Jaiprakash Associates Ltd

₹ 2.42 -4.72%

17 Mar - close price

jalindia.com BSE: 532532 NSE: JPASSOCIAT

About

Incorporated in 1995, Jaiprakash Associates Ltd is in the business of Engineering & Construction, Manufacturing of Cement, Power, Fertilizer, Real Estate development, Infrastructure, Hotel/ Hospitality, etc.^[1]

Key Points

Business Overview:^[1]
a) JAL is the flagship company of the Jaypee group
b) It is engaged in engineering and construction, cement, real estate, and hospitality businesses.
c) The company is also engaged in the construction business in the field of civil engineering, design and construction of hydropower, and river valley projects.
d) It is also undertaking power generation,
power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries /SPVs

Website BSE NSE - BE

Market Cap ₹ 594 Cr.
Current Price ₹ 2.42
High / Low ₹ 4.32 / 2.28
Stock P/E
Book Value ₹ -10.4
Dividend Yield 0.00 %
ROCE -1.71 %
ROE -96.3 %
Face Value ₹ 2.00

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Pros

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -7.56% over past five years.
Promoter holding is low: 30.1%
Company has a low return on equity of -25.9% over last 3 years.
Contingent liabilities of Rs.6,856 Cr.
Promoter holding has decreased over last 3 years: -8.03%
Working capital days have increased from 292 days to 915 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	984	1,191	689	1,214	867	1,184	873	612	766	696	668	664	725
	856	968	645	1,164	852	1,100	788	639	743	752	643	687	731
Operating Profit	127	223	44	50	14	84	84	-27	23	-56	25	-22	-6
OPM %	13%	19%	6%	4%	2%	7%	10%	-4%	3%	-8%	4%	-3%	-1%
	-33	-295	41	34	-185	-449	-862	55	-189	-2,535	36	-800	18
Interest	241	143	194	229	243	247	247	255	279	192	188	223	238
Depreciation	59	58	59	60	59	58	54	48	272	76	75	76	75
Profit before tax	-205	-274	-168	-206	-473	-669	-1,078	-276	-717	-2,859	-202	-1,121	-301
Tax %	3%	1%	2%	1%	2%	1%	0%	0%	0%	0%	0%	0%	1%
	-212	-275	-172	-208	-482	-674	-1,080	-277	-717	-2,859	-203	-1,122	-305
EPS in Rs	-0.86	-1.12	-0.70	-0.85	-1.97	-2.75	-4.40	-1.13	-2.92	-11.65	-0.83	-4.57	-1.24
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	13,116	11,050	8,656	6,219	6,049	6,833	4,619	4,343	2,967	3,955	4,184	3,117	2,753
	9,737	8,746	7,786	6,224	4,942	6,192	4,362	3,604	3,072	3,519	4,034	3,112	2,813
Operating Profit	3,379	2,304	870	-5	1,107	642	257	739	-105	436	151	5	-60
OPM %	26%	21%	10%	-0%	18%	9%	6%	17%	-4%	11%	4%	0%	-2%
	597	376	-188	-340	760	-272	89	164	-2	-449	-500	-3,497	-3,281
Interest	2,863	3,563	3,757	3,623	1,009	748	825	771	856	901	930	988	841
Depreciation	774	949	914	878	507	395	412	389	254	235	237	449	302
Profit before tax	340	-1,832	-3,989	-4,845	352	-774	-891	-257	-1,217	-1,150	-1,516	-4,930	-4,484
Tax %	-22%	-30%	-29%	-10%	-0%	-0%	0%	6%	1%	1%	1%	0%
	414	-1,279	-2,821	-4,362	352	-774	-893	-271	-1,232	-1,162	-1,536	-4,933	-4,490
EPS in Rs	1.87	-5.26	-11.60	-17.93	1.45	-3.18	-3.67	-1.11	-5.02	-4.73	-6.26	-20.10	-18.29
Dividend Payout %	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	-12%
5 Years:	-8%
3 Years:	2%
TTM:	-20%

