{"id":175332,"date":"2026-01-22T12:51:18","date_gmt":"2026-01-22T17:51:18","guid":{"rendered":"https:\/\/alphastreet.com\/india\/jtl-infra-ltd-jtlinfra-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T12:51:18","modified_gmt":"2026-01-22T17:51:18","slug":"jtl-infra-ltd-jtlinfra-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/jtl-infra-ltd-jtlinfra-q3-2025-earnings-call-transcript\/","title":{"rendered":"Jtl Infra Ltd (JTLINFRA) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Jtl Infra Ltd (NSE: JTLINFRA) Q3 2025 Earnings Call dated Jan. 28, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Pranav Singla<\/strong> \u2014 Executive Director<\/em><\/p>\n

Dhruv Singla<\/strong> \u2014 Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Dharmesh Shah<\/strong> \u2014 Call Moderator<\/em><\/p>\n

Aditya Walekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Aman Soni<\/strong> \u2014 Analyst<\/em><\/p>\n

Vikash Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Sneha Talreja<\/strong> \u2014 Analyst<\/em><\/p>\n

Pallav Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Harsh Vasa<\/strong> \u2014 Analyst<\/em><\/p>\n

Yatharth Saxena<\/strong> \u2014 Analyst<\/em><\/p>\n

Bhavin Pande<\/strong> \u2014 Analyst<\/em><\/p>\n

Pankaj Bobade<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q3 FY ’25 Earnings Conference Call of JTL Industries Limited hosted by JM Financials. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Dharmesh Shah from JM Financials. Thank you, and over to you, Mr Shah.<\/p>\n

Dharmesh Shah<\/strong> \u2014 Call Moderator<\/em><\/p>\n

Thank you. Good evening, everyone. I warmly welcome everybody to GTL Industries quarter three earnings conference call. On the management side, today we have with us Mr Pranov Singla, Executive Director; Mr Singla, Executive Director; Mr Apul Garth, CFO; and Mr Amit, Chief Strategy Officer. Without taking any more time, I will hand over the call to Mr Pranav Singla for his opening remarks. Over to you, sir.<\/p>\n

Pranav Singla<\/strong> \u2014 Executive Director<\/em><\/p>\n

Hi, good evening, everybody dear all good in good evening, everybody. I hope you are you and your families are having a wonderful start today here I Singla, executive director of JTL Industries. And I’m delighted to welcome you to our financial year Q3 and Nine-Month earnings call. Joining me today are Mr Pranav Singla, Executive Director; Mr Atul Garth, Chief Financial Officer; and Mr Amit, Chief Strategy Officer at JPL. It’s a great to have you all here as we share our performance highlights and updates on key strategic initiatives.<\/p>\n

For those new to JT Industries, let me briefly introduce our journey. We — with over three decades of experience, JTL has grown into a trusted leader in steel tube manufacturing. Our diverse products portfolio include ERW plaque steel tubes, galvanized pipes, larger diameter steel tubes, solar structures and hollow sections. With five advanced manufacturing facilities strategically located across India, we deliver high-quality, value-added products that meet the evolving needs of our customers. Our acquisition of Steel has further solidified our operational capabilities and market presence.<\/p>\n

Now I’ll give you a brief about our performance highlights. Let’s dive into our Q3 financial performance. This quarter, we achieved a total income of INR4,535 million. Our EBITDA stood at INR351 million and translating to EBITDA margin of 7.78%. We also reported a profit-after-tax of INR2.9 million with a PAT margin of 5.5%. Our nine-month performance has been encouraging despite market challenges.<\/p>\n

We achieved a total income of INR14,604 million for Nine-Month financial year ’25. EBITDA for the period stood at INR1,046 million with EBITDA margin of 7.24%. Profit-after-tax came to INR820 million, resulting in a PAT margin of 5.61%. Sales volume for the quarter were 97,488 metric tons, underscores our ability to cater to strong market demand. Value-added products contributed 21% of the sales mix, aligning with our focus on higher-margin offerings. Export volumes doubled year-over-year, reaching 26,859 metric tons for nine months, which now represent 10% of our total sales compared to 5% in the previous year.<\/p>\n

Our nine-month performance has also been remarkable. We achieved the highest-ever volumes for the first period of — for this period at 2,97,000 tonnes, a growth of 14.3% year-on-year. Value-added products accounted for 24% of the nine-month sales mix, significantly enhancing revenue contribution. Naba Seal contributed 33,277 metric tons to our year-to-date volumes, emphasizing its role in our growth strategy. Some other key developments during the quarter, the mission contract, during this quarter, Jet secured a INR265 crore order at L1 bid — as L1 bidder for supplying 36,000 metric tons of mild steel tubes for Jal Jewan mission in Jammu. And this — this highlights our ability to deliver high-quality value-added products while contributing — contributing to critical national infrastructure projects.<\/p>\n

Raipur plant expansion, as shared during the last earnings call, the expanded Raipur facility is performing as planned. With its capacity double to 2 lakh tons metric ton per annum, the facility now offers larger tubes and pipes, four inches to eight inches and 200 new SKUs with 550% of the capacity dedicated to value-added products, further supporting our goal of reaching 1 million metric tons by the end of year. DFTE line installation.<\/p>\n

