---
title: "JTL Defence Ltd (537254) — Share Price, Financials & Analysis"
symbol: "537254"
company: "JTL Defence Ltd"
canonical: "https://tapetide.com/stocks/537254"
bse_code: "537254"
sector: "Industrials"
industry: "Industrial Products"
generated_at: "2026-09-13T19:43:33.264Z"
---

# JTL Defence Ltd (537254)

Canonical page: https://tapetide.com/stocks/537254

## Company

- **BSE Code:** 537254
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2014-01-21
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** jtldefence.com

## About

Incorporated in 1992, RCI Industries & Technologies Ltd manufactures Round and Flat Rolled Copper and Copper Alloys.[1]

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Stock is trading at 4.78 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -22.9% over past five years.
- Company might be capitalizing the interest cost
- Company has high debtors of 384 days.
- Working capital days have increased from -35,488 days to 877 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 107% | 26% | 15% |
| revenue growth | — | -6% | -23% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.7 | 0.49 | 0.24 | 0.13 | 0.23 | 0.47 | 0.15 | 0 | 3.58 | 0.47 | 15.24 | 21.24 |
| Expenses | 1.01 | 1.33 | 0.66 | 0.38 | 0.41 | 0.53 | 0.84 | 1.8 | 2.47 | -0.73 | 11.55 | 18.78 |
| Operating Profit | -0.31 | -0.84 | -0.42 | -0.25 | -0.18 | -0.06 | -0.69 | -1.8 | 1.11 | 1.2 | 3.69 | 2.46 |
| OPM % | -44.29 | -171.43 | -175 | -192.31 | -78.26 | -12.77 | -460 | — | 31.01 | 255.32 | 24.21 | 11.58 |
| Other Income | 0.01 | 0.42 | 0.17 | 0.04 | 0.16 | 0 | 0.01 | 0.01 | 1.67 | 0.06 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.09 | 0.99 | 0.91 |
| Depreciation | 2.09 | 2.09 | 2.08 | 1.35 | 1.35 | 1.35 | 1.35 | 1.15 | 1.19 | 1.17 | 1.3 | 3.98 |
| Profit before tax | -2.39 | -2.51 | -2.33 | -1.56 | -1.37 | -1.41 | -2.03 | -2.94 | 1.59 | 0 | 1.4 | -2.43 |
| Tax % | -5.86 | -5.58 | -6.01 | 1.28 | 1.46 | 1.42 | 0.99 | 1.02 | 1.89 | — | -20.71 | 10.29 |
| Net Profit | -2.24 | -2.37 | -2.19 | -1.58 | -1.39 | -1.43 | -2.05 | -2.97 | 1.56 | -0.03 | 1.7 | -2.67 |
| EPS in Rs | -1.43 | -1.51 | -1.4 | -1.01 | -0.89 | -0.91 | -1.31 | -1.89 | 1 | -0.03 | 1.62 | -2.54 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 2033.13 | 1997.53 | 456.83 | 70.8 | 59.68 | 23.02 | 2.3 | 0.98 | 19.29 | 40.53 |
| Expenses | 1975.34 | 1921.41 | 574.77 | 214 | 119.93 | 29.95 | 4.56 | 2.14 | 15.07 | 32.07 |
| Operating Profit | 57.79 | 76.12 | -117.94 | -143.2 | -60.25 | -6.93 | -2.26 | -1.16 | 4.22 | 8.46 |
| OPM % | 2.84 | 3.81 | -25.82 | -202.26 | -100.96 | -30.1 | -98.26 | -118.37 | 21.88 | 20.87 |
| Other Income | 6.68 | 5.59 | -19.88 | -2.67 | 0.23 | 0.11 | 0.82 | 0.2 | 1.73 | 1.73 |
| Interest | 19.11 | 24.05 | 15.9 | 0.2 | 0.6 | 1.64 | 0 | 0 | 1.08 | 1.99 |
| Depreciation | 4.99 | 12.01 | 13.37 | 12.59 | 11.28 | 5.77 | 8.36 | 5.41 | 4.81 | 7.64 |
| Profit before tax | 40.37 | 45.65 | -167.09 | -158.66 | -71.9 | -14.23 | -9.8 | -6.37 | 0.06 | 0.56 |
