JTL Industries Ltd

- No current warrant issues or pending shares; all forfeited warrant money has been capitalized into reserves. - There is no additional money being infused by promoters presently as the company relies on internal accruals for planned CAPEX. - The company is confident that internal accruals will cover upcoming CAPEX needs; if any shortfall arises, promoters are willing to infuse funds to keep the company debt-free. - Working capital debt may increase as operational needs grow, but no long-term debt is planned. - The company aims to maintain a debt-free status for long-term funding, relying on promoter support if required.

• FY26 CAPEX is around Rs. 250 crores, with Rs. 130-140 crores already spent; remaining to be spent in the current quarter. • FY27 CAPEX planned at approximately Rs. 100 crores, including CAPEX for API grade mill. • API grade mill CAPEX expected around Rs. 75 crores. • Wider color-coated line CAPEX mostly incurred; approximately Rs. 150-170 crores still pending. • RCI Industries ramp-up involves upgrades but no major new capacity installation; focusing on improving efficiency to reach 500 MT/month sales by H2 FY27. • Promoters committed to funding CAPEX shortfalls to maintain a debt-free long-term profile; only working capital debt expected to increase moderately. • Internal accruals currently sufficient to fund planned CAPEX. • Hedging of copper price exposure planned to begin from February onwards to manage volatility.

- FY26 sales volume target: 4 lakh tons, expected to be achieved with a current strong run rate. - FY27 sales volume target: 6.5 lakh tons, representing over 60% volume growth from FY26. - Longer-term sales volume goals: 9 lakh tons and ultimately 10 lakh tons within 3 years. - Revenue growth supported by new products: DFT, API grade pipes, wider steel coils, and color-coated products launching in FY27. - Exports target for FY27: 60,000-65,000 tons (around 10% of total sales), doubling from current levels. - Internal accruals and capacity expansions to fund growth, with promoters ready to support any shortfall, aiming to avoid long-term debt. - EBITDA per ton expected to improve to Rs. 4,500-5,000 in FY27, supported by increased sales of value-added products. - Confidence in growth driven by expanding capacities, new product launches, and increasing government CAPEX post elections.

- JTL Industries expects improving profit momentum continuing post Q3 FY26 with further growth in following quarters and years. - EBITDA per ton is targeted to rise to Rs.4,500-5,000 in FY27, up from current levels around Rs.3,900-4,000. - By H2 FY27, EBITDA per ton of 10% margin is expected in newer, value-added products (RCI Industries segment, defense & EV components). - Company aims to cross 4 lakh tons sales volume in FY26 and scale to 6.5 lakh tons in FY27, with further growth to 9 lakh tons in 2 years. - Promoters intend to keep company debt-free long-term, supporting stability and growth. - Strong order inflows from niche segments like bullet shell (~15-20% sales contribution) and EV components (~25-30%) in FY27. - Incremental CAPEX planned (~Rs.100 crore in FY27) funded largely through internal accruals to support expansion. - Overall, confident of volume-driven revenue growth and margin improvement to boost operating profits and EPS in coming years.

- JTL Industries has a decent order book from regions like Himachal Pradesh, Jammu & Kashmir, and Uttarakhand. - The company has not served the Uttar Pradesh Jal Jeevan Board; however, orders from other government sectors are steady. - Some government payments experience typical delays of 2.5-3 months; a small portion of payments are held beyond six to seven months, which is considered normal. - The company expects good order flow post-election periods, showing signs of order pick-up since the last quarter. - JTL has received recurring orders from PSTCL with current orders around 400 tons for the fiscal year. - New tenders are expected from government sectors as budgets are announced, contributing positively to the order book outlook.