Compounded Profit Growth
10 Years:	2%
5 Years:	-6%
3 Years:	0%
TTM:	11%

Stock Price CAGR
10 Years:	-10%
5 Years:	-20%
3 Years:	-29%
1 Year:	-30%

Return on Equity
10 Years:	-16%
5 Years:	-17%
3 Years:	-26%
Last Year:	-96%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	444	486	486	486	486	486	486	489	491	491	491	491	491
Reserves	13,253	17,909	11,438	7,072	9,845	8,267	7,369	7,130	5,898	4,740	3,201	-1,716	-3,042
	28,164	30,886	27,765	25,587	6,409	6,186	6,443	6,451	6,464	4,059	3,323	16,726	16,854
	6,991	7,788	9,925	13,309	19,656	22,881	24,233	25,736	27,901	32,196	32,745	19,825	20,466
Total Liabilities	48,852	57,069	49,614	46,455	36,396	37,821	38,532	39,806	40,753	41,486	39,760	35,326	34,769
	14,862	17,746	6,683	6,449	6,715	7,098	6,778	6,420	6,347	3,177	3,004	5,371	5,261
CWIP	4,981	4,324	1,652	1,789	1,201	472	479	516	49	50	111	90	95
Investments	10,369	10,303	7,799	7,196	7,511	7,431	7,425	7,398	7,324	6,933	6,319	3,067	2,874
	18,640	24,696	33,480	31,021	20,970	22,820	23,849	25,473	27,034	31,325	30,326	26,798	26,539
Total Assets	48,852	57,069	49,614	46,455	36,396	37,821	38,532	39,806	40,753	41,486	39,760	35,326	34,769

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	263	1,011	3,892	3,507	51	382	296	269	3	252	974	529
	-1,638	-105	519	-491	11,887	45	-28	-28	37	9	278	-289
	943	-858	-4,762	-3,001	-11,890	-571	-241	-96	-105	-306	-853	-326
Net Cash Flow	-432	49	-351	15	48	-144	27	144	-65	-46	400	-85

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	82	122	101	77	70	56	77	155	280	184	177	137
Inventory Days	307	1,360	1,386	4,410	3,044	2,048	4,884	6,128
Days Payable	232	366	264	781	990	642	1,603	1,891
Cash Conversion Cycle	157	1,116	1,223	3,706	2,125	1,462	3,359	4,392	280	184	177	137
Working Capital Days	-11	48	634	-329	195	108	108	72	65	66	-106	915
ROCE %	7%	3%	0%	-2%	3%	2%	-1%	4%	0%	4%	1%	-2%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cement Production (JAL Standalone)
Metric Tonnes

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		x,xxx.xx	x,xxx.xx	xx,xxx.xx	xx,xxx.xx	x,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	x,xxx.xx	xx,xxx.xx
		x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	x,xxx
	xx,xxx		x,xxx	xx,xxx	xx,xxx			x,xxx	xx,xxx	x,xxx	xx,xxx
	xxx	xxx	xxx	xxx	xxx	x,xxx

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Group Installed Cement Capacity
MTPA

Hospitality Division - Number of Hotels
Number

Power Segment Net Saleable Energy (JPVL)
MU

Real Estate Cumulative Possession Offered
Units

E&C Segment Order Book
INR Crores

Hotel Room Inventory
Rooms

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	38.07%	37.74%	37.71%	29.97%	29.97%	30.23%	30.23%	30.23%	30.23%	30.23%	30.11%	30.11%
	0.97%	0.57%	0.89%	0.98%	2.08%	2.67%	2.25%	1.30%	1.41%	1.04%	0.56%	0.56%
	1.28%	1.28%	1.33%	9.24%	9.15%	9.11%	9.44%	9.29%	8.91%	8.91%	8.57%	8.57%
	59.68%	60.39%	60.07%	59.81%	58.80%	57.98%	58.08%	59.19%	59.46%	59.85%	60.74%	60.75%
No. of Shareholders	6,07,670	6,00,841	5,84,029	5,92,282	6,04,623	6,33,593	6,54,501	6,34,638	6,36,411	6,42,726	6,47,786	6,45,515

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	39.34%	39.07%	38.91%	38.61%	38.47%	38.17%	38.07%	29.97%	30.23%	30.11%
	18.23%	12.65%	9.34%	4.26%	0.96%	1.10%	0.97%	2.08%	1.41%	0.56%
	6.11%	8.65%	4.20%	1.89%	1.76%	1.74%	1.28%	9.15%	8.91%	8.57%
	0.00%	0.43%	0.54%	0.64%	0.82%	0.81%	0.00%	0.00%	0.00%	0.00%
	36.32%	39.19%	47.00%	54.60%	58.00%	58.19%	59.68%	58.80%	59.46%	60.75%
No. of Shareholders	5,87,043	5,67,533	5,87,084	5,63,909	5,59,816	6,13,873	6,07,670	6,04,623	6,36,411	6,45,515

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Jaiprakash Associates Ltd

Jaiprakash Associates Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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