| Tax % | 18.78 | 19.67 | -0.45 | -1.07 | -0.32 | 20.8 | -5.92 | 1.1 | -366.67 | — |
| Net Profit | 32.8 | 36.67 | -166.35 | -156.95 | -71.66 | -17.19 | -9.22 | -6.44 | 0.27 | 0.56 |
| EPS in Rs | 24.41 | 27.29 | -106.11 | -100.12 | -45.71 | -10.97 | -5.88 | -4.11 | 0.26 | 0.05 |
| Dividend Payout % | 4.1 | 1.83 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 13.44 | 13.44 | 13.44 | 15.68 | 15.68 | 15.68 | 15.68 | 15.68 | 15.68 | 10.53 |
| Reserves | 134 | 215.84 | 255.27 | 92.94 | -65.84 | -137.22 | -154.41 | -163.64 | -170.08 | 185.68 |
| Borrowings | 151.02 | 120.68 | 148.02 | 238.07 | 233.16 | 233.54 | 235.85 | 235.85 | 235.85 | 59.82 |
| Other Liabilities | 209.04 | 143.7 | 176.67 | 95.26 | 12.45 | 6.43 | 11.75 | 17.87 | 9.97 | 74.44 |
| Total Liabilities | 507.5 | 493.66 | 593.4 | 441.95 | 195.45 | 118.43 | 108.87 | 105.76 | 91.42 | 330.47 |
| Fixed Assets | 23.88 | 56.93 | 97.04 | 90.13 | 71.25 | 61.7 | 55.92 | 47.55 | 42.14 | 236.28 |
| CWIP | 16.08 | 9.84 | 10.43 | 9.47 | 8.42 | 6.27 | 6.27 | 6.27 | 6.27 | 4.4 |
| Investments | 0.05 | 0.45 | 2.62 | 11.86 | 11.86 | 11.86 | 12.47 | 12.47 | 12.47 | 12.47 |
| Other Assets | 467.49 | 426.44 | 483.31 | 330.49 | 103.92 | 38.6 | 34.21 | 39.47 | 30.54 | 77.32 |
| Total Assets | 507.5 | 493.66 | 593.4 | 441.95 | 195.45 | 118.43 | 108.87 | 105.76 | 91.42 | 330.47 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 14.12 | -4.33 | 45.23 | 25.59 | 1.06 | -1.16 | 1.21 | 4.81 | -8.4 | -15.48 |
| Cash from Investing Activity | -56.12 | 6.37 | -49.15 | 8.35 | 3.4 | 0.58 | -0.07 | 0.82 | 0.2 | -7.86 |
| Cash from Financing Activity | 40.36 | 0.13 | 3.3 | -34.19 | -4.94 | 0.17 | 0.67 | 0 | 0 | 23.39 |
| Net Cash Flow | -1.64 | 2.17 | -0.63 | -0.25 | -0.48 | -0.42 | 1.81 | 5.63 | -8.2 | 0.05 |
| Free Cash Flow | -23.37 | -37.55 | -6.06 | 20.1 | 4.96 | -0.73 | 1.21 | 4.81 | -8.4 | -23.35 |
| CFO/OP | 30 | -2 | 60 | -22 | -1 | 2 | -17 | -213 | 724 | -367 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 55.26 | 45.82 | 48.81 | 192.34 | 244.26 | 66.11 | 187.73 | 1842.46 | 4167.7 | 383.54 |
| Inventory Days | 29.79 | 35.22 | 47.39 | 110.9 | 150.42 | 40.5 | 12.92 | 194.35 | 1662.78 | 1633.28 |
| Days Payable | 62.3 | 43.74 | 58.85 | 152.42 | 42.78 | 18.29 | 66.16 | 1853.44 | 16343.89 | 1213.92 |
| Cash Conversion Cycle | 22.75 | 37.29 | 37.35 | 150.82 | 351.9 | 88.33 | 134.49 | 183.37 | -10513.41 | 802.9 |
| Working Capital Days | 15.65 | 25.95 | 31.41 | -7.33 | -694.53 | -1167.9 | -3177.66 | -32926.17 | -74415.31 | 877.21 |
| ROCE % | 23.25 | 18.35 | 18.18 | -29.94 | -58.54 | -48.34 | -12.04 | -10.59 | -7.52 | 0.68 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 63.83% | 63.83% | 63.83% | 68.28% | 68.28% | 68.28% | 68.29% | 68.29% | 68.29% | 95% | 95% |
| Public | 36.17% | 36.17% | 36.17% | 31.71% | 31.72% | 31.72% | 31.71% | 31.71% | 31.71% | 4.99% | 5% |
| No. of Shareholders | 691 | 5538 | 5018 | 4598 | 4427 | 4458 | 4463 | 4483 | 4217 | 3543 | 3442 |

