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Swing Capital

Jyoti Structures Ltd

NSE: JYOTISTRUC BSE: 513250Energy

Jyoti Structures Limited was incorporated in 1974. The company is engaged in Electricity, transmission, distribution and substation. The registered office of the Company is in Mumbai.[1]

₹12.1
52W: ₹7.92 — ₹21.8
PE 25.8 · Book ₹4.18 · +189% vs book
Market Cap₹1,446 Cr
Stock P/E25.8Price to Earnings
ROCE2.22%Return on Capital
ROE10.3%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company is expected to give good quarter

Weaknesses

  • −Stock is trading at 2.88 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Tax rate seems low
  • −Company has a low return on equity of 13.9% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Earnings include an other income of Rs.21.6 Cr.
  • −Company has high debtors of 1,081 days.

Shareholding Pattern

Promoters0%
FIIs1.36%
DIIs0.13%
Public98.51%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters0%0%0%0%0%0%0%0%
FIIs0.62%1.41%▲0.81.1%▼0.31.53%▲0.41.54%▲0.01.04%▼0.51.41%▲0.41.36%▼0.0
DIIs2.83%1.86%▼1.01.62%▼0.20.51%▼1.10.45%▼0.10.45%0.14%▼0.30.13%▼0.0
Public96.55%96.75%▲0.297.28%▲0.597.97%▲0.798.02%▲0.098.51%▲0.598.44%▼0.198.51%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales5612988107137165156151209234
Expenses6012283101125152149142194217
Operating Profit-47671213791517
OPM %-8%5%6%6%9%8%4%6%7%7%
Net Profit11557121211101718
EPS ₹0.010.130.040.060.10.10.090.080.140.15

AI Insights

Revenue Trend

Mar 2026 revenue at ₹751Cr, up 50.8% YoY. OPM at 6%.

Debt Position

Borrowings at ₹2,083Cr. Debt-to-equity ratio: 7.98x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹1Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.13% (-12.59pp change). FIIs: 1.36% (+1.24pp change). Promoters hold 0%.

Margin & Efficiency

ROCE declining from 6% (Mar 2015) to 2% (Mar 2026). Working capital days: 1043.

Valuation

PE 25.8x with 2.22% ROCE. Price is 189% above book value of ₹4.18. Dividend yield: 0%.

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