JBF Industries Limited (JBFIND) AI Stock Analysis

• Market Cap: ₹361.87M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): N/A
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 2,428
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Apparel - Manufacturers
• EPS (TTM): N/A
• Shares Outstanding: 81,871,850
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: 0.13
• Price to Book (P/B): -0.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 8.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: ―
• Action: N/A Date: 02/05/26
• Date: Action: N/A 02/05/26

The score is driven primarily by weak financial performance: sharp revenue contraction, ongoing losses, and a stressed balance sheet with large debt and deeply negative equity. Recently positive operating/free cash flow is a partial offset, but durability and scale remain major concerns. Technical and valuation factors could not be assessed due to missing inputs.

Positive Factors

Established polyester value chain business

JBF operates across the polyester value chain producing PET resin and PSF used in packaging and textiles. That entrenched industrial end-market exposure provides durable structural demand and multiple product revenue streams if operations and volumes recover.

Recent stabilization of cash generation

Operating and free cash flow turning positive in consecutive years indicates the company can generate cash from operations when plants run and costs are controlled. Sustained cash generation improves ability to fund working capital and modest debt servicing over time if maintained.

Historically workable gross margin profile

Earlier gross margins in FY2022–FY2023 show the business can earn spread between polyester selling prices and input costs under favorable conditions. This demonstrates structural margin potential if volumes, feedstock procurement, and energy costs normalize.

Negative Factors

Severe revenue collapse and persistent losses

Revenue fell sharply from billions to zero by FY2025 while the company reported persistent net losses. Loss-making operations erode scale, reduce operating leverage, and impair the company’s ability to reinvest, making sustained recovery and competitiveness difficult.

Highly stressed balance sheet and negative equity

Very large absolute debt and deeply negative equity indicate accumulated losses and weak solvency. Shrinking assets and limited capital buffer constrain financial flexibility, raise refinancing risk, and limit capacity to invest or withstand further operational setbacks.

Volatile cash flow small versus leverage

Recent positive cash flow is encouraging, but year-to-year swings and amounts small relative to heavy debt reduce confidence in durability. If cash generation falters, the company may struggle to service debt, fund maintenance capex, or execute a credible deleveraging plan.

JBF Industries Limited Business Overview & Revenue Model

Company Description

JBF Industries Limited, together with its subsidiaries, manufactures and sells polyester products in India and internationally. The company offers textile and film grade polyester chips, bottle grade polyethylene terephthalate, fully draw and partially oriented yarns, flat yarns, and polyester textured yarn/sewing thread products. JBF Industries Limited was incorporated in 1982 and is based in Mumbai, India.

How the Company Makes Money

JBF Industries Limited Financial Statement Overview

Summary

Financial performance is very weak: persistent net losses, a severe revenue collapse (down to zero in FY2025), and a highly stressed balance sheet with very large debt and deeply negative equity. Cash flow turned positive in FY2024–FY2025, but it appears small relative to leverage and has been volatile.

Income Statement

Profitability has been persistently weak with sizable net losses across the period, including very large losses in FY2023 and continued losses in FY2024–FY2025. Revenue has also been highly volatile and trending sharply down (from ~32.7B in FY2022 to ~11.0B in FY2023, collapsing further in FY2024 and reaching zero in FY2025), which significantly undermines earnings quality and visibility. A modest positive was the earlier gross margin profile (notably FY2022–FY2023), but it did not translate into sustainable operating profitability.

Balance Sheet

The balance sheet is highly stressed: debt remains extremely large (~23.6–25.5B) while equity has flipped deeply negative since FY2022 and continues to deteriorate, indicating heavy accumulated losses and a thin capital buffer. Asset base has shrunk dramatically (from ~35–36B in FY2020–FY2021 to well under 1B in FY2023–FY2025), which raises concerns about scale, solvency resilience, and financial flexibility. Leverage is therefore a key risk despite debt appearing stable in absolute terms.

