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BSE: 513250 | NSE: JYOTISTRUC | Transmission Towers / Equipments | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Jyoti Structures Ltd is a below average quality company.
The key valuation ratios of Jyoti Structures Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Jyoti Structures Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 5.7% | 2.6% | -13.9% | -155.2% | 0% | 0% | 0% | 0% | -0.2% | 1.2% | - |
| Value Creation Index ⓘ | -0.6 | -0.8 | NA | NA | NA | NA | NA | NA | -1.0 | -0.9 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2,782 | 2,492 | 850 | 255 | 98.2 | 2.1 | 0 | 4.4 | 229 | 451 | 354 |
| Sales YoY Gr. | - | -10.4% | -65.9% | -70% | -61.5% | -97.9% | -100% | NA | 5,121.6% | 96.9% | - |
| Adj EPS ⓘ | -25.4 | -46.6 | -123.8 | -360.9 | -154.5 | -202.5 | -151.9 | -0.7 | -0.2 | 0.3 | 0.4 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 51.8 | 8.8 | -120.1 | -481.8 | -633 | -833 | -985 | 2.3 | 0.4 | 0 | 0.7 |
| Adj Net Profit ⓘ | -292 | -536 | -1,427 | -4,158 | -1,780 | -2,332 | -1,749 | -47.3 | -12.5 | 24.4 | 32 |
| Cash Flow from Ops. ⓘ | -1,098 | -1,591 | 261 | 889 | -9.8 | -1.3 | 1,479 | -99.5 | -36 | -19.3 | - |
| Debt/CF from Ops. ⓘ | -2.4 | -3.1 | 20.2 | 6.4 | -648.4 | -5463.3 | 5 | -17 | -50.1 | -99.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -18.3% | 35.7% | NA | 96.9% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | -61.3% | NA | NA | -97.7% | ||||
| Share Price | -3.6% | 52.2% | 22.2% | 75.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -41.6 | -147 | 223.1 | 119.9 | 27.7 | 27.6 | 16.7 | 0.9 | -10.5 | 76.5 | 104.2 |
| Op. Profit Mgn % ⓘ | 4.1 | 3.3 | -59.3 | -1220.9 | -683.7 | -41062.3 | 0 | -58869.7 | -5.3 | 1.2 | 5.2 |
| Net Profit Mgn % ⓘ | -10.5 | -21.5 | -167.9 | -1632 | -1811.7 | -112644.3 | 0 | -1077.8 | -5.4 | 5.4 | 9.1 |
| Debt to Equity ⓘ | 4.2 | 47.8 | -3.8 | -1 | -0.9 | -0.7 | -0.7 | 9.4 | 31.9 | 5128.1 | - |
| Working Cap Days ⓘ | 565 | 763 | 2,344 | 5,628 | 9,146 | 3,44,270 | 0 | 1,41,711 | 3,409 | 1,809 | 1,012 |
| Cash Conv. Cycle ⓘ | 223 | 445 | 1,663 | 4,176 | 7,586 | 3,08,521 | 0 | 1,25,098 | 3,032 | 1,579 | 872 |
Return on Equity has increased versus last 3 years average to 104.20%
Sales growth is good in last 4 quarters at 110.95%
Sales growth has been subdued in last 3 years 0.00%
Net Profit has been subdued in last 3 years 0.00%
Debt to equity has increased versus last 3 years average to 5128.05
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.4 | 0.4 |
| TTM Sales (₹ Cr.) | 354 | 355 |
| BVPS (₹.) ⓘ | 0.7 | 0.3 |
| Reserves (₹ Cr.) ⓘ | -114 | -147 |
| P/BV ⓘ | 38.40 | 82.66 |
| PE ⓘ | 73.05 | 74.28 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 10.71 / 34.04 |
| All Time Low / High (₹) | 0.72 / 311.84 |
| Market Cap (₹ Cr.) | 2,339 |
