Jyoti Structures Bags ₹648.91 Crore Power Grid Order for Gujarat HVDC Project

Key numbers

Market Cap	₹1,070.78 CrSmall Cap
P/E TTM	16.65Sector: 31.66
1-Year Return	-34.38%Price change
Order from	Power Grid Corporation of India Limited
Execution period	38 months from the date of NOA
Deal value	₹648.91 Cr
Share of market cap	60.6%
Share of annual revenue	76.8%

Key highlights

• Notification of Award received from Power Grid Corporation of India Limited for package TL05
• Contract value stands at ₹648.91 crore, excluding GST
• Project involves ±800 kV HVDC Bipole Barmer-II and South Kalamb transmission lines in Gujarat
• Execution period is set for 38 months from the date of the Notification of Award
• The order value represents approximately 60.6% of the company's current market capitalization

Turnkey HVDC Transmission Project in Gujarat

Power Grid Corporation of India Limited has awarded Jyoti Structures the contract for the ±800 kV HVDC Bipole Barmer-II and South Kalamb transmission lines in Gujarat. The scope of the package, designated as TL05, covers the complete supply, erection, testing, and commissioning of the lines on a total turnkey basis. The company is required to complete the project within a 38-month timeframe from the date of the Notification of Award.

This project is part of a larger infrastructure push to strengthen India's high-voltage direct current transmission network across key industrial corridors.

Order Scale and Financial Performance

The ₹648.91 crore order significantly boosts the company's revenue visibility, representing nearly 77% of its trailing twelve-month revenue of ₹845.38 crore. This financial milestone arrives as Jyoti Structures maintains a TTM P/E ratio of 16.65, which is lower than the sector P/E of 31.66. Despite having a promoter holding of 0%, the company has shown robust operational performance, with its latest quarterly net profit rising by 74.37% year-on-year to ₹19.46 crore.

The operating profit margin for the same period stood at 8.45%, reflecting a steady improvement in efficiency.

A Month of Major Contract Wins

• October 26, 2026: Secured ₹949.35 crore Power Grid order for Rajasthan transmission packages
• October 23, 2026: Awarded ₹689.93 crore GETCO project for 765 kV DC lines in Gujarat
• May 14, 2026: Joint venture win in Sri Lanka for a 220 kV transmission line worth ₹67.96 crore
• March 30, 2026: Received ₹88.33 crore order from Adani Electricity for Mumbai Coastal Road works
• October 15, 2025: Won ₹288.36 crore HVDC project for the Bhadla 3-Fatehpur line

Capacity Expansion to Meet Project Demand

To support its growing order book, Jyoti Structures commissioned its Nashik Plant-II in January 2026. This expansion added 36,000 MT of annual manufacturing capacity, effectively doubling the company's total annual capacity to 72,000 MT. This increased production capability is essential as the company manages a backlog that stood at ₹2,274 crore as of April 1, 2026, even before accounting for the multi-hundred crore wins in October.

Additionally, the board has already approved a proposal to raise up to ₹250 crore via equity or debt to strengthen its capital base for these large-scale executions.

What to watch next

• Board meeting scheduled for November 3, 2026, to review Q2 financial results
• Implementation of the board-approved ₹250 crore fund-raising plan
• Execution progress on the ₹949.35 crore Power Grid project in Rajasthan

Jyoti Structures · financial snapshot

Share price	₹9.01
Market capitalisation	₹1,070.78 Cr
Revenue (annual)	₹750.87 Cr
Net profit (annual)	₹56.03 Cr
Revenue (latest quarter)	₹251.46 Cr+7.30% vs previous quarter
Net profit (latest quarter)	₹19.46 Cr+7.28% vs previous quarter
P/E (TTM)	16.65×Sector 31.66×
Promoter holding	0%0.00% QoQ
FII holding	1.22%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.