Jindal Photo Limited

Financial Services — Asset Management · NSE

₹1,027.20−₹22.10 (−2.11%)

DalalBaazaar Score

56 / 100

🟡 Moderate

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, though profits are falling even as sales grow. The direction of profits 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 Jindal Photo Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jindal Photo Limited operates as an investment company in India. The company engages in the business of holding strategic investment in the shares and securities of group companies. It also provides management consultancy services.

IndustryAsset Management

SectorFinancial Services

Employees2

Annual revenue₹10 Cr

How does it make money?

Turns over ₹10 Cr a year. Of every ₹100 of sales, about ₹-217 reaches shareholders as profit, with ₹-139 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹5.25 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹5.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. 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 +104848% while net margin moved -100% 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+104848%

Margin effect-100%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE has fallen by 9.5 points — returns are eroding
✗ EBITDA margin of -138.7% is thin — little cushion if costs rise
✗ The business is lossmaking at the net level
• Revenue has compounded at 916.2% a year, which is the base these returns are earned on
• Lender: ROCE is excluded here because borrowing is raw material for this business, not leverage

Quality vs. Valuation

Company Quality

59/ 100

Average

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 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

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 8.4% to -2.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 8.3% to -1.2% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -2.7x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹23 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 1717280.7 points, from 1717142.0% to -138.7%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 47.0x to -2.7x.

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 1717142.0% to -138.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 8.4% to -2.2%. 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
3 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

1Revenue growth stays above 687% a year✓ 916.2% CAGR
Latest reported year was 1375.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -141%✓ -138.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ -2.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ -2.7x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 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

3 good · 2 neutral · 6 weak

Market Cap

₹1,058 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

1.03x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-60.54

Loss-making

Negative earnings per share — the business is losing money

ROE

-2.2%

Weak

Weak capital efficiency

ROCE

-1.2%

Weak

Low return on total capital employed

Debt/Equity

6.34x

High

High leverage

Revenue Growth (YoY)

1375.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-75.0%

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

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

98.0%

Good

Healthy core-business profitability

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.43

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.65

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1050.5 / 1048.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹10 Cr	+916.2%
EBITDA	₹172 Cr	₹270 Cr	₹231 Cr	-₹15 Cr	—
EBITDA Margin	1717142.0%	1552296.0%	46614.7%	-138.7%	—
PAT (Net Profit)	₹167 Cr	₹266 Cr	₹226 Cr	-₹23 Cr	—
EPS	₹162.96	₹258.86	₹220.25	₹-22.21	—
ROE	8.4%	11.7%	23.3%	-2.2%	—
ROCE	8.3%	11.7%	22.4%	-1.2%	—
Total Debt	₹68 Cr	₹55 Cr	₹59 Cr	₹21 Cr	-32.6%
Free Cash Flow	-₹1 Cr	-₹0 Cr	₹0 Cr	₹7 Cr	—

🟢 Revenue has grown at 916.2% a year over 3 years.

🔴 EBITDA has turned negative, from ₹172 Cr to -₹15 Cr.

🔴 EBITDA Margin has fallen from 1717142.0% to -138.7% over 3 years (-1717280.7 pts).

🔴 PAT (Net Profit) has turned negative, from ₹167 Cr to -₹23 Cr.

🔴 EPS has turned negative, from ₹162.96 to ₹-22.21.

🔴 ROE has fallen from 8.4% to -2.2% over 3 years (-10.6 pts).

🔴 ROCE has fallen from 8.3% to -1.2% over 3 years (-9.5 pts).

🟢 Total Debt has shrunk at 32.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹7 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,243 Cr

Total Liabilities

₹221 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹7 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

1.7%

Insider Holding

82.9%

Corporate Actions

Ex-Dividend Date

21 Sept 2012

Peer Comparison

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

Recent News

6 general

Jindal Photo concludes 23rd AGM with re-appointment of MD Manoj Kumar Rastogi

scanx.trade, 28 Sept

Jindal Photo Limited (JINDALPHOT.NS) Climbs 2.36% to ₹1125.6, Trading Near Midpoint of Its Range - GEX Level

siam.in, 16 Sept

Jindal Photo Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Jindal Photo approves delisting proposal, sets floor price at ₹1,119.50 per share

CNBC TV18, 16 Jul

Jindal Photo Ltd is Rated Sell by MarketsMOJO

MarketsMojo, 06 Oct

Why Has Jindal Photo Become One of the Market's Biggest Movers Today?

Kalkine India, 30 Jun

Watch Items

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.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingValuation

WeakBusiness Quality · 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. 3 high-severity red flags sit 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 ↑