1. At a Glance
From the ashes of bankruptcy in 2017, Jyoti Structures Limited (JSL) is now throwing power lines and punchlines again. The company, once an NCLT case study, has somehow charged back with Q2FY26 revenue of ₹150.6 crore and PAT of ₹9.72 crore — proving that electricity isn’t the only thing this company knows how to generate.
At ₹12.1 per share, the market now values this phoenix at ₹1,446 crore. Not bad for a firm that once owed ₹7,400 crore and couldn’t power a bulb without a banker’s permission. In the last three months, the stock has dropped 22%, reminding investors that redemption arcs are never linear (and the stock market hates happy endings).
As per the Bhagavad Gita:“Even a sinner becomes holy through steady effort.”Maybe Lord Krishna was predicting Jyoti Structures’ resolution plan. With ROE at 13.3%, ROCE barely breathing at 1.6%, and zero promoter holding, the company is running on sheer institutional caffeine.
So buckle up — this is not just a turnaround story, it’s an electrifying one.
2. Introduction
Imagine being electrocuted by your own balance sheet. That was Jyoti Structures in 2017. The company was so debt-laden, even its transformers were under emotional stress. Then came the bankruptcy filing, followed by the NCLT-approved resolution plan — and now,voila!The zombie has rejoined the grid.
JSL’s turnaround is like watching your old Nokia 1100 suddenly become an iPhone 16. After nearly collapsing under ₹7,400 crore of debt, it’s down to ₹1,958 crore now. Credit where due — this revival is more impressive than most startup pivots in India.
Their latest quarter wasn’t just decent — it was proof that the company can still execute large power projects. With orders like ₹741 crore from PowerGrid and ₹639 crore turnkey EPC deals under its belt, JSL seems to be everywhere from Khavda to Bhadla, stringing wires faster than a Jio fiber rollout.
The irony? A company that once couldn’t keep its own lights on is now powering the nation.
3. Business Model – WTF Do They Even Do?
Jyoti Structures Limited (JSL) is an EPC (Engineering, Procurement, and Construction) player in the power transmission and distribution sector. Translation: they build massive metal towers and string up wires so electricity can travel long distances — basically India’s powerline plumbers.
Their offerings include:
- Transmission Lines:From 66 kV to 800 kV, including the 765 kV Khavda–Bhuj monster line.
- Substations:1,800+ bays commissioned — because transformers need homes too.
- Rural Electrification:Over 37,000 villages lit up — even Rahul Gandhi’s “Bharat Jodo” yatra couldn’t cover that many.
- Tower Testing:450+ lattice towers tested — yes, they literally stress test their metal like it’s an exam.
- Manufacturing:Their Nashik unit handles design to dispatch, recently restarting its second unit to double down on capacity (33,000 MT).
So basically, they’re the people behind the power lines that make your AC work in May. Without them, you’d be fanning yourself with your mutual fund statements.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 150.6 | 107.5 | 156.2 | +40.1% | -3.6% |
| EBITDA (₹ Cr) | 8.8 | 6.9 | 6.9 | +27.5% | +27.5% |
| PAT (₹ Cr) | 9.7 | 7.1 | 11.2 | +37.7% | -13.3% |
| EPS (₹) | 0.08 | 0.06 | 0.09 | +33.3% | -11.1% |
Annualised EPS = ₹0.32 → P/E ≈ 37.8x
Commentary:The profit margin may look thin, but remember — this company was dead six years ago. Now it’s doing ₹600+ crore annual sales with ₹44 crore PAT. Sure, margins are only 6.6%, but hey, even a toaster starts small before lighting up the room.
5. Valuation Discussion – Fair Value Range Only
Let’s keep it simple (and legal):
- P/E Method:EPS (TTM) = ₹0.37Industry P/E = 48.5Fair value range = ₹0.37 ×
- (25 to 45) =₹9.25 – ₹16.65
- EV/EBITDA Method:EV = ₹3,095 Cr; EBITDA (TTM) = ₹55 CrEV/EBITDA = 56.4× (yikes).Fair EV/EBITDA 20–35× → Fair value =₹10 – ₹18 range
- DCF (assuming steady 15% growth, discount 10%)gives intrinsic near ₹13–₹17.
📜Disclaimer:This fair value range is foreducational purposes onlyand isnot investment advice.
6. What’s Cooking – News, Triggers, Drama
If Jyoti Structures had a Netflix show, it would be titled“Shock Therapy: The Revival.”
In Q2FY26, the company reported strong order wins and operational milestones:
- ₹741 Crproject order from PowerGrid (Jan 2025)
- ₹639 CrEPC order for 765/400 kV lines (Aug 2025)
- ₹288 Cr+800kV Bhadla-Fatehpur line (Oct 2025)
Add to that, it restarted itssecond Nashik manufacturing unit, boosting capacity by 33,000 MT.
And because drama follows every turnaround, inOct 2025, they filed a case atNCLT Mumbai— this timeagainstlenders for breaching resolution terms. Imagine suing your old creditors for not keeping promises — talk about a role reversal.
Meanwhile, they raised ₹500 crore viarights issueand even settled1,149 NCDs worth ₹11.49 crorefor ₹4.12 crore. That’s like buying your old Ferrari back for scrap value.
Clearly, JSL has gone from “Please forgive my loans” to “Here, take my project orders.”
7. Balance Sheet
| Particulars | Mar’23 | Mar’24 | Sep’25 |
|---|---|---|---|
| Total Assets | ₹2,286 Cr | ₹2,350 Cr | ₹2,923 Cr |
| Net Worth (Equity + Reserves) | ₹25 Cr | ₹-172 Cr | ₹508 Cr |
| Borrowings | ₹1,803 Cr | ₹1,916 Cr | ₹1,958 Cr |
| Other Liabilities | ₹457 Cr | ₹459 Cr | ₹456 Cr |
| Total Liabilities | ₹2,286 Cr | ₹2,350 Cr | ₹2,923 Cr |
💡Three sarcastic takeaways:
- The company finally haspositivenet worth — we’ll take that as a national achievement.
- Borrowings are stable; maybe lenders are finally convinced this isn’t a “free electricity” scheme.
- Asset base expanded, meaning Jyoti’s not just turning current — it’s adding capacity.
8. Cash Flow – Sab Number Game