JTL is the process — JTL is in the process of implementing of direct farming technology, reflecting company’s commitment to innovation and profitability. DFT will enable the direct production of square and retangular sections from HR. The innovation streamlines production, reduces waste and expands the range of higher-value products with great precision. DFT positions JTLI as market-leader enhancing its ability to meet diverse customer needs. This is expected to open up new opportunities in the export market and allow the company to penetrate into the newer markets for structural applications in multi-stored buildings.<\/p>\n

Looking ahead, we remain optimistic about the demand for the structural steel driven by sustained infrastructure investments and strong project activity across key sectors. Our strategic positioning across primary and secondary markets provides the flexibility to adapt to varying demand conditions. This adaptability ensures stability and positions us for consistent growth.<\/p>\n

In closing, I want to reaffirm our commitment to delivering value through operational excellence and strategic expansion. So great. Thank you for all of you to joining us today.<\/p>\n

And I now open the floor for your questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. We will now begin with the question-and-answer session. Anyone who wishes to ask questions may press star and one on their touchstone phone. If you wish to yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and want to ask questions you. The first question is from the line of Aditya Velekar from Axis Securities. Please go-ahead.<\/p>\n

Aditya Walekar<\/strong><\/p>\n

Yeah. Thank you for this opportunity. So my question is with regard to the sales volume. So we had a guidance of 4.4 lakhs of sales volume for FY ’25. So with this nine months, it implies that the 4th-quarter run-rate will be quite high. So any color on that? How the 4th-quarter sales volume will be?<\/p>\n

Pranav Singla<\/strong><\/p>\n

Thanks,, for your question. Basically, what happened was in a situation since the past 3\/4, the capex that was planned, the DFT, which is planned to start in-quarter three, got pushed to quarter-four because of that rate execution, the figures volume that we get had to be?<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt, sir. Your voice is breaking right now.<\/p>\n

Pranav Singla<\/strong><\/p>\n

Hello?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Please continue.<\/p>\n

Pranav Singla<\/strong><\/p>\n

So, the sales volume that we had to achieve in-quarter three was under the performance<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to your question. Sir, we are losing your audio actually for some reason. Sir, would you like me to connect you again?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Hello. Yeah, Adity, I would continue from there. Yeah. So what Pranab was continuing to say is that since our DFT expansion got delayed a little and we were supposed to start doing in the 3rd-quarter, but it delayed further to the 4th-quarter and we’ll be soon to say kick-starting it. Yes, it’s correct to say that our 4th-quarter run-rate shall be a little higher than the 3rd-quarter. We have been maintaining a steady rate of about, say, 1 lakh ton of the volumes per quarter. And going-forward, we are poised to achieve, say, 125,000 tons to 135,000 tonnes in the 4th-quarter and maintain the guidance or near to the guidance that we had given earlier at the starting of the year.<\/p>\n

Aditya Walekar<\/strong><\/p>\n

Okay. Okay. And also if you can just elaborate on this revenue coming from Nava Steel. So is it reflected in other income? And if I see because other income has also fallen in this quarter, right? So from the total sales of the —<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Right now, Adity, we have only shown the quantity of inclusive of Naba Steel, but there is no revenue that is showed in the JTS?<\/p>\n

Aditya Walekar<\/strong><\/p>\n

So where it is reflecting in our income statement? Is it coming in the cost and in the cost lines?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah. So the other as a market-share off. As a profit share, like we have a 60% — 67% holding in. So the 20 — we have the other income showed in our other — the income is shown in other income.<\/p>\n

Aditya Walekar<\/strong><\/p>\n

Okay. Yeah, so Navas volumes are reflecting in other income you mean, right?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

The volumes are reflecting in the entire volumes, but the share of profit is reflecting in the other income.<\/p>\n

Aditya Walekar<\/strong><\/p>\n

Other income? Okay. Second question is, any color on our expansion plans? What is the current capacity and any color on our next phase of expansion of 2 million tonnes<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So by the end of this year, we’ll be reaching 1 million tonnes of capacity by the installation of DFT. We — by the — by — at the starting of this year, we stood at 6 lakh 86,000 tonnes. We — in the 3rd-quarter, we went live with 1 lakh tons of production in our Raipur plant and the 14,000 tonnes balance in will also come by this end here so — and another 2 lakh tons will come by the DFT line in Mangau. So we’ll be at 1 million tons of installed capacity by the end of this financial year.<\/p>\n

Going-forward, in the next two years, we’ll be up and running with the next million tonnes. It is coming up in phases in Maharashtra plant at a single-location, which we will be up and running in various phases. So the H1 of the next year would see, say, about 250,000 tonnes of capacity being installed and you can safely say that by every half a year, similar capacity will be installed in the next two years to complete our total expansion of 1 million tons.<\/p>\n

Aditya Walekar<\/strong><\/p>\n

Okay, thanks. I have few more questions, but I’ll get back-in the queue. Thank you.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yes, yes.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aman Soni from Invest Analytics Advisory LLP. Please go-ahead.<\/p>\n

Aman Soni<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Please proceed.<\/p>\n

