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Jyoti Structures Ltd (JYOTISTRUC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513250 NSE: JYOTISTRUC Transmission Towers / Equipments | Small Cap | Jyoti Structures Share Price

₹11.92 -0.13 (-1.08%)

As on 24-Jun'26 16:59

Jyoti Structures Ltd (JYOTISTRUC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513250 NSE: JYOTISTRUC Transmission Towers / Equipments | Small Cap | Jyoti Structures Share Price

₹11.92 -0.13 (-1.08%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,423 Cr.
Current Price
₹11.9
52-Week Low / High
₹8 / 21
TTM EPS
₹0.5
TTM Sales
₹751 Cr.
Book Value per Share
₹4.2
P/E Ratio
25.39
Higher than its 5-year historical median
Industry PE
29.1
Price to Book (P/B)
2.85
Lower than its 5-year historical median
Price to Sales (P/S)
1.89
Lower than its 5-year historical median
EV/EBITDA
46.59
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
12.67%
In line with industry median
Return on Capital Employed (ROCE)
1.59%
In line with industry median
Return on Assets (ROA)
1.34%
Operating Profit Margin
7.4%
Net Profit Margin
7.19%
Gross Profit Margin
8.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.29%
Operating Profit Growth (1 Year)
-
593.76%
Net Profit Growth (1 Year)
-
21.64%
Asset Quality
Promoter Holding
0.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹261 Cr.
Equity
₹238.7 Cr.
Face Value
₹2
All Time Low / High
₹0.65 / 279.27

Jyoti Structures stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Jyoti Structures Ltd a good quality company?
Jyoti Structures Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Jyoti Structures Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Jyoti Structures Ltd vs industry peers?
Jyoti Structures Ltd revenue CAGR is 199.38%, compared to the industry median CAGR of -10.91%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Jyoti Structures Ltd?
Promoters hold 0.00% of the Jyoti Structures Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Jyoti Structures Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 4.4% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Jyoti Structures Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 2.6%-13.9%-155.2%0%0%0%0%-0.2%1.2%1.6%-
Value Creation
Index
-0.8NANANANANANA-1.0-0.9-0.9-

Growth Parameters

Sales 2,49285025598.22.104.4229451498751
Sales YoY Gr.--65.9%-70%-61.5%-97.9%-100%NA5,121.6%96.9%10.3%-
Adj EPS -41.7-110.9-323.2-138.3-181.3-136-0.6-0.20.30.30.5
YoY Gr.-NANANANANANANANA0%-
BVPS (₹) 7.9-107.6-431.5-566.9-746-882.12.10.4-0.14.84.2
Adj Net
Profit
-536-1,427-4,158-1,780-2,332-1,749-47.3-12.524.435.156
Cash Flow from Ops. -1,591261889-9.8-1.31,479-99.5-36-19.3-177-
Debt/CF from Ops. -3.120.26.4-648.4-5463.35-17-50.1-99.1-11.3-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -16.4%199.4%384%10.3%
Adj EPS NANANA0%
BVPS-5.3%NA33%NA
Share Price 4.1% 14.2% 20.9% -37.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-147223.1119.927.727.616.70.9-10.576.611.810.4
Op. Profit
Mgn %
3.3-59.3-1220.9-683.7-41062.30-986-5.31.27.46.4
Net Profit
Mgn %
-21.5-167.9-1632-1811.7-112644.30-1077.8-5.45.47.17.5
Debt to
Equity
47.8-3.8-1-0.9-0.7-0.79.431.9-245.33.53.9
Working Cap
Days
7642,3445,6289,1463,44,27001,41,7113,4091,8091,720697
Cash Conv.
Cycle
4451,6634,1767,5863,08,52101,22,8563,0321,5791,482600

