Jaykay Enterprises 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.

Jaykay Enterprises Ltd trades at ₹165, building a base and 3 weeks into that stage. That is +6.5% against its own 200-day average. It sits at 36% of a 52-week range of ₹127 to ₹231. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).

Today the stock is building a base — week 3 of stage 1, confirmed. At ₹165 it trades +6.5% versus its 200-day average and sits at 36% of its 52-week range (₹127–₹231).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +7,481% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2026-07-10) — 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.

Jaykay Enterprises Ltd trades at 61.2× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 30.0×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 61.2× is at the pricey end of its own range (71st percentile), against a long-run median of 30.0× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +2,982.0% against a +7.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +37.7%/yr price move, ~−3.7%/yr came from earnings growth and ~+41.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

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

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

Stage: Improving 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).

Jaykay Enterprises Ltd reads as improving on its fundamental arc. Improving — EPS growth bottomed 6 quarters ago at −10.2% and has held its recovery at +814.0%, ROCE lifting at 8.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

54.3/100 — rank 9 of 25 in Aerospace & Defence - Equipments · 74% evidence confidence

Jaykay Enterprises Ltd scores 54.3 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 9. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 13.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 29 + 8.1 + 11.1 + 6.1 = 54.3. 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.

Jaykay Enterprises Ltd reported ₹74.6 Cr of revenue in the Jun 26 quarter, +34.5% year on year. That is the 5th straight quarter of year-on-year growth. The last full year, FY26, came in at ₹258 Cr. The last four reported quarters add to ₹259 Cr.

FY26 revenue came in at ₹258 Cr (+218.5% on the year). The latest quarter (Jun 26) printed ₹74.6 Cr, +34.5% year on year — the 5th consecutive quarter of year-over-year growth.

Acceleration check: trailing-twelve-month revenue grew +117.5% over the last 4 quarters against +102.9%/yr over the last 8 — accelerating; TTM profit +822.0% vs +279.5%/yr — accelerating.

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.

Jaykay Enterprises Ltd's operating margin is 14.2% in the Jun 26 quarter, +1.8 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −1,774.0% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.2%, +1.8 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −1,774.0%–16.0%, and FY26's 16.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.8 pp year on year while gross margin went −1.7 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

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

Jaykay Enterprises Ltd earned ₹4.5 Cr of net profit in the Jun 26 quarter, −77.7% year on year. Full-year FY26 profit was ₹216 Cr. The 10-year compound rate is 40.9%. That is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹20.2 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹4.5 Cr, −77.7% year on year. On the full year, FY26 printed ₹216 Cr (+2,985.7%), and the 10-year compound rate is 40.9%.

🚨 Why profit moved: revenue contributed +34.5% and the margin +1.8 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +522.6% vs revenue +193.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

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.

Over the last 3 fiscal years 3% of Jaykay Enterprises Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹40.0 Cr of operating cash against ₹216 Cr of profit. After ₹36.0 Cr of capital spending, ₹4.0 Cr was left as free cash.

FY26: operating cash of ₹40.0 Cr against reported profit of ₹216 Cr, leaving free cash of ₹4.0 Cr after ₹36.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 3% of profit.

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

🚨 Why conversion sits at 3%: the cash cycle stretched 355 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 355 days — the next section's job is to find where the cash is stuck.

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).

Jaykay Enterprises Ltd's cash conversion cycle runs 355 days in FY26, up from 0 days in FY21. Capital spending ran ₹145 Cr over the last 3 years. At FY26 sales of ₹258 Cr each day of that cycle holds about ₹0.7 Cr, so roughly ₹251 Cr sits inside the business at any moment.

FY26: debtors at 134 days, inventory at 901 days — roughly 29.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 355 days, looser than FY21's 0.

The full loop: cash goes out to suppliers and production on day 0; stock waits 901 days to sell; customers pay about 134 days after that; and suppliers themselves are paid at 681 days — netting out to the 355-day cycle.

In money terms: at FY26 sales of ₹258 Cr, each day of the cycle holds about ₹0.7 Cr — so the 355-day loop keeps roughly ₹251 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹145 Cr over the last 3 fiscal years against ₹23.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹55.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

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.⚠ unverified

Jaykay Enterprises Ltd earns a ROCE of 8% in FY26. That is up from a trough of −1% in FY20. Return on invested capital clears the cost of that capital by −7.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 83.7% net margin on 0.31× asset turns.

FY26 ROCE is 8%, recovered from a FY20 trough of −1% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 83.7% net margin × 0.31× asset turns × 1.21× balance-sheet leverage ≈ 31.4% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 4.5% − 12.0% = a −7.5 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. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Jaykay Enterprises Ltd carries total debt of ₹39.0 Cr against shareholder equity of ₹697 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.06 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹39.0 Cr against shareholder equity of ₹697 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.06 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.

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.

Promoters added 8.9 points of Jaykay Enterprises Ltd over 8 quarters, the biggest move on the register. That takes promoters to 65.2% of the company. Domestic institutions moved −2.3 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +8.9 points over 8 quarters to 65.2%; Domestic institutions: −2.3 points over 8 quarters to 0.0%; Foreign institutions: +0.0 points over 8 quarters to 0.2%.

Why the register moved: promoters drove it (+8.9 points), absorbed on the other side by domestic institutions (−2.3 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

Jaykay Enterprises 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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