Aman Soni<\/strong><\/p>\n

Sir, my first question is, can you provide your perspective on the recovery trajectory for steel price in Q4 along with the insight on the recovery of the government expenditure and infrastructure development during this similar period?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah. Hi, Amanji. How are you? See, sir, the Q4, we have seen a considerable step from the government regarding the Safeguard duty, which when implemented, we are awaiting the decision in the budget or soon after when implemented, we shall see a considerable rise in the prices of steel, so to say, which will entail that the cheap incoming material will not be available to the Indian market. And this has certain demand implications in the next quarter wherein there is short supply of material and material being supplied would be say of higher-value.<\/p>\n

So from here, it’s very critical to see how the government performs while putting up a safeguard duty and going for price hike for the Indian mills and simultaneously we are banging big on the budget which is soon-to-be announced. On the newer projects that will come and entail for this year ending and also the next financial year.<\/p>\n

So all-in all, we are riding on the horse of the growth story of India and we are very poised for the development and going-forward also, we are very optimistic about the growth of the Indian infrastructure.<\/p>\n

Aman Soni<\/strong><\/p>\n

And sir, is there any indication of potential reduction in the government capex for infrastructure in this budget?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So we are only hearing good news about expansion in budget, but not the reduction. So — but it’s hard for me to guess here what is going to happen.<\/p>\n

Aman Soni<\/strong><\/p>\n

Thank you. Okay, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take the next question from the line of Vikas Singh from PhillipCapital. Please go-ahead.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Thank you for the opportunity. Good evening, sir.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Good evening, good evening, Raji.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Sir, just wanted to understand once we have this 1 million ton capacity in FY ’25 and after DFT completion, how is the value-added versus the general product mix would be plus the secondary versus primary mix the end of FY ’25 for that?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah. So at a capacity of, let’s say, say lakh 686,000 tonnes, we were roughly at a capacity of 3 lakh tonnes for the secondary and the balance for the primary. By the end-of-the 1 million tonnes, we are not expanding in our secondary market. We are only expanding in the primary market since we are increasing our value offering and size dip size offerings. So by the end of it, we’ll be, I’d say, 70% of primary and 30% of secondary.<\/p>\n

So to answer your next part of the question of value addition, we shall be — at the current capacities, we are at about 24% of value-added products with DFT, which is by its inception only a value-added product. So we are targeting about, say, 40% to 45% of value addition in the next financial year as a RKT offering. And for when we move towards 2 million tons of capacity with our other products, we will be targeting value-added ratio of about 55% to 60%. So that is what our long-term targets and short-term targets are for the value addition.<\/p>\n

Vikash Singh<\/strong><\/p>\n

So from next year, we will see the value addition improvement effect on the EBITDA coming forward?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yes.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Is that the correctly?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Sorry.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Yeah. And then secondly, the new product which you are targeting up to 350 350. How is the competition in that space? And just wanted to gauge your confidence on whether you would be able to sell the entire quantity on will.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah. So see, we have installed this a production line in our unit, which is in Maharashtra. We — we would be the only one in that area producing it. So we are next to the port. There is very good demand from the export market for these products of structural steel wherein this has already been implemented in abroad for a number of years. See a section of 350 by 350 we would essentially be the third ones in India after April Apollo and JSPL to implement this size.<\/p>\n

So not a lot of competition in this area there. And we are very confident in this business and also with our installation in-process and people knowing that we are installing this, we already have a lot of interest going around. We are just waiting for our coal trials to happen for us to offer this material in the market at our own level. So that is what we’re waiting for at the moment.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Understood, sir. Sir, one more question regarding what is our cash position right now and giving our two years of capex plan, how should we see this cash moving or the overall the net cash or net-debt position we would have by FY ’26 or FY ’27 as per your internal estimates.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yes, yes. So we — so we are currently at zero-debt position and going-forward as well, we are well-equipped with the recent QIP and the promoter infusion that we have done for the expansion — the capital expansion that we’ve done and for the working capital that is needed. We might going-forward only need a certain working capital, which our bankers are already behind us to take it forward.<\/p>\n

But apart from that, there would be no long-term debts the company intends to take. So we as since the last decades, we’ve been debt-free. We intend to be debt-free for the next coming years as well. So we are not taking any long-term debts and we have a good cash position — cash position. We have a good internal accruals for financing our are both working capital needs and capital needs.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Understood. And sir, just one last question. In space, next year, volume target and then we are actually basically merging it with the listed entity, if you could give us some idea about that.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So we are in-process of merging it. We shall be complete — completing the merger. It won’t be a merger, so to say, it will be a — so since we have 67% share, we can only — right now Naba is a partnership firm. So we are converting it into a say subsidiary and will be a subsidiary<\/p>\n

Vikash Singh<\/strong><\/p>\n

Basically the consolidated account,<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yes. So by our target is to get the consolidated accounts by end of this year and portray them in the financial results of the company by the end-of-the day..<\/p>\n