| Equity (₹ Cr.) | 174.9 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 73.1 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,782 | 2,492 | 850 | 255 | 98 | 2 | 0 | 4 | 229 | 451 |
| Operating Expenses ⓘ | 2,668 | 2,411 | 1,436 | 3,382 | 770 | 852 | 254 | 2,588 | 241 | 446 |
| Manufacturing Costs | 517 | 357 | 326 | 143 | 51 | 13 | 2 | 16 | 70 | 165 |
| Material Costs | 1,875 | 1,783 | 553 | 100 | 43 | 8 | 5 | 7 | 128 | 207 |
| Employee Cost | 95 | 103 | 104 | 88 | 86 | 11 | 4 | 4 | 26 | 35 |
| Other Costs ⓘ | 181 | 167 | 452 | 3,051 | 589 | 820 | 242 | 2,560 | 18 | 39 |
| Operating Profit ⓘ | 114 | 81 | -586 | -3,127 | -672 | -850 | -254 | -2,584 | -12 | 5 |
| Operating Profit Margin (%) | 4.1% | 3.3% | -69.0% | -1,227.4% | -683.0% | -41,062.3% | - | -58,869.7% | -5.3% | 1.2% |
| Other Income ⓘ | 72 | 80 | 21 | 9 | 47 | 47 | 0 | 2,548 | 14 | 24 |
| Interest ⓘ | 421 | 609 | 867 | 1,021 | 1,106 | 1,480 | 1,495 | 0 | 0 | 2 |
| Depreciation ⓘ | 34 | 53 | 51 | 27 | 20 | 16 | 10 | 7 | 5 | 7 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -270 | -500 | -1,483 | -4,167 | -1,751 | -2,300 | -1,758 | -43 | -4 | 20 |
| Tax ⓘ | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10 |
| Profit After Tax | -270 | -501 | -1,483 | -4,167 | -1,751 | -2,300 | -1,758 | -43 | -4 | 29 |
| PAT Margin (%) | -9.7% | -20.1% | -174.0% | -1,635.4% | -1,782.5% | -1,11,085.1% | - | -971.0% | -1.8% | 6.5% |
| Adjusted EPS (₹) | -23.5 | -43.5 | -128.0 | -361.0 | -152.0 | -199.0 | -152.0 | -0.6 | -0.1 | 0.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 621 | 101 | -1,384 | -5,550 | -7,293 | -9,597 | -11,347 | 181 | 57 | 0 |
| Share Capital ⓘ | 47 | 22 | 22 | 22 | 22 | 22 | 22 | 155 | 155 | 146 |
| Reserves ⓘ | 575 | 79 | -1,406 | -5,572 | -7,315 | -9,619 | -11,369 | 26 | -98 | -146 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 2,178 | 3,636 | 3,237 | 3,495 | 3,935 | 4,492 | 4,806 | 1,690 | 1,803 | 1,916 |
| Long Term Debt | 1,301 | 664 | 29 | 0 | 0 | 0 | 0 | 1,650 | 1,729 | 1,857 |
| Short Term Debt | 876 | 2,971 | 3,208 | 3,495 | 3,935 | 4,492 | 4,806 | 40 | 74 | 59 |
| Trade Payables | 1,289 | 448 | 421 | 489 | 510 | 523 | 534 | 56 | 124 | 106 |
| Others Liabilities ⓘ | 1,042 | 1,794 | 3,192 | 4,289 | 5,264 | 6,235 | 7,410 | 260 | 301 | 319 |
| Total Liabilities ⓘ | 5,130 | 5,979 | 5,466 | 2,722 | 2,416 | 1,653 | 1,402 | 2,187 | 2,285 | 2,341 |
Fixed Assets | ||||||||||
| Gross Block | 346 | 432 | 432 | 425 | 424 | 425 | 427 | 428 | 420 | 381 |
| Accumulated Depreciation | 185 | 271 | 320 | 341 | 366 | 383 | 394 | 401 | 389 | 348 |
| Net Fixed Assetsⓘ | 160 | 162 | 113 | 84 | 58 | 42 | 32 | 27 | 31 | 33 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investmentsⓘ | 87 | 87 | 24 | 7 | 7 | 7 | 7 | 7 | 7 | 8 |
| Inventories | 289 | 205 | 110 | 50 | 42 | 39 | 31 | 25 | 73 | 72 |
| Trade Receivables | 3,302 | 4,197 | 3,981 | 2,359 | 2,106 | 1,359 | 1,129 | 1,891 | 1,990 | 2,023 |
