Revenue and Operating Performance Trends
Jai Corp's net sales have demonstrated volatility, peaking at ₹720.09 crores in the fiscal year ending March 2022 before declining to ₹517.70 crores by March 2025. The period saw a notable dip in sales in 2021, followed by a recovery in 2022, and a subsequent contraction. Total operating income mirrored this pattern, with no other operating income recorded across these years. Raw material costs consistently represented a substantial portion of expenses, aligning with sales fluctuations, while employee costs showed a gradual decline from ₹61.35 crores in 2019 to ₹38.22 crores in 2025, indicating possible operational efficiencies or workforce adjustments.
Operating profit before other income (PBDIT excl. other income) remained relatively stable around the ₹50 crores mark in recent years, with a slight increase to ₹52.64 crores in 2025. Other income contributed significantly to overall operating profit, which rose to ₹94.48 crores in 2025 from ₹73.58 crores in 2022, highlighting the importance of non-operational earnings in the company's profitability.
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Profitability and Margins
Profit before tax (PBT) has shown a recovery trend after a sharp decline in 2023, rising from ₹13.34 crores in that year to ₹82.98 crores in 2025. Correspondingly, profit after tax (PAT) improved from a loss in 2023 to a positive ₹66.95 crores in 2025. The consolidated net profit followed a similar trajectory, with a significant turnaround from a negative ₹13.60 crores in 2023 to ₹66.55 crores in 2025.
Operating profit margins excluding other income have hovered around 10% in recent years, with a slight dip in 2023 to 8.76%. PAT margins reflect the volatility in earnings, dropping to negative territory in 2023 but recovering to 12.91% by 2025. Earnings per share (EPS) also reflect this pattern, with a negative EPS in 2023 turning positive to ₹3.79 in 2025, signalling restored profitability for shareholders.
Balance Sheet and Financial Position
Jai Corp's shareholder funds have steadily increased from ₹1,311.85 crores in 2020 to ₹1,405.56 crores in 2025, despite some fluctuations. The company has successfully reduced its debt burden, with total debt falling to zero by 2025 from ₹223.31 crores in 2020, indicating a stronger financial position and reduced leverage risk.
Non-current investments remain substantial, consistently around ₹750 crores, while current assets have fluctuated, standing at ₹503.41 crores in 2025. The net block of fixed assets has declined from ₹147.14 crores in 2020 to ₹98.05 crores in 2025, possibly reflecting asset sales or depreciation outpacing capital expenditure. Book value per share has improved from ₹59.69 in 2020 to ₹66.65 in 2025, underscoring enhanced net asset value for investors.
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Cash Flow and Liquidity
Cash flow from operating activities has generally been positive, with ₹44 crores generated in 2025, reflecting improved operational cash generation compared to a negative cash flow in 2021. Investing activities have seen variability, with a significant inflow of ₹111 crores in 2025 contrasting with outflows in prior years, suggesting asset sales or investment realisations. Financing activities have consistently been negative, indicating debt repayments and possibly dividend payments or share buybacks, with ₹155 crores outflow in 2025.
Closing cash and cash equivalents have remained modest, at ₹4 crores in 2025, but stable relative to prior years. The company’s net cash inflow/outflow has balanced out to near zero in recent years, signalling a cautious approach to liquidity management.
Summary
Overall, Jai Corp's historical performance reflects a company that has navigated through periods of financial stress and recovery. The recent years show a stabilisation in revenue and profitability, with improved margins and a strengthened balance sheet marked by zero debt and growing shareholder funds. Investors should note the volatility in earnings and cash flows over the period but may find encouragement in the company's current financial health and operational improvements.
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