Jyoti - Jyoti

📊 BSE: 504076 🏢 Heavy Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 39.67% YoY to INR 244.92 Cr in FY 2024-25. Historical segment split (2010-11) showed Engineered Pumps and Project Works at 63%, Hydel Projects at 15%, and Switchgears at 13.5%. Current reporting identifies only one reportable segment.

Geographic Revenue Split

Not disclosed in available documents, though the company operates a Joint Venture, Jyoti Sohar Switchgear LLC, in Oman and is based in Vadodara, Gujarat.

Profitability Margins

Operating Profit Margin improved from 6.74% to 7.01% YoY. Net Profit Margin increased from 4.74% to 5.52% YoY, driven by operational efficiency and cost control measures.

EBITDA Margin

EBITDA margin was 7.01% in FY 2024-25. EBITDA grew 45.14% YoY to INR 17.17 Cr from INR 11.83 Cr, reflecting improved core profitability from spares and service orders.

Capital Expenditure

Historical planned capex of INR 75 Cr (750 million) was targeted for expansion and technology upgradation. Current capex plans are not explicitly detailed in FY25 documents.

Credit Rating & Borrowing

CRISIL suspended ratings on INR 158 Cr (1580 million) bank facilities on September 12, 2012, due to non-cooperation. Previous ratings were BBB/Stable (Long-term) and A3+ (Short-term).

⚙️ Operational Drivers

Raw Materials

Critical materials (unspecified) for electrical and hydraulic engineering products. Specific names like steel or copper are not explicitly listed in the snippets.

Capacity Expansion

Historical expansion plans involved a debt-to-equity funding ratio of 1.5 times for technology upgradation. Current installed capacity metrics are not disclosed.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but management notes that availability and cost of critical materials are key factors influencing operations.

Manufacturing Efficiency

Inventory turnover ratio was 11.23 in FY 2024-25, a decline of 10.9% from 12.61 in FY 2023-24, suggesting potential stock holding increases or slower movement.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through a focus on high-margin spares, retrofit, and service orders. The company aims to leverage its 80-year presence in the Power and Water sectors and its status as a 'Total Solution Provider' for EPC Pumping Systems.

Products & Services

Engineered pumps, EPC Pumping Systems, Switchgears, Hydroelectric sets, Rotating electric machines, MV HT VCB Panels, starters, motors, instrument transformers, and control panels.

Brand Portfolio

Jyoti

New Products/Services

Increased focus on spares, retrofit, and service orders which contribute higher margins and positive EBITDA.

Market Expansion

Targeting the Power and Water sectors in India, which are identified as prime movers for economic development under current government policies.

Strategic Alliances

Joint Venture: Jyoti Sohar Switchgear LLC (JSSL). Related parties include JSL Industries Ltd and Insutech Industries Ltd.

🌍 External Factors

Industry Trends

The industry is evolving toward customized EPC solutions and turnkey projects in water management and power generation, with Jyoti positioning itself as a total solution provider.

Competitive Landscape

The company faces competition in the engineering sector but relies on its long-term presence to remain competitive.

Competitive Moat

Durable advantage stems from an 80-year industry presence and ISO-9001:2008 certification, providing a long-standing brand reputation in core engineering sectors.

Macro Economic Sensitivity

Highly sensitive to India's economic development and government spending in the Power and Water infrastructure sectors.

Consumer Behavior

Not applicable as the company serves B2B industrial and government sectors.

Geopolitical Risks

Global demand and supply conditions are noted as factors that could influence operations.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, FEMA 1999, and various SEBI regulations (Substantial Acquisition of Shares, Prohibition of Insider Trading).

Taxation Policy Impact

Management evaluates uncertain tax positions and disputed cases with internal tax experts; specific tax rate not disclosed.

Legal Contingencies

Pending dividend dispute amounting to INR 6.67 Lakhs which is subjudice. Other pending litigations are disclosed in Note No 24(3) of the financial statements.