| Cash Equivalents | 70 | 37 | 32 | 34 | 25 | 24 | 23 | 85 | 32 | 40 |
| Others Assetsⓘ | 1,221 | 1,292 | 1,206 | 188 | 178 | 182 | 180 | 152 | 151 | 165 |
| Total Assets ⓘ | 5,130 | 5,979 | 5,466 | 2,722 | 2,416 | 1,653 | 1,402 | 2,187 | 2,285 | 2,341 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -1,098 | -1,591 | 261 | 889 | -10 | -1 | 1,479 | -100 | -36 | -19 |
| PBT ⓘ | -270 | -500 | -1,483 | -4,167 | -1,751 | -2,300 | -1,758 | -43 | -4 | 20 |
| Adjustment ⓘ | 352 | 569 | 931 | 1,033 | 1,659 | 2,231 | 1,732 | 5 | 7 | 22 |
| Changes in Working Capital ⓘ | -1170 | -1653 | 826 | 4022 | 82 | 68 | 1506 | -62 | -39 | -61 |
| Tax Paid ⓘ | -11 | -8 | -13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Investing Activity ⓘ | -83 | -95 | 154 | -341 | 0 | 0 | 0 | 0 | -11 | -7 |
| Capex | -11 | -14 | -2 | -7 | 0 | 0 | 0 | -1 | -12 | -8 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -72 | -81 | 157 | -334 | 0 | 0 | 0 | 1 | 1 | 1 |
| Cash Flow From Financing Activityⓘ | 1,170 | 441 | -487 | -919 | 0 | 0 | -1,481 | 170 | -7 | 34 |
| Net Proceeds from Shares ⓘ | 120 | 0 | 0 | 0 | 0 | 0 | 0 | 170 | 0 | 51 |
| Net Proceeds from Borrowing ⓘ | 1,420 | 101 | 174 | 157 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -351 | -544 | -825 | -991 | 0 | 0 | -1,494 | 0 | 0 | -1 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -19 | 884 | 164 | -85 | 0 | 0 | 13 | 0 | -6 | -15 |
| Net Cash Flow ⓘ | -12 | -1,246 | -72 | -372 | -9 | -1 | -2 | 70 | -53 | 8 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -40.12 | -143.62 | N/A | N/A | N/A | N/A | N/A | 0 | -4.48 | N/A |
| ROCE (%) | 5.73 | 2.64 | N/A | N/A | N/A | N/A | N/A | 0 | -0.19 | N/A |
| Asset Turnover Ratio | 0.6 | 0.45 | 0.15 | 0.06 | 0.04 | 0 | 0 | 0 | 0.1 | 0.2 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.66 | Working Capital Days |
| Receivable Days | 392 | 545 | 1,744 | 4,520 | 8,296 | 0 | 0 | 0 | 3,090 | 1,623 |
| Inventory Days | 49 | 36 | 67 | 114 | 170 | 7,143 | 0 | 2,314 | 77 | 58 |
| Payable Days | 290 | 178 | 287 | 1,668 | 4,271 | 0 | 0 | 0 | 257 | 203 |
Jyoti Structures Limited (JSL) was incorporated as a private limited company on May 27, 1974. The company began commercial operations in 1979 with the opening of the first manufacturing facility at Nashik, not long after that Tata Exports decided to invest into the ownership of the company as they were looking for a reliable supplier of towers for their transmission line business. This gave JSL an opportunity to work on international projects right from the beginning of their operations.Jyoti Structures is solution provider in area of high voltage power transmission lines and Substations. The company is incorporated in 1976, presently operates in 40 countries. The company provides wide range of services from design, engineering consulting, tower testing, manufacturing, construction and project management.
