Jai Corp financials and balance sheet

NSE: JAICORPLTDBSE: 512237Industrial ProductsSmall Cap

₹90.24₹5.91 (6.15%)BSE ₹90.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹96.15.

52-week range of traded prices to 23 Oct 2026

₹83.32Low, 13 Oct 2026₹173.40High, 29 Oct 2025

Next results date: the board meets on 13 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹1,584 Cr1,165th largest listed
P/E: 17.0
P/B: 1.1
Dividend yield: 0.55%
ROE: 6.4%
ROCE: 3.8%
Debt to equity: 0.00
Volume, NSE: 21,41,47515.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Jai Corp annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2026, the company's revenue for that year, ₹514 Cr, differs from its quarters added, ₹529 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue514
Materials and goods−349
Employee costs−42
Other expenses−69
Operating profit54
Depreciation−12
Other income+152
One-off items−1.4
Finance costs−0.2
Profit before tax193
Tax−24
Joint ventures−0.1
Discontinued businesses−0.3
Net profit169

What the company owns

Plant, investments and other assets₹779 Cr
Current investments₹481 Cr
Inventory₹241 Cr
Receivables₹46 Cr
Cash and bank₹12 Cr

What pays for it: net worth and liabilities

Net worth₹1,510 Cr
Other liabilities₹34 Cr
Owed to suppliers₹15 Cr

Jai Corp business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Jai Corp segment results by quarter

Revenue by segment

₹514 CrTotal

Plastic Processing₹504 Cr98.0% of total
Real Estate₹10 Cr2.0% of total
Spinning*₹0 Cr0.0% of total

Profit by segment

Plastic Processing₹69.5 Cr90.3% of total
Real Estate₹2.9 Cr3.7% of total
Others₹4.7 Cr6.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Plastic Processing
Revenue, ₹ crore
580
506
461
645
565
458
512
504
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
82
60
144
76
73
65
66
69
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
4
9
3
4
4
5
6
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
4
2
−4
2
1
0
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Spinning*
Revenue, ₹ crore
32
30
1
1
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−1
3
1
0
−1
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asset Management Activity
Revenue, ₹ crore
8
4
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−3
−1
−8
−10
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
1
6
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Steel
Revenue, ₹ crore
12
9
8
71
25
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
0
1
0
−3
0
−1
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	636	557	473	721	595	463	518	514
Company revenue, as in its results	636	557	472	720	594	463	518	514
Revenue	580	506	461	645	565	458	512	504
Revenue growth	–	−12.8%	−8.9%	40.0%	−12.3%	−19.1%	11.8%	−1.5%
Profit	82	60	144	76	73	65	66	69
Profit growth	–	−27.7%	141.3%	−47.4%	−3.9%	−10.1%	1.1%	5.3%
Margin	14.2%	11.8%	31.2%	11.7%	12.8%	14.3%	12.9%	13.8%
Return on capital	–	23.9%	52.1%	31.3%	34.6%	33.0%	34.0%	32.5%
Assets	–	263	291	256	226	219	211	241
Liabilities	–	14	15	15	15	21	17	27
Capital employed	–	249	276	241	210	198	194	214
Revenue	4	9	3	4	4	5	6	10
Revenue growth	–	–	−71.6%	–	–	–	10.2%	82.1%
Profit	−1	4	2	−4	2	1	0	3
Profit growth	–	–	−62.6%	–	–	–	–	–
Margin	−22.4%	46.1%	60.7%	−103.0%	53.4%	26.4%	−3.5%	27.2%
Return on capital	–	1.1%	0.4%	−1.1%	0.6%	0.4%	−0.1%	0.8%
Assets	–	412	400	390	390	386	386	385
Liabilities	–	35	32	30	27	25	22	23
Capital employed	–	376	368	360	363	362	363	363
Revenue	32	30	1	1	0	0	0	0
Revenue growth	–	−6.5%	−95.5%	–	–	–	–	–
Profit	−1	−1	3	1	0	−1	0	0
Margin	−4.7%	−3.1%	215.4%	189.9%	−6.5%	–	–	−1,750.0%
Return on capital	–	−5.1%	45.4%	52.0%	−1.3%	−23.3%	−32.9%	−31.5%
Assets	–	20	7	3	2	2	2	1
Liabilities	–	1	0	0	0	0	0	0
Capital employed	–	19	6	3	2	2	1	1
Revenue	8	4	0	0	0	0	–	0
Revenue growth	–	−50.0%	–	–	–	–	–	–
Profit	−1	−3	−1	−8	−10	0	–	0
Margin	−6.8%	−83.4%	–	–	–	–	–	–
Return on capital	–	−2.9%	−1.0%	−6.9%	−8.9%	–	–	–
Assets	–	123	127	124	120	0	–	0
Liabilities	–	5	5	5	9	0	–	0
Capital employed	–	118	122	119	110	0	–	0
	0	0	0	0	0	0	0	0
Profit	0	0	0	0	0	1	6	5
Return on capital	–	1.4%	0.0%	−1.5%	−9.7%	0.9%	5.0%	4.0%
Assets	–	1	1	1	0	123	122	118
Liabilities	–	0	0	0	0	2	3	2
Capital employed	–	1	1	1	0	121	119	116
Revenue	12	9	8	71	25	0	0	0
Revenue growth	–	−27.7%	−3.0%	751.6%	−65.1%	−99.0%	–	–
Profit	2	0	1	0	−3	0	−1	−1
Margin	18.9%	−1.4%	6.6%	−0.6%	−12.8%	−19.2%	−400.0%	–
Return on capital	–	−0.5%	4.1%	−5.5%	−36.9%	−0.6%	−15.9%	−5.5%
Assets	–	24	15	19	10	9	9	10
Liabilities	–	2	1	11	2	1	2	0
Capital employed	–	22	13	8	9	9	8	10

