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Jet Solar Overview

1. Business Overview

Jet Solar Ltd. (JETSOLAR) is an Indian company operating within the Construction - Real Estate sector, specializing in solar energy solutions. Based on its name and industry classification, the company likely focuses on designing, installing, and possibly maintaining solar photovoltaic (PV) systems, primarily integrated into real estate and construction projects. This could encompass rooftop solar installations for residential, commercial, and industrial buildings, as well as ground-mounted systems for properties. The company generates revenue through project execution, which involves selling and installing solar equipment, and providing related engineering, procurement, and construction (EPC) services.

2. Key Segments / Revenue Mix

Specific details on key business segments or revenue mix are not available. However, based on its likely operations, potential segments could include:

Commercial & Industrial (C&I) Solar: Installation of solar systems for businesses, factories, and commercial complexes.

Residential Solar: Providing rooftop solar solutions for homes.

Utility-Scale or Ground-Mounted Projects: Potentially developing larger solar farms for real estate developments or specific clients.

EPC Services: Offering end-to-end services from design to commissioning.

Operations & Maintenance (O&M): Providing post-installation maintenance services.

The precise contribution of these potential segments to overall revenue is unknown.

3. Industry & Positioning

Jet Solar operates in the Indian solar energy market, specifically targeting the construction and real estate sectors. This industry is characterized by strong government push for renewable energy, growing electricity demand, and increasing environmental awareness. The market structure for solar EPC and installation services in India is fragmented, featuring numerous regional and national players, ranging from large integrated energy companies to specialized installers. Without specific market share data or project portfolio details, Jet Solar's precise positioning relative to peers is unclear. It is likely a regional or niche player focusing on specific client segments or project types within the broader Indian solar landscape.

4. Competitive Advantage (Moat)

Based on the limited information, there is no apparent durable competitive advantage (moat) for Jet Solar Ltd. that can be definitively identified. Potential sources of competitive advantage in this industry could include: strong relationships with major real estate developers, proprietary installation technologies or efficient processes, a robust brand reputation for reliability and quality, cost leadership through efficient sourcing and execution, or deep regional expertise. However, the presence of such advantages for Jet Solar is not evident from the provided data.

5. Growth Drivers

Government Policies & Incentives: Continued support from the Indian government for renewable energy (e.g., net-metering policies, subsidies, RPO targets) and schemes promoting solar adoption in buildings.

Rising Electricity Costs: Increasing grid electricity tariffs make solar a more economically attractive option for consumers and businesses.

Growing Real Estate & Construction Sector: India's expanding urban development and infrastructure projects provide a natural market for integrated solar solutions.

Technological Advancements: Decreasing costs and improving efficiency of solar PV technology make it more accessible and competitive.

Environmental Awareness: Increasing corporate and individual focus on sustainability and reducing carbon footprint.

6. Risks

Policy & Regulatory Changes: Sudden shifts or withdrawal of government incentives, or changes in solar policies (e.g., net-metering rules) can negatively impact demand and project viability.

Intense Competition & Price Pressure: The fragmented nature of the market can lead to aggressive bidding and margin erosion.

Raw Material Price Volatility: Fluctuations in the cost of solar panels, inverters, and other components can affect project profitability.

Project Execution Risks: Delays in permitting, land acquisition, supply chain disruptions, or technical challenges can impact project timelines and costs.

Financing Availability: Dependence on project financing and the ability of clients to secure loans for solar installations.

Grid Integration Challenges: Issues related to grid stability, evacuation infrastructure, and power purchase agreements.

7. Management & Ownership

Specific information regarding the promoters, management quality, or ownership structure of Jet Solar Ltd. is not available. As is common with many Indian companies, it is likely to have significant promoter ownership, but details on the individuals and their track record are not provided.

8. Outlook

Jet Solar Ltd. operates in a promising sector driven by strong macro tailwinds for solar energy adoption in India and a growing construction industry. The company stands to benefit from increasing demand for renewable solutions in real estate and infrastructure development. However, the competitive landscape is intense, and the business is susceptible to policy changes, raw material price volatility, and the inherent execution risks associated with construction projects. The company's future performance will heavily depend on its ability to secure a consistent project pipeline, maintain cost efficiency, ensure high-quality execution, and potentially differentiate itself in a crowded market. Successful navigation of regulatory complexities and effective risk management will be crucial for sustained growth.

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Jet Solar Key Financials

Market Cap ₹15 Cr.

Stock P/E 366

P/B 0.7

Current Price ₹12.5

Book Value ₹ 17.5

Face Value 10

52W High ₹22.1

Dividend Yield 0%

52W Low ₹ 0

Jet Solar Share Price

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Volume
Price

Jet Solar Quarterly Price

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Jet Solar Peer Comparison

Jet Solar Quarterly Results

#(Fig in Cr.)
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

Jet Solar Profit & Loss

#(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 8 7 3 2 3 0 0 0 0 0 1
Other Income 0 0 1 1 1 0 0 0 0 0 1
Total Income 9 7 3 3 3 1 1 1 1 1 1
Total Expenditure 8 7 3 3 3 1 1 0 1 1 1
Operating Profit 1 1 1 1 0 -0 -0 0 0 0 0
Interest 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 0 0 0 0 -0 -0 0 0 0 0
Provision for Tax 0 0 0 0 0 -0 -0 0 0 0 0
Profit After Tax 1 0 0 0 0 -0 -0 0 0 0 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 0 0 0 0 -0 -0 0 0 0 0
Adjusted Earnings Per Share 1.3 0.7 0.3 0.3 0.2 -1 -0.9 0.1 0.1 0.1 0

