Jindal Worldwide Limited

Consumer Cyclical — Textile Manufacturing · NSE

₹41.99+₹1.36 (+3.35%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Reasonable but unspectacular business quality, with modest growth. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Jindal Worldwide Limited, together with its subsidiaries, manufactures and sells textile products in India and internationally. It operates through Textiles and Electric Vehicles segments.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees1,406

Annual revenue₹2,268 Cr

How does it make money?

Turns over ₹2,268 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 1,406 employees supports ₹1.61 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.61 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. 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 14.1% 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 ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +11% while net margin moved -46% 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+11%

Margin effect-46%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 3.6% — barely ahead of inflation
✗ Profit has declined at 15.5% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows

Quality vs. Valuation

Company Quality

44/ 100

Weak

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

Valuation

54/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

50.0x

3Y Median

59.7x

40 monthly readings · mean 63.1x · range 24.1x–111.8x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 16% below its 3y median of 59.7x. 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 28% below the peer median of 69.2x.

vs. its own history

Fair

59.7x median over 40 months · -16%

vs. sector peers

Cheap

69.2x median of 4 peers · -28%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

33.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 33% over 3 years.
Cash generation is improving
Free cash flow is up 83% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 17.8% to 8.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 21.5% to 14.1% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.3 points, from 11.6% to 6.3%.
🟡Profit is decliningFinancial
Net profit is down 40% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 33% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 28% 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?

Margins are being competed away
EBITDA margin has fallen from 11.6% to 6.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.9x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Growth barely outpaces inflation
Revenue compounding at 3.6% 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.
Returns on shareholder capital are falling
ROE has dropped from 17.8% to 8.1%. 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.
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 4%✓ 6.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.9x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✓ 3.3x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 3.6% CAGR
Latest reported year was 2.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹192 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 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 · 7 neutral · 1 weak

Market Cap

₹4,210 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

50.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

4.91x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.84

Profitable

Profitable on a per-share basis

ROE

8.1%

Moderate

Moderate capital efficiency

ROCE

14.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.65x

Moderate

Moderate leverage

Revenue Growth (YoY)

2.7%

Modest

Modest growth

Profit Growth (YoY)

88.2%

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

₹192 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.0%

Average

Average margins

Net Margin

3.7%

Average

Average bottom-line conversion

Current Ratio

1.91

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.22

Defensive

Steadier than the market

52W Range Position

55%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

45.9 / 43.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

30.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,041 Cr	₹1,804 Cr	₹2,269 Cr	₹2,268 Cr	+3.6%
EBITDA	₹237 Cr	₹181 Cr	₹194 Cr	₹142 Cr	-15.6%
EBITDA Margin	11.6%	10.1%	8.5%	6.3%	—
PAT (Net Profit)	₹116 Cr	₹76 Cr	₹76 Cr	₹70 Cr	-15.5%
EPS	₹1.15	₹0.75	₹0.75	₹0.7	-15.3%
ROE	17.8%	10.5%	9.6%	8.1%	—
ROCE	21.5%	15.7%	16.5%	14.1%	—
Total Debt	₹837 Cr	₹883 Cr	₹802 Cr	₹558 Cr	-12.6%
Free Cash Flow	₹105 Cr	-₹28 Cr	₹145 Cr	₹192 Cr	+22.2%

🟢 Revenue has grown at 3.6% a year over 3 years.

🔴 EBITDA has shrunk at 15.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 11.6% to 6.3% over 3 years (-5.3 pts).

🔴 PAT (Net Profit) has shrunk at 15.5% a year over 3 years.

🔴 EPS has shrunk at 15.3% a year over 3 years.

🔴 ROE has fallen from 17.8% to 8.1% over 3 years (-9.7 pts).

🔴 ROCE has fallen from 21.5% to 14.1% over 3 years (-7.3 pts).

🟢 Total Debt has shrunk at 12.6% a year over 3 years.

🟢 Free Cash Flow has grown at 22.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,659 Cr

Total Liabilities

₹798 Cr

Cash & Equivalents

₹37 Cr

Operating Cash Flow

₹216 Cr

Capex

-₹24 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

91.8%

Corporate Actions

Ex-Dividend Date

09 Sept 2024

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Jindal Worldwide stock hits upper circuit - What's behind the share price jump?

Livemint, 03 SeptPrice 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.

Jindal Worldwide Nine Monthly Results, Nine Monthly Earnings for Jindal Worldwide

The Economic Times, 14 OctResults

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

Jindal Worldwide shares hit 20% upper circuit as arm plans 100 electric scooter showrooms, MD...

Moneycontrol.com, 03 Sept

Compare JINDAL WORLDWIDE with

Equitymaster, 14 Oct

Jindal Worldwide seeks approval for ₹650 Cr rights issue at AGM

scanx.trade, 01 Sept

Jindal Worldwide jumps as EV arm plans 100 showrooms by FY28

Business Standard, 01 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation · Risk

WeakBusiness Quality · Growth · Profitability

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. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Revenue growth stays above 4% a year · see Key things to watch ↑