UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                        
                                    FORM 10-K

(X)  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the fiscal year ended December 31, 1995

                                       OR

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

                 Commission file number 0-3041

                             JUSTIN INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)

                  Texas                                        75-0102185
     (State or other jurisdiction of                        (I.R.S. Employer
      incorporation or organization)                      Identification No.)

 2821 West 7th Street, Fort Worth, Texas                         76107
 (Address of principal executive offices)                      (Zip Code)

Registrant's telephone number, including area code:          (817) 336-5125

Securities registered pursuant to Section 12(b) of the Act:
                                                        Name of each exchange on
           Title of each class                              which registered
                   None                                           None

Securities registered pursuant to Section 12(g) of the Act:

                          Common Stock, $2.50 Par Value

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                               Yes (X)      No ( )

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  (X)

     State the aggregate market value of the voting stock held by non-affiliates
of the registrant.  The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within 60 days prior to the date of filing.

                      $297,939,940 as of February 28, 1996

     Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.

                  26,631,503 Common Shares as of March 20, 1996

                       DOCUMENTS INCORPORATED BY REFERENCE

     Parts I, II, and IV incorporate certain information by reference from the
Annual Report to Shareholders for the year ended December 31, 1995.  Part III
incorporates information by reference from the Proxy Statement for the Annual
Meeting of Shareholders to be held on April 11, 1996.
                                        
                                        
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                                     PART I

ITEM 1.   BUSINESS

     Justin Industries, Inc. ("Justin") and its subsidiaries are herein
collectively and/or singly referred to as the "company".  The company where
specifically indicated has incorporated by reference certain information
contained in its 1995 Annual Report to Shareholders.  Other references made to
that report are for information purposes only and the information in the Annual
Report to Shareholders is not deemed incorporated in this Form 10-K.

GENERAL DEVELOPMENT OF BUSINESS

     Justin's business origins can be traced back to 1879, when H. J. Justin
began making boots at Spanish Fort, Texas on the Chisholm Trail.  Justin was
incorporated under the laws of the State of Texas on April 26, 1916, as Acme
Brick Company, the successor to an Illinois company incorporated in 1891.  In
August 1968, the company changed its name to First Worth Corporation and created
a division, later incorporated with the name "Acme Brick Company" ("Acme"), to
handle the company's business relating to brick, concrete block, concrete
panels, and prestressed concrete structural components.  The company changed its
name in October 1972 to Justin Industries, Inc.

     In 1968, Justin purchased for cash and promissory notes all the outstanding
Common Stock of Louisiana Concrete Products, Inc. ("Louisiana Concrete").  Also
during 1968, Justin acquired the net assets or the outstanding stock of six
additional small firms in the concrete products field for cash and shares of
Justin Common Stock.  The operations of Louisiana Concrete and the six small
firms were combined with the concrete products operations of Featherlite
Building Products Corporation and Featherlite Precast Corporation (whose
acquisition is discussed below).

     In December 1968, Justin acquired all of the outstanding common stock of
Justin Belt Company, Inc., H. J. Justin & Sons, Inc., and its subsidiary, Justin
Leathergoods Company, which companies were reorganized in 1984 to be known as
the "Justin Boot Company" ("Justin Boot").  Justin Boot's stock was acquired in
exchange for Justin Common Stock and Justin voting Preferred Stock (subsequently
converted into shares of Justin Common Stock).  The acquisition of Justin Boot
was treated as a pooling of interests for accounting purposes.

     In May 1973, Justin acquired all of the outstanding common stock of
Northland Publishing Company, Inc. ("Northland") in exchange for shares of
Justin Common Stock.  The acquisition was accounted for as a purchase.  In April
1974, Justin acquired for cash all the outstanding capital stock of Sanford
Brick Corporation ("Sanford"), Sanford, North Carolina.  The acquisition was
accounted for as a purchase.  On April 30, 1984, all of the common stock of
Sanford was sold.

     In August 1976, Justin acquired 62.6% of the outstanding common stock of
Kingstip, Inc. ("Kingstip") for cash and effective January 31, 1977, acquired
the remaining 37.4% of Kingstip's capital stock in exchange for shares of Justin
Common Stock.  The acquisition was accounted for as a purchase.  Through 1983,
all operations of Kingstip were conducted through its subsidiary, The
Featherlite Corporation.  Effective December 31, 1983, these operations were
reorganized into two distinct operating entities, Featherlite Building Products
Corporation and Featherlite Precast Corporation.