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Jai Corp quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 30 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 26 May	Mar 2023Filed 1 Aug	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Revenue from operations	749	597	636	557	472	720	594	463	518	514
	662	525	559	504	423	665	542	414	465	460
Materials and goods bought	445	358	415	367	307	533	422	322	363	349
Employee costs	–	–	61	60	51	54	52	40	38	42
Other expenses	–	–	82	78	65	79	68	52	64	69
Operating profit before depreciation	87	72	77	53	48	55	52	49	53	54
Operating margin	11.6%	12.1%	12.1%	9.5%	10.2%	7.6%	8.8%	10.7%	10.2%	10.6%
Materials, % of revenue	–	–	65.3%	65.9%	65.1%	74.0%	71.0%	69.5%	70.1%	67.9%
Employee costs, % of revenue	–	–	9.7%	10.7%	10.9%	7.5%	8.8%	8.6%	7.4%	8.1%
Other expenses, % of revenue	–	–	12.9%	13.9%	13.8%	10.9%	11.4%	11.2%	12.4%	13.4%
Depreciation and amortisation	17	18	18	17	14	13	13	12	11	12
Operating profit after depreciation	70	54	59	35	34	42	39	37	41	43
Other income	21	26	29	35	109	19	25	37	42	152
Finance costs	78	52	34	25	16	3	0	0	0	0
Profit before one-off items and tax	13	28	54	46	127	57	64	74	83	195
One-off items	0	0	−152	0	0	0	−51	0	0	−1
Profit before tax	13	28	−98	46	127	57	13	74	83	193
	23	20	4	6	37	13	18	19	16	24
Current tax	–	–	31	16	42	17	19	18	17	25
Deferred tax	–	–	−27	−10	−4	−4	−1	1	−1	−2
Share of profit of joint ventures and associates	–	−9	−6	−6	0	8	−9	−2	0	0
Profit from discontinued businesses	–	–	–	–	3	1	0	0	0	0
	−18	−1	−108	34	93	53	−14	52	66	169
Belonging to the company's shareholders	−18	–	−108	33	93	53	−14	53	67	169
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	0
Other comprehensive income	–	–	23	1	1	8	4	11	6	−2
Total comprehensive income	–	–	−85	34	94	60	−10	63	72	167
Net margin	−2.4%	−0.2%	−17.1%	6.1%	19.7%	7.3%	−2.3%	11.3%	12.8%	32.9%
Net margin without joint ventures and associates	–	1.3%	−16.1%	7.2%	19.6%	6.3%	−0.8%	11.7%	12.9%	32.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the earnings per share is under 50 paise, where its rounding to the paisa is too coarse.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 30 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 26 May	Mar 2023Filed 1 Aug	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
	1,298	1,342	1,423	1,477	1,455	1,507	1,424	1,510
	1,265	1,312	1,395	1,451	1,432	1,486	1,406	1,491
Share capital	18	18	18	18	18	18	18	18
Reserves	1,247	1,294	1,377	1,433	1,414	1,468	1,388	1,474
Belonging to outside owners of subsidiaries	34	30	28	26	23	21	19	19
	0	223	0	0	2	0	0	0
Repayable after a year	0	223	0	0	0	0	0	0
Repayable within a year	0	0	0	0	2	0	0	0
	381	27	117	35	32	28	25	33
Trade payables	8	4	5	7	5	7	3	15
Other financial liabilities	365	16	105	13	13	15	12	10
Other liabilities	4	3	3	10	5	4	9	5
Provisions	4	4	4	4	8	2	1	3
Tax owed	0	0	0	0	0	0	0	0
	27	245	19	18	18	18	18	15
Other financial liabilities	0	0	0	0	2	0	0	1
Other liabilities	0	0	0	0	0	0	0	0
Provisions	1	1	1	1	0	0	0	0
Deferred tax	25	21	17	17	16	18	18	15
	1,706	1,615	1,558	1,529	1,505	1,553	1,467	1,559
Held for sale or for a demerger	0	19	12	5	–	–	–	–
	1,197	1,112	1,027	1,022	972	977	964	676
Plant in use, after depreciation	165	139	119	112	110	100	89	93
Plant being built	6	6	1	0	1	1	0	0
Intangible assets	0	0	0	0	0	0	0	0
Goodwill	9	9	9	9	9	9	9	9
Property held to earn rent	106	109	103	103	106	105	103	107
Investments	724	659	656	657	627	648	647	379
Loans given	0	0	0	0	0	0	0	0
Other financial assets	5	5	4	4	9	4	4	4
Deferred tax	20	20	19	21	21	20	20	20
Other assets	164	166	117	116	90	91	91	64
	509	485	520	502	532	577	503	883
Inventories	220	199	246	228	211	215	206	241
Trade receivables	67	69	61	64	52	49	55	46
Cash and cash equivalents	5	5	12	9	5	3	4	6
Other bank balances	4	4	3	0	0	6	6	6
Current investments	91	88	43	65	177	234	162	481
Loans given	54	52	55	56	33	23	22	22
Other financial assets	7	8	11	7	12	5	3	14
Tax paid in advance	0	58	31	27	0	0	0	28
Other assets	61	0	58	46	41	42	44	39
Net debt	−99	126	−58	−74	−181	−243	−172	−493

