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Research updated
Jyoti CNC Automation Ltd.
NSE: JYOTICNCIndustrialsSpecialty Industrial Machinery
- Last close
- ₹890.80
- Day change
- −₹33.30 (−3.60%)vs
- Market cap
- ₹22,679 crIndian rupees
- Research updated
- 2 reports
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About Jyoti CNC Automation
Jyoti CNC Automation Ltd. is a prominent player in the machine tool manufacturing sector, focusing on the development and production of high-tech CNC machines. The company's primary function lies in designing and supplying advanced CNC solutions that cater to diverse industrial machining applications. It serves a wide array of sectors including automotive, aerospace, defense, and medical, contributing to the precision engineering capabilities of these industries. Jyoti CNC is known for its commitment to innovation, leveraging cutting-edge technology to enhance product quality and manufacturing efficiency. Positioned in the global market as a leader in CNC technologies, the company plays a critical role in driving technological advancement and productivity in manufacturing. Jyoti CNC Automation Ltd.'s products are integral to modern manufacturing processes, supporting both large-scale industrial applications and specialized machining needs.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: JYOTICNC
- Employees
- 2,701
- Headquarters
- Rajkot, India
- ISIN
- INE980O01024
- Website
- jyoti.co.in
Public research · Report of
Business model & financial foundation
Jyoti CNC (NSE: JYOTICNC), Industrial machinery - CNC machine tools (turning, machining centres, 5-axis, multi-tasking): revenue of ₹2,093 crore in FY26 (+15.2% on FY25), an EBITDA margin of 25.2%, net profit of ₹336.0 crore and net debt of ₹696.8 crore.
- Revenue, FY26 (₹ crore)
- 2,093
- consolidated
- Revenue growth, FY26
- +15.2%
- on FY25
- EBITDA margin, FY26
- 25.2%
- EBITDA (company definition, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 336.0
- to owners
- Return on equity, FY26
- 18.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 696.8
- Net debt
- Market capitalisation (₹ crore)
- 22,679
- at the close of 17 Oct 2026
Company profile
Jyoti CNC Automation, based in Rajkot, Gujarat, makes CNC turning centres, vertical and horizontal machining centres, 5-axis and multi-tasking machines, sold mainly to Indian aerospace and defence, auto and auto component, general engineering, die and mould and electronics (EMS) manufacturers. Its French subsidiary Huron Graffenstaden makes high-end milling and 5-axis machines. It sold 5,550 machines in FY26 from a 6,000 machine-a-year Indian capacity and is adding 10,000 machines a year of capacity from September 2026. It listed in January 2024.
| Item | Value |
|---|---|
| Legal name | Jyoti CNC Automation Limited |
| Exchange and ticker | NSE: JYOTICNC; BSE: 544081 |
| ISIN | INE980O01024 |
| CIN | L29221GJ1991PLC014914 |
| Sector | Capital Goods |
| Industry | Industrial machinery - CNC machine tools (turning, machining centres, 5-axis, multi-tasking) |
| Headquarters | Rajkot, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | G. K. Choksi & Co., Chartered Accountants |
| Market capitalisation | ₹22,679 crore (17 Oct 2026) |
| Shares outstanding | 22.74 crore shares (FY26) |
| Price | ₹997.2 (close, 17 Oct 2026) |
| 52-week range | ₹580.1 - ₹1,135 (to 17 Oct 2026) |
| Website | https://jyoti.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jyoti SAS | 100% | French holding company for Huron (incorporated 06.09.2007) |