     Ceramic Cooling Tower Company ("CCT") was incorporated by Justin in 1968,
as an outgrowth of Acme's operations in the design and sale of water cooling
systems.  Effective December 31, 1991, the net assets and business of CCT were
sold for $20 million cash.

     In June 1981, Justin issued shares of Justin Common Stock for all the
outstanding common stock of Nocona Boot Company ("Nocona").

     In September 1984, the company's Featherlite Building Products Corporation
subsidiary purchased all of the common stock of Gulde Block and Brick, Inc. for
cash.

     In 1985, the company acquired the operations of four additional companies
for cash and the assumption of certain liabilities.  These acquisitions were
Chippewa Shoe Company, Builders Block Company, Inc., RLI, Inc. (name changed to
Tradewinds Technologies, Inc. ("Tradewinds")), and MEGA Equipment Company.

                                    (Page 1)
                                        
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     In 1986, the company acquired the operating assets of Parr Block Company
for cash and notes.

     Pursuant to a tender offer and subsequent merger effective October 15,
1990, the company acquired all of the outstanding shares of Tony Lama Company,
Inc. ("Tony Lama") at a price of $9.00 per share in cash with the aggregate
purchase price for such shares and related costs totaling approximately
$18,787,000.  Tony Lama is in the business of designing, manufacturing, and
selling western style boots.  The acquisition was accounted for as a purchase.

     On October 7, 1991, the company purchased the brick manufacturing assets of
Elgin-Butler Brick Company for cash and subordinated notes totaling
approximately $4,527,000.

     Effective August 1, 1995, the Company purchased American Tile Supply
Company and its related companies ("American Tile") for cash and subordinated
notes totaling approximately $16 million.  American Tile distributes floor and
wall tile primarily in Texas. The acquisition was accounted for as a purchase.

     In December 1987, the company made the decision to discontinue operations
of two of its businesses, Featherlite Precast Corporation (manufacturers of
precast/prestressed concrete components) and MEGA Equipment Company (distributor
of John Deere construction and utility earthmoving equipment).  Both of these
companies were more severely affected by the cyclical nature of the building
industry and it was felt that Justin and its shareholders would be better served
by concentrating the company's resources in its remaining core group of
businesses.  In 1988, the operations of MEGA Equipment Company and two of the
three Featherlite Precast Corporation plants were sold to third parties.

     Justin's continuing operations are in two principal business areas:  (i)
manufacture and sale of building materials, which includes the operations of
Acme, American Tile, Featherlite Building Products Corporation, and Tradewinds,
and (ii) manufacture and sale of footwear products, which includes the
operations of Justin Boot, Nocona and Tony Lama.

FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS (LINES OF BUSINESS)

     A five year analysis of sales and operating profit contribution by industry
segment is presented on page 17 of the company's 1995 Annual Report to
Shareholders and additional financial information, including identifiable
assets, by industry segment is included in Note 8 of Notes to Consolidated
Financial Statements on page 26 of the Shareholders' Report.  Such information
is hereby incorporated by reference.

NARRATIVE DESCRIPTION OF BUSINESS

     The following information is presented in addition to the information
included in the Report on Operations contained on pages 5 through 11 of the
company's 1995 Annual Report to Shareholders, which is incorporated herein by
reference.

     Manufacture and Sale of Building Materials

     The building materials segment includes clay brick manufactured and sold
under the name Acme Brick for use in residential and commercial construction.
The primary market for Acme Brick is the Central and Southwest United States
where distribution is mainly through company operated sales offices.  Acme also
distributes through independent dealerships in other parts of the United States.
Acme is one of the largest manufacturers of face brick in the United States.

     Other products in the company's building materials segment include concrete
block manufactured and sold under the trade name Featherlite Building Products
and cut limestone manufactured under the name Texas Quarries.  The primary
markets for these products are in Texas and its neighboring states.

     Acme and Featherlite also represent other manufacturers as distributors of
such items as clay brick, glass block, glazed and unglazed tile and masonry
units, fireplace equipment, masonry cleaners, masonry saws, wall reinforcements,
masonry tools, masonry cement, and purchased used brick for resale.

     Since August, 1994, this segment also includes the sale of ceramic and
marble floor and wall tile through American Tile Supply distribution centers in
Texas.

     Tradewinds manufactures a unique line of premium quality evaporative
coolers used primarily for central residential cooling and light commercial and
spot cooling.

