Jay Bee Laminations Limited was originally incorporated as a private company in March 1988 and subsequently converted to a public limited company. The fresh Certificate of Incorporation was issued on November 3, 2023, by the Registrar of Companies, Delhi. The company is a specialized manufacturer of cold-rolled grain-oriented (CRGO) silicon steel cores, producing cut laminations, slit coils, and assembled cores. These components are primarily used in the power and distribution transformer industry, currently catering to transformers up to 220 kV. Jay Bee Laminations has established itself as a key player in the electrical steel core manufacturing sector, serving the growing power infrastructure needs of India.
Jay Bee Laminations manufactures and supplies a range of products including electrical laminations, slit coils, and assembled cores. These are made from Cold Rolled Grain Oriented Silicon steel (CRGO) and Cold-Rolled Non-Grain-Oriented Steel (CRNGO) for applications in transformers, UPS, and inverters, primarily for the power industry.
The company's production facilities, covering a total area of 10,878 square meters, are equipped with proprietary equipment for cutting, slitting, assembling, and testing CRGO and CRNGO electrical steel cores. Jay Bee Laminations also operates its own laboratory for testing raw materials and finished products, along with its own tooling department for blade sharpening.
Key operational milestones include:
- ISO 9001 Certification: Received in 2011 for Quality Management System.
- Unit II Expansion: Operations expanded by starting Unit II production in 2017.
- BIS Certification: Received Certificate of Conformity from Bureau of Indian Standards (BIS) for Stampings/Laminations/Cores of Transformers in 2021.
- Star Export House: Became a Government recognized Star Export House in 2022.
The company is strategically expanding into the high-voltage segment, targeting power transformers in the 400 kV and 765 kV ranges by the second half of FY2025. This expansion signifies a significant growth opportunity, moving from serving transformers up to the 220 kV class to much higher voltage categories. Jay Bee Laminations also recently discontinued its CRNGO silicon steel cores business in H1FY25, sharpening its focus on its core CRGO business segment.
Jay Bee Laminations holds a market capitalization of ₹525 crore as per the latest available data. The company has demonstrated robust financial performance, with a trailing twelve-month operating revenue of ₹686.79 crore. It shows an impressive annual revenue growth of 23%, coupled with a pre-tax margin of 8% and a Return on Equity (ROE) of 30%. The company maintains a healthy balance sheet with a reasonable debt-to-equity ratio of 6%.
Key Financial Metrics (as of March 2024):
- Revenue (March 2024): ₹72.52 crore (vs. ₹76.54 crore in December 2023)
- Net Profit (March 2024): ₹4.75 crore (vs. ₹4.93 crore in December 2023)
- TTM Profit After Tax: ₹19 crore
- Market Capitalization: ₹525 crore (as of latest data)
Jay Bee Laminations successfully launched its Initial Public Offering (IPO), which opened on August 27, 2024, and closed on August 29, 2024. The shares were listed on the NSE SME platform on September 3, 2024. The IPO was priced at ₹146 per share and saw a remarkable subscription rate of 105.78 times.
The stock debuted on the exchange at ₹277.40, representing a premium of 90% over its IPO price.
Current Stock Metrics:
- Stock P/E Ratio: 20.7
- Book Value: ₹65.4
- Dividend Yield: 0.00%
- 52-Week High: ₹456
- 52-Week Low: ₹178.05
- Return on Capital Employed (ROCE): 32.1%
- Return on Equity (ROE): 24.1%
The company is led by Munish Kumar Aggarwal as the Chairman and Mudit Aggarwal as the Managing Director. Jay Bee Laminations maintains strong corporate governance practices, including regular board meetings and transparent disclosure of financial results and strategic decisions. Notably, there is no promoter pledging in the company.
Jay Bee Laminations operates in the specialized niche of electrical steel core manufacturing, a sector critical to India's expanding power infrastructure. The company's commitment to quality certifications (ISO 9001, BIS), its advanced technological capabilities, and its strategic expansion into higher voltage segments position it favorably to capitalize on the increasing demand for power transformers in India's growing electrical grid infrastructure. The company's robust financial metrics, relatively debt-free balance sheet, and clear growth trajectory make it a noteworthy player in the electrical components sector.
