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Swing Capital

Jayaswal Neco Industries Ltd

NSE: JAYNECOIND BSE: 522285Metal

Jayaswal Neco Industries Limited (JNIL) is the flagship company of NECO Group of Industries. Started in 1976 as a small-scale Iron Foundry unit, Jayaswal Neco Industries Limited (Foundry Division) is now a producer of Iron & steel castings. The Company is engaged in the manufacturing and supply of billets, rolled products, pig iron & skull, sponge iron, pellet, steel, and Iron & steel castings.[1]

₹103
52W: ₹34.8 — ₹117
PE 21.3 · Book ₹29.3 · +252% vs book
Market Cap₹10,035 Cr
Stock P/E21.3Price to Earnings
ROCE20.7%Return on Capital
ROE18%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 23.2% CAGR over last 5 years
  • +Company's working capital requirements have reduced from 56.4 days to 20.5 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 11.3% over last 3 years.
  • −Promoters have pledged 99.9% of their holding.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters55.15%
FIIs0.9%
DIIs0.3%
Public43.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.46%54.46%54.46%55.15%▲0.755.15%55.15%55.15%55.15%
FIIs0.01%0.01%0.02%▲0.00.02%0.04%▲0.01.07%▲1.01.29%▲0.20.9%▼0.4
DIIs0%0%0%0%0%0.51%▲0.50.21%▼0.30.3%▲0.1
Public45.52%45.52%45.52%44.83%▼0.744.81%▼0.043.27%▼1.543.35%▲0.143.65%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,5561,4111,4381,2301,6571,6751,6491,7811,7271,974
Expenses1,2661,1791,2731,0611,3931,3341,3351,4541,4171,599
Operating Profit290233165170264342315327310376
OPM %19%16%11%14%16%20%19%18%18%19%
Net Profit892-32-34771029310574191
EPS ₹0.910.02-0.33-0.350.791.050.961.080.761.97

AI Insights

Revenue Trend

Mar 2026 revenue at ₹7,132Cr, up 19.8% YoY. OPM at 19%.

Debt Position

Borrowings at ₹2,109Cr. Debt-to-equity ratio: 1.13x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹94Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.3% (+0.30pp change). FIIs: 0.9% (+0.90pp change). Promoters hold 55.15%.

Margin & Efficiency

ROCE improving from 5% (Mar 2015) to 21% (Mar 2026). Working capital days: 21.

Valuation

PE 21.3x with 20.7% ROCE. Price is 252% above book value of ₹29.3. Dividend yield: 0%.

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