Jainco Projects (India) Limited

Financial Services — Credit Services · BSE

₹4.18−₹0.03 (−0.71%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, 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, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Jainco Projects (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jainco Projects (India) Limited operates as a non-banking financial company. The company engages in the investment, lending, and related activities in India. Jainco Projects (India) Limited was incorporated in 1991 and is headquartered in Kolkata, India.

IndustryCredit Services

SectorFinancial Services

Employees4

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹73 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹18.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹18.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. 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?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +134% while net margin moved -59% 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+134%

Margin effect-59%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROE of 0.1% is weak

Quality vs. Valuation

Company Quality

59/ 100

Average

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

Valuation

68/ 100

Cheap

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

13.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 51.2% to 72.5% over 3 years.
Return on capital is rising
ROCE has improved from 0.7% to 5.0%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.0x — little room if earnings dip.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 51.2% to 72.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 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

1Revenue growth stays above 25% a year✓ 32.7% CAGR
Latest reported year was -71.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 71%✓ 72.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 0.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 1.0x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 10 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 buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹4 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

0.27x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0

Loss-making

Negative earnings per share — the business is losing money

ROE

0.1%

Weak

Weak capital efficiency

ROCE

5.0%

Weak

Low return on total capital employed

Debt/Equity

0.27x

Low

Conservative leverage

Revenue Growth (YoY)

-71.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-5.5%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

₹16 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

3.3%

Weak

Thin margins leave little room for error

Net Margin

1.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.29

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.12

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.2 / 4.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+32.7%
EBITDA	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+49.0%
EBITDA Margin	51.2%	22.2%	75.3%	72.5%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-1.4%
EPS	₹0.01	—	₹0.01	₹0.01	+0.0%
ROE	0.1%	0.0%	0.1%	0.1%	—
ROCE	0.7%	0.0%	5.0%	5.0%	—
Total Debt	₹7 Cr	₹7 Cr	₹19 Cr	₹3 Cr	-24.0%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹12 Cr	₹16 Cr	—

🟢 Revenue has grown at 32.7% a year over 3 years.

🟢 EBITDA has grown at 49.0% a year over 3 years.

🟢 EBITDA Margin has risen from 51.2% to 72.5% over 3 years (+21.3 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-1.4% a year).

🟡 EPS has been broadly flat over 3 years (0.0% a year).

🟡 ROE has held roughly flat at 0.1% over 3 years.

🟢 ROCE has risen from 0.7% to 5.0% over 3 years (+4.4 pts).

🟢 Total Debt has shrunk at 24.0% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹16 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹14 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹16 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

65.9%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

2 mixed4 general

Jainco Projects sets Sept 23 as AGM e-voting cut-off date

scanx.trade, 01 Sept

Raghunath International Ltd. (RAGHUNAT) Share Price Surges 9.94% Today

Univest, 28 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Jainco Projects (India) Ltd Share Price

Business Today, 31 Jan

Jainco Projects' Company Secretary Ramakanta Goenka Steps Down

scanx.trade, 14 Nov

jainco projects india reports standalone net profit of rs 0 01 crore in the december 2024 quarter

Capital Market, 08 FebResults

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

SPSL Stock Price and Chart — BSE:SPSL

TradingView, 24 Jul

Watch Items

Revenue growth is negative (-71.7%) 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.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Valuation

WeakGrowth · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