Electric Equipment · Founded 1988 · www.jaybeelaminations.co.in · NSE · ISIN INE0SMY01017
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Business
Jay Bee Laminations Ltd. is an Indian company primarily engaged in the manufacturing of electrical laminations. These laminations are critical components typically made from silicon steel, used in the core of various electrical equipment such as transformers, motors, generators, chokes, and other electromagnetic devices. The company's core business model revolves around producing these specialized metallic components, which help in guiding magnetic flux and reducing energy losses. It generates revenue by supplying these lamination products to original equipment manufacturers (OEMs) and other industrial clients within the electric equipment and electronics sectors.
Revenue Mix
Information on specific revenue breakdown by product type or customer segment is not publicly available. However, given the company's name and sector, its primary revenue stream is derived from the manufacturing and sale of electrical laminations for various applications within the broader electric equipment industry.
Industry
Jay Bee Laminations operates within the Electric Equipment sector in India, specifically as a component manufacturer for the electrical machinery industry. The industry is characterized by its reliance on infrastructure development, industrial growth, and power sector expansion. The demand for electrical laminations is directly linked to the production of transformers, motors, and other power equipment. In this ecosystem, Jay Bee Laminations would position itself as a specialized supplier, focusing on quality, customization, and potentially cost-effectiveness to serve its OEM clients. Its positioning relative to peers would depend on its scale of operations, product range, technological capabilities, and customer base, which typically includes local and regional manufacturers of electrical goods.
MOAT
For an industrial component manufacturer like Jay Bee Laminations, potential competitive advantages often stem from operational efficiency leading to cost leadership, strong long-term relationships with key customers (through consistent quality and timely delivery), and a degree of specialization in product offerings or manufacturing processes. Reliability, adherence to specifications, and the ability to customize for various applications can create switching costs for customers. However, the lamination market can be competitive, and without specific details on proprietary technology, significant economies of scale, or a dominant market share, establishing a durable, wide moat might be challenging. Brand strength is less relevant for a component supplier compared to a consumer-facing business.
Growth Drivers
Infrastructure Development: Government initiatives and private sector investments in power generation, transmission, and distribution, as well as smart city projects, will drive demand for electrical equipment and, consequently, laminations.
Industrialization and Manufacturing Growth: Expansion of manufacturing capacities across various industries (e.g., automotive, consumer durables, capital goods) will increase the need for motors, transformers, and other electrical machinery.
Electrification and Energy Demand: Growing energy consumption and ongoing electrification efforts in India will boost the demand for electrical components.
Technological Upgrades: Replacement cycles and the adoption of more energy-efficient electrical equipment often require new or upgraded lamination designs.
Export Opportunities: Potential to supply components to global electrical equipment manufacturers if cost and quality are competitive.
Risks
Raw Material Price Volatility: The primary raw material, silicon steel, is a commodity whose prices are subject to global market fluctuations, directly impacting production costs and profitability.
Economic Downturns: A slowdown in the broader economy, industrial output, or infrastructure spending can lead to reduced demand for electrical equipment and laminations.
Competition: Intense competition from domestic and international players can put pressure on pricing and profit margins.
Technological Obsolescence: While less common for basic components, shifts in electrical equipment design or material science could impact the demand for specific lamination types.
Customer Concentration: Reliance on a few large OEM clients could pose a risk if any of these customers face issues or switch suppliers.
Regulatory Changes: Changes in import duties, environmental regulations, or industrial policies could affect operations and costs.
Management & Ownership
As a company listed in India, Jay Bee Laminations is likely a promoter-led organization, where the founding family or group maintains significant ownership and management control. In such structures, management typically has a long-term vision and deep industry knowledge. Detailed information on specific management individuals, their experience, or the precise ownership structure (beyond promoter vs. public holding) would require further investigation into regulatory filings and company reports.
Outlook
Jay Bee Laminations operates in an industry with fundamental tailwinds driven by India's infrastructure growth, industrial expansion, and increasing energy demand. This provides a favorable environment for consistent demand for electrical laminations. The company's future performance will largely depend on its ability to manage raw material costs, maintain competitive pricing, ensure product quality, and deepen customer relationships. While the sector offers growth opportunities, the business faces inherent risks from commodity price volatility and economic cycles. Its success will hinge on operational efficiency, technological adaptation, and strategic diversification to mitigate these risks and capitalize on India's ongoing electrification and industrialization journey.
