Jeevan Scientific Technology Limited

Healthcare — Biotechnology · BSE

₹88.52+₹1.52 (+1.75%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Jeevan Scientific Technology Limited engages in the clinical research and data management businesses in India.

IndustryBiotechnology

SectorHealthcare

Employees285

Annual revenue₹62 Cr

How does it make money?

Turns over ₹62 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹17 left at the operating level before interest, tax and depreciation. Each of its 285 employees supports ₹21.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹21.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO 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 4.7% 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 ROE32.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +70% while net margin moved -122% 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+70%

Margin effect-122%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.66 — 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
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

63/ 100

Average

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

Valuation

53/ 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

31.0x

1.3Y Median

744.2x

16 monthly readings · mean 591.9x · range 105.4x–968.1x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 96% below its 1.3y median of 744.2x. 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 87% above the peer median of 16.5x.

vs. its own history

Cheap

744.2x median over 16 months · -96%

vs. sector peers

Expensive

16.5x median of 4 peers · +87%

vs. generic bands

Fair

15x–35x

EV/EBITDA

17.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 6.7% to 17.4% over 3 years.
Return on equity is rising
ROE has improved from -6.3% to 1.6%.
Return on capital is rising
ROCE has improved from -4.9% to 4.7%.
Very low debt
Debt/Equity of 0.29x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 111% over 3 years, from ₹10 Cr to ₹21 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Inventory building faster than salesFinancial
Inventory up 247% against revenue up 70% — stock may not be moving.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 29% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 6.7% to 17.4%. 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 96% 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.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 87% above the peer median. That premium needs a reason that persists, or it closes.
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
4 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 15% a year✓ 19.4% CAGR
Latest reported year was 107.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 15%✓ 17.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 2.1x
How much operating profit can fall before interest stops being comfortably covered.
5Debt / EBITDA stays below 2x✓ 2.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

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

4 good · 4 neutral · 3 weak

Market Cap

₹176 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.0x

Fair

Fairly valued against the generic band

P/B Ratio

2.15x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.86

Profitable

Profitable on a per-share basis

ROE

1.6%

Weak

Weak capital efficiency

ROCE

4.7%

Weak

Low return on total capital employed

Debt/Equity

0.29x

Low

Conservative leverage

Revenue Growth (YoY)

107.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

756.9%

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

-₹8 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

6.8%

Average

Average margins

Net Margin

6.8%

Average

Average bottom-line conversion

Current Ratio

2.51

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.66

Defensive

Steadier than the market

52W Range Position

85%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

83.0 / 79.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

62.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹36 Cr	₹40 Cr	₹47 Cr	₹62 Cr	+19.4%
EBITDA	₹2 Cr	₹5 Cr	₹7 Cr	₹11 Cr	+64.3%
EBITDA Margin	6.7%	13.1%	15.3%	17.4%	—
PAT (Net Profit)	-₹3 Cr	-₹1 Cr	₹0 Cr	₹1 Cr	—
EPS	₹-1.99	₹-0.84	₹0.09	₹0.68	—
ROE	-6.3%	-2.7%	0.3%	1.6%	—
ROCE	-4.9%	-1.3%	1.6%	4.7%	—
Total Debt	₹10 Cr	₹13 Cr	₹21 Cr	₹21 Cr	+28.2%
Free Cash Flow	-₹15 Cr	-₹9 Cr	-₹6 Cr	-₹8 Cr	—

🟢 Revenue has grown at 19.4% a year over 3 years.

🟢 EBITDA has grown at 64.3% a year over 3 years.

🟢 EBITDA Margin has risen from 6.7% to 17.4% over 3 years (+10.7 pts).

🟢 PAT (Net Profit) has turned positive, from -₹3 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-1.99 to ₹0.68.

🟢 ROE has risen from -6.3% to 1.6% over 3 years (+7.9 pts).

🟢 ROCE has risen from -4.9% to 4.7% over 3 years (+9.5 pts).

🔴 Total Debt has grown at 28.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹107 Cr

Total Liabilities

₹34 Cr

Cash & Equivalents

₹10 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹8 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

61.0%

Corporate Actions

Ex-Dividend Date

21 Sept 2022

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 mixed5 general

Jeevan Scientific receives US FDA report with zero observations

scanx.trade, 01 Oct

Jeevan Scientific Technology Ltd. Peer Comparison – Compare with Others

Value Research, 02 Sept

Jeevan Scientific Technology Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 01 Sept

Jeevan Scientific closes trading window ahead of Q2FY27 results

scanx.trade, 29 SeptResults

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

SURAKSHA Stock Price and Chart — NSE:SURAKSHA

TradingView, 20 Aug

Jeevan Scientific Technology Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 01 Sept

Watch Items

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

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Financial Health · Profitability · Valuation

WeakRisk

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. 4 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