Below is a clear, structured extraction of all relevant and actionable financial information from Jyoti Structures Limited’s Q1 FY26 (Quarter ended June 30, 2025) results filing, suitable for an investment analysis team:
1. Auditor’s Note
- Type of audit: Limited Review by SARC & Associates (Statutory Auditors).
- Opinion: Unmodified (clean) opinion on both Standalone and Consolidated Unaudited Financial Results for Q1 FY26.
- Qualifications/Concerns:
- No material misstatements noted.
- Reliance placed on Management representations for:
- Existence and valuation of assets and liabilities.
- Provision of Rs. 12.50 Cr for expected credit loss on Trade Receivables.
- Reconciliation of Trade Receivables is ongoing; provision made based on management estimates.
- Unaudited management-reported amounts from 5 project branches and 2 audited branches included; subject to change.
- Some overseas subsidiaries have fully eroded net worth and no operations during the year; management believes no impairment required.
- Some subsidiaries’ interim financials not reviewed but considered immaterial to the Group.
- Conclusion: No modifications to audit opinion; no significant issues raised.
2. Financial Performance
Standalone & Consolidated Financials (Rs. Crores)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) |
|---|---|---|---|---|
| Revenue from Operations | 156.16 | 164.69 | 88.29 | 497.83 |
| Other Income | 6.24 | 2.28 | 1.30 | 6.67 |
| Total Income | 162.40 | 166.97 | 89.60 | 504.50 |
| Expenses: | ||||
| - Cost of Materials Consumed | 91.28 | 66.89 | 42.99 | 195.75 |
| - Change in Inventories | (8.97) | (8.57) | (12.30) | 1.63 |
| - Erection & Sub-contracting | 39.44 | 51.91 | 29.09 | 143.99 |
| - Employee Benefits Expense | 17.97 | 15.80 | 4.81 | 49.38 |
| - Finance Costs | 0.02 | 0.04 | 0.05 | 0.12 |
| - Depreciation & Amortisation | 2.88 | 2.60 | 1.81 | 8.50 |
| - Other Expenses* | 9.54 | 25.99 (26.01 cons.) | 17.97 | 69.47 (69.71 cons.) |
| Total Expenses | 152.16 | 154.66 (154.68 cons.) | 84.41 | 468.84 (469.08 cons.) |
| Profit before Exceptional Items & Tax | 10.24 | 12.31 (12.29 cons.) | 5.19 | 35.66 (35.42 cons.) |
| Exceptional Items | Nil | Nil | Nil | Nil |
| Profit before Tax | 10.24 | 12.31 (12.29 cons.) | 5.19 | 35.66 (35.42 cons.) |
| Tax Expense (Deferred) | (0.92) | 0.36 | 0.10 | (0.15) |
| Net Profit | 11.16 | 11.95 (11.93 cons.) | 5.10 (5.09 cons.) | 35.81 (35.57 cons.) |
| Other Comprehensive Income (OCI) | 0.07 | 0.14 | (0.09) (0.09 cons.) | 0.44 |
| Total Comprehensive Income | 11.23 | 12.09 (12.07 cons.) | 5.01 (5.18 cons.) | 36.25 (36.01 cons.) |
| EPS (Basic, Rs.) | 0.0939 | 0.136 | 0.063 | 0.406 (Standalone) / 0.403 (Cons.) |
| EPS (Diluted, Rs.) | 0.0936 | 0.132 | 0.059 | 0.396 (Standalone) / 0.393 (Cons.) |
| Paid-up Equity Share Capital (Rs. 2 face value) | 238.15 | 237.69 | 174.07 | 237.69 |
*Other Expenses for Q1 FY26 includes a net gain of Rs. 10.35 Cr from a one-time settlement (OTS) of Non-Convertible Debentures (NCDs).
3. Detailed Notes / Management Commentary
- Accounting Standards: Results prepared as per Ind AS 34 (Interim Financial Reporting).
- Business: Execution of power transmission projects; no separate reportable segments as per Ind AS 108.
- Equity Share Capital:
- Conversion of 17.5 lakh convertible warrants into equity shares during Q1 FY26 at Rs. 13.20/share (including premium).
- Issuance of 5.53 lakh shares under Employee Stock Option Scheme 2021 during Q1 FY26.
- Other Expenses: Net of foreign exchange gains and provisions.
- Provision for Expected Credit Loss: Rs. 12.50 Cr made against Trade Receivables; reconciliation ongoing.
- Branches: Financials include unaudited management-reported amounts from 5 project branches and audited figures from 2 branches (Tunisia and Uganda); subject to change.
- Subsidiaries:
- Several overseas subsidiaries have fully eroded net worth and no operations during the year.
- Management believes no impairment of investments required at this stage.
- Some subsidiaries’ financials unaudited but considered immaterial.
