1. At a Glance – The Shock, The Awe, The Confusion
Jyoti Structures Ltd is that old Bollywood actor who disappeared for a decade, returned with a beard, gym body, and says “main badal gaya hoon.” Incorporated in 1974, once a respected power transmission EPC name, then brutally wrecked by debt, NCLT drama, and working-capital hell, Jyoti is now back on the stock market stage with ₹214 Cr Q3 FY26 revenue, ₹17 Cr quarterly PAT, and an order book north of ₹1,800 Cr.
Sounds spicy? Wait.
- Market Cap: ₹1,082 Cr
- Stock Price: ₹9.06
- 3-Month Return: -34% (investors clearly not convinced yet)
- Sales (TTM): ₹680 Cr
- PAT (TTM): ₹49.8 Cr
- Debt: ₹1,958 Cr (yes, still heavy)
- ROCE: 1.61% (this number needs therapy)
- Debt to Equity: 3.85x (bankers still sitting on the chest)
Yet… Q3 sales up 52% YoY, profit up 48% YoY, execution improving, plants restarting, HVDC orders flowing in.
So what is this?
A genuine turnaround… or just a high-voltage illusion?
Let’s put on the auditor glasses and open the fuse box.
2. Introduction – Once Burnt, Twice Wired
If Indian infrastructure had a list of “companies that went through hell and came back with scars,” Jyoti Structures Limited would feature prominently.
This company has lived three lives:
- Pre-2016: Aggressive EPC expansion, global projects, debt-fueled growth
- 2017–2021: Total financial collapse, NCLT, massive write-offs, negative net worth
- Post Resolution: Rights issue, lender haircuts, business restart, slow crawl to profitability
Now in FY26, Jyoti is again building 765 kV and ±800 kV HVDC transmission lines, supplying towers, executing turnkey EPC, and testing towers for global clients.
But don’t clap yet.
This is still a working-capital monster business, margins are thin, receivables are insane, and ROCE is embarrassing for an EPC company.
So the real question is not “Is Jyoti growing?”
The real question is: Can Jyoti convert orders into
cash without blowing a fuse again?
3. Business Model – WTF Do They Even Do?
Jyoti Structures is basically an electricity highway contractor.
If power is the blood of the economy, Jyoti builds the arteries.
Their 6 Core Verticals (Explained Like You’re Lazy but Smart)
- Transmission Lines (66 kV to 800 kV)
High-voltage towers, conductor stringing, foundations, full EPC. This is the main money spinner. - HVDC Projects (±800 kV)
Ultra-high voltage, long-distance power evacuation. Fewer players, higher technical entry barrier, better credibility if executed well. - Substations (Up to 765 kV)
Design, engineering, erection, testing, commissioning. Sticky business but cash flows come late. - Tower Manufacturing
Nashik plants manufacture EHV towers, telecom towers, substation structures. - Tower Testing (Ghoti R&D Centre)
This is underrated. Over 450 towers tested up to 1200 kV. International-grade facility. High credibility, decent margins. - Rural Electrification
Distribution lines, poles, substations, village electrification. Volume business, low margins.
Client list check:
PGCIL, Adani, Vedanta, ReNew, Torrent, Apraava – no random uncle companies here.
So business model = technically strong, execution-heavy, cash-flow risky EPC.
Question for you: Technical excellence hai, par paisa time pe milega?
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Result Type Detection (LOCKED)
Latest announcement clearly states: “Quarterly Results for Q3 FY26”
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