Jaykay Enterprises Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Defence & Aerospace: 81.0% • Digital Manufacturing & Advance Systems: 19.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Promoters have been increasing their shareholding - up 8.9pp over 2 years
- Operating margins have improved to -47.1% from -2717.9%
- Company comfortably covers its interest (34.1x coverage)
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (137.7% of PBT)
- Company has a low return on capital employed of 7.5%
- Company has a low return on equity of 7.5% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.87x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4845.00 | 34.76 | 324021.49 | 0.93 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 410.75 | 48.85 | 300249.17 | 0.61 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1305.50 | 0.00 | 47854.73 | 0.38 | 118.79 | 547.36 | 572.24 | 147.63 | 19.75 | 14.52 |
| DATAPATTNS | 4622.85 | 3364.91 | 25880.55 | 0.22 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| AEQUS | 246.10 | 0.00 | 16505.08 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| ZENTEC | 1819.10 | 91.17 | 16425.19 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| ASTRAMICRO | 1705.55 | 85.66 | 16193.35 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| APOLLO | 387.45 | 118.67 | 14397.62 | 0.06 | 25.22 | 42.58 | 251.29 | 88.12 | 14.05 | 21.38 |
| PARAS | 1440.25 | 122.89 | 11606.59 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1502.65 | 106.20 | 7648.79 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1594.00 | 186.58 | 6779.84 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| JAYKAY | 154.35 | 10.75 | 2328.50 | 0.00 | 45.14 | -77.65 | 745.73 | 34.48 | 3.61 | 15.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 | 3 | 3 | 10 | 4 | 12 | 21 | 22 | 5 | 7 | 6 | 42 | 16 | |
| 12 | 17 | 16 | 27 | 24 | 22 | 35 | 35 | 33 | 24 | 26 | 55 | 27 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 11 | 39 | 44 | 88 | 78 | 41 | 46 | 44 | 198 | 24 | 39 | 9 | 13 |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 1 |
| Depreciation | 2 | 2 | 2 | 3 | 5 | 5 | 6 | 9 | 6 | 5 | 5 | 5 | 4 |
| 2 | 25 | 31 | 71 | 58 | 30 | 31 | 31 | 170 | 8 | 20 | 2,599 | 2 | |
| Tax % | 0.00% | 0.00% | 0.19% | 0.00% | 0.00% | 0.00% | -15.41% | 94.53% | 9.65% | -30.57% | 13.89% | -0.16% | 92.21% |
| Net Profit | 2 | 25 | 31 | 71 | 58 | 30 | 36 | 2 | 153 | 10 | 17 | 2,603 | 0 |
| 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 20 | 0 | |
| Equity Capital | 58 | 58 | 58 | 58 | 58 | 117 | 117 | 122 | 122 | 122 | 130 | 130 | 130 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 | 72 | |
| 4 | 4 | 5 | 6 | 6 | 5 | 4 | 5 | 6 | 9 | 132 | |
| Operating Profit | 2 | 2 | 1 | 1 | -0 | 16 | 0 | 8 | 14 | 18 | — |
| OPM % | 506 | 572 | 450 | 327 | -112 | 5,322 | 78 | 2,717 | 719 | 304 | — |
| Other Income | 6 | 6 | 6 | 6 | 5 | 21 | 4 | 13 | 18 | 21 | 85 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 20 |
| 1 | 2 | 2 | 1 | -0 | 16 | -1 | 8 | 13 | 15 | 2,628 | |
| Tax % | 19 | 22 | 18 | 24 | 0 | 0 | 0 | 0 | 0 | 16 | -0 |
| Net Profit | 1 | 1 | 1 | 1 | -0 | 16 | -1 | 8 | 13 | 13 | 2,630 |
| EPS | 0 | 0 | 0 | 0 | -0 | 4 | -0 | 1 | 2 | 1 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 0 | 0 | -0 | 2 | -0 | 1 | 1 | 1 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 33%
- 5 Years:
- 81%
- 3 Years:
- 237%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 31%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 9%
- 3 Years:
- 7%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 6 | 12 |
| 36 | 56 | 60 | 53 | 45 | 77 | 83 | 104 | 147 | 378 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 |
| 2 | 2 | 3 | 2 | 4 | 6 | 5 | 14 | 17 | 9 | |
| Total Liabilities | 42 | 62 | 66 | 58 | 53 | 87 | 94 | 123 | 175 | 402 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 1 | 0 | 0 | 0 | 0 | 5 | 5 | 7 | 18 | 25 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 |
| 2 | 20 | 23 | 18 | 14 | 24 | 30 | 50 | 39 | 266 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 4 | |
| Cash & Bank | 26 | 19 | 21 | 21 | 27 | 44 | 38 | 30 | 9 | 70 |
| 14 | 22 | 22 | 18 | 11 | 14 | 21 | 36 | 100 | 35 | |
| Total Assets | 42 | 62 | 66 | 58 | 53 | 87 | 94 | 123 | 175 | 402 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| Net Working Capital | 38 | 36 | 36 | 35 | 31 | 49 | 44 | 82 | 114 | 112 |
| Contingent Liabilities | 11 | 9 | 9 | 9 | 0 | 0 | 0 | 26 | 26 | 23 |