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| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 109 | 155 | 131 | 159 | 187 | 132 | 75 | 141 | 247 | 303 | 367 | |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | |
| Total Income | 109 | 156 | 132 | 160 | 188 | 133 | 75 | 142 | 247 | 303 | 368 | |
| Total Expenditure | 100 | 148 | 125 | 149 | 180 | 127 | 74 | 129 | 223 | 271 | 324 | |
| Operating Profit | 9 | 8 | 7 | 11 | 9 | 6 | 2 | 13 | 24 | 32 | 44 | |
| Interest | 3 | 3 | 3 | 3 | 5 | 4 | 3 | 4 | 5 | 6 | 7 | |
| Depreciation | 2 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | |
| Profit Before Tax | 4 | 3 | 3 | 6 | 1 | 0 | -2 | 7 | 18 | 25 | 34 | |
| Provision for Tax | 1 | 1 | 1 | 2 | 0 | 0 | -0 | 1 | 5 | 6 | 9 | |
| Profit After Tax | 3 | 2 | 2 | 4 | 1 | 0 | -2 | 6 | 14 | 19 | 25 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 3 | 2 | 2 | 4 | 1 | 0 | -2 | 6 | 14 | 19 | 25 | |
| Adjusted Earnings Per Share | 1.6 | 1.2 | 1.1 | 2.1 | 0.6 | 0 | -1.1 | 3.3 | 7.6 | 10.8 | 11.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 21% | 38% | 23% | 13% |
| Operating Profit CAGR | 38% | 50% | 49% | 17% |
| PAT CAGR | 32% | 61% | 0% | 24% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -54% | NA% | NA% | NA% |
| ROE Average | 24% | 33% | 22% | 15% |
| ROCE Average | 32% | 35% | 26% | 21% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 17 | 19 | 21 | 25 | 26 | 26 | 24 | 30 | 43 | 63 | 148 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 7 | 6 | 4 | 5 | 7 | 4 | 5 | 5 | 6 | 4 | 8 |
| Other Non-Current Liabilities | -0 | -0 | -1 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 26 | 36 | 43 | 49 | 51 | 42 | 26 | 60 | 58 | 69 | 72 |
| Total Liabilities | 50 | 61 | 68 | 79 | 84 | 72 | 55 | 94 | 108 | 136 | 228 |
| Fixed Assets | 6 | 4 | 5 | 8 | 7 | 6 | 6 | 5 | 6 | 5 | 24 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 4 | 4 | 9 | 14 |
| Total Current Assets | 45 | 56 | 63 | 70 | 77 | 62 | 46 | 85 | 99 | 122 | 190 |
| Total Assets | 50 | 61 | 68 | 79 | 84 | 72 | 55 | 94 | 108 | 136 | 228 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 2 | 9 | 3 | 3 | 0 | 1 | 5 | 3 | 0 |
| Cash Flow from Operating Activities | 4 | 16 | 4 | 7 | -13 | 11 | -2 | 8 | 5 | 15 | -35 |
| Cash Flow from Investing Activities | 1 | -1 | -1 | -7 | 2 | -5 | -0 | -0 | -1 | -5 | -18 |
| Cash Flow from Financing Activities | -5 | -13 | 3 | -6 | 11 | -9 | 3 | -4 | -1 | -13 | 52 |
| Net Cash Inflow / Outflow | 0 | 2 | 6 | -5 | -1 | -2 | 1 | 3 | 4 | -3 | 0 |
| Closing Cash & Cash Equivalent | 1 | 2 | 9 | 3 | 3 | 0 | 1 | 5 | 8 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.61 | 1.17 | 1.13 | 2.06 | 0.57 | 0.03 | -1.1 | 3.31 | 7.56 | 10.75 | 11.25 |
| CEPS(Rs) | 2.73 | 2.05 | 1.85 | 2.65 | 1.43 | 0.8 | -0.44 | 3.9 | 8.09 | 11.46 | 12.34 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 9.56 | 10.73 | 11.86 | 13.92 | 14.49 | 14.52 | 13.42 | 16.59 | 24.15 | 34.98 | 65.42 |
| Core EBITDA Margin(%) | 7.38 | 4.11 | 4.31 | 5.31 | 3.52 | 3.26 | 1.67 | 8.8 | 9.51 | 10.43 | 11.7 |
| EBIT Margin(%) | 5.97 | 3.87 | 3.86 | 5.17 | 3.16 | 2.95 | 0.5 | 8.25 | 9.41 | 10.2 | 11.28 |
| Pre Tax Margin(%) | 3.28 | 1.97 | 1.97 | 3.33 | 0.66 | 0.06 | -2.92 | 5.27 | 7.38 | 8.23 | 9.34 |
| PAT Margin (%) | 2.44 | 1.24 | 1.41 | 2.02 | 0.46 | 0.04 | -2.65 | 4.21 | 5.51 | 6.39 | 6.91 |
