Jaiprakash Associates Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Jaiprakash Associates Ltd trades at ₹2.4, in a downtrend and 93 weeks into that stage. That is −56.3% against its own 200-day average. It sits at 0% of a 52-week range of ₹2 to ₹4. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 93 of stage 4, confirmed. At ₹2.4 it trades −56.3% versus its 200-day average and sits at 0% of its 52-week range (₹2–₹4).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved −68% while the NIFTY 500 moved +244% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-02-20) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

P/E does not price Jaiprakash Associates Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Jaiprakash Associates Ltd at 0.1× its FY25 revenue of ₹5,796 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Jaiprakash Associates Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

31.6/100 — rank 12 of 12 in Construction & Contracting · 46% evidence confidence · provisional, ranked below fully-evidenced peers

Jaiprakash Associates Ltd scores 31.6 out of 100 against the 12 companies it is compared with in Construction & Contracting, ranking 12. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 12 + 4.4 + 10 + 5.2 = 31.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Jaiprakash Associates Ltd reported ₹726 Cr of revenue in the Dec 25 quarter, −50.9% year on year. Over 10 years it has compounded at −11.5% a year. The last full year, FY25, came in at ₹5,796 Cr. The last four reported quarters add to ₹3,220 Cr.

FY25 revenue came in at ₹5,796 Cr (−18.8% on the year), capping 10 years at −11.5% compound. The latest quarter (Dec 25) printed ₹726 Cr, −50.9% year on year.

Pace check: the last four quarters averaged −50.6% growth against the decade's −11.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −50.3% over the last 4 quarters against −31.6%/yr over the last 8 — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Jaiprakash Associates Ltd's operating margin is −11.0% in the Dec 25 quarter, −11.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −8.0% to 33.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −11.0%, −11.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −8.0%–33.0%.

🚨 Why the margin moved: operating margin went −10.9 pp year on year while gross margin went +12.7 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Jaiprakash Associates Ltd posted a net loss of ₹693 Cr in the Dec 25 quarter. The full FY25 year was a loss of ₹2,823 Cr. That loss is 95.5% of the quarter's revenue. The same quarter a year earlier lost ₹768 Cr. 11 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹−693 Cr, null year on year. On the full year, FY25 printed ₹−2,823 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Jaiprakash Associates Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY25 that was ₹558 Cr of operating cash against ₹−2,823 Cr of profit. After ₹2,930 Cr of capital spending, ₹−2,372 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹558 Cr against reported profit of ₹−2,823 Cr, leaving free cash of ₹−2,372 Cr after ₹2,930 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Jaiprakash Associates Ltd's cash conversion cycle runs 2,704 days in FY25, up from 1,849 days in FY20. Capital spending ran ₹−270 Cr over the last 3 years. At FY25 sales of ₹5,796 Cr each day of that cycle holds about ₹15.9 Cr, so roughly ₹42,938 Cr sits inside the business at any moment.

FY25: debtors at 77 days, inventory at 3,011 days — roughly 99.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 2,704 days, looser than FY20's 1,849.

The full loop: cash goes out to suppliers and production on day 0; stock waits 3,011 days to sell; customers pay about 77 days after that; and suppliers themselves are paid at 384 days — netting out to the 2,704-day cycle.

In money terms: at FY25 sales of ₹5,796 Cr, each day of the cycle holds about ₹15.9 Cr — so the 2,704-day loop keeps roughly ₹42,938 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−270 Cr over the last 3 fiscal years against ₹1,345 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹305 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Jaiprakash Associates Ltd earns a ROCE of −2% in FY25. That is up from a trough of −4% in FY19. Return on invested capital clears the cost of that capital by −16.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −48.7% net margin on 0.17× asset turns.

FY25 ROCE is −2%, recovered from a FY19 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): −48.7% net margin × 0.17× asset turns × −6.50× balance-sheet leverage ≈ 53.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −4.8% − 12.0% = a −16.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Jaiprakash Associates Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. Operating profit covers the interest bill −0×. Over 5 years borrowings went from ₹19,692 Cr to ₹18,497 Cr. Capital spending ran ₹−270 Cr across the last 3 of those years.

FY25: borrowings of ₹18,497 Cr against equity of ₹−5,320 Cr — net worth is NEGATIVE: the company owes more than it owns, so a debt-to-equity ratio is not meaningful (it just goes negative). This is a balance sheet under water. Operating profit covers the interest bill −0×. Over 5 years borrowings went from ₹19,692 Cr to ₹18,497 Cr while capital spending ran ₹−270 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 1.8 points of Jaiprakash Associates Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 0.3% of the company. Promoters moved −1.2 points over the same window, to 28.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −1.8 points over 8 quarters to 0.3%; Promoters: −1.2 points over 8 quarters to 28.8%; Domestic institutions: −0.6 points over 8 quarters to 8.6%.

🚨 Why the register moved: foreign institutions drove it (−1.8 points), alongside promoters (−1.2 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Jaiprakash Associates Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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