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 0% 0% 0% -19%
Operating Profit CAGR 0% 0% 0% -100%
PAT CAGR 0% 0% 0% -100%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -39% -11% -21% -10%
ROE Average 0% 1% -1% 2%
ROCE Average 1% 1% 0% 3%

Jet Solar Balance Sheet

#(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 6 6 6 6 6 6 6 6 6 6 18
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Total Current Liabilities 5 5 5 3 3 2 2 1 2 2 5
Total Liabilities 11 11 11 9 9 8 8 7 7 7 23
Fixed Assets 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 10 10 11 9 9 8 8 7 7 7 23
Total Assets 11 11 11 9 9 8 8 7 7 7 23

Jet Solar Cash Flow

#(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 0 0 0 0 0 0 1 0 0 0
Cash Flow from Operating Activities 4 -1 1 0 -1 -1 -0 1 -0 -0 -2
Cash Flow from Investing Activities -3 -1 -3 2 1 1 0 0 0 0 -10
Cash Flow from Financing Activities -1 2 1 -2 -0 -0 -0 -1 0 -0 12
Net Cash Inflow / Outflow 0 0 -0 -0 0 0 0 -0 0 -0 -0
Closing Cash & Cash Equivalent 0 0 0 0 0 0 1 0 0 0 0

Jet Solar Ratios

# 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) 1.3 0.73 0.31 0.28 0.17 -0.97 -0.93 0.1 0.13 0.14 0.04
CEPS(Rs) 1.36 0.78 0.34 0.31 0.19 -0.93 -0.9 0.12 0.15 0.16 0.05
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 13.54 14.27 14.58 14.86 15.02 14.06 13.13 13.22 13.36 13.5 16.82
Core EBITDA Margin(%) 9.1 3.21 -4.18 -16.25 -10.49 -164.16 -380.05 -21.77 -24.67 -45.57 -119.06
EBIT Margin(%) 11.04 9.84 25.22 22.67 11.45 -62.2 -144 23.96 13.03 24.85 19.68
Pre Tax Margin(%) 9.6 6.5 8.37 7.45 3.94 -100.28 -260.02 11.42 12.28 16.84 10.27
PAT Margin (%) 6.46 4.37 5.1 5 2.53 -92.86 -259.67 11.41 12.26 16.84 7.43
Cash Profit Margin (%) 6.75 4.68 5.64 5.52 2.91 -89.13 -251.13 13.9 13.86 18.74 8.55
ROA(%) 5.52 2.9 1.22 1.2 0.79 -4.8 -4.86 0.56 0.8 0.81 0.27
ROE(%) 17.24 5.25 2.14 1.88 1.11 -6.66 -6.84 0.75 1.01 1.06 0.36
ROCE(%) 14.92 8.36 6.67 5.99 3.85 -3.47 -2.91 1.31 0.98 1.42 0.88
Receivable days 32.18 121.36 391.22 242.55 107 543.53 1558.24 501.12 412.15 725.42 416.75
Inventory Days 295.79 152.87 145.16 160.84 187.65 1543.99 4547.39 1936.38 1674.24 2272.48 1330.97
Payable days 48.53 56.01 258.01 230.36 118.32 -1538.58 1402.78 -438.59 -240.92 909.15 91.81
PER(x) 24.42 49.12 111.05 128.63 234.83 0 0 305.5 106.98 73.36 511.94
Price/Book(x) 2.34 2.51 2.35 2.4 2.6 2.85 0 2.27 1.07 0.77 1.22
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.44 2.33 6.93 7.25 6.51 41.45 22.46 35.33 13.8 13.4 38.72
EV/Core EBITDA(x) 12.71 22.93 26.89 31.29 55.08 -70.89 -16.58 133.59 94.32 50.1 186.1
Net Sales Growth(%) -1.42 -17.01 -63.8 -8.23 18.17 -84.11 -65.64 140.18 27.06 -22.87 54.01
EBIT Growth(%) -21.59 -26.01 -7.25 -17.54 -40.33 -186.38 20.45 139.96 -30.91 47.11 21.98
PAT Growth(%) -2.18 -43.86 -57.74 -10.07 -40.12 -682.68 3.92 110.56 36.49 5.94 -32.1
EPS Growth(%) -58.93 -43.86 -57.74 -10.08 -40.12 -682.68 3.92 110.56 36.46 5.9 -71.67
Debt/Equity(x) 0.18 0.63 0.54 0.32 0.29 0.28 0.33 0.07 0.12 0.08 0.03
Current Ratio(x) 2.12 2.27 2.29 3.39 3.44 3.59 3.18 5.59 3.97 4.53 4.7
Quick Ratio(x) 1.13 2.05 2.07 2.99 2.72 2.74 2.43 3.91 2.76 3.15 4.33
Interest Cover(x) 7.63 2.94 1.5 1.49 1.53 -1.63 -1.24 1.91 17.31 3.1 2.09
Total Debt/Mcap(x) 0.08 0.25 0.23 0.13 0.11 0.1 0 0.03 0.11 0.1 0.02

Jet Solar Shareholding Pattern

# Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Jun 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 67.22 67.22 57.49 48.14 42.41 27.34 22.72 14.7 12.44 12.55
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 32.78 32.78 42.51 51.86 57.59 72.66 77.28 85.3 87.56 87.45
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Jet Solar News

Jet Solar Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Debtor days have improved from 909.15 to 91.81days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 12.55%.
  • Company has a low return on equity of 1% over the last 3 years.
  • Earnings include an other income of Rs. 1 Cr.
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