Jai Balaji Industries Limited, incorporated in 1999, is one of the largest steel producers in the private sector in Eastern India. The company is a fully integrated steel manufacturer and one of Eastern India's largest private producers of value-added products, including Ductile Iron (DI) Pipes and Specialized Ferro Alloys. It is recognized as a 3-Star Export House, exporting to over 40 countries.
The company operates eight integrated steel manufacturing units spread across India in the states of West Bengal, Chhattisgarh, Orissa, and Jharkhand, with a combined capacity of 27,40,000 plus tons per annum. Their manufacturing facilities are located at Durgapur and Raniganj in West Bengal and Durg in Chhattisgarh.
The company's products include sponge iron, pig iron, ductile iron pipe, ferro chrome, billet, thermo mechanically treated (TMT), coke, and sinter with captive power plant. The company offers a diverse portfolio of value-added products, including DRI (Sponge iron), Pig iron, Ferro Alloys, Alloy and Mild Steel Billets, Reinforcement Steel TMT Bars, Wire Rods, Ductile Iron Pipes, and Alloy and Mild Steel Heavy Rounds.
The company manufactures Thermex TMT Bars, under the brand name Balaji Shakti, which is a respected name among civil contractors and real estate developers for quality steel. They have supplied steel to various projects of National importance undertaken by National Hydro-Electric Power Corporation Ltd., National Highway Authorities of India, etc.
The company's financial performance has shown variations across different quarters. For Q4 FY24, total income grew by 15% YoY to ₹2,002 Crore, and for the full year FY24, total income grew by 8% YoY to ₹6,629 Crore. EBITDA stood at ₹397 Crore in Q4 FY24 with an EBITDA margin of 20%, and during the year FY24, EBITDA was at ₹1,121 Crore with an EBITDA margin of 17%. PAT was ₹273 Crore in Q4 FY24 and ₹880 Crore in FY24.
For Q1 FY25, revenues from operations stood at ₹1,718 Crore as against ₹1,483 Crore in Q1 FY24, with net profit at ₹209 Crore as against ₹170 Crore in Q1 FY24 showing an increase of 23%. However, recent quarters have shown some challenges, with standalone net sales for March 2025 falling to ₹1,589.53 Crore, a 13.87% decrease YoY, and net profit dropping 72.35% to ₹75.48 Crore.
For Q3 FY25, revenue from operations stood at ₹1,486.39 Crore with EBITDA at ₹189.90 Crore and EBITDA margin at 12.77%.
The market capitalization of Jai Balaji Industries Ltd is ₹9,478.69 Crore as of July 2025. Promoter holding stands at 64.8%, while promoters have pledged or encumbered 26.0% of their holding. The stock has a 52-week high of ₹236 and 52-week low of ₹100.86.
100% of analysts recommend a 'BUY' rating for Jai Balaji Industries Ltd with an average target price of ₹171, indicating significant upside potential from current levels.
The company's strategic focus remains on specialized products such as DI Pipes and Special-grade Ferro Alloys, which presently contributes to around 50% of their revenue. The growth trajectory has been fueled by a remarkable increase in demand for their DI Pipes and specialized Ferro Alloys and other steel products.
The company launched a product named JBG Hexa Bond Cement - Hindustan ki Neev in 2023. It has incorporated a subsidiary company named Kesarisuta Industries Uganda Limited in Uganda in July 2023. In 2024, wholly-owned subsidiary companies, Jai Balaji Energy (Purulia) Limited and Jai Balaji Steels (Purulia) Limited got merged with the company by way of a Scheme of Amalgamation approved from April 1, 2022.
The company shows healthy financials with a pre-tax margin of 12%, exceptional ROE of 26%, and a reasonable debt to equity ratio of 7%, signaling a healthy balance sheet. The company is on path to achieve a net debt-free status within the next 12 months.
The company continues to focus on expanding its value-added product portfolio and improving operational efficiencies to maintain its competitive position in the steel industry.
