Jai Balaji Industries’ Q2 profit rises to Rs 77.22 crore

Jai Balaji Industries Limited reported net profit of Rs 77.22 crore for the quarter ended 30 September 2026, compared with Rs 26.48 crore a year earlier, as revenue from operations rose 22% to Rs 1,652.12 crore. Profit before tax increased to Rs 99.54 crore from Rs 39.79 crore in the comparable quarter.

How did Jai Balaji Industries perform in the September quarter?

Jai Balaji Industries increased September-quarter net profit by 192% year on year to Rs 77.22 crore, while revenue from operations increased by Rs 298.77 crore to Rs 1,652.12 crore. Total income rose to Rs 1,666.10 crore from Rs 1,366.84 crore, with other income at Rs 13.98 crore against Rs 13.49 crore in the quarter ended 30 September 2025.

Profit before tax rose by Rs 59.75 crore to Rs 99.54 crore, and total comprehensive income was also Rs 77.22 crore because no other comprehensive income was reported in the quarter. Basic and diluted earnings per share, or EPS, were Rs 0.85 each, compared with Rs 0.29 each a year earlier. The standalone results were unaudited, and the statutory auditor issued an unmodified limited-review conclusion.

Sequentially, revenue from operations declined by Rs 30.47 crore from Rs 1,682.59 crore in the quarter ended 30 June 2026. Net profit declined by Rs 8.01 crore from Rs 85.23 crore in that preceding quarter, while profit before tax fell from Rs 109.28 crore. The year-on-year comparison nevertheless shows a higher September-quarter profit before tax than the Rs 39.79 crore reported in 2025.

What drove Jai Balaji Industries’ year-on-year profit increase?

Jai Balaji Industries’ profit before tax increased because total income rose by Rs 299.26 crore, exceeding the Rs 239.51 crore increase in total expenses. Expenses reached Rs 1,566.56 crore in the quarter ended 30 September 2026, compared with Rs 1,327.05 crore a year earlier. Neither period included an exceptional item.

Cost of materials consumed, the largest expense line, increased by Rs 203.72 crore to Rs 1,158.17 crore. Other expenses rose by Rs 54.23 crore to Rs 314.35 crore, while employee benefits expense increased by Rs 8.24 crore to Rs 49.25 crore. Changes in inventories were a Rs 1.94 crore credit, compared with a Rs 17.11 crore expense a year earlier.

Finance cost was Rs 14.72 crore, marginally above Rs 14.52 crore in the prior-year quarter, and depreciation and amortisation was Rs 32.01 crore against Rs 31.11 crore. Total tax expense increased to Rs 22.32 crore from Rs 13.31 crore, including a deferred-tax charge of Rs 25.17 crore. The current-tax line was a Rs 2.85 crore credit in the September 2026 quarter.

What do Jai Balaji Industries’ half-year results and balance sheet show?

Jai Balaji Industries reported six-month revenue from operations of Rs 3,334.71 crore for the period ended 30 September 2026, up 23% from Rs 2,710.52 crore a year earlier, while net profit rose to Rs 162.45 crore from Rs 97.03 crore. Profit before tax increased to Rs 208.82 crore from Rs 134.47 crore, and basic and diluted EPS were Rs 1.78 each, compared with Rs 1.06 each.

Materials consumed increased by Rs 411.26 crore to Rs 2,379.06 crore in the first half, while other expenses rose by Rs 78.60 crore to Rs 597.17 crore. Finance cost moved in the other direction, declining to Rs 28.59 crore from Rs 32.19 crore. The company reported one operating segment, manufacturing steel products, so the filing does not give sales or profit by individual product category.

Total assets stood at Rs 4,134.99 crore at 30 September 2026, compared with Rs 4,077.46 crore at 31 March 2026, while equity increased to Rs 2,420.02 crore from Rs 2,257.56 crore. Capital work in progress rose by Rs 135.39 crore to Rs 429.86 crore, whereas property, plant and equipment declined by Rs 45.36 crore to Rs 1,510.94 crore. Inventories fell by Rs 133.96 crore to Rs 1,284.66 crore and trade receivables declined by Rs 19.56 crore to Rs 310.62 crore.

What did Jai Balaji Industries’ cash flow and borrowings reveal?

Jai Balaji Industries generated net operating cash flow of Rs 92.61 crore in the six months ended 30 September 2026, compared with Rs 134.80 crore in the prior-year half, despite operating profit before working-capital changes increasing to Rs 288.07 crore from Rs 174.94 crore. A Rs 290.46 crore movement in trade payables, other liabilities and provisions was recorded, compared with Rs 38.25 crore in the previous year’s period.

Inventory movements released Rs 135.40 crore of cash in the first half, whereas inventories used Rs 59.28 crore in the year-earlier period. Trade receivables generated Rs 7.29 crore of cash, below Rs 183.18 crore a year earlier. The cash-flow statement also included Rs 130.07 crore of irrecoverable debts and advances written off and a Rs 124.61 crore allowance for expected credit losses.

Investing activities used Rs 86.65 crore, including Rs 85.33 crore spent on property, plant and equipment, compared with Rs 93.84 crore used in the prior-year half. Financing activities generated Rs 55.68 crore against an outflow of Rs 125.99 crore, as borrowing proceeds of Rs 206.57 crore exceeded repayments of Rs 122.77 crore. Cash and cash equivalents consequently increased by Rs 61.64 crore during the half to Rs 63.58 crore.

Non-current borrowings rose to Rs 99.33 crore at 30 September 2026 from Rs 40.93 crore at 31 March 2026, while current borrowings increased to Rs 391.07 crore from Rs 365.68 crore. Trade payables other than those due to micro and small enterprises declined to Rs 487.82 crore from Rs 782.68 crore. Deferred-tax liabilities increased to Rs 121.18 crore from Rs 75.34 crore over the same period.

Conclusion

Jai Balaji Industries reported higher year-on-year September-quarter revenue and profit, with net profit reaching Rs 77.22 crore on revenue from operations of Rs 1,652.12 crore. The first-half figures also showed higher earnings, lower inventories and receivables, but lower operating cash flow than the prior-year half alongside higher current and non-current borrowings.

The next disclosed matter to watch is Jai Balaji Industries’ plan to explore investments in West Bengal and other regions over coming years. Management identified specialised alloy and steel for railway, defence and aerospace applications, precision engineering, aluminium and copper alloys and downstream products, and conventional and renewable power; the filing did not disclose a capital budget, project timeline or binding collaboration.