1. Opening Hook
India wants to become a manufacturing superpower, and Jyoti CNC wants to sell it the machines to do exactly that.
While everyone else is still debating capex cycles, Jyoti is already running at 88% utilization and complaining about having too many orders.
Defense, aerospace, EMS, Europe, Atmanirbhar — management ticked every buzzword box without sounding completely delusional.
Margins held strong, cash flows finally turned positive, and capacity expansion promises are flying thicker than CNC spindles.
But here’s the catch: growth is literally capped till September 2026, employee costs have exploded, and management casually says 100%+ utilization is possible like it’s a weekend hobby.
Read on — this concall is part confidence, part capacity math, part Vadapao optimism.
2. At a Glance
- Revenue up 17.9% – Solid growth, but throttled by capacity, not demand.
- H1 revenue up 15.8% – First half slow, second half doing the heavy lifting.
- EBITDA margin 24.5% – Employee costs rose, margins refused to panic.
- Order intake ₹619 cr – More orders than machines to build them.
- Order book ₹4,546 cr – Two years of visibility, one year of bottleneck.
- Capacity utilization 88% – Factory running hotter than investor expectations.
- PAT up 13% – Profits growing, but not sprinting.
3. Management’s Key Commentary
“Indian CNC machine tool demand is ~$3.5 billion, 60% still imported.”
(Translation: Import substitution = lifetime opportunity 😏)
“We are expanding capacity from 6,000 to 16,000 machines per annum.”
(Translation: Current factory is officially exhausted)
“Capacity utilization stood at 88% this quarter.”
(Translation: No room to breathe)
“Order book stands at ₹4,546 crores.”
(Translation: Demand is not the problem)
“Aerospace and defense contributed 36% of Q2 revenue.”
(Translation: Guns and planes pay well)
“Huron capacity has doubled from €30–32m to €70–75m.”
(Translation: Europe is back in
