Jai Mata Glass Limited

Industrials — Building Products & Equipment · BSE

₹2.78+₹0.04 (+1.46%)

DalalBaazaar Score

31 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money. Cash generation is currently 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 Mata Glass Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jai Mata Glass Limited trades in glass in India. The company offers K-series, patterned, elegant frosted, and wired glasses. It also acts as a sales agent in the eastern and northern regions of India.

IndustryBuilding Products & Equipment

SectorIndustrials

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA 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 -11.0% 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 ROE15.2%

DalalBaazaar Score

31/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 11.5 points over the period

Quality vs. Valuation

Company Quality

34/ 100

Weak

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

Valuation

21/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 0.4% to -11.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 0.5% to -11.0% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -1075.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1404.0x to -1075.0x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 0.4% to -11.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Interest cover stays above 3x✗ -1075.0x
How much operating profit can fall before interest stops being comfortably covered.
2Free cash flow remains positive✓ ₹2 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ -11.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ 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

1 good · 4 neutral · 6 weak

Market Cap

₹28 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

13.83x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-0.02

Loss-making

Negative earnings per share — the business is losing money

ROE

-11.8%

Weak

Weak capital efficiency

ROCE

-11.0%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

57.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

-9.3%

Weak

Assets generate little profit

Operating Margin

-59.1%

Weak

Thin margins leave little room for error

Net Margin

-233.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

29.69

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.87

Market-like

Moves roughly in line with the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2.9 / 3.0

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

25.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	—	—	—
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	-₹0 Cr	—
EBITDA Margin	12.4%	19.4%	—	—	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	-₹1 Cr	-₹0 Cr	—
EPS	₹0	₹0	₹-0.05	₹-0.02	—
ROE	0.4%	0.5%	-23.5%	-11.1%	—
ROCE	0.5%	4.8%	19.4%	-11.0%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	₹2 Cr	—

🔴 EBITDA has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EPS has turned negative, from ₹0 to ₹-0.02.

🔴 ROE has fallen from 0.4% to -11.1% over 3 years (-11.5 pts).

🔴 ROCE has fallen from 0.5% to -11.0% over 3 years (-11.5 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

50.3%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed1 negative4 general

Jai Mata Glass shareholders approve secretarial auditor appointment

scanx.trade, 03 Oct

Open Offer for Jai Mata Glass Limited: Acquirers Seek 26.00% Stake at INR 1.85 Per Share

scanx.trade, 27 Jul

11 penny stocks surged up to 198% in 6 months. Do you own any?

The Economic Times, 02 Aug

Jai Mata Glass open offer to acquire 26% shares at ₹1.85

scanx.trade, 13 JulM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Jai Mata Glass open offer tendering opens August 21 at ₹1.85 per share

scanx.trade, 21 Aug

Jai Mata Glass Q1 Results: Loss widens to ₹6.25 lakh, revenue falls

scanx.trade, 30 JulResults

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

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 3 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