| Cash Profit Margin (%) | 4.13 | 2.18 | 2.3 | 2.6 | 1.17 | 0.94 | -1.06 | 4.96 | 5.9 | 6.81 | 7.58 |
| ROA(%) | 5.75 | 3.78 | 3.16 | 5.04 | 1.25 | 0.08 | -3.11 | 7.95 | 13.42 | 15.85 | 13.96 |
| ROE(%) | 16.86 | 11.52 | 10.01 | 15.95 | 3.99 | 0.23 | -7.89 | 22.04 | 37.1 | 36.37 | 24.11 |
| ROCE(%) | 19.18 | 19.72 | 17 | 26 | 15.49 | 9.06 | 0.75 | 21.55 | 35.26 | 38.13 | 32.09 |
| Receivable days | 60.6 | 57.37 | 80.25 | 70.12 | 69.99 | 91.32 | 138.28 | 65.86 | 58.76 | 63.97 | 65.73 |
| Inventory Days | 54.43 | 31.78 | 37.09 | 32.52 | 29.89 | 49.08 | 91.87 | 85.11 | 61.51 | 47.44 | 59.85 |
| Payable days | 43.36 | 53.11 | 94.06 | 92.18 | 72.84 | 81.96 | 74.32 | 60.59 | 57.34 | 50.43 | 51.98 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.02 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.44 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.21 | 0.07 | 0.07 | 0.07 | 0.15 | 0.18 | 0.39 | 0.18 | 0.11 | 0.12 | 1.44 |
| EV/Core EBITDA(x) | 2.44 | 1.32 | 1.35 | 1.07 | 3.2 | 4.08 | 18.52 | 1.96 | 1.08 | 1.13 | 12.07 |
| Net Sales Growth(%) | 0 | 42.23 | -15.04 | 21.25 | 17.81 | -29.73 | -43.11 | 88.42 | 74.63 | 22.8 | 21.31 |
| EBIT Growth(%) | 0 | -7.92 | -14.82 | 70.09 | -26.79 | -34.47 | -91.84 | 3034.28 | 99.29 | 33.05 | 34.18 |
| PAT Growth(%) | 0 | -27.46 | -3.28 | 81.81 | -72.47 | -94.15 | -3426.28 | 400.03 | 128.51 | 42.32 | 31.16 |
| EPS Growth(%) | 0 | -27.46 | -3.28 | 81.81 | -72.47 | -94.15 | -3429.91 | 400.03 | 128.51 | 42.32 | 4.6 |
| Debt/Equity(x) | 1.16 | 0.52 | 0.7 | 0.47 | 1.03 | 0.82 | 1.13 | 0.9 | 0.72 | 0.38 | 0.16 |
| Current Ratio(x) | 1.7 | 1.56 | 1.47 | 1.45 | 1.49 | 1.46 | 1.78 | 1.44 | 1.7 | 1.76 | 2.64 |
| Quick Ratio(x) | 1.03 | 1.24 | 1.06 | 1.14 | 1.08 | 0.97 | 1.11 | 0.62 | 1.11 | 1.12 | 1.58 |
| Interest Cover(x) | 2.22 | 2.03 | 2.05 | 2.81 | 1.26 | 1.02 | 0.15 | 2.77 | 4.63 | 5.19 | 5.83 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.05 |
| # | Mar 2023 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 100 | 70.61 | 70.61 | 70.61 | 70.61 |
| FII | 0 | 3.74 | 0.31 | 0.23 | 0.7 |
| DII | 0 | 3.93 | 3.41 | 1.91 | 0.82 |
| Public | 0 | 21.72 | 25.67 | 27.24 | 27.87 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 0.03 | 1.59 | 1.59 | 1.59 | 1.59 |
| FII | 0 | 0.08 | 0.01 | 0.01 | 0.02 |
| DII | 0 | 0.09 | 0.08 | 0.04 | 0.02 |
| Public | 0 | 0.49 | 0.58 | 0.61 | 0.63 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 0.03 | 2.26 | 2.26 | 2.26 | 2.26 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +21% | +38% | +23% | +13% |
| Operating Profit CAGR | +38% | +50% | +49% | +17% |
| PAT CAGR | +32% | +61% | — | +24% |
| Share Price CAGR | -54% | — | — | — |
| ROE Average | +24% | +33% | +22% | +15% |
| ROCE Average | +32% | +35% | +26% | +21% |
| # | Mar 2023 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 100 | 70.61 | 70.61 | 70.61 | 70.61 |
| FII | 0 | 3.74 | 0.31 | 0.23 | 0.7 |
| DII | 0 | 3.93 | 3.41 | 1.91 | 0.82 |
| Public | 0 | 21.72 | 25.67 | 27.24 | 27.87 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 0.03 | 1.59 | 1.59 | 1.59 | 1.59 |
| FII | 0 | 0.08 | 0.01 | 0.01 | 0.02 |
| DII | 0 | 0.09 | 0.08 | 0.04 | 0.02 |
| Public | 0 | 0.49 | 0.58 | 0.61 | 0.63 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 0.03 | 2.26 | 2.26 | 2.26 | 2.26 |
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