| Book Value per Share | 10.78 | 16.03 | 17.05 | 15.16 | 13.08 | 18.67 | 18.54 | 20.79 | 26.19 | 31.91 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -8 | -8 | -2 | -0 | 6 | -4 | -3 | -9 | -9 | -11 | |
| Cash from Investing | 5 | 4 | 4 | 0 | -7 | 19 | -20 | -6 | -22 | -131 |
| Cash from Financing | -0 | -0 | -0 | -0 | -0 | 9 | 3 | 13 | 33 | 143 |
| -4 | -4 | 2 | 0 | -1 | 23 | -20 | -2 | 1 | 0 | |
| Free Cash Flow | -8 | -8 | -2 | -0 | 6 | -9 | -3 | -11 | -25 | -16 |
| OCF / Net Profit | -7.41 | -5.80 | -1.74 | -0.61 | -14.58 | -0.27 | 4.24 | -1.10 | -0.69 | -0.91 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -12 | -13 | -9 | -17 | -42 | -64 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.30 | 0.35 | 0.34 | 0.19 | -0.12 | 3.74 | -0.17 | 1.48 | 2.21 | 1.04 |
| Book Value (₹) | 10.78 | 16.03 | 17.05 | 15.16 | 13.08 | 18.67 | 18.54 | 20.79 | 26.19 | 31.91 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.17 | 0.19 | 0.19 | 0.12 | -0.05 | 1.97 | -0.07 | 0.80 | 1.23 | 1.14 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -1321.32% | -1375.59% | -1535.26% | -1739.52% | -1753.75% | -1589.42% | -2717.86% | -1534.58% | -226.41% | -47.08% |
| Net Margin % | 365.89% | 428.87% | 412.18% | 226.64% | -143.56% | 5278.60% | -513.90% | 2622.02% | 672.06% | 214.25% |
| ROE % | 2.80% | 2.61% | 2.03% | 1.16% | -0.84% | 25.05% | -0.93% | 7.89% | 9.86% | 4.66% |
| ROCE % | 3.65% | 3.33% | 2.71% | 1.52% | -0.84% | 24.67% | -0.92% | 7.50% | 9.45% | 5.68% |
| 2.68% | 2.51% | 1.95% | 1.11% | -0.79% | 23.17% | -0.87% | 7.19% | 8.69% | 4.39% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 576 | 206 |
| Inventory Days | 310 | 310 | 310 | 307 | 305 | 305 | 609 | 364 | 128 | 126 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -523 | 1307 | -1864 |
| 310 | 310 | 310 | 307 | 305 | 305 | 609 | 887 | -602 | 2196 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.02x | 0.00x |
| Interest Coverage (x) | 17.58x | 1887.78x | 11.63x | 0.00x | 0.00x | 528.86x | 0.00x | 0.00x | 145.17x | 34.13x |
| 20.73x | 20.47x | 15.19x | 19.16x | 8.51x | 14.14x | 11.43x | 21.73x | 7.12x | 14.71x | |
| GROWTH | ||||||||||
| Revenue Growth % | -9.02% | 0.00% | 0.00% | 1.16% | 0.65% | 0.00% | -50.00% | 92.86% | 547.61% | 207.50% |
| Operating Profit Growth % | 34.98% | 13.15% | -21.36% | -26.44% | -134.33% | 4869.63% | -99.27% | 6652.89% | 71.32% | 30.20% |
| Net Profit Growth % | 28.44% | 17.21% | -3.89% | -44.38% | -163.76% | 3777.02% | -104.87% | 1084.00% | 65.99% | -1.97% |
| 28.44% | 17.21% | -3.89% | -44.37% | -163.76% | 3237.78% | -104.45% | 992.48% | 48.98% | -53.17% | |
| VALUATION | ||||||||||
| P/E (x) | 7.47x | 13.94x | 9.73x | 17.80x | 0.00x | 5.73x | 0.00x | 16.90x | 30.07x | 121.25x |
| P/B (x) | 0.36x | 0.54x | 0.34x | 0.39x | 0.22x | 2.02x | 3.26x | 2.13x | 4.48x | 3.93x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| -7.23x | 7.51x | 0.62x | 0.41x | 48.06x | 7.37x | 2094.35x | 25.05x | 49.28x | 81.52x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - Jaykay Enterprises Limited has informed the Exchange about Newspaper Advertisement - Intimation regarding 80th Annual General Meeting of the Company
2026-08-25 - Jaykay Enterprises Limited has informed the Exchange about Receipt of Order from BrahMos Aerospace Private Limited by Allen Reinforced Plastics Limited, step-down subsidiary of Jaykay Enterprises Limited
2026-08-25 - Jaykay Enterprises Limited has informed the Exchange regarding ' Letter Of Offer for the proposed Rights Issue of Partly Paid-up Equity Shares of Jaykay Enterprises Limited'.
2026-08-25 - Jaykay Enterprises Limited has informed the Exchange regarding 'Intimation of receipt of New ISINs for Partly Paid-up Equity Shares having paid-up value of Re. 0.50/- per share and Rights Entitlement of Jaykay Enterprises Limited in connection with the Rights Issue'.
2026-08-20 - Jaykay Enterprises Limited has informed the Exchange that Record date for the purpose of RH is 28-Aug-2026.
2026-08-20 - Jaykay Enterprises Limited has informed the Exchange regarding 'Outcome of the meeting of the Rights Issue Committee of the Board of Directors of the Company'.
2026-08-18 - Jaykay Enterprises Limited has informed the Exchange regarding 'Intimation of Rights Issue Committee Meeting for deciding Issue Price and other terms of the Rights Issue '.
2026-08-15 - Jaykay Enterprises Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Monitoring Agency Report for the quarter ended June 30, 2026
News
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