Jindal Photo Limited (JINDALPHOT) AI Stock Analysis

• Market Cap: ₹14.51B
• Dividend Yield: N/A
• Average Volume (3M): 1.89K
• Price to Earnings (P/E): 9.4
• Beta (1Y): 1.68
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 2
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Asset Management
• EPS (TTM): 46.24
• Shares Outstanding: 10,258,326
• 10 Day Avg. Volume: 4,487
• 30 Day Avg. Volume: 1,892
• PEG Ratio: -0.20
• Price to Book (P/B): 0.71
• Price to Sales (P/S): 1379.50
• P/FCF Ratio: 11.31K
• 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: 49 Neutral
• Price Target: ₹1,281.00 ▼(-14.67% Downside)

The score is primarily constrained by weak and inconsistent cash flow and questions around earnings sustainability given the unusually small/volatile revenue base versus large reported profits. Technicals are neutral-to-soft with the stock below key shorter-term moving averages and negative MACD. Valuation is a partial offset with a modest P/E, though no dividend support is available.

Positive Factors

Low leverage / balance sheet strength

Material deleveraging since 2020 leaves the company with very low leverage and sizable equity, providing durable financial flexibility. This improves resilience to shocks, reduces refinancing risk, and supports discretionary capital allocation over the next several months.

Improved reported profitability (ROE recovery)

The shift from losses to solid reported ROE in 2024–2025 signals a recovery in reported profitability. If genuine, sustained ROE expansion can fund reinvestment and signal management execution, supporting structural earnings improvement over the medium term.

Recent positive operating cash flow trend

A move to marginally positive operating cash flow in 2025 indicates early operational stabilization. While small, this trend reduces immediate liquidity pressure and, if maintained, can gradually improve self-funding capacity and reduce reliance on external financing.

Negative Factors

Weak and inconsistent cash generation

Persistent negative operating and free cash flow across 2020–2024, with only a marginal uptick in 2025, implies earnings are not translating into cash. This structural cash generation weakness constrains reinvestment, dividends, and heightens financing risk despite low nominal leverage.

Extremely small, volatile revenue base

An extremely small and highly volatile top line makes core business sustainability uncertain. Large swings undermine forecasting, limit scale economies, and mean reported profits may be episodic rather than stemming from a stable, investible revenue model over the medium term.

Earnings quality concerns / equity drop

Abnormally large profits relative to a tiny revenue base suggest earnings are driven by non‑operating items, raising permanence doubts. Coupled with a notable equity decline in 2024–2025, this increases the risk that reported earnings do not reflect sustainable operational performance.

Jindal Photo Limited Business Overview & Revenue Model

Company Description

Jindal Photo Limited primarily invests in the shares of companies in India. It also provides management consultancy services. The company was incorporated in 2004 and is headquartered in New Delhi, India.

How the Company Makes Money

Jindal Photo Limited Financial Statement Overview

Summary

Balance sheet strength and low recent leverage support the profile, but financial performance is heavily weighed down by very weak cash generation (mostly negative operating/free cash flow) and earnings quality concerns due to an extremely small, volatile revenue base that appears disconnected from large reported profits.

Income Statement

Results are highly volatile and the revenue base is extremely small and inconsistent (annual revenue ranging from ~0.1M to 4.95M, with a -97.5% decline in 2025 vs. 2024 after outsized growth in 2024). Profitability looks unusually inflated versus revenue, with net income staying very large (multi‑billion) while revenue remains minimal—leading to abnormal margins that suggest earnings are dominated by non-operating items rather than the core top line. Positives include a sharp turnaround from losses in 2020–2021 to strong reported profits from 2022–2025, but overall earnings quality and sustainability appear questionable given the disconnect between revenue and profits.

Balance Sheet

Leverage is low in recent years, with debt-to-equity improving materially from very high leverage in 2020 (2.30x) to modest levels from 2021–2025 (roughly 0.02x–0.06x). Equity is sizable in 2022–2025 and return on equity is solid in 2024–2025 (~11.7% to ~23.3%). The key weakness is the historical balance sheet stress in 2020 and the noticeable equity drop from 2024 to 2025, which increases the importance of understanding what is driving equity changes.

Cash Flow

Cash generation is weak and inconsistent: operating cash flow is negative in 2020–2024, turning only slightly positive in 2025 (0.6M). Cash flow does not support earnings, with operating cash flow covering only ~0.3% of net income in 2025, implying profits are not translating into cash. Free cash flow mirrors this pattern (negative in 2020–2024, marginally positive in 2025), which is a clear risk for earnings quality and financial flexibility despite low leverage.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.85M	4.95M	174.00K	100.00K	472.00K	2.34M
Gross Profit	1.53M	3.13M	-1.61M	-1.95M	-1.54M	483.00K
EBITDA	2.36B	2.31B	2.70B	1.72B	6.37B	-861.00K
Net Income	2.31B	2.26B	2.66B	1.67B	6.34B	-44.57M
Balance Sheet
Total Assets	0.00	10.48B	23.35B	20.80B	19.08B	1.05B
Cash, Cash Equivalents and Short-Term Investments	31.62M	100.00K	219.00K	129.00K	248.00K	15.70M
Total Debt	0.00	594.30M	545.30M	682.80M	626.40M	574.70M
Total Liabilities	-9.68B	798.30M	739.69M	877.58M	832.74M	804.62M
Stockholders Equity	9.68B	9.68B	22.61B	19.92B	18.25B	250.10M
Cash Flow
Free Cash Flow	0.00	604.00K	-3.77M	-5.12M	-3.56M	-1.71M
Operating Cash Flow	0.00	604.00K	-3.77M	-5.12M	-3.56M	-1.71M
Investing Cash Flow	0.00	-733.00K	3.86M	5.00M	-11.89M	16.25M
Financing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00

Jindal Photo Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ZUARI	74 Outperform	₹11.66B	1.19	―	―	23.32%	447.31%
SHREEPUSHK	68 Neutral	₹10.61B	14.81	―	0.52%	28.67%	50.12%
KHAICHEM	62 Neutral	₹6.29B	8.74	―	―	67.43%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JINDALPHOT	49 Neutral	₹14.51B	9.44	―	―	―	―
ZUARIIND	46 Neutral	₹8.09B	6.77	―	0.32%	19.59%	-83.95%

Jindal Photo Limited Corporate Events

Jindal Photo Limited Publishes Financial Results for Q2 2025

Jindal Photo Limited has announced the publication of its unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2025. These results have been published in Jansatta and Financial Express newspapers and are available on the company’s website and the websites of the National Stock Exchange of India Limited and BSE Limited. This announcement is part of the company’s compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency and accessibility of financial information to stakeholders.