Jindal Capital Limited

Financial Services — Capital Markets · BSE

₹33.02+₹0.02 (+0.06%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

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 Jindal Capital Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jindal Capital Limited, a non-banking financial company, engages in fund-based activities and advisory services in India.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹4 Cr

How does it make money?

Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹28 reaches shareholders as profit, with ₹62 left at the operating level before interest, tax and depreciation.

EBITDA margin62.1%

Net margin27.6%

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC LIFE INS CO LTDP/E 58.4x · ROE 11.3%

SBI LIFE INSURANCE CO LTDP/E 63.9x · ROE 13.7%

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.

ROCE8.8%

ROE9.2%

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -18% while net margin moved +813% 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-18%

Margin effect+813%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.09 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

74/ 100

Good

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

Valuation

77/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

19.1x

3Y Median

27.0x

40 monthly readings · mean 66.2x · range 14.5x–193.3x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 29% below its 3y median of 27.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 67% below the peer median of 58.4x.

vs. its own history

Cheap

27.0x median over 40 months · -29%

vs. sector peers

Cheap

58.4x median of 3 peers · -67%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

19.1x

P/B

1.93x

EV/EBITDA

14.9x

PEG

0.20

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 5.5% to 62.1% over 3 years.
Return on equity is rising
ROE has improved from 1.7% to 9.2%.
Return on capital is rising
ROCE has improved from 2.3% to 8.8%.
Valuation below its historical average
At 19.1x the stock trades 29% below its own median of 27.0x.
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 watch

🟡Interest coverage is deterioratingFinancial
Cover has fallen from 4.6x to 2.6x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 5.5% to 62.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 67% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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

1EBITDA margin holds above 60%✓ 62.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✓ 9.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ 2.6x
How much operating profit can fall before interest stops being comfortably covered.
4Valuation vs its own median of 27.0x✓ 19.1x 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

4 good · 7 neutral · 0 weak

Market Cap

₹24 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

19.1x

Fair

Fairly valued against the generic band

P/B Ratio

1.93x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.73

Profitable

Profitable on a per-share basis

ROE

9.2%

Moderate

Moderate capital efficiency

ROCE

8.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.17x

Moderate

Moderate leverage

Revenue Growth (YoY)

40.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

57.1%

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

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹33.02

Operating Margin

59.5%

Good

Healthy core-business profitability

Net Margin

27.0%

Good

Strong bottom-line conversion

Current Ratio

149.94

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.09

Defensive

Steadier than the market

52W Range Position

38%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

33.4 / 33.1

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5 Cr	₹3 Cr	₹4 Cr	₹4 Cr	-6.2%
EBITDA	₹0 Cr	₹2 Cr	₹2 Cr	₹3 Cr	+110.6%
EBITDA Margin	5.5%	51.6%	63.3%	62.1%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+96.0%
EPS	₹0.21	₹1.54	₹1.94	₹1.57	+95.5%
ROE	1.7%	11.1%	12.6%	9.2%	—
ROCE	2.3%	11.4%	12.2%	8.8%	—
Total Debt	₹1 Cr	₹4 Cr	₹8 Cr	₹14 Cr	+134.2%
Free Cash Flow	₹1 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+8.6%

🔴 Revenue has shrunk at 6.2% a year over 3 years.

🟢 EBITDA has grown at 110.6% a year over 3 years.

🟢 EBITDA Margin has risen from 5.5% to 62.1% over 3 years (+56.6 pts).

🟢 PAT (Net Profit) has grown at 96.0% a year over 3 years.

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

🟢 ROE has risen from 1.7% to 9.2% over 3 years (+7.5 pts).

🟢 ROCE has risen from 2.3% to 8.8% over 3 years (+6.5 pts).

🔴 Total Debt has grown at 134.2% a year over 3 years.

🟢 Free Cash Flow has grown at 8.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹28 Cr

Total Liabilities

₹16 Cr

Total Debt

₹14 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.4%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive2 mixed3 general

Jindal Capital Q1 Results FY27: PAT Rs 0.32 Cr, Revenue Rs 1 cror

Univest, 14 AugResults

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

Jindal Capital Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

Jindal Capital Q1FY26 net profit rises 57% to ₹31.80 lakh

scanx.trade, 12 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Jindal Saw (NSEI:JINDALSAW) Stock Forecast & Analyst Predictions

Simply Wall Street, 05 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Jindal Capital Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 02 Sept

Jindal Capital Limited Board Approves Increase in Authorised Share Capital to ₹22 Crore

scanx.trade, 22 Apr

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

🟢Business QualityStrong17.5/20

🟢Financial HealthStrong17/20

🟡GrowthModest10.5/20

🟢ProfitabilityStrong10/15

🟢ValuationAttractive10.7/15

🔴RiskHigh4.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

This thesis breaks if

✓EBITDA margin holds above 60%62.1%
✓Return on equity stays above 8%9.2%
✗Interest cover stays above 3x2.6x
✓Valuation vs its own median of 27.0x19.1x today