Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Jay Bee Laminations Ltd. (JAYBEE)
SME CapIndustrials stocks · SME cap · NSE
Established in 1988, Jay Bee Laminations Ltd. manufactures CRGO Silicon Steel Cores for power & distribution transformers, with three units in UP. It has an installed capacity of 23,340 MTPA for CRGO products and 1,000 MVA for transformers. The company also has a dedicated EPC team for Power T&D projects.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result20 May, 10:13 pm IST
Score20 Oct, 05:22 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 +6.1% / mo · MACD − · near 52W low
Stock trend: 46
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JAYBEED candles · FIT view-21.9%Latest close ₹84.20 on 2026-10-19
Bar
+0.0%
RSI
44
MACD hist
-1.00
52W pos
11%
2026-10-19O ₹84.20H ₹85.80L ₹83.55C ₹84.20Vol 4,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JAYBEENifty India ManufacturingNifty 500
- JAYBEE
- -7.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -1.6 pp
Chart stats
19 Oct 2026- From 52W high
- -58.5%
- 52W range position
- 11%
- ATR (14)
- 6.4%
- Volume vs 20D
- 0.10x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹82 - ₹103.9
₹203
₹70 - ₹203
₹5.4
Latest completed session
20-session average
71.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +120.8% · PAT +50.0% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+73.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 72/100Rev +121% YoY · PAT +50% YoY · +50% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹329 Cr | +120.8% | +50.2% |
| EBITDA | ₹24 Cr | NDF | +140.0% |
| Operating margin | 7.0% | NDF | +230 bps |
| PAT | ₹15 Cr | +50.0% | +275.0% |
| PAT margin | 4.6% | NDF | +273 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.40
- P/B
- 1.15
- EV/EBITDA
- 5.69
- Market Cap
- 190.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 16.50%
- ROA
- 5.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 75.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 4.25×
- Altman Z
- 3.39
- Book Value
- 73.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 30.00 Cr
- EPS TTM
- 8.09
Shareholding
- Promoter Hold
- 70.61%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 548+49.3% vs prev
Net Profit
₹ CrLatest: 18.0-28.0% vs prev
Return on Equity
%Latest: 10.8-35.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~5.7% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 58% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 1 Base / Transition
1M return
+2.3%
3M return
-7.2%
6M return
-21.5%
1Y return
-51.9%
RS 1D
0
RS 20D
+4
Sector rank
#2
Industry rank
#8
Stage evidence
- Price is within 7.5% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 41.67+1.02%
RS vs Nifty 50042
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation27/30
Growth21/25
Quality3/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
-7
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 73.5%.
- Valuation contributes 27/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
10.4
PB
1.1
EV/EBITDA
5.7
ROE
11.6%
ROCE
16.5%
FCF Yield
—
Debt/Equity
0.2
MoS
+73.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+73.5%
Previous: +73.5%
Score history
12 stored score snapshots. Latest stored move: -4 points.
20 Oct 2026
v4.3-runtime-valuation
68
68
68
68
68
68
68
68
68
68
68
64
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹115.67
+27.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹317.94
+73.5% MoS
PEG
0.21
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DCG
SME
DCG Cables & Wires Ltd.
Electrical Equipment
match 58
51
15.5
10.4%
+62%
FAIR VALUE
REXPIPES
SME
Rex Pipes and Cables Industries Ltd.
Electrical Equipment
match 57
27
35.7
10.9%
+17%
OVERVALUED
RMC
Small
RMC Switchgears Limited
Electrical Equipment
match 55
66
10.1
18.8%
+76%
UNDERVALUED
SEL
SME
Sungarner Energies Ltd.
Electrical Equipment
match 54
46
19.4
29.1%
+52%
FAIR VALUE
VDEAL
SME
Vdeal System Ltd.
Electrical Equipment
match 54
55
13.0
15.0%
+68%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-19T02:41:43.203Z
Management commentary snapshot
H2FY26 Net Sales grew 50.5% HoH to Rs 3,292.45 Mn, driven by new EPC segment revenue of Rs 1,414.63 Mn. EBITDA improved 134.3% HoH to Rs 238.73 Mn, with PAT up 295.57% HoH to Rs 145.77 Mn. FY26 Net Sales increased 49.1% YoY to Rs 5,479.72 Mn, but annual EBITDA and PAT margins declined significantly.
The company successfully diversified into transformers and T&D EPC, which significantly boosted H2FY26 revenue and profitability sequentially. However, annual margins compressed due to CRGO business challenges and increased costs. Sustaining EPC execution, managing working capital, and improving overall profitability are critical for the thesis.
