Jay Jalaram Technologies Limited

Sector n/a · NSE

₹706.65+₹6.65 (+0.95%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

NEUTRAL

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. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

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

How does it make money?

Turns over ₹820 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 13.2% 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.

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +248% while net margin moved +18% 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+248%

Margin effect+18%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ 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

63/ 100

Average

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

Valuation

18/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

52.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 9.2% to 13.2%.
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

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 107% over 3 years, from ₹20 Cr to ₹41 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 384% against revenue up 248% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹8 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?

Sales are being booked faster than collected
Receivables are up 384% against revenue up 248%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
2 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 39% a year✓ 51.5% CAGR
Latest reported year was 30.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 0%✓ 2.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 10%✓ 13.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 9 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 7 neutral · 0 weak

Market Cap

₹857 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

12.3%

Moderate

Moderate capital efficiency

ROCE

13.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.49x

Low

Conservative leverage

Revenue Growth (YoY)

30.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

64.4%

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 generative

Generates cash even after funding its capex

More Metrics

Gross Margin

3.6%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

1.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.31

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

204.0 / 170.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

95.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹236 Cr	₹520 Cr	₹629 Cr	₹820 Cr	+51.5%
EBITDA	₹6 Cr	₹11 Cr	₹14 Cr	₹17 Cr	+39.3%
EBITDA Margin	2.6%	2.0%	2.3%	2.1%	—
PAT (Net Profit)	₹3 Cr	₹4 Cr	₹6 Cr	₹10 Cr	+60.0%
EPS	₹2.55	₹3.65	₹5.33	—	—
ROE	10.6%	14.8%	9.5%	12.3%	—
ROCE	9.2%	13.2%	12.2%	13.2%	—
Total Debt	₹20 Cr	₹51 Cr	₹60 Cr	₹41 Cr	+27.4%
Free Cash Flow	-₹13 Cr	-₹28 Cr	-₹34 Cr	₹8 Cr	—

🟢 Revenue has grown at 51.5% a year over 3 years.

🟢 EBITDA has grown at 39.3% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 2.1% over 3 years.

🟢 PAT (Net Profit) has grown at 60.0% a year over 3 years.

🟢 ROE has risen from 10.6% to 12.3% over 3 years (+1.7 pts).

🟢 ROCE has risen from 9.2% to 13.2% over 3 years (+4.0 pts).

🔴 Total Debt has grown at 27.4% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹13 Cr to ₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹203 Cr

Total Liabilities

₹119 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹20 Cr

Capex

-₹12 Cr

Recent News

6 general

Jay Jalaram Technologies Upper Circuit Streak: Day 6 Price and Data

Univest, 16 Oct

Jay Jalaram Technologies Ltd. Share Price Live Today

CNBC TV18, 09 Oct

Here's Why Jay Jalaram Technologies (NSE:KORE) Has Caught The Eye Of Investors

Simply Wall Street, 11 Sept

Jay Jalaram Technologies Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Jay Jalaram Technologies Ltd (NSE:KORE) — Company Profile and Sector Overview

Kalkine India, 17 Sept

Compare with

Equitymaster, 30 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Valuation

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

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