BSE: 538794
JET SOLAR LIMITED
Classified as a realty company for residential and commercial projects, the company reported revenue from operations of Rs 54.50 lakhs in FY26, virtually flat against Rs 54.41 lakhs in FY25. Most of its reported income is not from operations — other income was Rs 154.36 lakhs in FY26 (nearly double the prior year), and filings indicate this is largely interest on investments funded by preferential allotments. Employee costs were 53.3% of revenue and other operating expenses were 249.8% of revenue in FY26, both well above the modest revenue base. Operating cash flow was deeply negative at Rs -416.92 lakhs in FY26. Profit after tax came in at Rs 3.52 lakhs on total income of Rs 208.86 lakhs. The registered office is in Kandivali (West), Mumbai, and the company was renamed from Jet Infraventure Limited to Jet Solar Limited in October 2024. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Realty (Residential, Commercial Projects). Realty company (residential, commercial projects) with minimal operational revenue; reported income largely from interest on investments
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) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.20 | 0.27 | 0.14 | 0.04 | 0.03 |
| ROE % · ROCE % | — · 1.6 | — · 1.1 | — · 1.6 | — · 0.6 | — · 0.2 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1 | (0) | (0) | (2) | (4) |
| Capex | — | — | — | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 1 | (0) | 0 | 0 |
| Profit before tax | (0) | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.00 | 0.00 | 0.04 | 0.10 | 0.31 | 0.16 | 0.02 | 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. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.4 | 17.4 | 22 of 61 | 65% |
| ROCE | 0.2 | 1.9 | 62 of 88 | 30% |
| Revenue growth | 7.5 | (11.0) | 23 of 64 | 65% |
| Market cap | 8 | 30 | 75 of 88 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · Jet Solar AGM 2026: All 3 resolutions approved with 100% votes in favor | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Jet Solar 25th AGM held on Sep 30, 2026 - 3 resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closure from 1 October 2026 for H2 FY26 results | compliance | minimal | — | — |
| 3 Sept 2026 · Jet Solar 25th AGM on 30 Sep 2026 and remote e-voting notice | compliance | minimal | — | — |
| 2 Sept 2026 · Jet Solar Annual Report FY 2025-26 filed, AGM on September 30, 2026 | results | high | — | — |
| 2 Sept 2026 · Jet Solar 25th AGM on Sept 30, 2026; e-voting Sept 27-29 | board shareholder meetings | low | — | — |
| 15 May 2026 · Intimation of resignation of Company Secretary and Compliance Officer in terms of Regulation 30 of SEBI (LODR) Regulations, 2015 | management changes | medium | — | — |
| 8 May 2026 · Audited Financial Results of the Company for the Half Year and Financial Year ended on March 31, 2026 | results | high | — | — |
| 8 May 2026 · Outcome of Board Meeting dated 08..05.2026 to approve Audited Financial Results of the Company for the Half Year and Financial Year ended on March 31, 2026 & other matters as mentioned in attachment. | results | high | — | — |
| 4 May 2026 · Jet Solar Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 08/05/2026 ,inter alia, to consider and approve Audited Financial Results of the .... | results | 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.