As of 6 Nov 2026, Jyoti Structures trades at 18.4× trailing earnings, below the industry P/E of 33.8×, and the shares are 32% below their 52-week high. Its ROCE of 2.3% is the lowest among the 7 largest Specialty Industrial Machinery peers, and sales grew 48% a year over 3 years. Debt is 4.39× equity. It is a small-cap company with a market cap of ₹1,183 Cr, ranked 61st of 138 Specialty Industrial Machinery companies by market cap; the shares fell 18% over the past year.
- ₹10.00
- ₹10.00
- ₹9.70
- ₹10.10
- 35.4 L
Health check
- ReturnsBehind
−18.2% over a year, better than 1 of 7 peers.
- Price tagCheaper
P/E 18.4 vs industry 33.8.
- GrowthStrong
Sales +48.2% a year over 3 years.
- ProfitabilityWeak
ROCE 2.3% vs peer median 24.8%.
- Balance sheetStretched
Debt 4.39× equity, interest covered 21.3×, Piotroski 3 of 9.
- Red flags2 to check
Debt is 4.39× equity.
Small cap
Defensive
Key metrics
- Market cap
- ₹1,183 Cr
- Small cap
- P/E
- 18.4
- Industry 33.8
- Price to book
- 2.49
- Peers 9.16
- Dividend yield
- 0.00%
- ROE
- 10.8%
- Peers 19.1%
- ROCE
- 2.3%
- Peers 24.8%
- Debt to equity
- 4.39
- Debt ₹2,084 Cr
- EPS (TTM)
- ₹0.54
- Face value ₹2
- OPM (TTM)
- 7.3%
- Net margin 7.6%
- Sales growth
- +61.0%
- Latest quarter vs a year ago
- Profit growth
- +74.4%
- Latest quarter vs a year ago
- Price to sales
- 1.40
- EV/EBITDA 81.6
Strengths and risks
Strengths
- Quarterly profit up 74.4% on a year ago.
- Quarterly sales up 61.0% on a year ago.
- P/E of 18.4 against an industry P/E of 33.8.
Risks to check
- Debt is 4.39× equity.
- 32% below its 52-week high.
About Jyoti Structures
Jyoti Structures Limited manufactures and sells transmission line towers, substation structures, tall antenna towers, and masts in India and internationally. It is involved in turnkey/ engineering procurement construction projects that include the survey, design, foundation, fabrication, erection, and stringing activities of high voltage transmission lines; procurement of bought out items; supply of lattice and pipe type structures; civil works; and…
- Headquarters
- Mumbai
- Employees
- 194
- Sector
- Industrials
- ISIN
- INE197A01024
- Website
- jyotistructures.in
Price range
- Avg volume (3M)
- 68.7 L
- 1-year return
- minus 18.2%
- From 52-week high
- minus 31.5%
Peers · Specialty Industrial Machinery
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHELBharat Heavy Electricals | 418.80 | plus 0.17% | 1,45,829 | 50.6 | 74.6 | 6.6% | 10.1% | 0.22 | 13.5% | plus 56.4% |
| ABBABB India | 6,774.00 | plus 2.20% | 1,43,547 | 92.3 | 68.2 | 28.5% | 13.8% | 0.02 | 15.4% | plus 26.4% |
| SIEMENSSiemens | 3,560.00 | plus 3.73% | 1,26,779 | 87.3 | 59.3 | 16.5% | 10.4% | 0.02 | 3.0% | plus 10.0% |