Vikash Singh<\/strong><\/p>\n

Understood, sir. That’s all from my side.<\/p>\n

Pranav Singla<\/strong><\/p>\n

We mean the same financial year, it will happen in this quarter itself.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Sure, sir. Thank you. Thank you. That’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Neha Talreja from Nuvama. Please go-ahead.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Hi, good evening, team. Just wanted to get an update. You just mentioned that you are looking at DFT in this particular quarter itself. Post DFT coming in and the kind of value-added mix that you’ve already shared on the call, where do we see our EBITDA per ton going?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah, hi, hi,, how are you? Here with DFT expansion, we like I say, we we’ve had good interest in the current projects that are ongoing and since it’s going to be a value-added product from day-one, it solely depends upon the volumes how we go-forward. But yes, we would see an uptick of about say is easy to say since we will be 20% of our capacity is GFT, easier to say that INR200 to INR250 uptick in the EBITDA level is achievable from there. So, but it will be more viable to portray it once we are up and running and we see how commercialized we can get it going.<\/p>\n

Since it’s a specialized great product, we do have a good interest at the moment and going-forward also with the incoming of all the infrastructure projects such as railways, airports, multi-story buildings, we don’t see this product being replaced by anything else?<\/p>\n

Sneha Talreja<\/strong><\/p>\n

I understand that, but this 200 to 250 per ton is from which level are you talking about? The reason I’m asking is this quarter also we have seen margins to be subdued. Is there any specific one-off or is it just because of the operating deleverage that we are seeing and some price — kind of price pressure which is continuing on the channel front?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

See, in the entire year, we’ve seen prices going down and the realizations also suffering. That’s the reason there’s a lot of destocking that has happened and also the prices from a level of HR coils at about INR52, INR53 rupees, we saw a bottom of about INR46 rupees. So therein a lot of channel destocking has happened, a lot of destocking from our end has happened. So there has been a beta level of subdued — subduation there as well because of those challenges. And however, we’ve been able to maintain our volumes by the end-of-the day, but we would have like to grow it further.<\/p>\n

So here are some challenges that are there, but with these value-added products that we are going to offer, we believe that we are going to expand our EBITDAs therein. So think that’s the reason I’m saying that from a level of — a healthy level of about INR4,400, INR4,500, we can see an uptick of INR200 INR300 therein. So right now, these levels at INR3,800, INR4,000 are a subdued level of the year of price correction, I would say.<\/p>\n

Sneha Talreja<\/strong><\/p>\n

Understood. Got it. Thanks. Thanks. Thanks, team. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pallav Agarwal from Antique Stock Broking. Please go-ahead.<\/p>\n

Pallav Agarwal<\/strong><\/p>\n

Yeah. Good evening. So my question was on — never. Just a question on whether — did we still offer any discounts this quarter because of the destocking happening or like last quarter.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So see there are normal discounts of cash discounts that are happening in the market, but we don’t offer a lot of discounts per se. Again, since we are offering materials at different fronts, be it government, be it dealer, dealers, dealer channels, OEMs, exports, so when you see our data, we’ve — in the nine months, we’ve doubled our exports wherein the challenges were there.<\/p>\n

However, we do have to offer the material at the current prices of HR coils. So if the discount in that manner have to be offered on the part of inventory, which is unsold, so to say, but not to push the material thereafter. So what has happened in the recent months is that even after a — since the material was available in good quantities, no amount of discount could push the material because the demand itself was a little subdued.<\/p>\n

Pallav Agarwal<\/strong><\/p>\n

Sure, okay. And sir, so we have like — and any imports of HRC were there this quarter or now since prices are more at par with import parity, you know, we would not probably see any more HRC imports unless it’s for export purpose.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So the newer HRC imports have stopped happening due to the ongoing rumor of duty coming in, the safeguard duty coming in. But in the last nine months, there has been a good imports of HR coils from all the players in the market, including AMNS, JSW, all of them. So, but now since the duty is there, we don’t see any newer imports happening.<\/p>\n

But that doesn’t stop us as we — as I say, as I’ve mentioned earlier quite a few many times that we are in — we have the possibility to import for the purpose of re-export. So as and when the market is correct and the prices abroad are cheaper, we can import for re-export without any safeguard implications or without any duty implications. So that benefit will always remain with an exporter company.<\/p>\n

Pallav Agarwal<\/strong><\/p>\n

Sure. So just also if I heard it right, so we are probably targeting about 1 lakh to 1,30,000 tonnes of orders per quarter. So does that mean you that this year, I think since our nine months are excluding NAVA is about 2 lakh 60,000 tonnes. So probably FY ’25, if I add 1 lakh tonnes, so would we end-up somewhere at about 3 lakh 60,000 or 3 lakh 80,000 tonnes for FY ’25?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

You mean excluding Nava?<\/p>\n

Pallav Agarwal<\/strong><\/p>\n

Yeah, excluding Nava, because Nava, I think it would be more of a backward integration, right? So that not reflect in our.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So Naba is, yes, a backward integrated, but the product that we’re making in Naba, we are ourselves not currently consuming those products, but we are offering those products in the market wherein market, those products are actually applicable. So to answer your question, keeping our aside, we are targeting, say, another minimum black tons production in JTL and a level of about 3 lakh 80,000 tonnes would be what we’ll be achieving in JTL plus the Naba volume of another 20,000 to 25,000 tonnes. So a level of about 1 lakh 30,000 tons on a consolidated basis is our target in the next quarter.<\/p>\n

Pallav Agarwal<\/strong><\/p>\n

Sure, sure. Okay. Yeah, thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Harsh Vasa from SBI Securities. Please go-ahead.<\/p>\n