| Huron Graffenstaden SAS | 100% | Operating step-down subsidiary, Strasbourg: high-end milling and 5-axis machines; under French judicial investigation, some machines under customs control |
| Huron Fraesmaschinen GmbH | 100% | Marketing subsidiary, Germany |
| Huron Canada Inc. | 100% | Marketing subsidiary, Canada |
| Huron Makina Servis Ve Dis Ticaret Limited Sirketi | 100% | Turkey subsidiary incorporated 03.02.2023; business not individually described in the annual report |
Five overseas wholly owned subsidiaries per the FY26 annual report; a US company was set up in 2026 per the company's IMTS 2026 post (not in the FY26 list).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.55% | 62.55% | 62.55% | 62.55% |
| Promoter holding pledged | 4.11% | 15.43% | 20.92% | 12.35% |
| Foreign institutions | 9.70% | 8.95% | 6.29% | 5.26% |
| Domestic institutions | 13.39% | 13.68% | 12.59% | 12.86% |
| of which mutual funds | 12.21% | 11.84% | 9.78% | 10.61% |
| Retail | 14.37% | 14.82% | 18.58% | 19.33% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| CNC machines and related products (single reportable segment) | 2,093 | 44.9% |
| Revenue within India | 1,849 | 39.7% |
| Revenue outside India | 244.0 | 5.2% |
| Revenue from top customer (unnamed) | 470.7 | 10.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Lakshmi Machine Works (LAXMIMACH) | Listed Indian CNC machine-tool maker (machine tool division) alongside textile machinery |
| Kennametal India (KENNAMET) | Listed machining solutions and machine-tools (Widia) supplier to the same Indian metal-cutting customers |
| Batliboi (BATLIBOI) | Small listed Indian machine-tool manufacturer and distributor |
| Macpower CNC Machines (MACPOWER) | Listed Rajkot-based CNC machine maker, closest product overlap at the low end |
| Azad Engineering (AZAD) | |
| Triveni Turbine (TRITURBINE) | High-growth Indian capital-goods manufacturer with export share and order-book driven model |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 745.4 | 925.9 | 1,338 | 1,818 | 2,093 |
| Cost of revenue (vendor classification) * | 479.3 | 613.3 | 757.7 | 963.5 | 1,075 |
| Other operating costs (vendor classification) * | 49.5 | 72.9 | 75.4 | 104.1 | 161.3 |
| EBITDA (vendor classification) * | 66.5 | 90.5 | 297.3 | 499.5 | 580.9 |
| EBIT * | 31.3 | 87.5 | 264.8 | 453.4 | 531.2 |
| Finance costs | 73.0 | 80.2 | 89.7 | 42.1 | 69.8 |
| Profit before tax | -41.8 | 7.33 | 185.0 | 417.7 | 467.2 |
| Tax expense | 6.55 | 12.8 | 34.1 | 101.7 | 131.2 |
| Profit after tax | -48.3 | -5.46 | 150.9 | 316.0 | 336.0 |
| EPS (INR, deck 'EPS', diluted not specified) | -2.12 | -0.24 | 7.89 | 13.90 | 14.78 |
| Cost of materials consumed + purchases + inventory change | 673.7 | 868.8 | 939.3 | ||
| Employee benefits expense | 204.5 | 258.2 | 330.0 | ||
| Other expenses | 159.3 | 199.8 | 297.1 | ||
| EBITDA (company definition, excl. other income) | 300.9 | 490.9 | 526.8 | ||
| Other income | 6.49 | 14.5 | 60.5 | ||
| Depreciation and amortisation | 32.8 | 36.5 | 50.2 | ||
| Exceptional items (gain + / loss -) | 0.00 | -9.07 | 0.00 | ||
| PAT attributable to owners | 150.9 | 316.0 | 336.0 | ||
| Minority interest | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 41.2 | 82.0 | 1,365 | 1,686 | 2,001 |
| Total borrowings (non-current + current) | 792.2 | 835.0 | 303.8 | 496.9 | 849.7 |
| Cash and equivalents + other bank balances | 2.44 | 16.1 | 385.6 | 125.3 | 137.1 |
| Trade receivables | 200.2 | 145.9 | 249.1 | 486.5 | 599.1 |
| Inventories | 634.0 | 819.9 | 866.0 | 900.5 | 1,166 |
| Trade payables | 295.4 | 413.0 | 371.6 | 410.1 | 509.8 |
| Property, plant and equipment (net) | 10.3 | 10.4 | 308.6 | 456.4 | 690.4 |
