Any current/future new fundraising through debt or equity?

Jai Balaji Industries Limited does not envisage raising any term loans or debt to finance its CAPEX plans. The planned capacity expansions will be funded entirely through internal accruals. The company aims to become net debt free within the next 18 months. Current debt is around ₹560 crores with repayment terms of about 36 months on recent Tata Financial loans. Strong and improving EBITDA and cash flows support the company's ability to service debt and fund expansions internally. No mention of any planned equity fundraising in the presented information.

Any current/future capex/capital investment/strategic investment?

Total expected CAPEX is around Rs. 1,000 crores (Rs. 10,000 million), fully funded through internal accruals. Rs. 380.8 crores has already been incurred; the balance will be spent over the next 18 months. DI Pipes capacity to increase from 2.4 lakh tons to 6.6 lakh tons in two phases (already enhanced to 3 lakh tons). Specialized ferroalloys capacity planned to increase to 1.9 lakh tons from 1.3 lakh tons, with 36,000 tons additional capacity commissioning by FY24 and remainder by FY25. Revamp of existing blast furnaces to increase hot metal capacity from 5 lakh tons to 7.5 lakh tons. Setting

Future growth expectations in sales/revenue/volumes?

FY25: Full commissioning of expansion in DI pipes and ferroalloys expected. FY26: Revenue potential projected at Rs. 9,500 to 10,000 crores at current prices with 90-95% capacity utilization. DI pipes capacity to increase from 2.4 lakh tons to 6.6 lakh tons; target 90% utilization by FY26. Ferroalloy capacity expanding from 1.3 lakh tons to 1.9 lakh tons, expecting ~75% utilization in FY25. Focus on increasing exports: DI pipes exports to rise from 2% to 10% turnover in 24 months; ferroalloys exports from 40% toward 50% by year-end. Targeting sustainable EBITDA margins of 18-20% by FY26, drive

Future growth expectations in earnings/operating earnings/profits/EPS?

Jai Balaji Industries aims to expand DI pipes capacity by 175% to 6.6 lakh tons and ferroalloys by 46% to 1.9 lakh tons, targeting up to 90% utilization. Revenue for FY26 expected at ₹9,500-10,000 crore at current prices, assuming stable realizations. EBITDA margins projected to improve to 18%-20% by FY26, up from 15% in 9 months FY24, driven by higher value-added products and operational efficiencies. PAT for 9 months FY24 surged 756%; Q3 EBITDA rose 96% YoY, indicating robust profitability growth. Target to become net debt free within 18 months, strengthening financial health and sup

Current/ Expected Orderbook/ Pending Orders?

Jai Balaji Industries Limited maintains order books for DI pipes and ferroalloys. The current DI pipe order book is approximately ₹1,800 to ₹2,000 crores. The ferroalloys order book stands at around ₹400 crores. There is strong demand with large orders in hand, especially in ferroalloys. Some production in ferroalloys was affected due to furnace maintenance, but supply is expected to improve in the upcoming quarters.

Jai Balaji Industries LtdQ3 FY24Ferrous Metals

Jai Balaji Industries Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹63.87P/E: 39.8Market Cap: ₹5.8K CrSector: Ferrous Metals

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

FY25: Full commissioning of expansion in DI pipes and ferroalloys expected.
FY26: Revenue potential projected at Rs. 9,500 to 10,000 crores at current prices with 90-95% capacity utilization.
DI pipes capacity to increase from 2.4 lakh tons to 6.6 lakh tons; target 90% utilization by FY26.
Ferroalloy capacity expanding from 1.3 lakh tons to 1.9 lakh tons, expecting ~75% utilization in FY25.
Focus on increasing exports: DI pipes exports to rise from 2% to 10% turnover in 24 months; ferroalloys exports from 40% toward 50% by year-end.
Targeting sustainable EBITDA margins of 18-20% by FY26, driven by higher value-added products and operational efficiencies.
Market growth expected at 13-15% CAGR, with historical growth exceeding 18-20% in some years.
Large domestic demand fueled by schemes like Jal Jeevan Mission, AMRUT, and irrigation projects; expansion to African and Middle East export markets ongoing.

Margin guidance

Category 1

Jai Balaji Industries aims to expand DI pipes capacity by 175% to 6.6 lakh tons and ferroalloys by 46% to 1.9 lakh tons, targeting up to 90% utilization.
Revenue for FY26 expected at ₹9,500-10,000 crore at current prices, assuming stable realizations.
EBITDA margins projected to improve to 18%-20% by FY26, up from 15% in 9 months FY24, driven by higher value-added products and operational efficiencies.
PAT for 9 months FY24 surged 756%; Q3 EBITDA rose 96% YoY, indicating robust profitability growth.
Target to become net debt free within 18 months, strengthening financial health and supporting growth.
Export contribution to ferroalloys expected to increase to 50% by year-end, enhancing margins.
Ramp-up in capacity and improved product mix expected to drive quarter-on-quarter revenue growth, with a 20% QoQ increase anticipated in Q4 FY24.
Cost-cutting and economies of scale expected to further support margin expansion.

See what Jai Balaji Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Jai Balaji Industries Limited does not envisage raising any term loans or debt to finance its CAPEX plans.
The planned capacity expansions will be funded entirely through internal accruals.
The company aims to become net debt free within the next 18 months.
Current debt is around ₹560 crores with repayment terms of about 36 months on recent Tata Financial loans.
Strong and improving EBITDA and cash flows support the company's ability to service debt and fund expansions internally.
No mention of any planned equity fundraising in the presented information.

Order book

Jai Balaji Industries Limited maintains order books for DI pipes and ferroalloys.
The current DI pipe order book is approximately ₹1,800 to ₹2,000 crores.
The ferroalloys order book stands at around ₹400 crores.
There is strong demand with large orders in hand, especially in ferroalloys.
Some production in ferroalloys was affected due to furnace maintenance, but supply is expected to improve in the upcoming quarters.

See what Jai Balaji Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Total expected CAPEX is around Rs. 1,000 crores (Rs. 10,000 million), fully funded through internal accruals.
Rs. 380.8 crores has already been incurred; the balance will be spent over the next 18 months.
DI Pipes capacity to increase from 2.4 lakh tons to 6.6 lakh tons in two phases (already enhanced to 3 lakh tons).
Specialized ferroalloys capacity planned to increase to 1.9 lakh tons from 1.3 lakh tons, with 36,000 tons additional capacity commissioning by FY24 and remainder by FY25.
Revamp of existing blast furnaces to increase hot metal capacity from 5 lakh tons to 7.5 lakh tons.
Setting up of a 6 lakh ton iron ore beneficiation plant.
Installation of a 35 tons BFG boiler.
Capacity expansions expected to achieve ~90% utilization with margin improvements and higher EBITDA.

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