Harsh Vasa<\/strong><\/p>\n

Yeah. Hi,. Hi, Dhruv. Thank you for the opportunity. So actually, one of my question is already answered. One question I had is like, sir, any guidance on EBITDA per tonne for the next year?,<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Hi,, how are you? Yeah, see EBITDA per ton, in the last year, we’ve maintained a good EBITDA per ton of above 5,000 levels. This year, due to the consistent correction in prices, we’ve seen it coming up below 4,000 as well. So it all depends upon how the market is performing though. Our target always remains to have a healthy EBITDA level of 7% to 8%. And with the oncoming of DFT, we’re targeting it to be close to getting to double-digits. So that is what guidance I can give you, but it’s very hard to put a number to that guidance at the moment.<\/p>\n

Harsh Vasa<\/strong><\/p>\n

Okay, okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of, an Individual Investor. Please go-ahead.<\/p>\n

Yatharth Saxena<\/strong><\/p>\n

Yeah, hi. So I have a question like the revenue of INR450-odd crore on a consol basis. So how much you are making from the Nabai steel and how much you’re making from the tube business? Because IFI will be taking the EBITDA per ton. So this is INR4,000 crore, which is inclusive of Lava Steel revenue and EBITDA. So can I have the breakup on both the fronts?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Please come again with a question,. I missed out some parts of it.<\/p>\n

Yatharth Saxena<\/strong><\/p>\n

Yeah, so I’m saying, can I have the margins for Naba and TU business individually<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Sir at the moment, we are not able to give you the margin separately and in both of them, we are able to consolidate and provide it to you at by the end-of-the time. So only the share of our — in profit in Naba Steel is what we are showing in the other incomes as we mentioned earlier. So the other things that we that you are mentioning, we are not at the liberty to give you out at the moment. And as soon as we are able to convert it into a limit — limited company and get it consolidated under JTL in a proper manner, we’ll be able to put out more data in front of you for that.<\/p>\n

Yatharth Saxena<\/strong><\/p>\n

Okay thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Bhavin Pande from Athena Investments. Please go-ahead.<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Hi, good evening. Am I audible?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah, jee, you are audible.<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Sure. Thank you. So we could see there some sequential decline in other expenses and employee benefit expenses. So what led to that decline?<\/p>\n

Pranav Singla<\/strong><\/p>\n

QIP, which is the largest of the price point to secondly, our other expenses in the previous quarters were constituting to QIP expenses which were — which happened last quarter and this quarter, there is no expense as such. So one of the biggest leaders of leading expenses was that, which has gone now. And also, yeah. Yes, please.<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Yeah. Yeah. On the employee side, like for Q1, there is some marginal decline.<\/p>\n

Pranav Singla<\/strong><\/p>\n

It would be marginal<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Okay, okay. And of course, we all know that building material service space has not done well recently. So how is the demand outlook now? Are we seeing some green shoots?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

See, that there is good demand outlook in the 4th-quarter. See, everybody is wanting to say revisit their strategies in the 4th-quarter and this new duty implication would mean that the looming problem of price decline from the incoming material from abroad or dumping material from abroad will — has gone away.<\/p>\n

So we are optimistic that from this coming month of February, the prices are going to be a little bit on the upward size — upward side, if not declining, they will be stable. So a stability in the market would entail that there is — there would be good demand going-forward and a lot of projects need to be completed before the end-of-the budget. Budget so we are anticipating a good 3rd quarter and that’s what we will experience in the first month as well so and the targets of that we’ve mentioned will be easily achieving that and starting to take it further.<\/p>\n

So yes, going-forward, if you talk about next year, we are waiting for the budget and with the other offerings that we would be coming up with in the newer expansions, we will not be over — will be having a bigger offerings to provide to the market to expand our footprint. So we’re not worried about expanding our capacities thereof or volume is going off.<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Okay. That’s helpful. And when we look at you know price difference between primary and secondary steel, there has been significant comparison. So as our primary product offering seeing traction on account of this pricing difference reducing now?<\/p>\n

Dhruv Singla<\/strong><\/p>\n

The primary and the secondary are only competing towards a size range of, say, half inches till three inches, four inches, that’s what — where they’re competing, which is not a good chunk of the market. There are other offerings of higher size — higher in sizes as well in the market. So and the primary product and the secondary product — the secondary product is very well-accepted in the size ranges that I just mentioned. And it has different implications, applications as compared to a primary product thereof.<\/p>\n

And the price comparison there is a point of a change in decision-making for the ultimate buyer and the dealer as well. So these both are parallel markets which will keep on-going regardless of their difference in the price. Yes, in the recent times, the price difference has decreased, but again it’s an ongoing difference that will remain from a primary to a secondary. So — and the demand will also remain in that manner. So we can be — it’s not a challenge of one replacing the other at the book.<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Okay. That was helpful. And we have seen EBITDA margin sort of expanding, right, when of course there has been some dip on a Y-o-Y basis on EBITDA per ton, but margin is still expanded. So how do we kind of interpret that<\/p>\n

Dhruv Singla<\/strong><\/p>\n

See in the recent time, we’ve seen that, yes, the margin percentage has remained somewhat at those levels yeah, but you would see that here in realization has decreased. So that’s the reason that EBITDA per ton, so to say, has decreased, but if I was making, say, 7% on INR100 and doing a lesser volume, that would mean a higher EBITDA per ton and vice-versa. So that is just back.<\/p>\n

