Jaiprakash Associates Limited (JPASSOCIAT) AI Stock Analysis

• Market Cap: ₹5.92B
• Dividend Yield: N/A
• Average Volume (3M): 712.97K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.04
• Revenue Growth: -36.62%
• EPS Growth: 43.81%
• Country: IN
• Employees: 4,939
• Sector: Real Estate
• Sector Strength: 53
• Industry: Conglomerates
• EPS (TTM): -2.80
• Shares Outstanding: 2,454,595,700
• 10 Day Avg. Volume: 1,347,821
• 30 Day Avg. Volume: 712,965
• PEG Ratio: >-0.01
• Price to Book (P/B): -0.14
• Price to Sales (P/S): 0.13
• P/FCF Ratio: 1.77
• 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: 39 Underperform
• Price Target: ₹2.50 ▼(-29.38% Downside)
• Action: Downgraded Date: 03/05/26
• Date: Action: Downgraded 03/05/26

The score is primarily constrained by very weak financial health—especially negative equity and ongoing losses—creating elevated solvency and execution risk. Technicals are also bearish with the stock trading below all key moving averages and negative MACD, despite oversold readings. Valuation signals are mixed: the negative P/E reflects losses, and the unusually high dividend yield appears risky rather than supportive.

Positive Factors

Diversified business model

Operating across EPC, cement, real estate, hospitality and power provides multiple revenue streams and reduces reliance on a single cyclical market. This diversification offers durable optionality: while one segment underperforms, others can sustain cash generation and support restructuring over months.

Positive free cash flow generation

Sustained positive free cash flow, even amid losses, gives the company tangible liquidity to run operations, meet near-term obligations, and potentially fund targeted restructuring or selective capex. Over 2–6 months this provides runway to stabilize operations if managed carefully.

Proven large-project execution capability

A track record of executing large infrastructure and industrial projects is a durable competitive advantage: established capabilities, project management expertise and client relationships improve win rates for future EPC contracts and provide a pathway to rebuild scale as balance sheet constraints ease.

Negative Factors

Severely impaired balance sheet

Significantly negative equity implies insolvency risk and materially weakens access to new debt or supplier credit. Over months this constrains bidding for new projects, increases refinancing risk, and forces reliance on asset sales or creditor negotiations, limiting operational flexibility.

Persistent negative operating margins

Ongoing negative EBIT/EBITDA and shrinking gross margins reflect structural operational inefficiencies. Without margin recovery through cost restructuring or better pricing, the company cannot convert revenue into sustainable profits, undermining long-term viability despite intermittent cash flow.

Steep revenue decline and cash flow volatility

A near-50% revenue contraction and inconsistent free cash flow growth erode scale and dilute fixed-cost absorption. This revenue volatility increases execution risk, makes forecasting difficult, and prolongs recovery timelines, forcing deeper restructuring or capital interventions over the medium term.

Jaiprakash Associates Limited Business Overview & Revenue Model

Company Description

Jaiprakash Associates Limited operates as a diversified infrastructure conglomerate in India and internationally. The company operates through Construction, Cement & Cement Products, Hotel/Hospitality & Golf Course, Sports Events, Real Estate, Power, Infrastructure Projects, Investments, Fertilizers, Health Care, and Others segments. It constructs river valley, hydropower projects, expressways, and irrigation projects; manufactures and sells lime, plaster, and Portland Pozzolana cement under the Jaypee Cement brand; and generates and transmits hydro, thermal, and wind power. The company also operates hotels, golf courses, resorts, and spas; conducts sports related events; and builds golf residences and townships. In addition, it manufactures and sells urea, micro nutrients, zinc sulphate mono hydrate, and organic manure under the Jaypee Chaand Chaap brand; and owns and operates the Jaypee hospital that consists of 525 beds with range of facilities, including OPD, laboratory and X- Ray facility, nebulizer, and diathermy. Further, the company is involved in the coal and mineral extraction activity; and provision of heavy engineering, aviation, waste treatment, and man power services, as well as hitech castings and edible oils. Additionally, it provides IT infrastructure management, agricultural content development, and multimedia and content development services, as well as teaching learning solutions. Jaiprakash Associates Limited was founded in 1979 and is based in New Delhi, India.

How the Company Makes Money

Jaiprakash Associates Limited generates revenue primarily through its core operations in infrastructure and cement production. The company earns money by executing large-scale construction contracts, which include civil engineering projects for government and private clients. Additionally, the cement division contributes significantly to revenues by producing and selling various grades of cement, which are essential for construction activities. Other revenue streams include power generation from its hydropower plants and real estate development through residential and commercial projects. Key partnerships with government bodies and private enterprises enhance its project pipeline and revenue potential. The company's extensive experience and established reputation in the industry also play a crucial role in securing contracts and maintaining profitability.

