NSE: JAICORPLTD · BSE: 512237
JAI CORP LIMITED
Processes plastic products for industrial customers from a unit at Vasona, Silvassa, which generated Rs 503.87 crore in FY26 — essentially the entirety of segment revenue. The company also carries Spinning and Steel segments that contributed Rs 0.02 crore and Rs 0 respectively, while Real Estate and Asset Management activities appear in the segment trend without material revenue. Raw materials account for 69.6% of revenue, making them the dominant cost, while employee cost is 8.1% and other operating expenses 13.4%. The Vasona plastic processing unit was shut down by heavy flooding on 23 July 2026 and partially restarted on 30 July 2026, with insurance claims in process and the financial impact not yet quantified. The standalone audit for FY26 received an unmodified opinion, but the consolidated audit carries a qualified opinion due to an associate's unavailable financials and Rs 2,147 lakh in overdue intercorporate deposits under legal proceedings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic Processing (100%), Spinning (0%), Steel (0%). Plastic processing with non-operating residual segments in spinning and steel
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 720 | 594 | 463 | 518 | 514 |
| EBITDA (ex other income) | 55 | 1 | 49 | 53 | 53 |
| margin % | 7.6 | 0.2 | 10.7 | 10.2 | 10.3 |
| Owners' profit | 53 | (14) | 53 | 67 | 169 |
| EPS, as reported (₹) | 2.95 | (0.76) | 2.94 | 3.76 | 9.64 |
| ROE % · ROCE % | 3.6 · 4.1 | (0.9) · 0.9 | 3.5 · 4.8 | 4.7 · 5.8 | 11.2 · 12.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 91 | 72 | 41 | 45 | 14 |
| Capex | (4) | (4) | (2) | (3) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 135 | 126 | 135 | 131 | 131 | 116 | 121 | 158 |
| Profit before tax | 22 | 16 | 27 | 109 | 109 | 23 | 27 | 38 |
| Net profit | 17 | 12 | 23 | 104 | 104 | 17 | 21 | 28 |
| EPS (₹) | 0.96 | 0.70 | 1.31 | 5.94 | 5.94 | 1.00 | 1.19 | 1.61 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plastic Processing | 492 | 98.5 |
| Real Estate | 8 | 1.5 |
| Spinning | 0 | 0.0 |
| Total, before eliminations | 499 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.0 | 14.4 | 14 of 46 | 71% |
| P/B | 1.0 | 1.6 | 10 of 42 | 78% |
| ROCE | 12.7 | 7.0 | 17 of 56 | 71% |
| ROE | 11.2 | 7.6 | 14 of 45 | 71% |
| Debt / Equity | 0.0 | 0.2 | 1 of 45 | 82% |
| EBITDA margin | 26.1 | 11.6 | 3 of 43 | 95% |
| Revenue growth | 20.1 | 10.6 | 18 of 49 | 65% |
| Profit growth | (73.0) | 20.7 | 37 of 47 | 22% |
| Market cap | 1534 | 126 | 10 of 55 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Notice on SEBI special window for physical share demat | compliance | minimal | — | — |
| 21 Oct 2026 · Board meeting on 13 Nov 2026 to approve Q2 FY27 results | results | low | — | — |
| 15 Oct 2026 · Registrar certificates filed under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Jai Corp 41st AGM voting results - all 6 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Jai Corp 41st AGM held on Sep 28, 2026; 6 resolutions tabled | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed for insiders from Oct 1 till 48 hours after Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closed for insiders from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 5 Sept 2026 · Correction of EPS error in standalone XBRL filing for Q1 FY27 | results | high | — | — |
| 4 Sept 2026 · AGM on Sep 28, 2026; Book Closure from Sep 22 to Sep 28 | compliance | minimal | — | — |
| 3 Sept 2026 · NSE seeks clarification from Jai Corp on Q1 FY27 financial results | regulatory legal | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.