JTLIND Q1 FY27 Guidance vs Delivery (JTLIND Management Mirror)

Volume Guidance Trimmed for FY27 Amid CapEx Delays; Long-Term Target Stays at 1.4 Million Tonnes Peak Output

Management reaffirmed its FY26 sales volume target of 4,00,000 MT in the Dec'25 Qtr concall, noting upcoming expansions. By the Mar'26 Qtr concall, JTL reported achieving its highest-ever annual sales volumes of 3,95,900 MT during FY26, slightly short of the 4,00,000 MT target. For FY27, initial guidance in the Dec'25 Qtr set a target of 6,50,000 MT. However, in the Mar'26 Qtr, management downgraded the FY27 volume guidance to approximately 5,15,000 to 5,20,000 tons (30% YoY growth), down from the prior expectation of 6 lakh tons, citing capex delays at the Mangaon facility caused by rains, with an intention to upgrade once the new capacity commences operations. For the long term, Dec'25 Qtr guidance targeted approximately 9,00,000 MT in FY28. In the Jun'26 Qtr, management provided a revised long-term outlook, targeting peak operations (close to 70% utilization) between FY29 and FY30 to reach a total volume output of about 1.4 million tonnes.