                                    (Page 2)
                                        
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     In the states of Texas, Louisiana, Arkansas, Oklahoma, New Mexico, Kansas,
Tennessee, and Missouri, Acme, American Tile, and Featherlite market their
building materials through approximately 480 full-time company sales employees
serving architects, contractors, home builders, and others in the construction
market.  These direct sales comprise the majority  of the company's building
materials sales.  In the other states, sales are made principally through
independent distributors and dealers.  The majority of the building materials
manufactured by the company are utilized within a 250 mile radius of the plant
where they are produced.  Tradewinds' coolers are sold by direct sales personnel
in selected major markets and by distribution elsewhere.

     Manufacture and Sale of Footwear Products

     Footwear operations include the design, manufacture and distribution of
men's, women's, and children's western style, safety, work and sports boots and
shoes, primarily for sale in the United States under the primary trade names of
"Justin(R)", "Nocona(R)", "Tony Lama(R)", "Chippewa(R)", "Sport Lace-R(R)", and
"Diamond J(R)".

     Justin Boot Company, headquartered in Fort Worth, Texas, started business
in 1879 as H. J. Justin & Sons, Inc.  The company owns and operates footwear
manufacturing plants in Fort Worth, Texas, Cassville, Sarcoxie, and Carthage,
Missouri.  Nocona Boot Company, headquartered in Nocona, Texas, started business
in 1925 and owns and operates its boot manufacturing plant in Nocona.  Tony Lama
Company, Inc., headquartered in El Paso, Texas, was established in 1911.  The
company owns and operates a western boot manufacturing plant in El Paso, Texas.
Administrative functions of the three companies are centralized in Fort Worth,
Texas.

     The company's footwear products are marketed by company salesmen and
independent sales representatives who are compensated on a commission basis.
Sales are made throughout the United States to a network of approximately 6,500
authorized retail outlets and dealers such as western goods stores, department
stores, chain stores, and mail order houses.  Footwear products are sold in the
general price range of other medium to high quality lines and are manufactured
using a wide range of leathers.

     Other

     Northland's primary activity is publishing books about the history and art
of the West.  Many of these books have won awards for fine design, printing, and
binding in major book competitions including the Western Heritage Awards at the
National Cowboy Hall of Fame.  Northland's books are marketed by company
personnel throughout the United States.

RAW MATERIALS

     The principal raw materials for the company's brick are clay and shale
mined from company-owned or leased properties.  The company has developed
adequate clay reserves located at or near plant sites to supply its needs for
the foreseeable future.  Other raw materials used in the building materials
operations, such as cement, aggregate, and additives, are purchased by the
company in the open market and appear to be readily available for the
foreseeable future from numerous domestic suppliers.  Materials for evaporative
coolers are purchased in the open market or manufactured to the company's
specifications and all appear to be readily available for the foreseeable future
from numerous suppliers.

     The company consumes large quantities of natural gas and other combustible
fuels in the drying and firing of its clay products.  In periods of severe cold
weather and occasionally at other times, the company's natural gas supplies have
been limited by its suppliers at certain locations.  The company believes it
will be able to obtain an adequate supply of energy in the future to meet its
requirements.

     The primary raw material used in the footwear product line is finished
leather.  Finished leather, which is readily available, is purchased from
various tanneries in the United States and from tanneries in foreign countries
and their representatives in the United States.  Inventories are maintained to
meet production requirements.  Other raw materials incidental to the production
of these products such as thread, tacks, staples, buckles, and clasps appear to
be readily available for the foreseeable future from numerous domestic
suppliers.

                                    (Page 3)
                                        
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PATENTS AND TRADEMARKS

     Many of the company's products and processes are patented.  In addition,
most of the company's products are marketed under registered trademarks.

SEASONAL NATURE OF BUSINESS

     Demand for building materials and evaporative coolers is seasonal, with
sales during periods of warm weather representing a higher than average
proportion of total yearly sales while sales of footwear products are generally
highest in the fourth quarter.

WORKING CAPITAL REQUIREMENTS

     It is the company's policy to increase inventory levels during periods when
production capabilities exceed sales.  The company may also from time to time
increase its inventory of raw materials in its footwear business segment to
assure itself of an adequate supply of such raw materials.

     Historically, funds required for working capital have been generated from
operations and from borrowings from commercial banks.

SIGNIFICANT CUSTOMERS

     No material part of the company's business is dependent upon a single
customer or upon a few customers, the loss of any one or more of whom would have
a material adverse effect on the company's business.

