Jetking Infotrain Limited

Consumer Defensive — Education & Training Services · BSE

₹127.50+₹5.60 (+4.59%)

DalalBaazaar Score

28 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company is currently losing money, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Jetking Infotrain Limited engages in IT training in hardware, networking, and digital courses in India, Nepal, and South-east Asia.

IndustryEducation & Training Services

SectorConsumer Defensive

Employees137

Annual revenue₹19 Cr

How does it make money?

Turns over ₹19 Cr a year. Of every ₹100 of sales, about ₹-5 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 137 employees supports ₹13.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹13.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES 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?Little sign of one

Returns on capital of -1.4% 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 ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +1% while net margin moved +528% 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+1%

Margin effect+528%

DalalBaazaar Score

28/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

26/ 100

Weak

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

Valuation

25/ 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

105.0x

PEG

—

Red Flags

7 items require attention · 4 high · 3 watch

🔴High leverageFinancial
Debt/Equity of 3.81x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -3.8x — little room if earnings dip.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 20.0x to -3.8x.
🟡Margins are compressingFinancial
EBITDA margin is down 2.4 points over 3 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.84 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 6.5% to 4.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 3.81x. Interest is payable whether or not the business has a good year.
Growth barely outpaces inflation
Revenue compounding at 0.2% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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 2%✓ 4.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✗ -₹11 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ -3.8x
How much operating profit can fall before interest stops being comfortably covered.
5Revenue growth stays above 4% a year✗ 0.2% CAGR
Latest reported year was -12.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

3 / 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

0 good · 3 neutral · 8 weak

Market Cap

₹80 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

1.81x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-4.89

Loss-making

Negative earnings per share — the business is losing money

ROE

-2.1%

Weak

Weak capital efficiency

ROCE

-1.4%

Weak

Low return on total capital employed

Debt/Equity

3.81x

High

High leverage

Revenue Growth (YoY)

-12.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-129.7%

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

-₹11 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-37.7%

Weak

Thin margins leave little room for error

Net Margin

-14.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.84

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.36

Defensive

Steadier than the market

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

122.4 / 119.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

52.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹19 Cr	₹18 Cr	₹18 Cr	₹19 Cr	+0.2%
EBITDA	₹1 Cr	-₹1 Cr	₹1 Cr	₹1 Cr	-13.9%
EBITDA Margin	6.5%	-3.5%	5.8%	4.1%	—
PAT (Net Profit)	-₹0 Cr	-₹3 Cr	₹3 Cr	-₹1 Cr	—
EPS	₹-0.25	₹-5.59	₹0.53	₹-0.15	—
ROE	-0.4%	-8.7%	7.5%	-2.1%	—
ROCE	0.0%	-7.6%	8.2%	-1.4%	—
Total Debt	₹2 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+0.6%
Free Cash Flow	-₹2 Cr	-₹8 Cr	-₹9 Cr	-₹11 Cr	—

🟡 Revenue has been broadly flat over 3 years (0.2% a year).

🔴 EBITDA has shrunk at 13.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 6.5% to 4.1% over 3 years (-2.4 pts).

🔴 ROE has fallen from -0.4% to -2.1% over 3 years (-1.7 pts).

🔴 ROCE has fallen from 0.0% to -1.4% over 3 years (-1.4 pts).

🟡 Total Debt has been broadly flat over 3 years (0.6% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹53 Cr

Total Liabilities

₹8 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹12 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.7%

Corporate Actions

Ex-Dividend Date

09 Jul 2015

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

6 general

Jetking Infotrain sells Delhi properties for ₹4.16 crore, leases back

scanx.trade, 16 Oct

SAT upholds BSE's refusal to list Jetking Infotrain's preferential issue

Business Standard, 11 May

Securities Appellate Tribunal Dismisses Jetking Infotrain Appeal Against BSE Listing Rejection

scanx.trade, 09 May

JETKING INFOTRAIN LTD. Share Price

Upstox, 23 Mar

This little-known mulitbagger micro-cap stock just raised ₹6 crore via preferential shares to buy BITCOINS!

Livemint, 29 May

Jetking Infotrain raises Rs 6.1 crore via preferential issue to purchase Bitcoin

Moneycontrol.com, 29 May

Watch Items

Revenue growth is negative (-12.8%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · 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. 4 high-severity red flags sit above this conclusion and should be read first.

4 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive; Interest cover stays above 3x; Revenue growth stays above 4% a year · see Key things to watch ↑