JPASSOCIAT
Jaiprakash Associates Limited
Jaiprakash Associates Limited (JPASSOCIAT) financial statements and selected valuation metrics through 31 December 2025.
jalindia.com(opens the company website in a new tab)Key metrics
ROCE (FY25)
-5.9%
Operating margin (FY25)
-12.7%
Debt / equity (FY25)
-0.06
OCF / EBITDA (3Y)
299.1%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 46.6% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Cement & Cement Products | 1.0% | 15 Cr | -209 Cr | 4,147 Cr |
| Construction | 24.3% | 362 Cr | 4 Cr | 4,954 Cr |
| Fertilizers | 46.6% | 694 Cr | -15 Cr | 1,044 Cr |
| Hotel/Hospitality & Golf Course | 8.6% | 129 Cr | 41 Cr | 769 Cr |
| Infrastructure | 0.9% | 13 Cr | 6 Cr | 201 Cr |
| Investments | — | 0 Cr | -0.68 Cr | 541 Cr |
| Others | 2.2% | 33 Cr | 0.05 Cr | 340 Cr |
| Power | — | 0 Cr | -100 Cr | 1,627 Cr |
| Real Estate | 17.6% | 262 Cr | -0.67 Cr | 19,708 Cr |
| Unallocated | 0.0% | 0.44 Cr | 0 Cr | 0 Cr |
Shares add up to 101% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓299% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,908 Cr | 1,429 Cr | 1,896 Cr | 1,503 Cr | 1,741 Cr | 1,671 Cr | 1,374 Cr | 1,491 Cr | 1,137 Cr | 672 Cr | 685 Cr | 726 Cr |
| Operating expenses (approx.) | 1,647 Cr | 1,351 Cr | 1,806 Cr | 1,406 Cr | 1,640 Cr | 1,536 Cr | 1,334 Cr | 1,484 Cr | 1,331 Cr | 691 Cr | 725 Cr | 807 Cr |
| EBITDA | 261 Cr | 78 Cr | 90 Cr | 97 Cr | 101 Cr | 135 Cr | 39 Cr | 7 Cr | -194 Cr | -19 Cr | -41 Cr | -81 Cr |
| OPM % | 13.7% | 5.5% | 4.7% | 6.5% | 5.8% | 8.1% | 2.9% | 0.5% | -17.0% | -2.8% | -5.9% | -11.1% |
| Other income | 42 Cr | 76 Cr | 47 Cr | 56 Cr | 34 Cr | 100 Cr | 85 Cr | 43 Cr | 112 Cr | 43 Cr | 58 Cr | 39 Cr |
| Interest | 174 Cr | 226 Cr | 253 Cr | 271 Cr | 275 Cr | 274 Cr | 297 Cr | 316 Cr | 301 Cr | 204 Cr | 234 Cr | 246 Cr |
| Depreciation | 77 Cr | 97 Cr | 96 Cr | 96 Cr | 95 Cr | 88 Cr | 85 Cr | 309 Cr | 106 Cr | 94 Cr | 94 Cr | 85 Cr |
| Profit before tax | -309 Cr | -176 Cr | -245 Cr | -459 Cr | -420 Cr | -1,020 Cr | -300 Cr | -762 Cr | -789 Cr | 235 Cr | -76 Cr | -690 Cr |
| Tax % | -2.2% | -4.1% | -1.3% | -3.7% | -2.7% | -0.6% | 0.8% | -0.9% | 7.4% | 1.3% | 1.5% | -0.4% |
| Net profit | -316 Cr | -183 Cr | -248 Cr | -476 Cr | -431 Cr | -1,026 Cr | -298 Cr | -768 Cr | -731 Cr | 232 Cr | -75 Cr | -693 Cr |
| EPS (₹) | ₹-1.31 | ₹-0.74 | ₹-1.00 | ₹-1.93 | ₹-1.79 | ₹-4.17 | ₹-1.19 | ₹-3.12 | ₹-2.69 | ₹0.98 | ₹-0.28 | ₹-2.80 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14,260 Cr | 7,761 Cr | 10,821 Cr | 7,035 Cr | 6,406 Cr | 7,034 Cr | 7,263 Cr | 6,568 Cr | 5,796 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 12,622 Cr | 7,483 Cr | 9,687 Cr | 6,620 Cr | 5,725 Cr | 7,351 Cr | 6,638 Cr | 6,202 Cr | 5,954 Cr | Sign in free for the trailing twelve months |
| EBITDA | 1,638 Cr | 278 Cr | 1,134 Cr | 415 Cr | 681 Cr | -317 Cr | 625 Cr | 366 Cr | -159 Cr | Sign in free for the trailing twelve months |
| OPM % | 11.5% | 3.6% | 10.5% | 5.9% | 10.6% | -4.5% | 8.6% | 5.6% | -2.7% | Sign in free for the trailing twelve months |
| Other income | 144 Cr | 146 Cr | 70 Cr | 101 Cr | 180 Cr | 440 Cr | 195 Cr | 214 Cr | 348 Cr | Sign in free for the trailing twelve months |
| Interest | 7,407 Cr | 2,440 Cr | 2,558 Cr | 1,133 Cr | 978 Cr | 1,048 Cr | 1,036 Cr | 1,024 Cr | 1,160 Cr | Sign in free for the trailing twelve months |