BACKLOG OF ORDERS AT END OF FISCAL YEAR

     An analysis of backlog orders is presented on page 16 of the company's 1995
Annual Report to Shareholders, which is incorporated herein by reference.  In
accordance with industry practice, unfilled orders for clay brick and footwear
products are generally cancelable by customers at any time and for this reason
may not be considered firm backlog in the traditional sense, despite the fact
that in the past orders have been canceled only infrequently.  Substantially all
unfilled orders are expected to be filled within one year.

COMPETITION

     The business environment in which the company operates is highly
competitive in the areas of price, service, and product quality.  Unless
otherwise indicated below, the company's relative competitive position within
its product lines and market areas is not readily available due to constant
changes in the number and identity of competitors and types of competitive
products.

     In the building materials segment, competition includes other suppliers of
brick and concrete products, as well as suppliers of diverse alternative
building materials such as steel, aluminum, glass, plastic, and wood products.
There are numerous manufacturers of various types of brick and concrete products
in the United States, virtually all of which operate on a regional or local
basis.  In every geographical area served by the company, there are numerous
competitors in all significant building product lines.  The company is one of
the largest face brick manufacturers in the United States and the largest in the
Southwest.  There are numerous plants manufacturing concrete products in the
area in which the company owns and operates plants.  Tradewinds' evaporative
coolers compete with approximately five other major manufacturers, two of which
currently have approximately 70 percent of the market.  None of the competition,
however, manufactures coolers constructed of injection molded polypropylene
material.

     The company's western style boots and other footwear products compete with
approximately 20 other major manufacturers of high quality merchandise, and many
more manufacturers of lesser quality footwear.

RESEARCH ACTIVITIES

     In the normal course of business, the company conducts research and
development activities to improve existing products and to develop new products
within its current product lines.  These activities include developing new
styles, effective use of new materials, and developing new manufacturing
techniques.  The amount spent during each of the last three fiscal years on
these activities did not exceed one percent of the company's total operating
revenues.

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ENVIRONMENT

     There are numerous federal, state, and local statutes, regulations and
ordinances regulating discharge of materials into the environment or otherwise
relating to the protection of the environment, including those concerning clean
air, water, and waste disposal.  In management's opinion, none of these will
materially affect the company's earnings or competitive position and should not
require any material increase in capital expenditures.

EMPLOYEES

     The company had 4,481 employees in its operations as of December 31, 1995.

     The number of employees by job position at December 31, 1995, was as
follows:

                                       Building              Parent and
                                      Materials    Footwear    Other     Total
                                      ---------    --------  ----------  -----
          Production                     1,383      1,659         3      3,045
          Sales                            539        213         5        757
          Administrative, Engineering,
          Clerical, and Other              439        202        38        679
                                         -----      -----     -----      -----
                                         2,361      2,074        46      4,481
                                         =====      =====     =====      =====

FOREIGN OPERATIONS

     Footwear products are marketed in foreign countries, primarily Canada,
Western Europe, and Japan.  Foreign operations are not material to consolidated
operations.

ITEM 2.   PROPERTIES

     Information concerning the company's principal production facilities is as
follows:

     The company's current annual brick manufacturing capacity is approximately
775 million brick.  The company's 16 operating brick plants are located on
approximately 6,000 acres of land, which includes associated clay mining
operations.  The plants have individual production capacities ranging from 16.5
million to 128 million brick each year.  The company began construction on a new
brick manufacturing facility that is scheduled for completion in the second
quarter of 1996.  This facility will add approximately 8% to the total brick
manufacturing capacity of the company.

     The company's tile distribution centers operate out of 11 leased
facilities, consisting of approximately 167,000 square feet of showroom, office
and warehouse space, and one owned showroom/warehouse facility containing 30,000
square feet.

     The company's concrete operations include 8 concrete block plants operated
by Featherlite and one plant operated by Acme on tracts of land ranging from 5
acres to 24 acres.  In addition, Featherlite operates a limestone mill on a 36
acre tract of land and owns 62 acres of volcanic cinder mines and leases mining
rights on 2,100 acres of land for quarrying architectural limestone.

     Tradewinds manufactures its evaporative coolers in Phoenix, Arizona, in a
leased facility containing approximately 90,000 square feet.