Cash Flow

Cash flow has been volatile but shows some recent stabilization: operating and free cash flow were positive in FY2024–FY2025 after being materially negative in FY2023 and FY2020. However, cash generation appears small relative to the company’s debt load, and the sharp swings year-to-year reduce confidence in durability. Overall, cash flow is a relative bright spot versus reported earnings, but not yet strong enough to offset balance-sheet pressure.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	19.40M	10.97B	32.66B	22.05B
Gross Profit	0.00	0.00	400.00K	2.72B	3.94B	2.78B
EBITDA	-22.40M	-52.70M	-47.40M	-15.37B	2.62B	1.40B
Net Income	-22.40M	-52.70M	-106.40M	-18.53B	-11.70B	-1.94B
Balance Sheet
Total Assets	0.00	558.00M	542.10M	618.00M	25.89B	35.71B
Cash, Cash Equivalents and Short-Term Investments	45.30M	45.40M	5.10M	6.40M	1.42B	220.90M
Total Debt	0.00	23.60B	23.60B	23.60B	24.69B	25.08B
Total Liabilities	28.53B	29.09B	29.02B	28.99B	35.67B	33.78B
Stockholders Equity	-28.53B	-28.53B	-28.47B	-28.37B	-9.78B	1.93B
Cash Flow
Free Cash Flow	0.00	39.70M	1.20M	-1.45B	1.78B	989.10M
Operating Cash Flow	0.00	39.70M	1.20M	-1.43B	1.86B	1.03B
Investing Cash Flow	0.00	800.00K	100.00K	60.50M	-90.90M	-40.60M
Financing Cash Flow	0.00	0.00	-900.00K	-32.40M	-564.60M	-904.20M

JBF Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MAHASTEEL	54 Neutral	₹12.74B	215.61	―	―	11.83%	124.74%
MANORG	54 Neutral	₹3.44B	24.26	―	―	22.53%	237.55%
VIKASECO	52 Neutral	₹2.35B	-45.38	―	―	7.61%	-50.76%
SUMEETINDS	44 Neutral	₹15.12B	44.64	―	―	0.58%	―
JBFIND	43 Neutral	₹361.87M	-5.38	―	―	―	―
GOACARBON	43 Neutral	₹3.08B	-4.16	―	5.02%	-19.25%	-220.20%

JBF Industries Limited Corporate Events

JBF Industries Files Unaudited Q3 FY26 Results Under Insolvency; Auditor Flags Interest Under‑Provision

JBF Industries Limited, which is under Corporate Insolvency Resolution Process, has reported its unaudited standalone financial results for the quarter and nine‑month period ended 31 December 2025, as approved by the Resolution Professional in a meeting held on 30 January 2026. The company submitted these results to the stock exchanges in compliance with securities listing regulations, along with an independent auditor’s review report that was conducted under the relevant review standards rather than a full statutory audit. The auditor issued a qualified conclusion, highlighting that interest on term loans, cash credit facilities and cumulative redeemable preference shares amounting to a substantial outstanding principal has been provided at a Nil percent rate instead of the documented contractual rate, leading to a material under‑provision of finance costs for the quarter and indicating that the reported financial performance may understate the true interest burden during the insolvency process.

JBF Industries Files Q3 FY2025 Unaudited Results With Qualified Auditor Review Under Insolvency Process

JBF Industries Limited has submitted its unaudited standalone financial results for the quarter and period ended 31 December 2025, which were approved by the Resolution Professional at a meeting held on 30 January 2026 in compliance with SEBI’s Listing Regulations. An independent auditor’s review of these results highlights a qualified basis of opinion, noting that the company has provided for interest at Nil percent on certain term loans and only simple interest on cash credit limits and cumulative redeemable preference shares, leading to a significantly lower finance cost provision than would be required under the documented interest rates and indicating non-compliance with the applicable Indian Accounting Standards, with potential implications for the true representation of the company’s financial liabilities and performance.

JBF Industries Releases Unaudited Financial Results Amid Insolvency Process

JBF Industries Limited has released its unaudited financial results for the quarter and half-year ending September 30, 2025. The results were approved by the Resolution Professional during a board meeting held on November 14, 2025. The company is currently under the Corporate Insolvency Resolution Process, which impacts its financial operations and market positioning. The financial statement reveals a significant discrepancy in the provision of interest on loans and credit limits, leading to a lower provision of finance costs, which is not compliant with the Indian Accounting Standards.