JTL Industries Gets 'Buy' From Dolat Capital As It Initiates Coverage After Q3 Results, Sees 48% Upside

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Dolat Capital Report

We are initiating coverage on JTL Industries Ltd. with 'Buy’ rating and target price of Rs 141 valuing at 22x FY27E earnings (P/E basis). JTL Industries is among India’s leading producer of structural steel tubes, boasting an installed capacity of 686 KTPA as of end-Q3 FY25. The company aims to increase its total installed capacity to 1 mtpa by FY25 end and raise it to 2 mtpa by FY27E.

Management’s FY25/26E sales volume guidance is 380 KT/ 600 KT.

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