| Capital work-in-progress | 0.90 | 9.30 | 47.8 | 167.7 | 89.3 |
| Total assets | 1,286 | 1,515 | 2,178 | 2,792 | 3,615 |
| Investments | 3.66 | 0.45 | 15.8 | ||
| Net debt | -85.5 | 371.1 | 696.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -0.11 | 78.6 | -48.3 | -105.4 | 54.4 |
| Free cash flow (vendor definition) * | -2.01 | 8.06 | -162.6 | -415.3 | -268.8 |
| Purchase of PPE incl. capital advances | -40.6 | -34.1 | -114.3 | -309.8 | -323.2 |
| Dividends paid | 0.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 22.74 | 22.74 | 19.11 | 22.74 | 22.74 |
| Unbilled revenue receivable (contract asset) | 162.3 | 528.6 | n.r. | ||
| Advances from customers | 25.2 | 60.3 | 81.1 | ||
| Forex gain (net) within other income | 1.20 | 5.39 | 43.4 | ||
| Finance cost paid (cash flow) | 89.7 | 41.6 | 66.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 430.7 | 449.5 | 575.7 | 410.2 | 507.9 | 575.9 | 599.2 | 508.5 |
| Cost of revenue (vendor classification) * | 223.4 | 243.9 | 291.3 | 212.6 | ||||
| Other operating costs (vendor classification) * | 73.4 | 85.7 | 81.2 | 93.7 | ||||
| EBITDA (vendor classification) * | 133.7 | 160.6 | 172.2 | 112.8 | ||||
| EBIT * | 123.2 | 147.4 | 157.9 | 97.8 | ||||
| Finance costs | 9.02 | 10.7 | 11.3 | 12.1 | 14.2 | 23.6 | 19.8 | 24.3 |
| Profit before tax | 99.4 | 93.1 | 155.6 | 96.3 | 109.1 | 123.7 | 138.1 | 73.4 |
| Tax expense | 23.5 | 12.9 | 46.7 | 24.9 | 23.6 | 35.2 | 47.5 | 16.3 |
| Profit after tax | 75.9 | 80.2 | 109.0 | 71.4 | 85.5 | 88.5 | 90.6 | 57.1 |
| EPS (INR, deck 'EPS', diluted not specified) | 3.33 | 3.53 | 4.79 | 3.14 | 3.76 | 3.89 | 3.98 | 2.51 |
| Cost of materials consumed + purchases + inventory change | 213.0 | 223.9 | 262.7 | 180.7 | 223.4 | 243.9 | 291.3 | 212.6 |
| Employee benefits expense | 64.8 | 64.2 | 72.2 | 72.5 | 86.5 | 91.7 | 79.3 | 93.3 |
| Other expenses | 46.3 | 48.9 | 63.2 | 56.8 | 73.4 | 85.7 | 81.2 | 93.7 |
| EBITDA (company definition, excl. other income) | 106.6 | 112.6 | 177.6 | 100.2 | 124.6 | 154.6 | 147.4 | 108.8 |
| Other income | 11.1 | -0.14 | -0.43 | 20.5 | 9.10 | 6.10 | 24.8 | 4.00 |
| Depreciation and amortisation | 9.22 | 8.58 | 10.2 | 12.3 | 10.5 | 13.2 | 14.3 | 15.1 |
| Exceptional items (gain + / loss -) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 75.9 | 80.2 | 109.0 | 71.4 | 85.5 | 88.5 | 90.6 | 57.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.7% | 24.2% | 44.6% | 35.8% | 15.2% |
| EBITDA margin | 22.5% | 27.0% | 25.2% | ||
| Net margin | 11.3% | 17.4% | 16.1% | ||
| Return on equity | 20.9% | 20.7% | 18.2% | ||
| Return on capital employed | 3.7% | 10.0% | 20.5% | 23.5% | 21.1% |
| Return on assets | 8.2% | 12.7% | 10.5% | ||
| Net debt (₹ crore) | -85.5 | 371.1 | 696.8 | ||
| Net debt / EBITDA | -0.28x | 0.76x | 1.32x | ||
| Interest cover | 0.43x | 1.09x | 2.95x | 10.8x | 7.61x |
| Asset turnover | 0.56x | 0.66x | 0.72x | 0.73x | 0.65x |
| Receivable days | 98 | 58 | 68 | 98 | 104 |
| Inventory days (on revenue) | 310 | 323 | 236 | 181 | 203 |
| Payable days (on revenue) | 145 | 163 | 101 | 82 | 89 |
| Cash conversion | -0.32x | -0.33x | 0.16x | ||
| Capex intensity | 5.4% | 3.7% | 8.5% | 17.0% | 15.4% |
| Free cash flow (₹ crore) | -40.7 | 44.5 | -162.5 | -415.3 | -268.8 |
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | -2.12 | -0.24 | 7.89 | 13.90 | 14.78 |
| Book value per share (₹) | 1.81 | 3.61 | 71.40 | 74.14 | 88.00 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS (INR, deck 'EPS', diluted not specified)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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