Jai Corp Limited

Basic Materials — Specialty Chemicals · NSE

₹91.60−₹3.74 (−3.92%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Jai Corp Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jai Corp Limited primarily engages in the plastic processing business in India and internationally. The company operates through five segments: Steel, Plastic Processing, Spinning, Other Investments/Assets, and Real Estate.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees1,396

Annual revenue₹514 Cr

How does it make money?

Turns over ₹514 Cr a year. Of every ₹100 of sales, about ₹33 reaches shareholders as profit, with ₹40 left at the operating level before interest, tax and depreciation. Each of its 1,396 employees supports ₹36.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹36.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 12.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE22.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -13% while net margin moved -1538% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-13%

Margin effect-1538%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 4.7% a year
✗ Latest-year revenue growth of -25.5% is below the longer-term trend — momentum is fading
✗ Profit fell 72.9% in the latest year

Quality vs. Valuation

Company Quality

65/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

9.5x

2Y Median

32.4x

28 monthly readings · mean 45.7x · range 9.4x–125.9x

Sector Median

40.4x

median of 4 sector peers

🟢Current valuation is approximately 71% below its 2y median of 32.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 77% below the peer median of 40.4x.

vs. its own history

Cheap

32.4x median over 28 months · -71%

vs. sector peers

Cheap

40.4x median of 4 peers · -77%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 10.0% to 40.2% over 3 years.
Debt is being paid down
Total debt is down 84% over 3 years.
Return on equity is rising
ROE has improved from -1.0% to 11.3%.
Return on capital is rising
ROCE has improved from 0.3% to 12.7%.
Very low debt
Debt/Equity of 0.03x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 10.0% to 40.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 84% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 71% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 77% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹3 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 38%✓ 40.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 10%✓ 12.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 32.4x✓ 9.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹1,608 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.5x

Cheap

Cheap against the generic band

P/B Ratio

1.07x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹9.66

Profitable

Profitable on a per-share basis

ROE

11.3%

Moderate

Moderate capital efficiency

ROCE

12.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.03x

Low

Conservative leverage

Revenue Growth (YoY)

-25.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-72.9%

Falling

Profits are shrinking

Dividend Yield

0.55%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

21.7%

Good

Healthy core-business profitability

Net Margin

15.4%

Good

Strong bottom-line conversion

Current Ratio

25.89

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

91.1 / 96.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

45.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹594 Cr	₹463 Cr	₹518 Cr	₹514 Cr	-4.7%
EBITDA	₹60 Cr	₹63 Cr	₹94 Cr	₹207 Cr	+51.2%
EBITDA Margin	10.0%	13.6%	18.2%	40.2%	—
PAT (Net Profit)	-₹14 Cr	₹53 Cr	₹67 Cr	₹169 Cr	—
EPS	₹-0.76	₹2.94	₹3.76	₹9.74	—
ROE	-1.0%	3.5%	4.7%	11.3%	—
ROCE	0.3%	4.7%	5.8%	12.7%	—
Total Debt	₹3 Cr	—	—	₹1 Cr	-45.5%
Free Cash Flow	₹68 Cr	₹39 Cr	₹42 Cr	₹3 Cr	-66.4%

🔴 Revenue has shrunk at 4.7% a year over 3 years.

🟢 EBITDA has grown at 51.2% a year over 3 years.

🟢 EBITDA Margin has risen from 10.0% to 40.2% over 3 years (+30.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹14 Cr to ₹169 Cr.

🟢 EPS has turned positive, from ₹-0.76 to ₹9.74.

🟢 ROE has risen from -1.0% to 11.3% over 3 years (+12.3 pts).

🟢 ROCE has risen from 0.3% to 12.7% over 3 years (+12.3 pts).

🟢 Total Debt has shrunk at 45.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 66.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,559 Cr

Total Liabilities

₹49 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹14 Cr

Capex

-₹11 Cr

Shareholding (proxy)

Institutional Holding

1.6%

Insider Holding

74.4%

Corporate Actions

Dividend Rate

₹0.5

Ex-Dividend Date

21 Sept 2026

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 mixed1 negative4 general

Jai Corp Share Price - Live NSE: JAICORPLTD Stock Price & Chart

Upstox, 16 Oct

Jai Corp Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Jai Corp closes trading window from July 1 till Q1FY27 results

scanx.trade, 20 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Compare with JAI CORP

Equitymaster, 08 Oct

ED attaches 88 acres of land linked to Anand Jain’s Jai Corp

The Times of India, 06 Oct

Jai Corp consolidated net profit declines 72.95% in the June 2026 quarter

Business Standard, 14 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

Revenue growth is negative (-25.5%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

WeakGrowth · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