Jupiter International Limited - Unlisted Shares
Fundamentals
- Current Price
- ₹305
- Market Cap
- ₹21,315.60 Cr
- ISIN
- INE467C01027
- Face Value
- ₹2
- P/E Ratio
- 179.41
- EPS
- 1.7
- P/B Ratio
- 41.22
- Book Value
- 7.4
- Debt / Equity Ratio
- 0.10
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 555.9 | 577.6 | 430.4 | 301.3 | 313.4 |
| Growth % | -3.76% | 34.20% | 42.84% | -3.86% | 0 |
| Operating Expenses | 329.8 | 461.6 | 408.9 | 253.1 | 213.6 |
| Growth % | -28.55% | 12.89% | 61.53% | 18.50% | 0 |
| Operating Profit | 226.1 | 116.0 | 21.5 | 48.2 | 99.8 |
| Op. Profit Margin % | 40.7% | 20.1% | 5.0% | 16.0% | 31.8% |
| Other Income | 18.8 | 3.3 | 0.4 | 1.6 | 4.4 |
| Interest Expense | 21.4 | 40.8 | 24.9 | 18.6 | 11.2 |
| Depreciation | 55.0 | 22.8 | 17.5 | 15.0 | 16.7 |
| Exceptional items | -1.77 | -0.05 | -23.34 | -2.88 | 0 |
| Profit Before Tax | 166.9 | 55.7 | -43.8 | 13.3 | 76.4 |
| Tax | 43.6 | 14.3 | -8.0 | 4.5 | 24.4 |
| Tax % | 26% | 26% | 18% | 34% | 32% |
| Profit After Tax | 123.3 | 41.4 | -35.8 | 8.8 | 52.0 |
| Growth % | 197.59% | 215.76% | -505.21% | -83.03% | 0 |
| PAT % | 22% | 7% | -8% | 3% | 17% |
| Diluted EPS | 78.1 | 0 | 0 | 0 | 0 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 15.8 | 14.0 | 14.0 | 14.1 | 14.1 |
| Reserves | 501.1 | 76.1 | 37.4 | 148.2 | 144.0 |
| Other Equity | 2.1 | 2.0 | 2.0 | 24.6 | 20.5 |
| Total Equity | 519.0 | 92.0 | 53.4 | 186.9 | 178.6 |
| Borrowings | 6.0 | 67.8 | 144.1 | 169.6 | 50.6 |
| Other Non-Current Liabilities | 3.5 | 4.2 | 3.7 | 2.9 | 2.2 |
| Total NC Liabilities | 9.5 | 72.1 | 147.8 | 172.6 | 52.9 |
| Borrowings | 46.4 | 131.8 | 72.4 | 58.3 | 43.0 |
| Other Current Liabilities | 88.7 | 52.9 | 119.1 | 77.0 | 84.2 |
| Total Current Liabilities | 135.1 | 184.8 | 191.5 | 135.4 | 127.1 |
| Equity + Liabilities | 663.6 | 348.8 | 392.6 | 494.8 | 358.6 |
| Fixed Assets | 239.4 | 215.6 | 239.6 | 201.2 | 220.1 |
| Capital WIP | 0.3 | 0.5 | 0.0 | 2.9 | 0.0 |
| Other NC Assets | 41.0 | 23.2 | 28.8 | 31.8 | 30.4 |
| Total NC Assets | 280.6 | 239.3 | 268.4 | 235.9 | 250.5 |
| Trade Receivables | 13.5 | 14.1 | 12.1 | 32.9 | 49.8 |
| Cash & Cash Equivalents | 70.2 | 17.7 | 3.9 | 130.7 | 7.5 |
| Other Current Assets | 299.3 | 77.7 | 108.2 | 95.4 | 50.8 |
| Total Current Assets | 383.0 | 109.5 | 124.2 | 259.0 | 108.1 |
| Total Assets | 663.6 | 348.8 | 392.6 | 494.8 | 358.6 |
Shareholding Pattern
- Dayanidhi Mangement Pvt Ltd
- 47.04%%
- Stuti Tie-Up Pvt Ltd
- 24.82%%
- Alok Garodia
- 6.29%%
- Sushila Garodia
- 5.33%%
- Others
- 16.52%%
Strengths & Weaknesses
Strengths
- Strong market position & experienced promoters: With 30+ years of experience, JIL holds over 10% market share in India’s solar cell segment, operates 500 MW capacity, and is set to scale further with a 1.2 GW plant by 2025.
- Improving margins & operational stability: Margins are expected to stay near 30% due to lower raw material costs and a shift to high-margin mono PERC cells, with operations stabilizing after earlier supply chain disruptions.
- Favourable demand outlook for the solar industry: India’s strong policy push for solar power creates a favourable demand outlook and JIL is well-positioned to benefit. Government measures such as high BCD on imports, ALMM guidelines and PLI incentives have boosted the cost competitiveness of domestic manufacturers. Additionally, schemes like PM Surya Ghar, KUSUM, CPSU and rooftop solar programs are expected to drive sustained demand for JIL’s products.
- Comfortable financial risk profile despite debt funded capex: JIL’s financial risk profile remains comfortable despite its debt-funded capex plan. Net worth is set to rise above ₹400 crore driven by internal accruals and a ₹300 crore PE infusion. Although debt will increase due to the large capex, growing cash flows and improved profitability from the new cell capacity (commissioning by Q3 FY25) should support overall financial strength.
Weaknesses
- Susceptibility to increasing competition and volatility in raw material prices and regulatory changes: Operating margin remains vulnerable to sharp fluctuations in raw material prices (raw material cost accounts for ~65-70% of the operating income.
- Cost- Competitive Chinese Imports: Indian manufacturers face competition from Chinese imports, which have witnessed significant reduction in module and cell prices during last and current fiscal due to supply glut in China amid restrictions imposed by US on Chinese imports. However, increasing integration of operations with new cell capacities and implementation of BCD provides the required support for the company to be cost-competitive against Chinese imports.
About Jupiter International Limited
Jupiter International Limited (JIL), incorporated in 1978, evolved from jute trading to office automation and later CD/DVD manufacturing before shifting fully into solar in 2009. It now operates an 800 MW solar cell facility in Baddi, producing mono PERC and multi-crystalline cells, panels, and offering EPC services for various solar applications. JIL is also setting up a 1.2 GW integrated solar cell and module plant in Odisha and has partnered with AmpIn Energy Transition to build another 1.2 GW facility in the state.
Board of Directors
- Alok Garodia - Managing Director
- Devki Pandey - Director
- Priyanka Tibrewal - Director
- Akash Garodia - Whole-time director
- Pushkar Jauhari - Nominee Director
- Arvind Baheti - Additional Director
- Dinesh Patwari - Additional Director
- Rajesh Bubna - Additional Director
