Jet Solar Limited

Real Estate — Real Estate - Development · BSE

₹6.70₹0.00 (0.00%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Jet Solar Limited engages in the real estate development and construction business in India. The company is involved in residential and commercial projects. The company was formerly known as Jet Infraventure Limited and changed its name to Jet Solar Limited in October 2024.

IndustryReal Estate - Development

SectorReal Estate

Employees5

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹53 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹10.9 lakh of revenue a year, the signature of a people-led business.

EBITDA margin52.8%

Net margin6.5%

Revenue / employee₹10.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 0.2% 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.

ROCE0.2%

ROE0.2%

Peer median ROE10.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +19% while net margin moved -47% 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+19%

Margin effect-47%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 6.0% — barely ahead of inflation
✗ Profit has declined at 14.4% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of 0.2% is below the longer-term trend — momentum is fading
✗ Profit fell 6.1% in the latest year

Quality vs. Valuation

Company Quality

46/ 100

Average

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

Valuation

29/ 100

Expensive

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.

Historical Valuation

Current P/E

223.3x

3Y Median

167.5x

40 monthly readings · mean 204.3x · range 63.6x–472.5x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 33% above its 3y median of 167.5x. 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 640% above the peer median of 30.2x.

vs. its own history

Expensive

167.5x median over 40 months · +33%

vs. sector peers

Expensive

30.2x median of 3 peers · +640%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

223.3x

P/B

0.38x

EV/EBITDA

27.4x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 22.2% to 52.8% over 3 years.
Debt is being paid down
Total debt is down 56% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Valuation above its historical average
At 223.3x the stock trades 33% above its own median of 167.5x.

Red Flags

3 items require attention · 1 high · 2 watch

🔴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.
🟡Profit is decliningFinancial
Net profit is down 37% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 183% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 22.2% to 52.8%. 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 56% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
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?

The price already assumes success
The stock trades 33% 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.
Growth barely outpaces inflation
Revenue compounding at 6.0% 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.
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 51%✓ 52.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹4 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✓ 6.0% CAGR
Latest reported year was 0.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Debt / EBITDA stays below 2x✓ 1.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 0.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

2 good · 4 neutral · 5 weak

Market Cap

₹8 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

223.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.38x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.03

Profitable

Profitable on a per-share basis

ROE

0.2%

Weak

Weak capital efficiency

ROCE

0.2%

Weak

Low return on total capital employed

Debt/Equity

1.46x

Moderate

Moderate leverage

Revenue Growth (YoY)

0.2%

Modest

Modest growth

Profit Growth (YoY)

-6.1%

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

-₹4 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹6.7

ROA

-4.1%

Weak

Assets generate little profit

Operating Margin

-600.1%

Weak

Thin margins leave little room for error

Net Margin

6.5%

Average

Average bottom-line conversion

Current Ratio

15.91

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.32

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

6.8 / 7.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

50.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+6.0%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+41.5%
EBITDA Margin	22.2%	20.3%	24.2%	52.8%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-14.4%
EPS	₹0.14	₹0.14	₹0.04	—	—
ROE	1.0%	1.1%	0.2%	0.2%	—
ROCE	1.0%	1.1%	0.6%	0.2%	—
Total Debt	₹1 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-23.9%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹2 Cr	-₹4 Cr	—

🟢 Revenue has grown at 6.0% a year over 3 years.

🟢 EBITDA has grown at 41.5% a year over 3 years.

🟢 EBITDA Margin has risen from 22.2% to 52.8% over 3 years (+30.6 pts).

🔴 PAT (Net Profit) has shrunk at 14.4% a year over 3 years.

🟡 ROE has held roughly flat at 0.2% over 3 years.

🟡 ROCE has held roughly flat at 0.2% over 3 years.

🟢 Total Debt has shrunk at 23.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹22 Cr

Total Liabilities

₹1 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹4 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

53.2%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

Jet Solar shareholders approve FY26 financials and director re-appointments

scanx.trade, 30 Sept

Bombardier free cash turns positive on private jet order boom but fewer deliveries hit shares

Reuters, 30 Jul

Jet Solar Limited Board Approves FY26 Audited Results; Reports Net Profit of ₹3.52 Lakhs

scanx.trade, 08 MayResults

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

Stock Radar: Why ACME Solar stock is looking attractive for medium-to-long term investment

The Economic Times, 15 Apr

Hindustan Aeronautics vs Solar Industries India: Comparison

Univest, 03 Aug

SpiceJet hits 10% lower band on heavy volumes; 181 mn shares traded on BSE

Business Standard, 25 Feb

Watch Items

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

🟡Business QualityAdequate10.3/20

🟡Financial HealthAdequate11.7/20

🔴GrowthWeak6.2/20

🔴ProfitabilityWeak6.2/15

🔴ValuationDemanding6.2/15

🟡RiskModerate5.4/10

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.

This thesis breaks if

✓EBITDA margin holds above 51%52.8%
✗Free cash flow remains positive-₹4 Cr
✓Revenue growth stays above 4% a year6.0% CAGR
✓Debt / EBITDA stays below 2x1.1x
✗ROCE stays above 8%0.2%