     The footwear manufacturing facilities consist of 7 plants, one of which is
currently not operating, and related warehouses containing approximately 784,000
square feet, located on land owned by the company.  These plants have a designed
capacity to produce in excess of 3 million pair of footwear annually.

                                    (Page 5)
                                        
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     The company's corporate administrative headquarters in Fort Worth, Texas,
is contained in 26,000 square feet of modern office facilities.

     The company owns various interests in oil and gas mineral leases in Texas,
Oklahoma, Louisiana, and Arkansas.  Revenues received to date from these
interests have not and are not anticipated to have a material effect on
consolidated revenues.

ITEM 3.   LEGAL PROCEEDINGS

     The company is involved in various claims and lawsuits incidental to its
business.  In the opinion of management, these claims and lawsuits in the
aggregate will not have a material adverse effect on the company's consolidated
financial statements.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to a vote of the company's security holders
during the last quarter of its fiscal year ended December 31, 1995.

EXECUTIVE OFFICERS

     Certain information regarding the executive officers is as follows:

                           Employed
                              by      Date First
                           Company   Appointed an
      Name           Age      In       Officer                 Title
-------------------- ---   -------- -------------    --------------------------
John Justin           79     1936    December 1969   Chairman of the Board and
                                                       Chief Executive Officer

J. T. Dickenson       66     1974    September 1983  President and Chief
                                                       Operating Officer

Richard J. Savitz     49     1979    March 1982      Vice President-Finance
                                                       and Treasurer

Jon M. Bennett        64     1969    December 1979   Vice President-
                                                       Administration and
                                                       Secretary

Edward L. Stout, Jr.  70     1949    March 1974      Vice President-Brick
                                                       Operations

Frank A. Scivetti     53     1982    March 1995      Vice President-Footwear
                                                       Operations

Judy B. Hunter        37     1990    October 1990    Controller, Assistant
                                                       Treasurer


     There are no family relationships among any of the above officers and there
are no known arrangements or understandings between any executive officer and
any other person pursuant to which any of the above named persons was selected
as an officer.

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                                     PART II

ITEM 5.   MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
          MATTERS

     Incorporated by reference from the 1995 Annual Report to Shareholders,
pages 28, 29, and 30.

     As of February 28, 1996, there were 1,758 common shareholders of record.
In addition, approximately 2,617 shareholders are participants in the Justin
Industries, Inc. Employee Stock Ownership Plan.

     Dividends declared for the most recent two fiscal years are as follows:

              Quarter Ended       Cash Dividend Declared

                3/31/94                    $.04
                6/30/94                    $.04
                9/30/94                    $.04
               12/31/94                    $.04
                3/31/95                    $.04
                6/30/95                    $.04
                9/30/95                    $.04
               12/31/95                    $.04


ITEM 6.   SELECTED FINANCIAL DATA

     Incorporated by reference from the 1995 Annual Report to Shareholders,
pages 28 and 29.

ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

     Incorporated by reference from the 1995 Annual Report to Shareholders,
pages 13 through 17.

ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The consolidated balance sheets of the company at December 31, 1995 and
1994 and the consolidated statements of income, shareholders' equity, and cash
flows for the years 1995, 1994, and 1993 and the report of independent auditors
thereon, and the company's unaudited quarterly financial data for the two-year
period ended December 31, 1995 are incorporated by reference from the 1995
Annual Report to Shareholders, pages 18 through 27 and page 30.

ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
          FINANCIAL DISCLOSURE

     None.

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                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT

     Incorporated herein by reference from the company's definitive proxy
statement for the Annual Meeting of Shareholders to be held April 11, 1996
("Proxy Statement"), pages 3, 4 and 7.

     Information regarding the executive officers is included in Part I.

ITEM 11.  EXECUTIVE COMPENSATION

     Incorporated herein by reference from the Proxy Statement, pages 9 through
12.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The information required as to security ownership is incorporated herein by
reference from the Proxy Statement, pages 7 and 8.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Incorporated herein by reference from the Proxy Statement, page 16.