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 68.29% | 68.29% | 68.29% | 68.29% | 68.29% | 68.29% | 68.29% | 68.29% | 68.29% | 68.29% | 95% | 95% |
| Public | 31.71% | 31.71% | 31.71% | 31.71% | 31.71% | 31.72% | 31.71% | 31.7% | 31.71% | 31.71% | 4.99% | 5% |
| No. of Shareholders | 4483 | 4483 | 4483 | 4378 | 4303 | 4243 | 4217 | 4326 | 4287 | 4287 | 3543 | 3442 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 10 / 6 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 6.72 | Buy |
| EMA (10) | 6.81 | Sell |
| SMA (20) | 6.72 | Buy |
| EMA (20) | 6.63 | Buy |
| SMA (50) | 5.92 | Buy |
| EMA (50) | 6.15 | Buy |
| SMA (100) | 5.53 | Buy |
| EMA (100) | 5.79 | Buy |
| SMA (200) | 5.4 | Buy |
| EMA (200) | 5.38 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 56.81 | Neutral |
| MACD (12,26,9) | 0.26 | Sell |
| Stochastic (14,3,3) | 82.54 | Sell |
| ADX (14) | 13.21 | Neutral |
| Williams %R (14) | -26.19 | Neutral |
| ATR (14) | 0.25 | High Volatility |
| ROC (12) | 0.44 | Buy |
| Stoch RSI (14) | 36.7 | Neutral |
| UO (7,14,28) | 68.37 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Jul - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026; all shares held in demat form. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Jul - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026; all shares held in demat form.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fa6bee8c-ba52-4a70-ba95-f0ff5e2bb2b3.pdf) |
| 7h - BSE admits JTL Defence shares for trading from Apr 27, 2026 under XT trade-to-trade segment after resolution plan. | [Intimation Regarding Admission Of Equity Shares For Trading On BSE Under ''Trade-To-Trade'' Segment 7h - BSE admits JTL Defence shares for trading from Apr 27, 2026 under XT trade-to-trade segment after resolution plan.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/6060ddeb-a3eb-4953-8316-e124fb0bbeda.pdf) |
| 7 Sep - Regional Director approved shifting registered office from Delhi to Himachal Pradesh on September 7, 2026. | [Intimation Of Order Of The Regional Director (Northern Region-I) For Shifting Of Registered Office Of The Company 7 Sep - Regional Director approved shifting registered office from Delhi to Himachal Pradesh on September 7, 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=32c3c647-b9e9-4c82-bbb7-5309cc8dde3f.pdf) |
| 7 May - Newspaper publication of the audited financial results for the quarter and financial year ended 31st March, 2026 | [Announcement under Regulation 30 (LODR)-Newspaper Publication 7 May - Newspaper publication of the audited financial results for the quarter and financial year ended 31st March, 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=24612239-e07a-424d-80aa-8f5e9e8de165.pdf) |
| 7 May - Newspaper publication of the audited financial results for the quarter and financial year ended 31st March, 2026 | [Announcement under Regulation 30 (LODR)-Newspaper Publication 7 May - Newspaper publication of the audited financial results for the quarter and financial year ended 31st March, 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/24612239-e07a-424d-80aa-8f5e9e8de165.pdf) |
| 7 Jun - Copy of Newspaper Publication of Notice of Extra Ordinary General Meeting | [Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jun - Copy of Newspaper Publication of Notice of Extra Ordinary General Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6b735630-aa35-4ac1-9c05-e1b99d7ed812.pdf) |
| 6 May - JTL Defence reported Q4 FY26 revenue of Rs. 152 Mn and FY26 revenue of Rs. 193 Mn, turning profitable. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 May - JTL Defence reported Q4 FY26 revenue of Rs. 152 Mn and FY26 revenue of Rs. 193 Mn, turning profitable.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2bb63c71-abc0-43d2-a855-c9fd47160795.pdf) |
| 6 May - JTL Defence reported Q4 FY26 revenue of Rs. 152 Mn and FY26 revenue of Rs. 193 Mn, turning profitable. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 May - JTL Defence reported Q4 FY26 revenue of Rs. 152 Mn and FY26 revenue of Rs. 193 Mn, turning profitable.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/2bb63c71-abc0-43d2-a855-c9fd47160795.pdf) |
| 6 May - Investor Presentation for the Quarter and Financial Year Ended 31.03.2026 | [Announcement under Regulation 30 (LODR)-Investor Presentation 6 May - Investor Presentation for the Quarter and Financial Year Ended 31.03.2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=726b2f51-a11c-400b-9bbf-e85604ab215b.pdf) |
| 6 May - Investor Presentation for the Quarter and Financial Year Ended 31.03.2026 | [Announcement under Regulation 30 (LODR)-Investor Presentation 6 May - Investor Presentation for the Quarter and Financial Year Ended 31.03.2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/726b2f51-a11c-400b-9bbf-e85604ab215b.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2017 | [Concall - Sep 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c07e0d0e-2566-42ff-8695-c03c2c40031b.pdf) |
| Sep 2017 | [Concall - Sep 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/9/c07e0d0e-2566-42ff-8695-c03c2c40031b.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4e080a5f-9d1a-4677-8f61-da7de5d18b14.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/4e080a5f-9d1a-4677-8f61-da7de5d18b14.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/726b2f51-a11c-400b-9bbf-e85604ab215b.pdf) |
| Jun 2017 | [Concall - Jun 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1155a780-a3ab-4377-a4ac-7a37fc01e66d.pdf) |
| Jun 2017 | [Concall - Jun 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/6/1155a780-a3ab-4377-a4ac-7a37fc01e66d.pdf) |
| Jan 2019 | [Concall - Jan 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f9158154-2364-49eb-aea8-a98c06ed25b5.pdf) |
| Jan 2019 | [Concall - Jan 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1abebb15-841d-4bd1-956c-33b36fefb167.pdf) |
| Jan 2019 | [Concall - Jan 2019](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2019/1/f9158154-2364-49eb-aea8-a98c06ed25b5.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6759e3ab-d791-44c9-b391-1fde04c9ba83.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9bde7b84-cef6-43f6-8875-4d44857e3cdb.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4b2f615a-c091-4eee-b6dd-b4d746c21ec8.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/75246537254.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/70635537254.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/66650537254.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/5372540319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/5372540318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/5372540317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/537254/5372540316.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:43:33.264Z.