Jindal Photo 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.

Jindal Photo Ltd trades at ₹1,061, in a downtrend and 15 weeks into that stage. That is −7.2% against its own 200-day average. It sits at 12% of a 52-week range of ₹995 to ₹1,556. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.

Today the stock is in a downtrend — week 15 of stage 4, confirmed. At ₹1,061 it trades −7.2% versus its 200-day average and sits at 12% of its 52-week range (₹995–₹1,556).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,134% while the NIFTY 500 moved +268% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — 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.

Jindal Photo Ltd trades at 9.3× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 2.3×, measured across 4.5 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 9.3× is at the pricey end of its own range (96th percentile), against a long-run median of 2.3× measured over 4.5 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 −110.1% against a +23.3% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the +47.3%/yr price move, ~−1.4%/yr came from earnings growth and ~+48.7 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: 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).

Jindal Photo 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 10 quarters across 3 curves, on partial evidence.

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

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

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.

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.

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

41.5/100 — rank 18 of 36 in Miscellaneous · 67% evidence confidence

Jindal Photo Ltd scores 41.5 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 18. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 14.6 + 5.9 + 10 + 11 = 41.5. 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.

Jindal Photo Ltd reported ₹0.5 Cr of revenue in the Mar 26 quarter, −14.8% year on year. Over 10 years it has compounded at −37.4% a year. The last full year, FY26, came in at ₹13.0 Cr. The last four reported quarters add to ₹12.6 Cr.

FY26 revenue came in at ₹13.0 Cr (+550.0% on the year), capping 10 years at −37.4% compound. The latest quarter (Mar 26) printed ₹0.5 Cr, −14.8% year on year.

Pace check: the last four quarters averaged +313.7% growth against the decade's −37.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +411.4% over the last 4 quarters against −21.3%/yr over the last 8 — 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.

Jindal Photo Ltd's operating margin is −932.6% in the Mar 26 quarter, −1,015.9 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −308.0% to 98.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −932.6%, −1,015.9 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −308.0%–98.0%.

🚨 Why the margin moved: operating margin went −1,015.9 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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

Jindal Photo Ltd posted a net loss of ₹5.7 Cr in the Mar 26 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY26 year was a loss of ₹23.0 Cr. That loss is 1,230.4% of the quarter's revenue.

Mar 26 profit was ₹−5.7 Cr, −119.4% year on year. On the full year, FY26 printed ₹−23.0 Cr (−110.2%).

🚨 Read this profit with care: at ₹−5.7 Cr it is larger than the whole quarter's revenue of ₹0.5 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −932.6% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

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 0% of Jindal Photo Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹7.0 Cr of operating cash against ₹−23.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹7.0 Cr was left as free cash.

FY26: operating cash of ₹7.0 Cr against reported profit of ₹−23.0 Cr, leaving free cash of ₹7.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 0% 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 0%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

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).

Jindal Photo Ltd's cash conversion cycle runs 0 days in FY26, down from 0 days in FY21. Capital spending ran ₹0.0 Cr over the last 3 years. At FY26 sales of ₹13.0 Cr each day of that cycle holds about ₹0.0 Cr, so roughly ₹0.0 Cr sits inside the business at any moment.

FY26: debtors at 0 days (an asset-light business — no inventory to speak of) — for a full cycle of 0 days, tighter than FY21's 0.

In money terms: at FY26 sales of ₹13.0 Cr, each day of the cycle holds about ₹0.0 Cr — so the 0-day loop keeps roughly ₹0.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹0.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY26) — 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.⚠ unverified

Jindal Photo Ltd earns a ROCE of −1% in FY26. Return on invested capital clears the cost of that capital by −10.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −176.9% net margin on 0.01× asset turns.

FY26 ROCE is −1%.

🚨 Why the return is what it is — the wiring (FY26): −176.9% net margin × 0.01× asset turns × 1.22× balance-sheet leverage ≈ −2.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 1.1% − 12.0% = a −10.9 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

Jindal Photo Ltd carries total debt of ₹65.0 Cr against shareholder equity of ₹1,021 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.03 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹65.0 Cr against shareholder equity of ₹1,021 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.03 (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.

No holder of Jindal Photo Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 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: +0.0 points over 8 quarters to 74.2%; Foreign institutions: +0.0 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

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.

Jindal Photo 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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