Bhavin Pande<\/strong><\/p>\n

Okay. I think that was really helpful and congratulations, it was a tough quarter, but all the best for the time ahead.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, you may please press star and want to ask questions at this time we’ll take the next question from the line of Pankaj from Affluent Assets. Please go-ahead.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. Just wanted to ask you, our capacity is upwards of 6 lakhs per ton — 6 lakh tonnes, right? So why are we utilizing just part of it means we have not even reached 4 lakhs per annum capacity going by the rate we are producing every quarter. What is the reason that we are underutilizing our capacity? And when do you expect this capacity to be optimally — optimally utilized.,<\/p>\n

Dhruv Singla<\/strong><\/p>\n

The optimal utilization in our industry is about 60% to 65% of the machine capacity. So how it is devised is that a machine can produce a range of products? But the machine capacity is rated on a basis of mean size and a mean thickness. But to offer our products in the market, we have to produce a number of SKUs without which we are not able to just produce one SKU and just serve that within the market. That is the reason the production change time, the size change time, the downtime is the lower capacity utilization hits in that manner.<\/p>\n

So as an industry-standard of utilization of 60% 65% we tend to expand our capacities further, also increase our size range further in that manner, so that we are able to offer a higher offering in the market with an increased SKU base. So it is all a SKU game. It’s not about unable to utilize the machine half-heartedly. It’s not about.<\/p>\n

Pranav Singla<\/strong><\/p>\n

And also, our capacities were 58600 till 1,000 till the last quarter. The additional 1 lakh tonnes has just come in the last December and we started running it now. So to get the correct numbers on the capacity, we’ll effectively utilize in the 4th-quarter and the number jump-up will be evident in that. And plus when we’ll add DFT in this quarter as well, just get-in mind that it’s the capacity come in 4th-quarter.<\/p>\n

So usually what are the expansions that we do, they usually tend to-end up installed by end-of-the financial year and they run-in the next year. So the year-ending capacity of 1 million tons this year, you’ll be able to see the full colors of it in next year, not in the 4th-quarter itself. It will just be addition happening in 4th-quarter. So the whole numbers won’t add-up according to-1 million tons, 65%, which is 6.5 lakh tons. That will be evident in the next financial year.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So how come in last year, same quarter we had reported revenues of upwards of INR500 odd crores. And this year we are reporting just INR450 odd crores. So is it just quarter sales<\/p>\n

Pranav Singla<\/strong><\/p>\n

In that quarter, the steel prices were much higher than what we have realized right now. We were close to INR57,000 INR58,000 that quarter and this quarter we have INR51. So it’s a direct 10% decline over that. And volumes in that quarter were extremely high as well because in that quarter last year, there was a — obviously there was inventory gains as well, which increased to better margins in that quarter and more than that, we were making bigger sizes in the quarter. And in this quarter itself, we were making smaller sizes. So in bigger — if like bigger sizes, I can get bigger — bigger volumes.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. And next year, what are our tentative plan for utilization — capacity utilization? How much from your target is about 4 lakh ton this year-by end-of-the quarter, end of Q4. So what are our plans for next year that is FY ’26<\/p>\n

Pranav Singla<\/strong><\/p>\n

So which if an EV target of starting this quarter onwards, we’ll be able to achieve a sales worth of 130,000 tonnes, 30,000 tonnes. Starting next financial year, we’ll be doing that run-rate plus the additional sales in Nabha, which will come in JTL. So we can average out a sales run-rate of say volume run-rate of 1,40,000 tonnes, 60,000 tonnes in for H1. And for H2, as mentioned that we’ll be starting our additional capacity as well. So we can achieve a higher sales on over that. So it’s easy to say that we’ll achieve sales over 5.5 lakh, 6 lakh tonnes in next year.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So I didn’t get 1,60,000 in H1 next year. So that is as good as 80,000 tonnes.<\/p>\n

Pranav Singla<\/strong><\/p>\n

I’m saying 1 lakh 30,000 tonnes in first-quarter and second-quarter each. And then additional capacity will be on-board in H2, which — by the end of H1, which will be running in H2. So those additional sales will come in H2 as well.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. So Mota Moti, 2.6 in H1 and nearly 3 next H2?<\/p>\n

Pranav Singla<\/strong><\/p>\n

It’s safe to say that. It’s safe to say that.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So 2.3 — sorry, 2.6 plus 3, 5.6% on. Right, same pig, right?<\/p>\n

Pranav Singla<\/strong><\/p>\n

Yes. Yes, yes, that’s right.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

And realization, I mean EBITDA per ton, sorry, near to INR4,500,<\/p>\n

Pranav Singla<\/strong><\/p>\n

5,500. So given the market conditions, this was a tough year for every steel company. So first, we want to get to our normalcy levels, which we should be coming on this quarter itself. And from that year — from that situation, we can see a jump-up of additional 10% to 15% EBITDA per ton as the DFT is fully value-added item, which we’ll be starting in this quarter itself. So all the sales coming from DFT is value-added and with higher EBITDA.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So can you repeat the number, EBITDA per ton?<\/p>\n