| Depreciation | 1,888 Cr | 782 Cr | 736 Cr | 603 Cr | 568 Cr | 562 Cr | 381 Cr | 384 Cr | 577 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -10,603 Cr | -2,597 Cr | -2,525 Cr | 945 Cr | -659 Cr | -1,487 Cr | -1,312 Cr | -1,300 Cr | -2,871 Cr | Sign in free for the trailing twelve months |
| Tax % | 11.2% | 0.0% | -7.3% | 40.7% | -1.3% | -0.7% | -3.0% | -3.0% | 1.7% | Sign in free for the trailing twelve months |
| Net profit | -9,413 Cr | -2,597 Cr | -2,710 Cr | 561 Cr | -667 Cr | -1,498 Cr | -1,352 Cr | -1,339 Cr | -2,823 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-35.79 | ₹-7.96 | ₹-8.68 | ₹4.50 | ₹-2.72 | ₹-6.02 | ₹-5.47 | ₹-5.46 | ₹-11.17 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | — | — | — | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 486 Cr | 486 Cr | 486 Cr | 486 Cr | 489 Cr | 491 Cr | 491 Cr | 491 Cr | 491 Cr |
| Reserves | 3,324 Cr | 4,192 Cr | 569 Cr | 1,695 Cr | 1,073 Cr | -406 Cr | -1,742 Cr | -3,085 Cr | -5,811 Cr |
| Borrowings | 30,082 Cr | 26,401 Cr | — | 17,632 Cr | — | — | 16,458 Cr | 15,412 Cr | 17,957 Cr |
| Other liabilities | 25,996 Cr | 17,573 Cr | 55,236 Cr | 16,485 Cr | 34,800 Cr | 37,306 Cr | 22,612 Cr | 23,374 Cr | 22,097 Cr |
| Total liabilities | 61,354 Cr | 49,626 Cr | 56,292 Cr | 36,289 Cr | 36,362 Cr | 37,391 Cr | 37,768 Cr | 36,141 Cr | 34,602 Cr |
| Fixed assets (net) | 9,281 Cr | 9,467 Cr | — | 9,041 Cr | — | — | 4,638 Cr | 4,389 Cr | 6,943 Cr |
| CWIP | 2,367 Cr | 1,463 Cr | — | 679 Cr | — | — | 193 Cr | 289 Cr | 305 Cr |
| Investments | 2,127 Cr | 1,318 Cr | — | 1,669 Cr | — | — | 1,492 Cr | 1,203 Cr | 610 Cr |
| Inventories | 12,300 Cr | 13,714 Cr | — | 11,846 Cr | — | — | 15,208 Cr | 15,733 Cr | 16,441 Cr |
| Trade receivables | 1,863 Cr | 1,936 Cr | — | 2,306 Cr | — | — | 2,413 Cr | 2,320 Cr | 1,219 Cr |
| Cash & bank | 304 Cr | 350 Cr | — | 181 Cr | — | — | 328 Cr | 673 Cr | 600 Cr |
| Other assets | 33,111 Cr | 21,377 Cr | 56,292 Cr | 10,568 Cr | 36,362 Cr | 37,391 Cr | 13,497 Cr | 11,534 Cr | 8,485 Cr |
| Total assets | 61,354 Cr | 49,626 Cr | 56,292 Cr | 36,289 Cr | 36,362 Cr | 37,391 Cr | 37,768 Cr | 36,141 Cr | 34,602 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 5,793 Cr | -855 Cr | — | 827 Cr | 1,105 Cr | 60 Cr | 761 Cr | 1,170 Cr | 558 Cr |
| Cash from investing | -1,292 Cr | 15,122 Cr | — | -196 Cr | -3 Cr | 20 Cr | -116 Cr | 134 Cr | -219 Cr |
| Cash from financing | -4,554 Cr | -14,220 Cr | — | -570 Cr | -771 Cr | -281 Cr | -625 Cr | -960 Cr | -412 Cr |
| Net cash flow | -53 Cr | 47 Cr | — | 60 Cr | 330 Cr | -200 Cr | 20 Cr | 344 Cr | -74 Cr |
| Free cash flow (OCF − Capex) | 4,397 Cr | — | — | 548 Cr | 997 Cr | -107 Cr | 645 Cr | 941 Cr | 410 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % | -9.0% | -0.5% | 3.1% | 10.5% | 20.5% | -518.9% | 1.6% | -0.1% | -5.9% |
| ROE % | -165.0% | -34.3% | -199.6% | 25.8% | -42.3% | -1745.8% | — | — | — |
| Debtor days | 48 | 91 | — | 120 | — | — | 121 | 129 | 77 |
| Inventory days | 861 | 1633 | — | 1322 | — | — | 1517 | 1968 | 2292 |
| Days payable | 157 | 274 | — | 244 | — | — | 215 | 275 | 292 |
| Cash conversion cycle | 751 | 1450 | — | 1198 | — | — | 1423 | 1821 | 2076 |
| OCF / EBITDA % | 353.7% | -307.2% | — | 199.0% | 162.3% | — | 121.8% | 319.9% | — |
| OCF / EBITDA % (3 years) | — | — | — | — | — | 255.7% | 194.8% | 295.6% | 299.1% |
| Debt / equity | 7.89 | 5.64 | — | 8.11 | — | 0.23 | — | -0.08 | -0.06 |
| Current ratio | 0.69 | 1.42 | — | 1.62 | — | — | 1.74 | 1.71 | 1.33 |
| Net debt / EBITDA | 18.18 | — | 0.00 | — | 0.00 | — | 25.82 | 40.31 | — |