Jaiprakash Associates Limited Financial Statement Overview

Summary

Income statement trends are weak with negative EBIT/EBITDA and persistently negative net margins. The balance sheet is severely impaired with significantly negative equity (insolvency risk) and high debt. Cash flow shows some resilience with positive free cash flow, but volatility and lack of profitability make sustainability uncertain.

Income Statement

The company has shown a concerning decline in income statement metrics, with negative EBIT and EBITDA margins in the most recent year, reflecting operational inefficiencies. Gross profit margin has also decreased significantly. Revenue growth is inconsistent, and net profit margins have been negative over the last few years, indicating ongoing profitability challenges.

Balance Sheet

The balance sheet indicates financial instability, highlighted by significantly negative stockholders' equity, which suggests insolvency. The debt-to-equity ratio is not meaningful due to negative equity, and high total debt levels pose substantial financial risk.

Cash Flow

Despite operational challenges, the company has managed to generate positive free cash flow. However, the operating cash flow to net income ratio is volatile, and free cash flow growth is inconsistent. The ability to maintain positive cash flow amid net losses is a positive aspect, but sustainability is questionable without profitability improvements.

Breakdown	TTM	Jun 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	39.44B	57.96B	46.18B	43.85B	35.16B	48.21B
Gross Profit	8.50B	10.97B	13.14B	-21.56B	-11.64B	6.44B
EBITDA	543.50M	-10.94B	5.81B	7.05B	5.98B	9.07B
Net Income	-12.53B	-27.41B	-13.40B	-13.42B	-14.78B	-6.62B
Balance Sheet
Total Assets	332.57B	346.02B	361.41B	377.68B	373.91B	363.62B
Cash, Cash Equivalents and Short-Term Investments	24.08B	28.75B	9.20B	4.97B	3.58B	6.05B
Total Debt	174.67B	184.97B	154.12B	164.58B	190.97B	191.46B
Total Liabilities	385.53B	400.55B	387.86B	390.71B	373.47B	348.20B
Stockholders Equity	-51.49B	-53.20B	-25.94B	-12.51B	846.60M	15.62B
Cash Flow
Free Cash Flow	-3.79B	4.10B	8.45B	6.45B	-1.46B	9.68B
Operating Cash Flow	-3.45B	5.58B	10.74B	7.61B	205.20M	10.76B
Investing Cash Flow	4.64B	-2.19B	1.34B	-1.16B	596.30M	-30.10M
Financing Cash Flow	-1.47B	-4.12B	-9.60B	-6.25B	-2.81B	-7.43B

Jaiprakash Associates Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.54
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JPASSOCIAT, the sentiment is Negative. The current price of 3.54 is above the 20-day moving average (MA) of 2.82, above the 50-day MA of 3.12, and above the 200-day MA of 3.38, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 36.19 is Neutral, neither overbought nor oversold. The STOCH value of 51.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JPASSOCIAT.

Jaiprakash Associates Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JSL	71 Outperform	₹604.30B	20.86	―	0.38%	9.04%	12.80%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
JPOLYINVST	61 Neutral	₹13.00B	0.39	―	―	82.30%	-44.25%
JSFB	58 Neutral	₹37.74B	115.46	―	―	13.36%	-50.07%
JPPOWER	53 Neutral	₹102.80B	780.79	―	―	-17.70%	-50.89%
JPASSOCIAT	39 Underperform	₹5.92B	-0.32	―	―	-36.62%	43.81%

Jaiprakash Associates Limited Corporate Events

Jaiprakash Associates Says Executive Director Manoj Gaur Granted 14-Day Interim Bail

Jaiprakash Associates Limited has notified the stock exchanges that its Executive Director, Manoj Gaur, who was arrested in connection with an Enforcement Directorate investigation under the Prevention of Money Laundering Act involving Jaypee Infratech Ltd. and Jaiprakash Associates Ltd., has been granted interim bail. The company said Gaur has been released for 14 days on interim bail by an order of the Additional Sessions Judge-7 at Patiala House Courts, New Delhi, and formally requested the exchanges to take this development on record, a step that may ease immediate leadership continuity concerns while the broader investigation continues.

Jaiprakash Associates Reports No Physical Share Transfer Requests

Jaiprakash Associates Limited has announced the re-lodgement of transfer requests for physical shares, in compliance with a SEBI circular. The company reported no requests for re-lodgement were received or processed in the month ending November 30, 2025, indicating no immediate impact on its operations or stakeholder interests.