Jai Balaji Industries has scheduled its 27th Annual General Meeting for September 24, 2026. The event will be conducted through Video Conferencing or Other Audio Visual Means in compliance with SEBI and MCA circulars.

The company fixed September 17, 2026 as the cut-off date to determine members eligible for electronic voting. The notice convening the AGM and the Annual Report for FY26 will be submitted in due course.

Meeting Details

• Date: September 24, 2026
• Time: 12:30 pm
• Mode: Video Conferencing / OAVM
• Voting Cut-off: September 17, 2026

E-Voting and Notice Distribution

Central Depository Services (India) Limited (CDSL) has been appointed to provide remote e-voting facilities to all members. The company will also offer e-voting during the AGM. Instructions for participating via VC and casting votes will be included in the AGM notice.

The AGM notice and Annual Report for FY26 will be emailed to members with registered email addresses with the company, Registrar and Share Transfer Agent (RTA) Maheshwari Datamatics Pvt. Ltd., or Depository Participants. Members without registered emails will receive a letter with a weblink to access these documents. The documents will also be available on the company website and stock exchange portals.

Members holding shares in physical form can register their email addresses by sending a request with their folio number, PAN card copy, Form ISR 1, and address proof to the RTA or company email. Demat shareholders should register with their respective Depository Participants.

Jai Balaji Industries delivered robust financial performance in the first quarter of FY27, reporting a 23% year-on-year increase in revenue from operations to ₹1,685.96 crore. The company’s net profit after tax rose by 21% to ₹85.23 crore, reflecting improved operational efficiencies and price normalization across its product portfolio. Adjusted EBITDA surged 46% year-on-year to ₹154 crore, significantly outpacing top-line growth due to margin expansion in specialized segments. Earnings per share (EPS) stood at ₹0.93, compared to ₹0.77 in the corresponding period of the previous year.

Financial performance overview

The table below outlines the key financial metrics for the quarter ended June 30, 2026, against the prior-year period. The Board of Directors approved these unaudited financial results on August 14, 2026.

Management attributed the strong performance to operational efficiencies and price normalization. While the reported operational EBITDA margin stood at 9%, the absolute improvement in earnings underscores healthy scalability. Value-added products accounted for 42% of total sales in Q1FY27, highlighting progress in product mix optimization. Specialized ferroalloys contributed around 27% of revenues, supported by premium realizations and long-term customer relationships.

Segment-wise revenue breakdown

During the earnings call, management provided a detailed breakdown of the ₹1,683 crore revenue figure:

• Specialized Ferroalloys: 27.33%
• Pig Iron: 19.13%
• TMT Bars: 14.83%
• Ductile Iron Pipes: 14.95%
• Sponge Iron: 7.4%
• Coke: 7%
• Billets: 3.54%
• Scrap and Fines: 1%

The company aims to increase the contribution of value-added products (ferroalloys and ductile iron pipes) to approximately 70% of sales as capacity utilization improves. Realizations improved across key products, led by a 46% year-on-year increase in ferroalloy prices and a 16% improvement in pig iron prices.

Strategic updates and capex progress

Jai Balaji Industries provided updates on its capital expenditure plans, revealing that it has already spent ₹1,076 crore mostly through internal accruals. The total project cost for the revamping of the Blast Furnace and Ferro Alloy facilities has been revised from ₹1,000 crore to ₹1,112 crore due to technical upgradation, addition of ancillaries, inflation, and time overruns. The remaining capex of ₹36 crore is expected to be completed by the end of CY26.

The enhanced capacities are scheduled for commissioning by Q3FY27:

• Blast Furnace: Increasing to 7.5 lakh tonnes per annum (TPA) from 6.3 lakh TPA.
• Sinter: Increasing to 12.08 lakh TPA from 9.08 lakh TPA.
• Specialized Ferro Alloys: Increasing to 1.9 lakh metric tons per annum from 1.66 lakh tons.
• Ductile Iron Pipes: Expanded to 5.5 lakh TPA from 5 lakh TPA.

This expansion supports the company’s strategy to ramp up production as demand conditions improve. The integrated operations are further supported by three dedicated railway sidings, providing a significant logistics advantage.

Business outlook and market context

The management commentary highlighted a subdued DI Pipes market primarily due to slower government order flows. However, the company remains optimistic about the medium-to-long term demand pipeline driven by government-led initiatives such as Jal Jeevan Mission 2.0, AMRUT 2.0, and river interlinking projects.

Key developments include:

• Jal Jeevan Mission 2.0: Extended until December 2028 with an outlay enhanced to ₹8.69 lakh crores, including ₹3.5 lakh crores of central assistance.
• AMRUT 2.0: Continues to provide opportunities in urban water supply and sewerage infrastructure.
• West Bengal Development: With a change in government, management expects substantial traction in local infrastructure projects, potentially increasing TMT bar sales in the state from 15-20% to 50-70% of total output.

Management indicated that post-monsoon recovery in dispatches is expected as fund releases improve. Currently, the order book visibility for DI pipes is equivalent to four months’ production at current utilization levels (around 30% of enhanced capacity).

Balance sheet and debt position

The company continues to make strong progress on deleveraging. Net term debt reduced significantly from ₹3,408 crore in FY21 to ₹188 crore in Q1FY27. The debt-equity ratio stands at a healthy 0.07 as of FY26 end. Additionally, working capital limits (fund-based and non-fund-based) are sanctioned at ₹550 crore, with net utilization remaining below ₹500 crore. A cash balance of ₹70-80 crore is maintained.

Board approvals and director changes

Alongside the financial results, the Board approved several corporate governance changes effective September 2026:

• Appointment of Additional Director: Babu Swadesh Sharma was appointed as an Additional Director and Whole Time Director for a three-year term, effective September 15, 2026, subject to shareholder approval at the ensuing Annual General Meeting (AGM).
• Re-appointment of Independent Directors: Pradip Kumar Tibdewal and Parthasarathi Mukhopadhyay were re-appointed as Non-Executive Independent Directors for five-year terms starting April 16, 2027, and August 8, 2027, respectively.
• Cessation of Directorship: Bimal Kumar Choudhary will cease to be a Whole-time Director effective close of business hours on September 14, 2026.
• Cost Auditor Appointment: M/s. Mondal & Associates was appointed as the Cost Auditor for FY26-27.

What the Numbers Show

The divergence between the 46% growth in Adjusted EBITDA and the 21% growth in Net Profit highlights the impact of non-operating factors or tax structures on the bottom line. While operational efficiency drove top-line and operating profit growth, the final net profit retention suggests other income or expense items moderated the overall gain. The heavy reliance on internal accruals for funding the ₹1,076 crore capex spend demonstrates strong cash generation capabilities, reducing dependence on external debt for expansion. Furthermore, the shift towards higher-margin specialized ferroalloys (contributing 27% of revenue with margins estimated at 15-18%) versus commodity steel products (margins of 5-7%) is a key driver of the improved profitability profile.