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 4 Jun	Mar 2022Filed 26 May	Mar 2023Filed 1 Aug	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
	−5	91	72	41	45	14
	19	102	89	60	60	39
	−38	33	29	2	0	−23
Receivables	10	5	15	9	−5	1
Inventories	−47	18	17	−4	8	−34
Payables	−1	10	−4	−3	−4	11
Tax paid	−24	−11	−17	−19	−15	−25
Capital spending	9	4	4	2	3	11
Free cash flow	−14	88	68	39	42	3
	170	4	−60	−30	111	85
Plant and property sold	119	11	3	12	18	13
Interest received	5	15	7	4	3	14
Dividends received	0	0	0	0	0	93
	−158	−98	−17	−11	−155	−97
Borrowings repaid	−154	−96	0	0	0	0
Interest paid	0	0	0	0	0	0
Dividends paid	2	2	9	9	9	97
Shares bought back	0	0	0	0	144	0
Shares issued	0	0	0	0	0	0
Net change in cash	7	−3	−5	0	1	2

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Jai Corp dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 30 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 26 May	Mar 2023Filed 1 Aug	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Earnings per share	−₹1.02	−₹0.11	−₹6.06	₹1.88	₹5.20	₹2.95	−₹0.76	₹2.94	₹3.76	₹9.64
Diluted earnings per share	−₹1.02	−₹0.11	−₹6.06	₹1.88	₹5.20	₹2.95	−₹0.76	₹2.94	₹3.76	₹9.64
Dividend per share	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹5.50
Book value per share	–	–	₹70.86	₹73.49	₹78.14	₹81.27	₹80.21	₹83.26	₹80.09	₹84.98
Dividend payout	–	–	–	26.6%	9.6%	17.0%	–	17.0%	13.2%	57.0%
Shareholder yield	–	–	–	–	0.2%	0.1%	0.4%	0.2%	9.7%	6.2%
Market cap at the year end (₹ crore)	1,321	2,386	2,062	901	1,511	1,950	2,472	5,047	1,577	1,558

