Jaiprakash Associates Limited

NSE: JPASSOCIAT · Civil Construction

52W Range₹2 ₹4

Snapshot

Unlock Jaiprakash Associates Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Jaiprakash Associates Limited is a diversified Indian conglomerate operating across infrastructure, construction, cement, power, and hospitality sectors. The company executes large-scale civil engineering projects, including hydropower and expressways, while maintaining a presence in real estate, fertilizers, and healthcare.

Business Model

The company generates revenue through engineering and construction contracts, the sale of cement and fertilizers, power generation, and the operation of hospitality and healthcare facilities. It leverages its integrated infrastructure capabilities to manage projects from development through to operational management.

  • Hospital Capacity:525 beds

Growth Outlook

Growth is primarily driven by the execution of ongoing infrastructure and hydropower projects alongside the monetisation of real estate assets. The company continues to focus on its core civil construction and cement manufacturing segments to stabilise its operational footprint.

Key Risks

  • High Debt Burden. The company faces significant financial pressure due to high leverage levels and the associated interest servicing requirements.
  • Project Execution Delays. Large-scale infrastructure projects are susceptible to regulatory hurdles, land acquisition issues, and cost overruns.
  • Cyclical Industry Exposure. The cement and real estate segments are highly sensitive to economic cycles and fluctuations in raw material costs.
  • Regulatory and Policy Risk. Changes in government infrastructure spending policies and environmental regulations can materially impact project viability.

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Key Metrics

REVENUE

₹3,220 Cr

TTM · consolidated

-48.7%YoY

NET PROFIT

₹1,731 Cr

TTM · consolidated

+168.6%YoY

EPS

₹6.75

TTM · consolidated

+165.7%YoY

RETURN ON EQUITY

279.8%

TTM · consolidated

+189.5 ppYoY

RETURN ON CAPITAL EMPLOYED

15.1%

TTM · consolidated

+21.0 ppYoY

P/E

0.4x

Q3 FY26 · consolidated

0.4 vs -0.9x5Y avg

EBITDA MARGIN

87.2%

TTM · consolidated

+78.5 ppYoY

NET PROFIT MARGIN

95.5%

Q3 FY26 · consolidated

+147.0 ppYoY

DEBT TO EQUITY

3.3x

Q4 FY26 · consolidated

-0.10xYoY

Peers · Civil Construction

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Jaiprakash Associates LimitedJPASSOCIAT
0.36-48.7%87.2%279.8%15.1%
Larsen & Toubro Ltd.LT
₹5.45L Cr32.8718.249.8%12.3%19.0%15.0%+10.3%
Rail Vikas Nigam Ltd.RVNL
₹44,305 Cr49.3030.765.4%7.6%9.2%10.5%-35.0%
Kalpataru Projects International Ltd.KPIL
₹24,021 Cr21.1410.5714.6%8.9%15.8%21.7%+11.5%
IRB Infrastructure Developers Ltd.IRB
₹23,733 Cr18.199.96-2.2%56.7%4.7%6.2%-54.0%
NBCC (India) Ltd.NBCC
₹23,382 Cr31.6120.813.5%7.5%27.9%32.9%-14.9%

As of Q3 FY26

Financials