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                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

  (a)  1.  Financial Statements

                                                            Reference
                                                  -----------------------------
                                                                Annual Report
                                                               to Shareholders
                                                   Form 10-K        (page)
                                                  ----------- -----------------
Data incorporated by reference from attached
  Annual Report to Shareholders of
  Justin Industries, Inc.:

  Report of independent auditors                                      27

  Consolidated balance sheet at
     December 31, 1995 and 1994                                       18

  For the years ended December 31, 1995,
     1994, and 1993:
     Consolidated statement of income                                 19
     Consolidated statement of shareholders'
      equity                                                          19
     Consolidated statement of cash flows                             20

  Notes to consolidated financial statements                        21-26

       2.  Financial Statement Schedules

Report of Independent Auditors and Consent of
  Independent Auditors                                S-1

Schedules for years ended December 31, 1995,
  1994, and 1993:

     II -  Valuation and qualifying accounts          S-2

     All other schedules and compliance information have been omitted since the
required information is not present or is not present in amounts sufficient to
require submission of the schedule, or because the information required is
included in the financial statements and the notes thereto.

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       3.  Exhibits

Exhibit
  No.                              Description
-------                            -----------
 3.1   Articles of Incorporation of Registrant, as amended (incorporated by
       reference to the Registrant's Current Report on Form S-8 dated March 22,
       1995)

 3.2   By-Laws of Registrant, as amended (incorporated by reference to the
       Registrant's Current Report on Form 8-K dated September 7, 1990)

 4.1   Rights Agreement dated as of October 6, 1989 between Registrant and
       Team Bank, as Rights Agent  (incorporated by reference to Registrant's
       Registration Statement on Form 8-A dated October 10, 1989)

 4.2   First Amendment to Rights Agreement dated as of October 4, 1990
       between Registrant and Ameritrust Texas, N.A., as successor Rights Agent
       (incorporated by reference to Registrant's Amendment No. 1 on Form 8 to
       Registration Statement on Form 8-A dated October 4, 1990)

10.1   Registrant's 1981 Stock Option Plan*

10.2   Registrant's 1984 Incentive Stock Option Plan*

10.3   Registrant's Justin Industries, Inc. 1996 Non-Employee Director Stock
       Option Plan (incorporated by reference from the company's definitive
       proxy statement for the Annual Meeting of Shareholders to be held on
       April 11, 1996)

10.4   Registrant's 1992 Stock Option Plan (incorporated by reference from
       the company's definitive proxy statement for the Annual Meeting of
       Shareholders held on April 3, 1992)

10.5   Registrant's Deferred Compensation Plan*

10.6   Form of Registrant's Special Executive Benefit Program*

10.7   Registrant's Supplemental Executive Retirement Plan of 1992
       (incorporated by reference to Registrant's 1992 Annual Report on Form
       10-K)

10.8   Registrant's Employee Stock Ownership Plan, as restated January 1,
       1989 (incorporated by reference to Registrant's 1994 Annual Report on
       Form 10-K)

10.9   First Amendment to the Registrant's Restated Employee Stock Ownership
       Plan, effective July 1, 1995 (incorporated by reference to Registrant's
       1994 Annual Report on Form 10-K)

10.10  Second Amendment to the Registrant's Restated Employee Stock
       Ownership Plan, effective August 1, 1995 (incorporated by reference to
       Registrant's 1994 Annual Report on Form 10-K)

10.11  Employment Agreement dated as of December 14, 1995 between
       Registrant and John S. Justin, Jr. (incorporated by reference to
       Registrant's 1994 Annual Report on Form 10-K)

10.12  Form of Severance Agreement dated March 23, 1990 between Registrant
       and certain of its executive officers*

10.13  Form of Severance Agreement dated March 23, 1990 between Registrant
       and certain of its officers and employees*

10.14  Revolving Loan Agreement between Registrant, NationsBank of Texas,
       N.A. (formerly NCNB Texas National Bank) as Administrative Lender and
       the several banks listed on the signature pages thereof, as amended in
       the First and Second Amendments through June 9, 1990*

                                    (Page 10)
                                        
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Exhibit
  No.                              Description
-------                            -----------
10.15  Third Amendment to the Revolving Loan Agreement dated as of December
       3, 1990 among Registrant, NationsBank of Texas, N.A. (formerly NCNB
       Texas National Bank), Bank One, Texas, N.A. (formerly Team Bank),
       Citibank, N.A., The Bank of New York and Texas Commerce Bank--Fort
       Worth, N.A. (incorporated by reference to Registrant's Current Report on
       Form 8-K dated December 3, 1990)

10.16  Fourth Amendment to the Revolving Loan Agreement dated as of
       December 31, 1991 among Registrant, certain subsidiaries of the
       Registrant, NationsBank of Texas, N.A., as Administrative Lender,
       NationsBank of Texas, N.A., Bank One, Texas, N.A. (formerly Team Bank),
       Citibank, N.A., The Bank of New York and Texas Commerce Bank, National
       Association (successor by merger to Texas Commerce Bank--Fort Worth,
       N.A.) (incorporated by reference to Registrant's 1991 Annual Report on
       Form 10-K)