| CUMMINSINDCummins India | 4,048.80 | minus 0.25% | 1,12,233 | 49.8 | 41.7 | 35.0% | 20.6% | 0.00 | 16.1% | minus 6.0% |
| GVT&DGE Vernova T&D India | 4,018.00 | minus 3.06% | 1,02,879 | 71.3 | 56.6 | 58.5% | 26.5% | 0.01 | 31.1% | plus 31.7% |
| SUZLONSuzlon Energy | 38.80 | plus 0.54% | 53,337 | 23.7 | 17.3 | 24.8% | 16.7% | 0.07 | 41.4% | minus 35.7% |
| AIAENGAIA Engineering | 3,113.60 | minus 2.77% | 29,056 | 23.5 | 19.6 | 19.9% | 27.4% | 0.00 | −3.4% | minus 3.9% |
| JYOTISTRUCJyoti Structures | 9.91 | minus 1.88% | 1,183 | 18.4 | 132.3 | 2.3% | 7.3% | 4.39 | 48.2% | minus 18.2% |
| Median of 7 peers | – | 0.17% | 1,12,233 | 50.6 | 56.6 | 24.8% | 16.7% | 0.02 | 15.4% | 10.0% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 156 | 151 | 209 | 234 | 251 | |
| 149 | 142 | 194 | 217 | 230 | |
| 6.9 | 8.8 | 14.6 | 17.3 | 21.3 | |
| 4.4% | 5.8% | 7.0% | 7.4% | 8.5% | |
| 6.2 | 4.6 | 5.1 | 6.4 | 3.7 | |
| 0 | 0.1 | 1 | 1.6 | 2.2 | |
| 2.9 | 3.2 | 3.3 | 3.2 | 3.5 | |
| 10.2 | 10.2 | 15.5 | 18.9 | 19.3 | |
| −9.0% | 4.4% | −10.1% | 3.8% | −1.0% | |
| 11.2 | 9.7 | 17 | 18.1 | 19.5 | |
| 0.09 | 0.08 | 0.14 | 0.15 | 0.16 |
Profit & loss
- Sales CAGR 3Y
- +48.2%
- ROE
- 10.8%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 228 | 438 | 493 | 741 | |
| – | +92.1% | +12.6% | +50.3% | |
| 239 | 431 | 456 | 717 | |
| −11.1 | 6.4 | 36.9 | 24 | |
| −4.9% | 1.5% | 7.5% | 3.2% | |
| 13.8 | 18.1 | 7.1 | 46 | |
| 0.4 | 1 | 0.1 | 2.7 | |
| 5.4 | 7.5 | 8.5 | 12.6 | |
| −1 | 3.5 | – | – | |
| −4.1 | 19.5 | 35.4 | 54.7 | |
| – | −47.7% | −0.4% | −2.4% | |
| −4.1 | 28.9 | 35.6 | 56 | |
| – | – | +23.4% | +57.3% | |
| -0.06 | 0.40 | 0.39 | 0.47 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 127 | 146 | 238 | 239 | |
| −102 | −172 | 325 | 236 | |
| 1,803 | 1,916 | 1,996 | 2,084 | |
| 457 | 449 | 447 | 367 | |
| 2,285 | 2,340 | 3,006 | 2,926 | |
| 31.7 | 33.3 | 42.7 | 70.8 | |
| – | – | 0.3 | 1.3 | |
| 0.7 | 0.9 | 0.9 | 0.9 | |
| 30.6 | 38.7 | 464 | 97.3 | |
| 2,222 | 2,267 | 2,498 | 2,755 | |
| 2,285 | 2,340 | 3,006 | 2,926 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −36 | −19.5 | −177 | −269 | |
| −10.5 | −6.9 | −12.8 | −23.1 | |
| −6.7 | 34.5 | 615 | −74.4 | |
| −53.3 | 8.1 | 425 | −367 | |
| −12.3 | −9.9 | −18.5 | −41.2 | |
| −48.3 | −29.4 | −196 | −310 |
Shareholding pattern
- Public100.00%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 0.00% | 100.00% | 0.00 | |
| 30 Jun 2026 | 0.00% | 100.00% | 0.00 | |
| 31 Mar 2026 | 0.00% | 100.00% | 0.00 | |
| 31 Dec 2025 | 0.00% | 100.00% | 0.00 | |
| 30 Sep 2025 | 0.00% | 100.00% | – |
Major shareholders
Filings & events
News
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