WEBSITE BSE:538794 NSE: JETSOLAR Inc. Year: 2001 Industry: Construction - Real Estate My Bucket: Add Stock
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
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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 | 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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.14 | 0.14 | 0.12 | 0.2 | 0.18 | 0.18 | 0.15 | 0.15 | 0.15 | 0.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.07 | 0.07 | 0.09 | 0.22 | 0.24 | 0.47 | 0.5 | 0.86 | 1.04 | 1.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.21 | 0.21 | 0.21 | 0.42 | 0.42 | 0.65 | 0.65 | 1.01 | 1.19 | 1.19 |
* The pros and cons are machine generated.
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