10.17  Fifth Amendment to the Revolving Loan Agreement dated as of May 1,
       1992 among Registrant, certain subsidiaries of the Registrant,
       NationsBank of Texas, N.A., as Administrative Lender, NationsBank of
       Texas, N.A., Bank One, Texas, N.A. (formerly Team Bank), Citibank, N.A.,
       The Bank of New York and Texas Commerce Bank, National Association
       (successor by merger to Texas Commerce Bank--Fort Worth, N.A.)
       (incorporated by reference to Registrant's 1992 Annual Report on Form
       10-K)

10.18  Sixth Amendment to the Revolving Loan Agreement dated as of December
       31, 1993 among Registrant, certain subsidiaries of the Registrant,
       NationsBank of Texas, N.A., as Administrative Lender, NationsBank of
       Texas, N.A., Bank One, Texas, N.A., Citibank, N.A., The Bank of New York
       and Texas Commerce Bank, National Association (incorporated by reference
       to Registrant's 1993 Annual Report on Form 10-K)

10.19  Seventh Amendment to the Revolving Loan Agreement dated as of July
       24, 1995 among Registrant, certain subsidiaries of the Registrant,
       NationsBank of Texas, N.A., as Administrative Lender, NationsBank of
       Texas, N.A., Bank One, Texas, N.A., The Bank of New York, and Texas
       Commerce Bank, National Association

10.20  Term Loan Agreement dated as of December 3, 1990 among the
       Registrant, NationsBank of Texas, N.A. (formerly NCNB Texas National
       Bank), Bank One, Texas, N.A. (formerly Team Bank), Citibank, N.A. and
       Texas Commerce Bank--Fort Worth, N.A. (incorporated by reference to
       Amendment No. 4 to Registrant's Schedule 14D-9 dated December 6, 1990)

10.21  First Amendment to the Term Loan Agreement dated as of December 31,
       1991 among Registrant, certain subsidiaries of the Registrant,
       NationsBank of Texas, N.A., as Administrative Lender, NationsBank of
       Texas, N.A., Bank One, Texas, N.A. (formerly Team Bank), Citibank, N.A.
       and Texas Commerce Bank, National Association (successor by merger to
       Texas Commerce Bank--Fort Worth, N.A.) (incorporated by reference to
       Registrant's 1991 Annual Report on Form 10-K)

10.22  Second Amendment to the Term Loan Agreement dated as of May 1, 1992
       among Registrant, certain subsidiaries of the Registrant, NationsBank of
       Texas, N.A., as Administrative Lender, NationsBank of Texas, N.A., Bank
       One, Texas, N.A. (formerly Team Bank), Citibank, N.A. and Texas Commerce
       Bank, National Association (successor by merger to Texas Commerce Bank--
       Fort Worth, N.A.) (incorporated by reference to Registrant's 1992 Annual
       Report on Form 10-K)

10.23  Third Amendment to the Term Loan Agreement dated as of December 31,
       1993 among Registrant, certain subsidiaries of the Registrant,
       NationsBank of Texas, N.A., as Administrative Lender, NationsBank of
       Texas, N.A., Bank One, Texas, N.A., Citibank, N.A. and Texas Commerce
       Bank, National Association (incorporated by reference to Registrant's
       1993 Annual Report on Form 10-K)

10.24  Fourth Amendment to the Term Loan Agreement dated as of July 24,
       1995 among Registrant, certain subsidiaries of the Registrant,
       NationsBank of Texas, N.A., as Administrative Lender, NationsBank of
       Texas, N.A., Bank One, Texas, N.A., and Texas Commerce Bank, National
       Association

                                    (Page 11)
                                        
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Exhibit
  No.                              Description
-------                            -----------
13     Annual report to shareholders for the year ended December 31, 1995

21     Subsidiaries of the Registrant

23     Report of Independent Auditors and Consent of Independent Auditors
       (included herein at page S-1)

27     Financial Data Schedules

*Incorporated by reference to Registrant's Amendment No. 1 on Form 8 to Annual
 Report on Form 10-K dated August 23, 1990.

  (b)  Reports on Form 8-K

  None.

                                    (Page 12)
                                        
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                                   SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Annual Report to be
signed on its behalf by the undersigned, thereunto duly authorized.

