BSE: 523467
JAI MATA GLASS LTD.
Operated as a selling agency for Figured Glass, a business that ceased during FY26. Revenue from operations dropped sharply to Rs 0.1085 crore in FY26, with total income of Rs 15.08 lakh for the year. The company has stated it is exploring new business opportunities. Total assets stood at Rs 1.9824 crore. The cost structure is dominated by employee costs of Rs 0.1389 crore (128% of revenue) and other operating expenses of Rs 0.2261 crore (208.4% of revenue), with no materials cost recorded. A new CFO was appointed effective 1 June 2026 after the previous CFO resigned on 8 December 2025. The company is undergoing a change of control, with new acquirers set to hold 70.57% after a Share Purchase Agreement and mandatory open offer, both priced at Rs 1.85 per share. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Selling agency for Figured Glass. Tiny, loss-making former trading agency with discontinued operations and a change of control underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | 0 | 0 | (0) |
| margin % | (86.7) | (11.2) | 16.9 | 12.8 | (236.4) |
| Owners' profit | (0) | 0 | 0 | (1) | (0) |
| EPS, as reported (₹) | (0.01) | 0.00 | 0.00 | 0.05 | (0.02) |
| ROE % · ROCE % | (3.3) · (3.1) | 0.4 · 0.5 | 0.5 · 4.9 | (23.5) · 19.4 | (11.1) · (11.0) |
| Debt / equity (x) | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 |
| Cash from operations | (1) | (0) | (0) | (0) | 2 |
| Capex | 0 | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) |
| Net profit | 0 | 0 | 0 | (1) | 0 | (0) | (0) | (0) |
| EPS (₹) | 0.00 | 0.01 | 0.00 | 0.05 | 0.00 | (0.01) | (0.01) | 0.01 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,457 | 7.5 | 0.54 | 9.8 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,145 | 16.4 | 1.52 | 9.9 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 943 | — | 0.85 | 16.8 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 769 | — | 1.56 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 403 | 53.2 | 4.32 | 17.6 | 9.5 | 7.0 | — | 23.5 |
| MIDWEST ENERGY LIMITED | 336 | 214.1 | 0.84 | — | (3.5) | (2.3) | — | 19.4 |
| SAHYADRI INDUSTRIES LTD | 335 | 7.5 | 0.83 | — | 7.1 | 9.4 | — | 16.1 |
| GLITTEK GRANITES LTD. | 196 | 223.3 | 17.90 | — | (3.6) | (3.6) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 15.0 | 1.5 | 19 of 20 | 5% |
| ROCE | (11.0) | 2.8 | 21 of 22 | 5% |
| ROE | (11.1) | 2.5 | 19 of 20 | 5% |
| Debt / Equity | 0.0 | 0.1 | 1 of 20 | 79% |
| Revenue growth | (100.0) | 14.0 | 17 of 18 | 0% |
| Profit growth | 89.4 | 83.2 | 9 of 19 | 56% |
| Market cap | 29 | 46 | 14 of 22 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Routine RTA compliance certificate filed under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 10 Oct 2026 · Q2 FY27 results published in newspapers | compliance | minimal | — | — |
| 9 Oct 2026 · Jai Mata Glass Q2 FY27 loss; equity deeply negative | results | high | — | — |
| 9 Oct 2026 · Board approves Q2 and H1 FY27 results; losses continue and equity turns negative | results | medium | — | — |
| 3 Oct 2026 · Board meeting on Oct 9 to consider Q2 FY26-27 results | results | low | — | — |
| 1 Oct 2026 · Secretarial Auditor appointed for 5 years at AGM | management changes | medium | — | — |
| 1 Oct 2026 · AGM results: all 3 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 46th AGM of Jai Mata Glass held on Sept 29, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of half-yearly results | compliance | minimal | — | — |
| 15 Sept 2026 · Open offer for Jai Mata Glass sees almost no public participation | strategic transactions | high | — | — |
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.