Jivial Industries Limited

Basic Materials — Aluminum · BSE

₹84.15₹0.00 (0.00%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Jivial Industries Limited engages in the manufacturing and trading of aluminum and stainless-steel components used in railing systems in India.

IndustryAluminum

SectorBasic Materials

Employees13

Annual revenue₹12 Cr

How does it make money?

Turns over ₹12 Cr a year. Of every ₹100 of sales, about ₹25 reaches shareholders as profit, with ₹32 left at the operating level before interest, tax and depreciation. Each of its 13 employees supports ₹92.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹92.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are HINDALCO INDUSTRIES LTD, VEDANTA LIMITED, TATA STEEL LIMITED, JSW STEEL 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 40.0%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 35.4% against a peer median of 18.7% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE18.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -1% while net margin moved +2% 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+2%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 0.3% a year
✗ Profit CAGR of only 0.3%

Quality vs. Valuation

Company Quality

64/ 100

Average

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

Valuation

57/ 100

Fair

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

12.2x

Sector Median

12.2x

median of 4 sector peers

🟡Against its sector it is priced broadly in line with the peer median of 12.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Fair

12.2x median of 4 peers · +0%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.2x

PEG

45.50

What's Good / What's Bad

🟢 What's Going Well6

Debt is being paid down
Total debt is down 69% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 25.3% to 34.1%.
Return on capital is rising
ROCE has improved from 29.1% to 40.0%.
High return on capital employed
ROCE of 40.0% is the mark of a business that converts capital into profit efficiently.
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 high

🔴High leverageFinancial
Debt/Equity of 7.80x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 40.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Deleveraging frees up earnings
Debt is down 69% 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?

Leverage amplifies any setback
Debt/Equity of 7.80x. Interest is payable whether or not the business has a good year.
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 30%✓ 31.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 37%✓ 40.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

5 good · 4 neutral · 2 weak

Market Cap

₹39 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.2x

Cheap

Cheap against the generic band

P/B Ratio

2.23x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹6.89

Profitable

Profitable on a per-share basis

ROE

35.4%

Strong

Strong capital efficiency

ROCE

40.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

7.80x

High

High leverage

Revenue Growth (YoY)

8.6%

Modest

Modest growth

Profit Growth (YoY)

23.1%

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 burning

Spending more cash than the operations bring in

More Metrics

ROA

23.1%

Good

Assets are working hard

Operating Margin

21.9%

Good

Healthy core-business profitability

Net Margin

21.3%

Good

Strong bottom-line conversion

Current Ratio

4.06

Comfortable

Healthy short-term liquidity

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

79.0 / 80.0

Bearish alignment (short < long)

RSI (14)

70.5

Overbought zone

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹12 Cr	₹8 Cr	₹11 Cr	₹12 Cr	-0.3%
EBITDA	₹4 Cr	₹1 Cr	₹3 Cr	₹4 Cr	-0.3%
EBITDA Margin	31.8%	17.0%	27.8%	31.8%	—
PAT (Net Profit)	₹3 Cr	₹1 Cr	₹2 Cr	₹3 Cr	+0.3%
EPS	₹6.31	₹2.5	₹5.17	—	—
ROE	25.3%	76.1%	42.0%	34.1%	—
ROCE	29.1%	82.8%	48.2%	40.0%	—
Total Debt	₹1 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-32.2%
Free Cash Flow	-₹1 Cr	₹0 Cr	-₹0 Cr	₹0 Cr	—

🟡 Revenue has been broadly flat over 3 years (-0.3% a year).

🟡 EBITDA has been broadly flat over 3 years (-0.3% a year).

🟡 EBITDA Margin has held roughly flat at 31.8% over 3 years.

🟡 PAT (Net Profit) has been broadly flat over 3 years (0.3% a year).

🟢 ROE has risen from 25.3% to 34.1% over 3 years (+8.8 pts).

🟢 ROCE has risen from 29.1% to 40.0% over 3 years (+10.9 pts).

🟢 Total Debt has shrunk at 32.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹10 Cr

Total Liabilities

₹2 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

1.2%

Insider Holding

77.7%

Peer Comparison

Company	P/E	ROE
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%

Recent News

1 mixed5 general

Jivial Industries Limited Share Price

Upstox, 15 Oct

Compare NALCO with

Equitymaster, 18 Oct

Jivial Industries Limited Stock News: Price Jumps 10.15%

Univest, 28 Jul

Jivial Industries Share Price Falls After Weak Stock Market Debut: What Investors Should Know

Samco, 01 JulPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Jivial Industries share price slips over 3% after lacklustre debut

Livemint, 01 Jul

Jivial Industries (BSE:544805) - Stock Analysis

Simply Wall Street, 02 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongBusiness Quality · Profitability · Valuation

MiddlingFinancial Health

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

All 4 tripwires holding · see Key things to watch ↑