JPASSOCIAT

JP Associates financials

Market cap
₹594 Cr
Sector
Construction

What JP Associates does

Jaiprakash Associates Limited (JAL) is a diversified North India-based conglomerate operating across six divisions: Engineering & Construction (turnkey EPC execution of hydro-power tunnels, irrigation canals and highway projects, largely in Uttar Pradesh, Telangana, Madhya Pradesh, Sikkim, Jammu & Kashmir, Bhutan and Nepal), Cement (manufacture and sale of cement and clinker with captive thermal power), Real Estate (the 'Jaypee Greens' brand — golf-centric townships and integrated developments in Greater Noida and Wish Town Noida), Hotels (five-star hospitality properties with an integrated golf course and sports complex), Sports (the Buddh International Circuit motor-racing venue) and coal mining (through group entities). The Company has been under Corporate Insolvency Resolution Process (CIRP) since June 2024, with a Resolution Professional managing its affairs.

Segments

  • Engineering & Construction
  • Cement
  • Real Estate
  • Hotels
  • Sports
  • Coal Mining
Own cement manufacturing capacity
5.15 MTPA (Chunar 2.50, Churk 1.00, Jaypee Rewa 1.65 MTPA)
Group cement capacity (incl. subsidiaries/associates)
10.55 MnTPA
Own captive thermal power capacity
279 MW
Group captive thermal power capacity
339 MW
Five-star hotels operated
5 (Delhi, Greater Noida, Agra, Mussoorie)
Real estate units offered possession (cumulative, Jaypee Greens)
8,104 units (till 31 Mar 2025)
Headquarters Noida, Uttar Pradesh, India Company website

Quarterly results

Q3 FY26: revenue down 50.9%, net profit up 9.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
Revenue1,972 1,671 1,360 1,478 1,137 −42%672 −60%685 −50%726 −51%
EBITDA87 135 -34 -3 -194 −323%-19 −114%-41 −21%-81 −2600%
Net profit-431 -1,026 -298 -768 -731 −70%232 +123%-75 +75%-693 +10%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −37.6% 1Y

₹2.50₹3.00₹3.50₹4.00Mar 25Apr 25Jun 25Aug 25Sept 25Nov 25Dec 25Feb 26

1Y: ₹3.88 on 13 Mar 2025 → ₹2.42. High ₹4.23 (12 Aug 2025), low ₹2.32 (9 Mar 2026).

Financials, as filed

Revenue fell 12.6% a year over 2 years, FY23 to FY25. Operating margin narrowed to -1.7%.

Year endingFY23FY24FY25
Revenue₹7.4k Cr₹7.0k Cr₹5.6k Cr
Operating profit₹496 Cr₹295 Cr₹-96 Cr
Operating margin6.7%4.2%-1.7%
Interest₹1.1k Cr₹1.0k Cr₹1.2k Cr
Depreciation₹423 Cr₹393 Cr₹574 Cr
Net profit₹-1.4k Cr₹-1.3k Cr₹-2.8k Cr
Net margin-18.3%-19.2%-50.0%
Cash from operations₹761 Cr₹1.2k Cr₹558 Cr
Free cash flow₹698 Cr₹1.0k Cr₹601 Cr
ROCE3.0%2.0%-2.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY20FY21FY22FY23FY24FY25
Equity capital₹486 Cr₹489 Cr₹491 Cr₹491 Cr₹491 Cr₹491 Cr
Reserves₹1.7k Cr₹1.1k Cr₹-406 Cr₹-1.7k Cr₹-4.4k Cr₹-5.6k Cr
Borrowings₹19.7k Cr₹19.1k Cr₹19.1k Cr₹16.5k Cr₹15.2k Cr₹17.5k Cr
Other liabilities₹14.4k Cr₹15.7k Cr₹18.2k Cr₹22.6k Cr₹24.0k Cr₹20.9k Cr
Total liabilities₹36.3k Cr₹36.4k Cr₹37.4k Cr₹37.8k Cr₹35.3k Cr₹33.3k Cr
Fixed assets₹9.6k Cr₹9.0k Cr₹8.6k Cr₹5.0k Cr₹4.8k Cr₹6.1k Cr
Capital work in progress₹679 Cr₹714 Cr₹247 Cr₹193 Cr₹321 Cr₹162 Cr
Investments₹1.7k Cr₹1.5k Cr₹1.5k Cr₹1.5k Cr₹512 Cr₹717 Cr
Other assets₹24.4k Cr₹25.2k Cr₹27.1k Cr₹31.1k Cr₹29.6k Cr₹26.3k Cr
Total assets₹36.3k Cr₹36.4k Cr₹37.4k Cr₹37.8k Cr₹35.3k Cr₹33.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Mar 2025, the public added +2.92 pp while promoters trimmed −1.46 pp. The shareholder count grew 2% to 6,47,890.

Promoters
28.8%
FIIs
0.3%
DIIs
8.6%
Public
62.4%

Since Mar 2025

  • Public +2.92 pp
  • Promoters −1.46 pp
  • FIIs −1.13 pp

How it drifted, 12 quarters

Over this window promoters fell from 37.7% to 28.8% — −9.0 pp.

Jun '23Sep '24Mar '26

Ownership split by quarter, oldest first. Jun '23: Promoters 37.7%, FIIs 0.6%, DIIs 1.3%, Public 60.4%.Sep '23: Promoters 37.7%, FIIs 0.9%, DIIs 1.3%, Public 60.1%.Dec '23: Promoters 30.0%, FIIs 1.0%, DIIs 9.2%, Public 59.8%.Mar '24: Promoters 30.0%, FIIs 2.1%, DIIs 9.2%, Public 58.8%.Jun '24: Promoters 30.2%, FIIs 2.7%, DIIs 9.1%, Public 58.0%.Sep '24: Promoters 30.2%, FIIs 2.3%, DIIs 9.4%, Public 58.1%.Dec '24: Promoters 30.2%, FIIs 1.3%, DIIs 9.3%, Public 59.2%.Mar '25: Promoters 30.2%, FIIs 1.4%, DIIs 8.9%, Public 59.5%.Jun '25: Promoters 30.2%, FIIs 1.0%, DIIs 8.9%, Public 59.9%.Sep '25: Promoters 30.1%, FIIs 0.6%, DIIs 8.6%, Public 60.7%.Dec '25: Promoters 30.1%, FIIs 0.6%, DIIs 8.6%, Public 60.8%.Mar '26: Promoters 28.8%, FIIs 0.3%, DIIs 8.6%, Public 62.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Mar 2026 filing

Every holder of JP Associates above SEBI's 1% disclosure line, and what changed since Dec 2025.

HolderStakeChange
Jaypee Infra Ventures Private Limited 28.04%unchanged
ICICI Bank Ltd Bank7.71%unchanged
Late Raj Kumar Singh 0.21%unchanged
Luckystrike Financiers Private Limited 0.15%unchanged
Sudhir Dattaram Kadkade 0.09%unchanged
Sunil Dattaram Kadkade 0.09%unchanged
Ojaswani Joshi 0.04%unchanged
Menka Joshi 0.04%unchanged
Urvashi Gaur 0.04%unchanged
Suren Jain 0.02%−0.21 pp
Viren Jain 0.01%unchanged
Manoj Gaur 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Learn to analyse JP Associates

Guides on how to read this kind of business and the numbers that matter.