- One-time Gain: Rs. 10.35 Cr gain from OTS of NCDs included in Other Expenses for Q1 FY26.
- Previous period figures have been regrouped/reclassified where necessary.
4. Segment Information
- No separate reportable operating segments; company operates solely in power transmission project execution.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure: Not explicitly disclosed in this filing.
- Projects: No specific new projects or project updates disclosed.
- Writedowns/Impairments: None reported.
- Provisions: Rs. 12.50 Cr provision for expected credit loss on Trade Receivables.
- Acquisitions/Disposals: None reported.
- Restructuring/Cost-cutting: No explicit mention.
- One-time Settlement: Rs. 10.35 Cr gain from settlement of NCDs with lenders during Q1 FY26.
6. Standalone vs Consolidated
| Metric | Standalone Q1 FY26 | Consolidated Q1 FY26 |
|---|---|---|
| Revenue from Operations | 156.16 Cr | 156.16 Cr |
| Total Income | 162.40 Cr | 162.40 Cr |
| Total Expenses | 152.16 Cr | 152.16 Cr |
| Profit before Tax | 10.24 Cr | 10.24 Cr |
| Net Profit | 11.16 Cr | 11.16 Cr |
| Total Comprehensive Income | 11.23 Cr | 11.23 Cr |
| EPS (Basic) | Rs. 0.0939 | Rs. 0.0939 |
| Paid-up Equity Share Capital | Rs. 238.15 Cr | Rs. 238.15 Cr |
- Standalone and Consolidated results are closely aligned.
- Consolidated results include 7 subsidiaries and 7 branches (project sites).
- Some subsidiaries have fully eroded net worth; no operations in FY25.
- Consolidated Other Equity at FY25 end: Rs. 324.43 Cr vs Standalone Rs. 348.90 Cr.
Additional Key Points from Auditor’s Report and Notes
- Trade Receivables: Rs. 210.77 Cr reported from branches; provision of Rs. 12.50 Cr made for expected credit loss.
- Branches (Project Sites): Total assets Rs. 219.66 Cr; liabilities Rs. 28.10 Cr.
- Subsidiaries with Eroded Net Worth:
| Subsidiary | Net Worth Eroded | Investment (Cr) | Receivable/(Payable) (Cr) |
|---|---|---|---|
| Jyoti Energy Limited (India) | Yes | 0.05 | 0.46 |
| JSL Corporate Services Limited | No | 3.50 | (4.61) |
| Jyoti Structures FZE (UAE) | Yes | 3.17 | (15.26) |
| JSL FZE Namibia | Yes | - | 4.21 |
| JSL FZE Kenya | Yes | - | (2.31) |
| JSL FZE Nigeria | Yes | - | 0.31 |
| Jyoti Structures Africa (Pty) Ltd | Yes | 0.00* | 51.15 |
*Investment amount Rs. 419/- (negligible).
- No impairment recognized on these investments as per management.
Summary for Investment Analysis Team
| Aspect | Highlights / Actionable Points |
|---|---|
| Auditor’s Opinion | Clean limited review; no qualifications; reliance on management for provisions and asset valuations. |
| Revenue Growth | Q1 FY26 revenue Rs. 156.16 Cr vs Rs. 88.29 Cr in Q1 FY25; strong YoY growth (~77%). |
| Profitability | Net profit doubled YoY to Rs. 11.16 Cr; slight QoQ decline from Rs. 11.95 Cr. |
| Margins | Operating profit before tax margin ~6.5% in Q1 FY26 (10.24/156.16). |
| One-time Gain | Rs. 10.35 Cr gain from NCD settlement boosted Other Expenses line. |
| EPS | Basic EPS improved YoY from Rs. 0.063 to Rs. 0.0939; diluted EPS similarly improved. |
| Equity Base | Increase in paid-up capital due to warrant conversions and ESOP allotments. |
| Credit Risk | Provision of Rs. 12.50 Cr on Trade Receivables; ongoing reconciliation indicates potential risk. |
| Subsidiaries | Several overseas subsidiaries with eroded net worth; no impairment recognized but monitor closely. |
| Segment | Single segment - power transmission projects; no segmental breakdown. |
| Capex/Projects | No new capex or project updates disclosed; no impairments or restructuring reported. |
| Consolidated vs Standalone | Results closely aligned; consolidated includes subsidiaries and branches with immaterial differences. |
Recommendation:
- Monitor Trade Receivables reconciliation and credit loss provisions closely due to significant provision made.
- Keep watch on overseas subsidiaries with eroded net worth for any future impairment risks.
- One-time gain from NCD settlement positively impacted Q1 results; adjust expectations for recurring profitability accordingly.
- Strong YoY revenue and profit growth indicates improving operational performance.
This concludes the detailed extraction and summary of Jyoti Structures Limited’s Q1 FY26 financial results filing.