JUSTIN INDUSTRIES, INC.
     (Registrant)

By:  /S/ JOHN JUSTIN
     John Justin
     Chairman of the Board and Chief Executive Officer
     March 15, 1996

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated:


/S/ JOHN JUSTIN                              /S/ BAYARD H. FRIEDMAN
--------------------------------             --------------------------------
John Justin                                  Bayard H. Friedman
Chairman of the Board and                    Director, March 15, 1996
Chief Executive Officer                      
March 15, 1996                               
                                             
                                             
/S/ J. T. DICKENSON                          /S/ DEE J. KELLY
--------------------------------             --------------------------------
J. T. Dickenson                              Dee J. Kelly
Director, President and Chief                Director, March 15, 1996
Operating Officer
March 15, 1996                               
                                             
                                             
/S/ RICHARD J. SAVITZ                        /S/ JOSEPH R. MUSOLINO
--------------------------------             --------------------------------
Richard J. Savitz                            Joseph R. Musolino
Vice President-Finance, Principal            Director, March 15, 1996
Finance and Accounting Officer               
March 15, 1996                               
                                             
                                             
/S/ MARVIN GEARHART                          /S/ JOHN V. ROACH
--------------------------------             --------------------------------
Marvin Gearhart                              John V. Roach
Director, March 15, 1996                     Director, March 15, 1996
                                             
                                             


/S/ ROBERT E. GLAZE                          /S/ WILLIAM E. TUCKER
--------------------------------             --------------------------------
Robert E. Glaze                              William E. Tucker
Director, March 15, 1996                     Director, March 15, 1996


                                    (Page 13)
                                        
================================================================================
                                        
                         REPORT OF INDEPENDENT AUDITORS


We have audited the consolidated financial statements of Justin Industries, Inc.
as of December 31, 1995 and 1994, and for each of the three years in the period
ended December 31, 1995, and have issued our report thereon dated January 24,
1996, incorporated by reference in this Annual Report (Form 10-K).  Our audits
also included the financial statement schedule listed in Item 14(a) of the
Annual Report (Form 10-K).  This schedule is the responsibility of the company's
management.  Our responsibility is to express an opinion based on our audits.

In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.


                                             /S/ ERNST & YOUNG LLP


Fort Worth, Texas
January 24, 1996




                         CONSENT OF INDEPENDENT AUDITORS


We consent to the incorporation by reference in this Annual Report (Form 10-K)
of Justin Industries, Inc. of our report dated January 24, 1996, included in the
1995 Annual Report to Shareholders of Justin Industries, Inc.

We also consent to the incorporation by reference in the a) Registration
Statement (Form S-8 No. 33-11915) pertaining to the Justin Industries, Inc. 1981
Stock Option Plan and the Justin Industries, Inc. 1984 Incentive Stock Option
Plan and in the related Prospectus; b) Registration Statement (Form S-8 No. 33-
52783) pertaining to the Justin Industries, Inc. Employee Stock Ownership Plan
and in the related Prospectus; and c) Registration Statement (Form S-8 No. 33-
61776) pertaining to the Justin Industries, Inc. 1992 Stock Option Plan and in
the related Prospectus of our reports dated January 24, 1996, with respect to
the consolidated financial statements and schedule of Justin Industries, Inc.
included or incorporated by reference in this Annual Report (Form 10-K) for the
year ended December 31, 1995.


                                             /S/ ERNST & YOUNG LLP


Fort Worth, Texas
March 15, 1996


                                   (Page S-1)
                                        
================================================================================

                             JUSTIN INDUSTRIES, INC.
                                  CONSOLIDATED
                                        
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                                        
                            Years Ended December 31,
                            (in thousands of dollars)

                          Balance at    Additions                   Balance at
                          Beginning     Charged to    Deductions      End of
                           of Year        Income         (1)         Year (2)
                          ----------    ----------    ----------    ----------

Reserve Deducted from
  Related Assets:

1993
----
  Doubtful Accounts        $ 3,054       $ 1,004       $ 1,044       $ 3,014

1994
----
  Doubtful Accounts        $ 3,014       $   866       $   661       $ 3,219

1995
----
  Doubtful Accounts        $ 3,219       $ 1,347       $ 1,226      $ 3,340


(1)  Accounts written off, less recoveries.

(2)  The reserve for doubtful accounts is deducted from accounts receivable in
     the financial statements.


                                   (Page S-2)
                                        
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