Current business mix
Total Revenue Mix (H2FY26)
Latest issuer-disclosed distribution across 3 reported categories.
CRGO Division56.0%
Transformer Division1.0%
EPC Division43.0%
Growth engines
T&D EPC Projects
Secured Rs 267.5 Cr in T&D EPC turnkey project orders and commenced execution, generating Rs 141.5 Cr revenue in FY26.
Transformer Manufacturing
Successfully delivered and installed initial transformer units at customer locations; received developmental export orders.
CRGO Volume Growth
Achieved ~25% volume growth in CRGO business despite margin pressure.
Integrated T&D Platform
Long-term strategy centered on building an integrated Power T&D platform leveraging synergies across CRGO, transformers, and turnkey projects.
Capacity and execution
CRGO Capacity Expansion
Completed capacity expansion at Greater Noida in October 2024, reaching an installed capacity of 23,340 MTPA for CRGO products.
Transformer Capacity
Current installed capacity of 1,000 MVA for transformers.
Tailwinds
Renewable Energy Integration
Accelerated renewable energy installations and expansion of transmission corridors.
Grid Strengthening
Rising transformer replacement demand and distribution network strengthening under RDSS.
Government Focus
Government focus on strengthening transmission & distribution infrastructure, smart metering, and loss reduction initiatives.
Power Demand Growth
Rapid growth in power demand across India and increasing electrification across industrial, commercial and rural sectors.
Headwinds
CRGO Margin Pressure
CRGO business continued to face margin pressure amid sharp declines in raw material prices throughout the year.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company explicitly provides H2FY26 vs H1FY26 (HoH) and H2FY26 vs H2FY25 (YoY), and also full year FY26 vs FY25 (YoY). Sequential comparison is crucial to assess the impact of new business lines and recent performance trends, while YoY provides a longer-term perspective.
Sector KPIs management disclosed
EPC Order Inflow
Secured T&D EPC turnkey project orders worth Rs 267.5 Cr in Sep 2025.
EPC Revenue (FY26)
Achieved EPC revenue of Rs 141.5 Cr in FY26, with commencement of revenue cycle in Oct 2025.
EBITDA Margin (H2FY26)
EBITDA Margin improved to 7.25% in H2FY26 from 4.66% in H1FY26.
EBITDA Margin (FY26)
EBITDA Margin declined to 6.22% in FY26 from 11.70% in FY25.
Management forward view
Strategic Diversification
FY26 marked a significant year with expansion into transformer manufacturing and EPC turnkey projects, alongside scaling the CRGO business.
Key Approvals & Accreditation
Achieved PGCIL (765 kV class) and NTPC vendor approvals, and NABL accreditation for CRGO testing laboratory.
Integrated T&D Platform
Long-term strategy is to build an integrated Power T&D platform leveraging synergies across CRGO cores, transformers, and turnkey projects.
Focus on Margin & Utilization
Focused on margin improvement and increasing capacity utilization in CRGO, and disciplined execution in EPC.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EPC Order Book & Execution | Rs 267.5 Cr orders received, Rs 141.5 Cr revenue in FY26. | Sustained order inflows and timely execution of EPC projects with focus on receivables collection. |
| Overall Profitability Margins | FY26 EBITDA Margin 6.22%, PAT Margin 3.33%. | Improvement in overall EBITDA and PAT margins, especially from new segments, and stabilization in CRGO. |
| Working Capital & Receivables | Operating cash flows of Rs 30.1 Cr in H2FY26; Trade Receivables Rs 1,906.61 Mn in FY26. | Efficient working capital management and timely collection of receivables, particularly from the growing EPC segment. |
| CRGO Capacity Utilization | CRGO production 15,554 MT vs capacity 23,340 MTPA in FY26 (~66.6% utilization). | Increased capacity utilization in CRGO to leverage operating efficiencies and improve unit fixed cost base. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 50th percentile within Industrials. Main check: results consistency is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
9 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Industrials: 50th pctile, median 68 · SME: 66th pctile, median 64
Evidence depth
Financial-only
9 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 70.6%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -12.2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jay Bee Laminations Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Outcome of Board Meeting 2 Sep - Board approved auditors, AGM notice, annual report, and reappointment of Mr. Mudit Aggarwal on September 2, 2026.
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptOct 2024
Oct 2024 · Transcript
Source: Nse
Investor presentationOct 2024
Oct 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.