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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +121% YoY · PAT +50% YoY · +50% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹329 Cr | +120.8% | +50.2% |
| EBITDA | ₹24 Cr | +20.0% | +140.0% |
| Operating margin | 7.0% | -200 bps | +230 bps |
| PAT | ₹15 Cr | +50.0% | +275.0% |
| PAT margin | 4.6% | -58 bps | +273 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Total Revenue Mix (H2FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -5.7% / mo · MACD + · near 52W low
Technical chart
JAYBEEdaily · 1Y · AUTO+17.2%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 45.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 45 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 64% 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.
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 64 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 73.7%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 49th percentile within Industrials. Main check: results consistency is weak at 48/100.
Healthy Trust Lite: Promoter holding is 70.6%. Key concern: ROCE trend is -12.2%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · SME: 66th pctile, median 64
9 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
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
- 9%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable names in Industrials, ranked by similarity
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.