Jyoti Structures Ltd was incorporated in 1943 and is promoted by Jyoti group. Company is a leader in providing turnkey solutions in the field of High Voltage Power Transmission Lines and Substations. With around 27 years of proven experience, it has earned accolades and recognition from a wide spectrum of customers around the world. Jyoti Structures Ltd. is one among very few companies worldwide, which possesses the capabilities to execute total turnkey jobs that involve setting up both transmission lines and substations. Its operations have extended to around 24 countries, as of today and its reputation is built on commitment to total quality and customer satisfaction. Jyoti Structures Ltd. received the ISO 9001 certification in 1995, and more recently the ISO 14001 certification for its quality practices.

Products & Services—

Company is engaged in the manufacture of transmission line towers, sub-station structures, railway electrification structures etc and it also undertakes turnkey contracts for extra high voltage transmission lines and substations. Jyoti Structures has two project divisions, transmission lines and substations and has two manufacturing plants, a construction division and a research and development centre. Its plants are located in Kalol (Mehsana, Gujarat) and Vadodara (Gujarat). The company has clients in domestic market such as MSEB, NPTC, NTPC etc and now it is also showing presence into international market.

Company has in-house quality procedures include physical, mechanical & chemical raw materials testing and destructive/non-destructive testing. The quality assurance function reports independently to the engineering function, thus providing a short feedback loop that ensures quicker resolution of quality issues. Its facilities have been approved by various International utilities such as Vatenfall (Sweden), Power Link, Western Power and Trans GRID (Australia), IVO (Finland), ABB (Germany), BalforKilpatric (U.K.), HydroQuebec (Canada), National Grid (UK), Mott MacDonald (U.K.), Kennedy Donkin Power (U.K.), etc.

Jyoti Structres has two key lines of business. These are "Transmission Lines" and "Substations". Company undertake turnkey projects on a global scale, offering a complete range of services from Design, Engineering Consulting, Tower Testing, Manufacturing, Construction and project management. Its internal processes and systems have been approved by international quality bodies such as NQA - QSR (RVC accredited) and EAQA (NACCB / UKAS accredited). Over the past 25 years, Jyoti Structures has designed and executed more than 5,500 circuit kms. of high voltage transmission lines. Company has participated in transmission line projects in over 24 countries globally. It has well-organized trained manpower, latest design tools and experience to take on turnkey projects for transmission lines from 33 kV to 800 kV irrespective of terrain, location and requirements of power utilities within and outside India. Jyoti Structures has proven expertise in the design (electrical, civil & structural), procurement, construction and project management of high voltage transmission substations and switchyards. It has undertaken projects ranging from the augmentation of existing substations and development of new substations employing innovative technologies like SCADA.

At current market price, stock is trading at 11.24 P/E multiple of its FY2010 estimated earnings. We recommend investors to buy “Jyoti Structures Limited” with medium to long term investment horizon.