Synopsis: As Sri Lanka races toward its 70% renewables target, Jyoti Structures has signed a joint venture with Hayleys Fentons to construct a 220kV double circuit transmission line under the Mullikulam Wind Power Transmission Project a contract awarded by the country’s national grid operator that arrives on the back of a Q4 FY26 net profit of ₹18.14 crore, up 52 percent year-on-year.
Shares of a Mumbai-based power transmission EPC company retreated modestly on May 15, 2026, even as the company disclosed a cross-border joint venture to build critical wind evacuation infrastructure in Sri Lanka. The contract, awarded by the National Transmission Network Service Provider, covers a 220kV double circuit transmission line connecting Mullikulam’s wind generation cluster to the island’s national grid, a project type that sits squarely in Jyoti Structures’ core engineering capability.
With a market capitalisation of approximately Rs. 1,482.53 crore, the shares of Jyoti Structures Ltd were trading at Rs. 12.42 per share, down 1.82 percent from its previous closing price of Rs. 12.65 apiece. It is trading at a P/E of 26.95.
The Mullikulam Wind Power Transmission Project, awarded by Sri Lanka’s National Transmission Network Service Provider, will see Jyoti Structures partner with Hayleys Fentons the dominant solar EPC contractor on the island and a subsidiary of Hayleys PLC, one of Sri Lanka’s largest conglomerates. Together, they will design and build the 220kV double circuit line that evacuates power from Mullikulam-area wind projects to the national grid.
The engineering case for this project is not complicated. The northern coast of Sri Lanka, particularly the Mannar Basin, holds some of the best wind resources in South Asia. The constraint has never been generation potential; it has been evacuation. The existing grid simply cannot move power from the windy north to demand centers in Colombo and the west. Hayleys Fentons itself has a 50MW wind project in Mannar waiting on grid access, which means its participation in this JV is not purely contractual; the line is infrastructure its own project depends on. That alignment of interests gives Jyoti Structures a local partner with real skin in the game, not just a subcontracting arrangement.
For JSL, the structure follows the asset-light EPC playbook it has used since its post-resolution rebuild began. Contributing high-voltage tower engineering design while leaving local labor sourcing, regulatory navigation, and land interface to Hayleys limits the execution risk that has historically plagued Indian EPC firms operating in foreign jurisdictions. COO Amit Dutta, appointed as recently as February 2026, brings 36 years of transmission sector experience and this deal is his first visible international outing in the role.
Sri Lanka has committed to sourcing 70 percent of its electricity from renewable energy by 2030. Hitting that target requires an estimated $11 billion in grid and generation investment, and the country’s domestic engineering capacity cannot execute at that pace alone.
Cross-border partnerships with Indian firms are filling the gap. Jyoti Structures, which has constructed over 31,000 circuit-km of transmission lines and executed up to 800kV projects across markets including Africa and the Middle East, is a technically credible fit for 220kV infrastructure in a market with a strained grid and ambitious timelines. This contract, if executed cleanly, adds a fourth geography to the post-resolution order book narrative.
Business Overview
Jyoti Structures Limited, incorporated in 1974, executes high-voltage transmission lines up to 800kV, substations up to 765kV, and rural electrification projects from its Mumbai base. After a prolonged debt resolution process that wiped out promoter holdings entirely, public shareholders now account for over 98 percent of the float; the company has been steadily rebuilding revenue since FY23.
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