The company’s corporate office is located in Mumbai and manufacturing units in Nashik and Raipur. It has a combined capacity of 76,000 MT of transmission line towers. It company owns domestic towers testing station at Ghoti, Igatpuri.
The company has subsidiaries namely JSL Structures, JSL Corporate Services, Shree Chhatrapati Shahu Power Company and Jyoti Structures Africa (Pty). The company has entered into joint venture with Gulf Investment Corporation (GIC) to form Gulf Jyoti International LLC. This unit will have manufacturing capacity of 33,000 MT.
The company’s manufacturing units has been accredited with various certifications such as ISO 9001, ISO 140001 and OHSAS 18001:1999.
Milestones
May 1974 - Incorporated as Jyoti Structurers Private Limited April
1979 - Commenced commercial production at our Nashik factory September
1988 - Entered into our first turnkey contract with the Maharashtra State Electricity Board February
1989 - Made an initial public offering of 9,20,000 Equity Shares of Rs. 10/- each at a premium of Rs. 5/- per Equity Share aggregating Rs. 13.8 million.
April 1989 - Listed on the BSE
July 1995 - Listed on the NSE
March 1993 - Commissioned a manufacturing unit at Urla Industrial Area, Raipur.
December 1996 - Set up an in-house tower testing facility at Ghoti, Igatpuri.
June 2005 - Established a joint venture company in Dubai viz. Gulf Jyoti International LLC (GJI) where we have a 30% equity stake.
September 2006 - Incorporated a subsidiary in South Africa viz. Jyoti Structures Africa Pty. Limited where we have a 70% equity stake.
March 2010 - Became the first company in India to test a 1200kV tower
December 2010 - Board of Directors approved the investment in Jyoti Holdings Inc., a corporation established under the laws of Delaware, the U.S.A. Consequently, Jyoti Americas LLC, a subsidiary of Jyoti Holdings Inc. will become our indirect subsidiary.
2010 - Became the first company in India to test a 1200kV tower
2011 - Started Manufacturing Operation in Texas,USA
Jyoti Structures has collaborated with Lauren Engineers and Construction Ltd. by acquiring 50% equity stake in the company.
Awards
1996-1997 - Certificate of Merit from Government of India, Ministry of Commerce for outstanding export performance in Capital goods exports.
1998-1999 - Certificate of Merit by India Trade Promotion Organisation for the second highest exports to Latin American Countries during
1998-99 in the category of ‘Engineering, Metallurgical and Electronic Products’ 1999 - National Export Awards for the year 1996-97 and 1997-98
2000 - Certificate of Export Excellence
2002 - Awards for Export Excellence by Engineering Export Promotion Council
2010 - Received an award from ESKOM for 500,000 incident free man hours worked on 765kV project
2010 - Received ‘Excellent Health and Safety Award’ from ESKOM, a power utility of South Africa for achieving 3.5 million man-hours worked without having a lost time injury
1996-1997 - Certificate of Merit from Government of India, Ministry of Commerce for outstanding export performance in Capital goods exports.
1998-1999 - Certificate of Merit by India Trade Promotion Organisation for the second highest exports to Latin American Countries during
1998-99 in the category of ‘Engineering, Metallurgical and Electronic Products’ 1999 - National Export Awards for the year
1996-97 and 1997-98 2000 - Certificate of Export Excellence The company received Award for Export Excellence from Engineering Export Promotion Council, India for achieving highest exports performance during 2000-01 amongst Non-SSI exporters in the panel Fabricated Steel Structures.
2002 - Awards for Export Excellence by Engineering Export Promotion Council
The company received Capital Goods Export Award from Government of India.
2010- Received an award from ESKOM for 500,000 incident free man hours worked on 765kV project.
Received ‘Excellent Health and Safety Award’ from ESKOM, a power utility of South Africa for achieving 3.5 million man-hours worked without having a lost time injury .
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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