Jaipan Industries Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · BSE

₹51.47+₹1.00 (+1.98%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Jaipan Industries Limited manufactures and trades in electronic household accessories in India.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Employees50

Annual revenue₹27 Cr

How does it make money?

Turns over ₹27 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 50 employees supports ₹54.6 lakh of revenue a year, the signature of a people-led business.

EBITDA margin25.9%

Net margin12.2%

Revenue / employee₹54.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

VOLTAS LTDP/E 75.8x · ROE 7.0%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

What is its competitive advantage?Some evidence

ROCE of 35.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE35.8%

ROE43.2%

Peer median ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -30% while net margin moved +237% 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-30%

Margin effect+237%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 97.1x is demanding — it needs sustained high growth to justify
✗ P/E is 489% above its own historical median of 16.5x — expensive by its own standards

Quality vs. Valuation

Company Quality

76/ 100

Good

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

Valuation

36/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

97.1x

3Y Median

16.5x

40 monthly readings · mean 32.5x · range 7.1x–94.9x

Sector Median

68.5x

median of 3 sector peers

⚠️Current valuation is approximately 489% above its 3y median of 16.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 42% above the peer median of 68.5x.

vs. its own history

Expensive

16.5x median over 40 months · +489%

vs. sector peers

Expensive

68.5x median of 3 peers · +42%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

97.1x

P/B

4.07x

EV/EBITDA

5.2x

PEG

2.95

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 2.4% to 25.9% over 3 years.
Return on equity is rising
ROE has improved from 9.2% to 43.2%.
Return on capital is rising
ROCE has improved from 12.9% to 35.8%.
High return on capital employed
ROCE of 35.8% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention2

Debt is rising
Total debt is up 34% over 3 years — worth checking what it funded.
Valuation above its historical average
At 97.1x the stock trades 489% above its own median of 16.5x.

Red Flags

1 item require attention · 1 watch

🟡Debt is increasingFinancial
Total debt is up 34% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 35.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 2.4% to 25.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 489% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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 24%✓ 25.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 33%✓ 35.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 16.5x✗ 97.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

₹31 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

97.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

4.07x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.53

Profitable

Profitable on a per-share basis

ROE

43.2%

Strong

Strong capital efficiency

ROCE

35.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.93x

Moderate

Moderate leverage

Revenue Growth (YoY)

-14.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

1311.5%

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

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹51.47

Operating Margin

2.8%

Weak

Thin margins leave little room for error

Net Margin

12.8%

Good

Strong bottom-line conversion

Current Ratio

2.12

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.99

Defensive

Steadier than the market

52W Range Position

96%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

43.3 / 40.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

94.2

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹39 Cr	₹23 Cr	₹29 Cr	₹27 Cr	-11.3%
EBITDA	₹1 Cr	-₹1 Cr	₹1 Cr	₹7 Cr	+95.5%
EBITDA Margin	2.4%	-5.7%	3.1%	25.9%	—
PAT (Net Profit)	₹1 Cr	-₹11 Cr	₹0 Cr	₹3 Cr	+32.9%
EPS	₹2.32	₹-18.6	₹0.39	₹5.46	+33.0%
ROE	9.2%	-273.9%	5.4%	43.2%	—
ROCE	12.9%	-168.9%	9.9%	35.8%	—
Total Debt	₹5 Cr	₹6 Cr	₹7 Cr	₹7 Cr	+10.2%
Free Cash Flow	₹2 Cr	-₹2 Cr	-₹0 Cr	₹1 Cr	-26.0%

🔴 Revenue has shrunk at 11.3% a year over 3 years.

🟢 EBITDA has grown at 95.5% a year over 3 years.

🟢 EBITDA Margin has risen from 2.4% to 25.9% over 3 years (+23.5 pts).

🟢 PAT (Net Profit) has grown at 32.9% a year over 3 years.

🟢 EPS has grown at 33.0% a year over 3 years.

🟢 ROE has risen from 9.2% to 43.2% over 3 years (+34.0 pts).

🟢 ROCE has risen from 12.9% to 35.8% over 3 years (+22.9 pts).

🔴 Total Debt has grown at 10.2% a year over 3 years.

🔴 Free Cash Flow has shrunk at 26.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹18 Cr

Total Liabilities

₹10 Cr

Total Debt

₹7 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

47.0%

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

2 mixed4 general

Compare ACRYCIL. with JAIPAN INDUSTRIES

Equitymaster, 12 Oct

Jaipan Industries promoters sell shares, reduce holding to 35.12%

scanx.trade, 29 Jun

LPG Crisis Boosts Appliance Stocks: TTK Prestige, Jaipan, Borosil Shares Jump Up To 8%

Samco, 11 MarPrice 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.

Compare JAIPAN INDUSTRIES with ACRYCIL.

Equitymaster, 10 Oct

Jaipan Industries posts ₹3.33 crore profit in FY26 on insurance claim

scanx.trade, 06 Sept

LPG crisis: TTK Prestige, other household appliances firms' shares rise for 3rd day as sales of induction...

Moneycontrol.com, 12 MarPrice 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.

Watch Items

Revenue growth is negative (-14.3%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟢Business QualityStrong16.7/20

🟢Financial HealthStrong16.6/20

🟡GrowthModest10.5/20

🟢ProfitabilityStrong12.9/15

🔴ValuationDemanding4.9/15

🔴RiskHigh4.4/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

This thesis breaks if

✓EBITDA margin holds above 24%25.9%
✓Free cash flow remains positive₹1 Cr
✓Debt / EBITDA stays below 2x1.0x
✓ROCE stays above 33%35.8%
✗Valuation vs its own median of 16.5x97.1x today