Pranav Singla<\/strong><\/p>\n

So last in FY ’24, our EBITDA per ton was averaging out close to INR4,500 rupees. In this — in this financial year, in the nine months, our EBITDA per ton is coming close to INR4,000 rupees. And in the next financial year or starting this quarter actually, we’ll come back to the normalcy levels of INR4.500 and then 10% to 15% jump over that in EBITDA per ton is evident throughout the next year.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So can I assume around INR5,000 per ton?<\/p>\n

Pranav Singla<\/strong><\/p>\n

Yes, INR5,000 is something that we are targeting.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

So the target.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Thank you, sir. Yes.<\/p>\n

Dhruv Singla<\/strong><\/p>\n

Yeah, we are also assuming the similar level that those are our targets.<\/p>\n

Pranav Singla<\/strong><\/p>\n

Yeah.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. And one last question, if you don’t mind. We are planning additional capacity expansion of 1 million ton till FY ’27. And am I right?<\/p>\n

Pranav Singla<\/strong><\/p>\n

By FY ’27, it’s already in the capex and we’re already well-funded for that. So it will be started by FY ’27 end. So everything will be installed by that time. And you can see the brake levels of it being stalled throughout the year starting in H1 next year and throughout the year, you will see additions happening in-part and final capacity of additional 1 million ton complete will be happening by FY ’27 end?<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So we will be reaching 2 million tons by FY ’27 right and as you said, we are well-funded. Is it all being funded through internal accruals or would we need any additional debt given that our debt position is very strong. I mean, the balance sheet is quite sound.<\/p>\n

Pranav Singla<\/strong><\/p>\n

So we recently did a QYP of INR300 crores. So that was the first infusion of money in the company. And before that we had done a fundraise of preferential fundraise of INR675 crores. So it’s a total of INR1,000 crores, the company has received or will be receiving apart payment of the preferential shares in the coming months. So for INR1,000 crores of capex, we are well-funded. And post anything that will require after that, the company is doing these profits and we’ll be internally crewing the capex.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So what is the total project cost of this 1 million ton capacity expansion?<\/p>\n

Pranav Singla<\/strong><\/p>\n

It’s close to INR1,000 crores.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So more or less we are well-funded. And what is the current cash pos cash position? Cash-and-cash equivalents, including investments<\/p>\n

Pranav Singla<\/strong><\/p>\n

Hello the current cash position is we have a the 121 crores at the moment as yeah so the current cash-and-cash equivalents for the company and for the last quarter it doing was INR121.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So you said you had just raised INR300 odd crores and INR600 crores were raised earlier. So how come just INR120 crores in cash?<\/p>\n

Pranav Singla<\/strong><\/p>\n

No, no, INR675 crores is total money that we raised to preferential — through presential warrants. So only a part payment of that has come right now, which is INR180 crores and the rest is supposed to come in the coming quarters.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. And just QIP,<\/p>\n

Pranav Singla<\/strong><\/p>\n

We’ll be — and we will be INR500 crores surplus. And right now, whatever money that came in from the QYP and the part payment what I mentioned to you, all the money has been deployed towards capex and working capital.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. Okay. So how much has been seen on<\/p>\n

Pranav Singla<\/strong><\/p>\n

ROCEs and ROEs as well, they have stepped down a little bit. And why has that happened? Because the assets are there the plant as well and already our advances have increased as well. And all of that constitutes to low ROCEs because when the assets will start sweating, starting this quarter and that our ROCEs will come back to normalcy levels as well.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So how much of this INR1,000 crores has already been expended?<\/p>\n

Pranav Singla<\/strong><\/p>\n

So out-of-the INR1,000 crores, we have received INR480 crores to the exact numbers and we have spent the majority of amount close to INR3800 crores in the entire capex and the remaining amount will be spent in brakes whenever the machines are ready. So the advances for capex have been already been done, the final payments will be happening with the machines are coming.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay. And around INR500 odd crores of preferential allotment is yet to be received, right, which will be received by end of this year, FY ’25. Am I right?<\/p>\n

Pranav Singla<\/strong><\/p>\n

No, it will be received, like the majority of it will received in this financial year, but we have option to pay the amount this September. The promoters themselves have subscribed to the preferential warrants. And the last rate for that is due in September. So we’ll pay the amount before that. And although the majority amount will be paid by us to the company in March-April.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

So by September ’25, we will receive all — the company will receive all the outstanding preferential payments, right?<\/p>\n

Pranav Singla<\/strong><\/p>\n

Yes.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

And by issuance of this preferential shares, how much shareholding will promoter get and by end of that September ’25, what would be the share of promoters?<\/p>\n

Pranav Singla<\/strong><\/p>\n

We’ll be touching close to 57%.<\/p>\n

Pankaj Bobade<\/strong><\/p>\n

Okay, sure, sure. Thank you, sir. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, as there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Over to you, sir.<\/p>\n