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2,49285025598204229451498
Operating Expenses + 2,4111,4363,38277085225448241446461
Manufacturing Costs35732614351132-170165159
Material Costs1,78355310043857128207197
Employee Cost 10310488861144263549
Other Costs 1674523,05158982024237183956
Operating Profit 81-586-3,127-672-850-254-43-12537
Operating Profit Margin (%) 3.3%-69.0%-1,227.4%-683.0%-41,062.3%--986.0%-5.3%1.2%7.4%
Other Income + 8021947470814248
Exceptional Items 0000000000
Interest 6098671,0211,1061,4801,4950020
Depreciation 5351272016107579
Profit Before Tax -500-1,483-4,167-1,751-2,300-1,758-43-42036
Tax 1-0-000000-10-0
Profit After Tax -501-1,483-4,167-1,751-2,300-1,758-43-42936
PAT Margin (%) -20.1%-174.0%-1,635.4%-1,782.5%-1,11,085.1%--971.0%-1.8%6.5%7.2%
Adjusted EPS (₹)-38.9-115.0-323.0-136.0-178.0-136.0-0.6-0.10.40.3
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Jyoti Structures - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 101-1,384-5,550-7,293-9,597-11,34718157-8573
Share Capital 222222222222155155146238
Reserves 79-1,406-5,572-7,315-9,619-11,36926-98-154335
Debt +3,6363,2373,4953,9354,4924,8061,6901,8031,9161,996
Long Term Debt6642900001,6501,7291,8571,875
Short Term Debt2,9713,2083,4953,9354,4924,806407459121
Minority Interest0000000000
Trade Payables44842148951052353456124106132
Others Liabilities 1,7943,1924,2895,2646,2357,410260301327297
Total Liabilities 5,9795,4662,7222,4161,6531,4022,1872,2852,3412,997

Fixed Assets

Net Fixed Assets +1621138458423227313342
Gross Block432432425424425427428420381365
Accumulated Depreciation271320341366383394401389348323
CWIP 0000000012
Investments 872477777788
Inventories2051105042393125737294
Trade Receivables4,1973,9812,3592,1061,3591,1291,8911,9902,0232,137
Cash Equivalents 373234252423853240514
Others Assets 1,2921,206188178182180152151165201
Total Assets 5,9795,4662,7222,4161,6531,4022,1872,2852,3412,997

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -1,591261889-10-11,479-100-36-19-177
PBT -500-1,483-4,167-1,751-2,300-1,758-43-42036
Adjustment 5699311,0331,6592,2311,73257149
Changes in Working Capital -1653826402282681506-62-39-54-222
Tax Paid -8-13-00000000
Cash Flow From Investing Activity + -95154-341000-0-11-7-13
Capex -14-2-7000-1-12-8-18
Net Investments 0000000000
Others -81157-3340001115
Cash Flow From Financing Activity + 441-487-91900-1,481170-734615
Net Proceeds from Shares -000000170051674
Net Proceeds from Borrowing 1011741570000000
Interest Paid -544-825-99100-1,4940-0-1-0
Dividend Paid 0000000000
Others 884164-8500130-6-15-59
Net Cash Flow -1,246-72-372-9-1-270-538425

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-143.62N/AN/AN/AN/AN/A0-4.48N/A12.67
ROCE (%)2.64N/AN/AN/AN/AN/A0-0.19N/A1.59
Asset Turnover Ratio0.450.150.060.040000.10.20.19
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/AN/A-0.66-4.92
Working Capital Days
Receivable Days544.601,743.904,520.208,295.600003,090.401,622.601,524.90
Inventory Days35.9067.20114.10170.307,143.1002,313.6077.5058.4060.90
Payable Days177.80286.701,668.104,271.40000257.50203.20220.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Jyoti Structures Ltd FAQs

The current trading price of Jyoti Structures on 24-Jun-2026 16:59 is ₹11.92.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of Jyoti Structures stood at ₹1,422.8 Cr

The latest P/E ratio of Jyoti Structures as of 23-Jun-2026 is 25.39.

The latest P/B ratio of Jyoti Structures as of 23-Jun-2026 is 2.85.

The 52-week high of Jyoti Structures is ₹20.62 and the 52-week low is ₹7.92.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Jyoti Structures is ₹751 ( Cr.) .

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 Fair 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.

About Jyoti Structures Ltd

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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