JTL net debt rises to Rs 233 crore after lower cash balances

JTL Industries Limited reported net debt of Rs 233 crore at 30 September 2026, up from Rs 199.5 crore at 31 March 2026. The increase reflected an Rs 85 crore investing-activity outflow and a lower cash balance in the capital-structure disclosure, despite Rs 109.5 crore of operating cash flow during H1 FY27.

Why did JTL's net debt increase in H1 FY27?

JTL's net debt increased by Rs 33.5 crore in H1 FY27, from Rs 199.5 crore in March 2026 to Rs 233 crore in September 2026. Total debt rose by Rs 17.4 crore to Rs 261.5 crore, while the cash figure used in the capital-structure table declined by Rs 16 crore to Rs 28.5 crore. Together, those changes match the increase in net debt disclosed by JTL.

The H1 FY27 net-debt bridge begins with net debt of Rs 199.5 crore and ends at Rs 233 crore. It records Rs 109.5 crore of operating cash flow, an Rs 41.9 crore working-capital movement, Rs 17.6 crore of tax paid and an Rs 85 crore investing-activity outflow. The bridge also includes Rs 16.5 crore of changes in bank balances, an Rs 17.5 crore change in debt and Rs 2.5 crore of financing activity.

How was JTL's debt structured at September 2026?

JTL's borrowings were predominantly short term at 30 September 2026. Short-term debt was Rs 232.1 crore, representing about 89% of total debt of Rs 261.5 crore, while long-term debt was Rs 29.4 crore. From 31 March 2026, short-term debt increased from Rs 214.1 crore and long-term debt decreased from Rs 30 crore.

The balance sheet separately recorded current borrowings of Rs 232.1 crore and non-current borrowings of Rs 29.4 crore at September 2026. It listed cash and cash equivalents of Rs 2.3 crore and other bank balances of Rs 26.3 crore, which together broadly correspond to the Rs 28.5 crore cash figure in the capital-structure table. At March 2026, the corresponding balance-sheet figures were Rs 34.8 crore and Rs 9.8 crore.

JTL's total equity increased by Rs 61.3 crore over the six months to Rs 1,583.1 crore at September 2026. Its reported net-debt-to-equity ratio remained 0.1 times, unchanged from March 2026, even as net debt increased. Other equity rose to Rs 1,504.9 crore from Rs 1,447.3 crore, while equity share capital stayed at Rs 39.3 crore.

What did cash flow and working capital contribute in H1 FY27?

JTL's net-debt bridge reports operating cash flow of Rs 109.5 crore for H1 FY27, the same amount as its reported earnings before interest, tax, depreciation and amortisation, or EBITDA, for the half year. The presentation reported a cash-flow-from-operations-to-EBITDA ratio of 0.5 in H1 FY27, compared with 1.1 in FY26. The presentation identifies selected H1 FY27 ratio measures with an asterisk as annualised.

Working-capital movement was an Rs 41.9 crore outflow in the net-debt bridge. On the balance sheet, inventories increased by Rs 46.9 crore to Rs 317.9 crore between March and September 2026, while trade receivables fell by Rs 35 crore to Rs 379.3 crore. Trade payables declined by Rs 57.1 crore to Rs 86.6 crore during the same period.

JTL reported annualised net working-capital days of 83 in H1 FY27, down from 92 in FY26 but above 80 in FY25 and 57 in FY24. Receivables days fell to 54 from 59 in FY26 and inventory days decreased to 47 from 49. Payable days increased to 19 from 17, despite the lower absolute trade-payables balance at the September 2026 reporting date.

How did JTL's earnings and debt metrics change?

JTL's revenue from operations increased 37.2% year on year to Rs 1,335.4 crore in H1 FY27, while EBITDA increased 88.7% to Rs 109.5 crore. EBITDA margin rose to 8.2% from 6.0% in H1 FY26. Profit after tax was Rs 64.3 crore, up 66.2% from Rs 38.7 crore, and included Rs 2.78 crore of additional non-cash depreciation arising from the March 2026 asset revaluation at JTL Defence.

Finance costs rose to Rs 10 crore in H1 FY27 from Rs 4 crore in H1 FY26. JTL reported interest coverage of 9.0 in H1 FY27, compared with 11.9 in FY26, while net debt to EBITDA was 1.1 times versus 1.3 times in FY26. The presentation marks the H1 FY27 net-debt-to-EBITDA figure as annualised.

In Q2 FY27, revenue was Rs 613.8 crore, below Rs 721.6 crore in Q1 FY27 but above Rs 429.3 crore in Q2 FY26. Q2 EBITDA was Rs 50.8 crore, compared with Rs 58.7 crore in Q1 FY27 and Rs 34.7 crore in Q2 FY26. The EBITDA margin was 8.3% in Q2 FY27, up from 8.1% in Q1 FY27 and Q2 FY26.

Conclusion

JTL ended H1 FY27 with Rs 233 crore of net debt after total debt increased to Rs 261.5 crore and the capital-structure cash balance declined to Rs 28.5 crore. Operating cash flow of Rs 109.5 crore and higher EBITDA were offset in the net-debt bridge by the Rs 41.9 crore working-capital movement, Rs 17.6 crore of tax paid and Rs 85 crore of investing activity.

The next disclosure to watch is the composition and continuation of investing activity, which the H1 FY27 bridge reports as an Rs 85 crore outflow without a project-level breakdown. Short-term debt of Rs 232.1 crore, annualised net working-capital days of 83 and interest coverage of 9.0 are also relevant measures for tracking changes in cash and funding after September 2026.