Ratios

Consolidated, years to March.Jai Corp PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 30 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 26 May	Mar 2023Filed 1 Aug	Mar 2024Filed 28 May	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Revenue growth	11.6%	–	–	−12.4%	−15.3%	52.7%	−17.5%	−22.1%	11.8%	–
Operating profit growth	−13.8%	−17.4%	6.8%	−31.6%	−8.5%	13.6%	−4.8%	−5.2%	6.6%	–
Net profit growth	–	–	–	–	174.8%	−43.3%	–	–	26.7%	–
Earnings per share growth	–	–	–	–	176.6%	−43.3%	–	–	27.9%	–
	–	–	−8.5%	2.6%	6.8%	3.7%	−0.9%	3.6%	4.6%	11.7%
	–	–	–	11.1 pts	4.2 pts	−3.1 pts	−4.6 pts	4.5 pts	1.0 pts	7.1 pts
From the net margin	–	–	–	11.6 pts	5.9 pts	−4.3 pts	−4.9 pts	5.6 pts	0.5 pts	7.2 pts
From asset turnover	–	–	–	−0.3 pts	−1.0 pts	1.4 pts	0.2 pts	−1.1 pts	0.5 pts	−0.1 pts
From borrowing	–	–	–	−0.1 pts	−0.7 pts	−0.3 pts	0.0 pts	0.0 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	4.5%	2.3%	2.4%	2.8%	2.7%	2.5%	2.9%	2.8%
Cash conversion	–	–	–	–	−5.4%	173.3%	–	78.1%	67.7%	8.0%
Interest cover	0.9	1.0	1.7	1.4	2.2	12.3	206.2	206.3	196.9	224.9
Debt to equity	–	–	0.00	0.17	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	38	45	47	33	32	39	39	33
Inventory days	–	–	193	198	293	156	182	243	208	252
Payable days	–	–	7	4	6	5	4	8	3	16
Cash conversion cycle, days	–	–	225	239	334	184	211	275	244	269
Working capital days	–	–	16	236	267	199	196	241	216	253
Asset turnover	–	–	0.37	0.34	0.30	0.47	0.39	0.30	0.34	0.34
Assets per rupee of net worth	–	–	1.35	1.29	1.17	1.09	1.05	1.05	1.04	1.04
Sales per rupee of plant	–	–	3.85	4.02	3.97	6.43	5.42	4.64	5.79	5.52
Capital spending to depreciation	–	–	–	–	0.61	0.28	0.33	0.14	0.25	0.94
Plant being built, % of plant in use	–	–	3.5%	4.0%	0.5%	0.3%	0.7%	0.9%	0.3%	0.2%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.2%
Cash from operations against operating profit: 24.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−2.6%	1.8%	−4.7%
Profit growth, yearly rate	9.9%	12.8%	–
Return on equity, average	–	4.5%	6.6%
Return on capital employed, average	–	2.7%	2.7%
Operating margin, average	10.3%	9.6%	10.5%
Net margin, average	6.8%	12.4%	19.0%
Asset turnover, average	–	0.37	0.33
Cash conversion cycle, days, average	–	236	263
Interest cover, average	85.4	169.3	209.4
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	263	100	14
Cash from investing	110	166	85
Cash from financing	−378	−263	−97
Capital spending	23	15	11
Dividends paid	126	114	97
Shares bought back	144	144	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	96	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	6	5	6	5	7
Altman Z-scorePublished threshold 1.81	–	–	4.40	3.93	8.83	24.44	32.01	67.77	24.42	21.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.21	−1.99	−2.97	−2.44	−2.24	−2.36
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.58	−2.75	−1.67	2.71	−5.93	4.66
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.20	2.23	1.50	0.35
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	15.51	3.11	−46.79	−0.80	15.78	1.10	−15.80
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	2.17	40.00	−80.85	13.26	25.50	−16.53	20.31
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.31	7.05	−2.81	−4.53	−1.25	0.13	6.45
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.06	0.08	0.40	0.26	0.01
Effective tax ratePublished threshold 17.16 per cent	172.98	71.23	–	13.38	29.40	22.85	137.63	25.87	19.32	12.22
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	4.20	13.19	0.26	1.30	−0.95

A threshold marked as ours has no published figure; it is the line we read the check against.