Jaiprakash Power Ventures Limited

Utilities — Utilities - Independent Power Producers · NSE

₹15.01+₹0.11 (+0.74%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: The business is earning a fairly low return on the money invested in it, 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, 7:01 pm

Understanding the Business

Company site ↗

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

What does this company do?

Jaiprakash Power Ventures Limited engages in the power generation and cement grinding businesses in India. It generates electricity through thermal and hydro energy sources.

IndustryUtilities - Independent Power Producers

SectorUtilities

Employees1,932

Annual revenue₹5,563 Cr

How does it make money?

Turns over ₹5,563 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹28 left at the operating level before interest, tax and depreciation. Each of its 1,932 employees supports ₹2.88 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.88 Cr

Who are its competitors?

The closest listed comparisons in its industry are NTPC LTD, POWER GRID CORP. LTD., TATA POWER CO LTD, ADANI POWER LTD. 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 6.7% 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 ROE15.8%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -4% while net margin moved +745% 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-4%

Margin effect+745%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.34 — historically steadier than the index
✗ Small 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

64/ 100

Average

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

Valuation

66/ 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

21.1x

3Y Median

20.7x

40 monthly readings · mean 106.5x · range 12.3x–399.0x

Sector Median

20.6x

median of 4 sector peers

🟡Currently trading close to its 3y median of 20.7x — the market is paying about what it usually pays for this company.

🟡Against its sector it is priced broadly in line with the peer median of 20.6x.

vs. its own history

Fair

20.7x median over 40 months · +2%

vs. sector peers

Fair

20.6x median of 4 peers · +3%

vs. generic bands

Fair

15x–35x

EV/EBITDA

8.2x

PEG

0.21

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 22.3% to 28.3% over 3 years.
Debt is being paid down
Total debt is down 29% over 3 years.
Cash generation is improving
Free cash flow is up 100% over 3 years.
Return on equity is rising
ROE has improved from 0.5% to 3.5%.
Very low debt
Debt/Equity of 0.27x leaves the balance sheet with plenty of headroom.
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

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 22.3% to 28.3%. 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 29% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1,293 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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
Small 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 26%✓ 28.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✓ 3.1x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹1,293 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 6.7%
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

6 good · 3 neutral · 2 weak

Market Cap

₹10,287 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.1x

Fair

Fairly valued against the generic band

P/B Ratio

1.15x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.71

Profitable

Profitable on a per-share basis

ROE

3.5%

Weak

Weak capital efficiency

ROCE

6.7%

Weak

Low return on total capital employed

Debt/Equity

0.27x

Low

Conservative leverage

Revenue Growth (YoY)

12.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

67.7%

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

₹1,293 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

-8.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

36.1%

Good

Healthy core-business profitability

Net Margin

11.1%

Good

Strong bottom-line conversion

Current Ratio

2.70

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.34

Defensive

Steadier than the market

52W Range Position

16%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

15.3 / 16.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5,779 Cr	₹6,758 Cr	₹5,462 Cr	₹5,563 Cr	-1.3%
EBITDA	₹1,291 Cr	₹2,271 Cr	₹2,113 Cr	₹1,572 Cr	+6.8%
EBITDA Margin	22.3%	33.6%	38.7%	28.3%	—
PAT (Net Profit)	₹55 Cr	₹1,022 Cr	₹814 Cr	₹451 Cr	+101.1%
EPS	₹0.05	₹1.09	₹0.89	₹0.49	+114.0%
ROE	0.5%	8.9%	6.6%	3.5%	—
ROCE	5.3%	10.9%	10.0%	6.7%	—
Total Debt	₹4,761 Cr	₹4,246 Cr	₹3,778 Cr	₹3,391 Cr	-10.7%
Free Cash Flow	₹648 Cr	₹1,729 Cr	₹1,472 Cr	₹1,293 Cr	+25.9%

🟡 Revenue has been broadly flat over 3 years (-1.3% a year).

🟢 EBITDA has grown at 6.8% a year over 3 years.

🟢 EBITDA Margin has risen from 22.3% to 28.3% over 3 years (+5.9 pts).

🟢 PAT (Net Profit) has grown at 101.1% a year over 3 years.

🟢 EPS has grown at 114.0% a year over 3 years.

🟢 ROE has risen from 0.5% to 3.5% over 3 years (+3.0 pts).

🟢 ROCE has risen from 5.3% to 6.7% over 3 years (+1.5 pts).

🟢 Total Debt has shrunk at 10.7% a year over 3 years.

🟢 Free Cash Flow has grown at 25.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹17,958 Cr

Total Liabilities

₹5,225 Cr

Cash & Equivalents

₹755 Cr

Operating Cash Flow

₹1,301 Cr

Capex

-₹8 Cr

Shareholding (proxy)

Institutional Holding

11.3%

Insider Holding

33.0%

Corporate Actions

Ex-Dividend Date

10 Aug 2009

Peer Comparison

Company	P/E	ROE
NTPC LTD	11.0x	13.7%
POWER GRID CORP. LTD.	14.6x	15.8%
TATA POWER CO LTD	29.3x	9.8%
ADANI POWER LTD	26.5x	21.9%

Recent News

1 negative5 general

Adani Power revises disclosure for pledge of Jaiprakash Power shares

scanx.trade, 18 OctOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

JP Power Share Price - Live NSE: JPPOWER Stock Price & Chart

Upstox, 16 Oct

Adani Power Buys 24% Stake in Jaiprakash Power Ventures for ₹2,994 Crore

scanx.trade, 18 Oct

295% return in 5 years: Jaiprakash Power Ventures share price zooms 12% today - what's driving the rally?

TradingView, 21 Sept

Jaiprakash Power Ventures Share Price Update and analysis

Univest, 21 Sept

Jaiprakash Power releases 19.01% encumbrance on shares

scanx.trade, 18 Oct

Watch Items

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

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingBusiness Quality · Growth · 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.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; ROCE stays above 8% · see Key things to watch ↑