%	-12.59%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
TASTYBITE	60 Neutral	₹19.68B	63.41	―	0.02%	17.13%	104.51%
KCP	59 Neutral	₹21.88B	14.57	―	0.14%	-6.76%	-31.51%

JTL Industries Limited Corporate Events

JTL Industries Expands Portfolio with Strategic Acquisition of RCI Industries Shares

JTL Industries Limited has acquired 1,00,00,000 equity shares of RCI Industries & Technologies Limited as part of a resolution plan approved by the National Company Law Tribunal. This strategic acquisition allows JTL to diversify its offerings with non-ferrous metal products, strengthening its market position and broadening its appeal to meet a wider range of industrial needs.

JTL Industries Completes Acquisition of RCI Industries

JTL Industries Limited has successfully completed the acquisition of RCI Industries & Technologies Limited by making the full payment of INR 46.5 crores, as approved by the NCLT New Delhi. This acquisition marks JTL’s entry into the copper products segment, enhancing its product ecosystem and market position, while supporting its strategic diversification and growth vision.

JTL Industries Director Acquires Additional Shares

JTL Industries Limited has announced the acquisition of 500,000 equity shares by Mr. Pranav Singla, a Whole-time Director and member of the Promoter Group. This acquisition represents 0.13% of the company’s paid-up equity share capital, indicating a strategic move to consolidate stake within the company.