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Jay Bee Laminations Ltd – FY25 Investor Presentation Summary
🏢 Company Overview
- Established in 1988, Jay Bee Laminations Ltd specializes in the manufacturing of CRGO silicon steel cores, essential for transformer manufacturing.
- Operates three manufacturing units in Noida and Greater Noida with a combined capacity of 18,060 MTPA.
- Focuses on cut laminations, slit coils, and assembled cores for power transformers up to 400 kV class.
- Holds PGCIL approval, affirming its capability to serve India’s critical power infrastructure.
- Export reach spans over 10 countries including the USA, UAE, and Saudi Arabia.
📜 Certifications & Recognitions
- ISO 9001:2015 Certified
- BIS Certification
- Recognized as a Star Export House
- PGCIL and REPDCL Approved suppliers
📊 Key Business Milestones
- Crossed ₹100 Cr revenue in FY14 and ₹200 Cr in FY21.
- Successfully listed on NSE in September 2024.
- Obtained 400 kV class approval in March 2025.
- Launched Unit-III commercial trials within 4 months of expansion.
⚙️ Manufacturing Infrastructure
- Unit I: 6,600 MTPA
- Unit II: 11,460 MTPA (expandable)
- Unit III: 1,200 MTPA (launching May 2025)
- Advanced in-house testing lab, tooling division, and precision stamping facilities.
📦 Product Portfolio
- Tailor-made CRGO laminations for high-efficiency transformers
- Slit coils as the first value chain step
- Assembled cores, a labor-intensive value-added product
🌐 Client Footprint
- Supplies across India, with regional presence in North, West, South, and East zones.
- Global supply to USA, UAE, Saudi Arabia, Malaysia, Nepal, and more.
🏢 Trusted Clientele
- Approved vendor for REPDCL, PSPCL, and PGCIL.
- Long-term relationships with leading transformer manufacturers.
🌍 Industry Trends & Outlook
- Global power transformer market projected to reach $43.4 billion by 2034 (6.6% CAGR).
- Distribution transformer market to hit $51 billion by 2034 (6.56% CAGR).
- Indian market growth estimated at 10.84% CAGR to reach $8.4 billion by 2030.
- Driven by rising infrastructure, renewables, and transmission upgrades.
✅ Competitive Advantages
- Extremely low rejection rate: 0.46% in FY25
- PGCIL-approved up to 400 kV segment
- High client retention and deep product know-how
- Timely brownfield expansions with commercial readiness
📊 FY25 Financial Performance
📈 Key Growth Metrics
- Volume growth: +32% YoY
- Revenue: ₹3,675 million (+21% YoY)
- EBITDA: ₹430 million (margin 11.7%, +36% YoY)
- PAT: ₹254 million (+31% YoY)
📉 Financial Ratios
- Debt-Equity Ratio: Improved to 0.16x
- PAT Margin: 6.91%
- Gross Margin: 18.93%
- EPS (FY25): ₹12.31
📊 CAGR Performance (FY22-FY25)
- Revenue CAGR: 38%
- PAT CAGR: 63%
📅 Balance Sheet Highlights
- Total Assets: ₹2,287 million (up from ₹1,369 million in FY24)
📊 Revenue Mix
- Cut Laminations: 79.3% of revenue
- Assembled Cores: 15.8%
- Slit Coils: Balance
🌍 Geographic Distribution
- North Zone: 54.5%
- West Zone: 22.3%
- South Zone: 15.6%
- East Zone: 7.6%
🔄 Customer Dependency
- Top 10 Clients: Share reduced to 52%
- New Clients: Contributed 12% of FY25 revenue
🚀 Strategic Achievements
- Timely Unit-III expansion in October 2024
- 400 kV class commercial approval from PGCIL and REPDCL in March 2025
- Swift capacity ramp-up; trials to commercial phase within 4 months
🚶♂️ Future Outlook
- Post-approval, bagged ₹17 Cr in new orders; additional ₹15 Cr in pipeline
- Targets for approvals from NTPC, Torrent Power, and PGCIL (765 kV class)
- Capacity to increase to 23,340 MTPA by FY26
- Plans to integrate forward into core-coil assemblies and special transformer components
- NABL accreditation expected by H1FY26 for CRGO testing
🌐 Final Takeaway for Investors
Jay Bee Laminations Ltd is emerging as a strong player in the CRGO silicon steel space, serving high-voltage transformer applications with solid quality credentials. With expanding capacities, strategic approvals (400 kV and above), and healthy financial growth, the company is poised for long-term value creation.
Transformer Components Market Trends
Disclaimer: The projections of potential returns are based on current market conditions and company performance. Actual results may vary due to various factors, including market dynamics, economic conditions, and changes in the competitive landscape. Investors should conduct their own research and consult with financial advisors before making investment decisions.
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