Rough Financial Model
| JTL Industries Ltd | JTLIND | |||
|---|---|---|---|---|
| Current Market Cap | 4,106.36 | |||
| 2023 | 2024 | 2025 | 2026 | |
| Capacity | 586,000.00 | 600,000.00 | 800,000.00 | 1,000,000.00 |
| Capacity Utilisation | 60% | 60% | 65% | 70% |
| Sales (tonnes) | 351,600.00 | 360,000.00 | 520,000.00 | 700,000.00 |
| EBITDA/tn | 5100.00 | 5200.00 | 5300.00 | |
| EBITDA | 129.00 | 183.60 | 270.40 | 371.00 |
| Depreciation | 4 | 7 | 10 | 16 |
| EBIT | 125.00 | 176.60 | 260.40 | 355.00 |
| Interest | 6 | 6.5 | 7 | 7.5 |
| PBT | 119.00 | 170.10 | 253.40 | 347.50 |
| Tax Rate | 26% | 26% | 26% | 26% |
| TAX | 30.94 | 44.23 | 65.88 | 90.35 |
| PAT | 88.06 | 125.87 | 187.52 | 257.15 |
| P/E | 46.63 | 32.62 | 21.90 | 15.97 |
| PE on FY26 Exit Basis | Market Cap | Price | 2.5yr CAGR | Case |
| 25 | 6,428.75 | 375.95 | 25% | Bear |
| 30 | 7,714.50 | 451.14 | 37% | Base |
| 35 | 9,000.25 | 526.33 | 48% | Base |
| 40 | 10,286.00 | 601.52 | 58% | Bull |
| 45 | 11,571.75 | 676.71 | 68% | Bull |
Key Risks:
- Delay in execution of expansion projects
- Volatility in steel raw marerial prices
- Government capex cycle has been a massive boost to the confidence of the sector in general and company in specific - any negative developments here will reduce the growth visibility - although the company says that the demand is much higher than thew supply across companies at the moment
- Starting valuations are not cheap but if the company delivers close to what it has guided, things could be interesting