BSE: 526865
JAINCO PROJECTS (INDIA) LTD.
Operates as an RBI-registered non-banking finance company (NBFC) based in Kolkata, generating income primarily from lending activities. Total income for FY26 stood at Rs. 75.47 lakhs, marginally above Rs. 73.30 lakhs in FY25. Profit after tax was Rs. 0.69 lakh in FY26 against Rs. 0.73 lakh the year before, while nine-month FY26 revenue rose to Rs. 45.63 lakhs from Rs. 19.34 lakhs a year earlier. The scale is very small — finance costs of Rs. 52.92 lakh dwarf the company's earnings, and operating cash flow was negative at Rs. 21.04 lakh. Disclosed defaults of Rs. 5.53 crore on outstanding loans of Rs. 8.29 crore are under dispute, with several matters sub judice and finance costs being recognised only on a payment basis. The entity falls below SEBI thresholds for large corporates and is exempt from several governance provisions, sitting among the smallest listed NBFCs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending / NBFC operations. Very small, highly leveraged NBFC with disputed loan defaults and finance costs far exceeding operating profit
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 1 | 1 |
| EBITDA (ex other income) | 0 | 0 | 0 | 1 | 1 |
| margin % | 27.3 | 47.1 | 22.5 | 74.9 | 72.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 |
| ROE % · ROCE % | 0.1 · 0.1 | 0.1 · 0.8 | 0.0 · 0.0 | 0.1 · 5.0 | 0.1 · 5.0 |
| Debt / equity (x) | 0.62 | 0.62 | 0.62 | 1.80 | 0.27 |
| Cash from operations | (0) | 0 | (0) | (13) | 16 |
| Capex | (0) | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | (0.02) | 0.01 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.4 | 0.9 | 35 of 150 | 77% |
| ROCE | 0.1 | 2.1 | 130 of 177 | 27% |
| ROE | 0.1 | 2.3 | 116 of 158 | 27% |
| Debt / Equity | 0.3 | 0.1 | 104 of 154 | 33% |
| EBITDA margin | 4.2 | 4.5 | 74 of 137 | 46% |
| Revenue growth | (71.7) | (8.6) | 105 of 135 | 22% |
| Profit growth | (13.3) | 0.6 | 83 of 157 | 47% |
| Market cap | 4 | 21 | 167 of 179 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Jainco Projects claims exemption from Reg 24A secretarial compliance | compliance | minimal | — | — |
| 15 Oct 2026 · Jainco Projects confirms Reg 32 not applicable for Q2 FY27 | compliance | minimal | — | — |
| 15 Oct 2026 · Compliance filing for Q2 FY27 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 7 Oct 2026 · Quarterly disclosure on loan defaults filed with BSE | credit debt | high | — | — |
| 2 Oct 2026 · AGM 2026: Both resolutions passed with over 99.95 percent approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Trading window closed from Oct 1 until Q2 FY26 results declared | compliance | minimal | — | — |
| 30 Sept 2026 · 35th AGM of Jainco Projects held on September 30, 2026 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · CIRP insolvency application withdrawn against company, NCLT final order awaited | regulatory legal | high | — | — |
| 8 Sept 2026 · Book closure for AGM from September 24 to September 29, 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Jainco Projects 35th AGM on Sept 30, 2026 via Zoom; e-voting Sept 27 to 29 | board shareholder meetings | low | — | — |
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.