Pranav Singla<\/strong><\/p>\n

Thank you. Thank you everybody for joining the call today. It was a great pleasure attending all the questions. If there are any other questions you, please feel free-to mail us some other questions. Thank you for being there.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you, members of the management. On behalf of JM Financials, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jtl Infra Ltd (NSE: JTLINFRA) Q3 2025 Earnings Call dated Jan. 28, 2025 Corporate Participants: Pranav Singla \u2014 Executive Director Dhruv Singla \u2014 Executive Director Analysts: Dharmesh Shah \u2014 Call Moderator Aditya Walekar \u2014 Analyst Aman Soni \u2014 Analyst Vikash Singh \u2014 Analyst Sneha Talreja \u2014 Analyst Pallav Agarwal \u2014 Analyst Harsh Vasa \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-175332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":175331,"url":"https:\/\/alphastreet.com\/india\/jtl-infra-ltd-jtlinfra-q4-2025-earnings-call-transcript\/","url_meta":{"origin":175332,"position":0},"title":"Jtl Infra Ltd (JTLINFRA) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Jtl Infra Ltd (NSE: JTLINFRA) Q4 2025 Earnings Call dated May. 27, 2025 Corporate Participants: Unidentified Speaker Pranav Singla \u2014 Executive Director Amit Gaur \u2014 Chief Strategy Officer Atul Garg \u2014 Chief Financial Officer Analysts: Unidentified Participant Pallav Agarwal \u2014 Analyst Vikash Singh \u2014 Analyst Aditya Welekar \u2014 Analyst Sneha\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175333,"url":"https:\/\/alphastreet.com\/india\/jtl-infra-ltd-jtlinfra-q2-2025-earnings-call-transcript\/","url_meta":{"origin":175332,"position":1},"title":"Jtl Infra Ltd (JTLINFRA) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Jtl Infra Ltd (NSE: JTLINFRA) Q2 2025 Earnings Call dated Oct. 30, 2024 Corporate Participants: Vikas Singh \u2014 Analyst Pranav Singla \u2014 Executive Director Dhruv Singla \u2014 Executive Director Analysts: Sneha Talreja \u2014 Analyst Aditya Welekar \u2014 Analyst Pallav Agarwal \u2014 Analyst Hetal Gada \u2014 Analyst Bhavik Shah \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177801,"url":"https:\/\/alphastreet.com\/india\/jtl-industries-q3-fy26-earnings-results\/","url_meta":{"origin":175332,"position":2},"title":"JTL Industries Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"January 27, 2026","format":false,"excerpt":"Executive Summary JTL Industries Ltd reported Q3FY26 revenues of \u20b9423 crore, down 6.42% YoY, yet consolidated net profit rose 4.0% to \u20b926 crore. Total expenses fell 5.73% YoY to \u20b9395 crore, supporting modest bottom-line resilience despite top-line contraction. Revenue & Growth Revenues declined to \u20b9423.00 crore in Q3FY26 from \u20b9452.00\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/J-5.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/J-5.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/J-5.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/J-5.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/J-5.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/J-5.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":177590,"url":"https:\/\/alphastreet.com\/india\/jtl-industries-reports-6-2-rise-in-q3-net-profit-as-operational-margins-expand\/","url_meta":{"origin":175332,"position":3},"title":"JTL Industries Reports 6.2% Rise in Q3 Net Profit as Operational Margins Expand","author":"Staff Correspondent","date":"January 26, 2026","format":false,"excerpt":"JTL Industries Ltd (NSE: JTLIND; BSE: 534600) reported its third-quarter financial results for the 2026 fiscal year following a board meeting on Saturday. In trading on January 23, the final session prior to today\u2019s Republic Day holiday, shares of JTL Industries closed at \u20b975.96 on the National Stock Exchange (NSE),\u2026","rel":"","context":"In "LATEST"","block_context":{"text":"LATEST","link":"https:\/\/alphastreet.com\/india\/category\/latest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175330,"url":"https:\/\/alphastreet.com\/india\/jtl-infra-ltd-jtlinfra-q1-2026-earnings-call-transcript\/","url_meta":{"origin":175332,"position":4},"title":"Jtl Infra Ltd (JTLINFRA) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Jtl Infra Ltd (NSE: JTLINFRA) Q1 2026 Earnings Call dated Jul. 17, 2025 Corporate Participants: Unidentified Speaker Dhruv Singla \u2014 Executive Director Pranav Singla \u2014 Executive Director Analysts: Unidentified Participant Neha Talreja \u2014 Analyst Aditya Welekar \u2014 Analyst Amar Maurya \u2014 Analyst Vishal Dudhwala \u2014 Analyst Jyoti Singh \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177666,"url":"https:\/\/alphastreet.com\/india\/jtl-industries-debt-to-equity-remains-low-as-q3-finance-costs-rise\/","url_meta":{"origin":175332,"position":5},"title":"JTL Industries debt-to-equity remains low as Q3 finance costs rise","author":"Staff Correspondent","date":"January 26, 2026","format":false,"excerpt":"JTL Industries Ltd (NSE: JTLIND; BSE: 534600) Shares of JTL Industries Ltd (NSE: JTLIND; BSE: 534600) closed at \u20b975.96 in the latest trading session, declining 1.38% as the market assessed the company's leverage position and cash flow performance following its third-quarter earnings release. The steel pipes manufacturer maintained a conservative\u2026","rel":"","context":"In "LATEST"","block_context":{"text":"LATEST","link":"https:\/\/alphastreet.com\/india\/category\/latest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/175332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=175332"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/175332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=175332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=175332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=175332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}