📌 Executive Summary
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Industry: Textile Manufacturing
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Core Products: Denim, shirting fabrics, home textiles
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FY24 Revenue: ₹1,861 crore (▼10% YoY)
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Net Profit: ₹75.6 crore (▼34% YoY)
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Valuation: Premium with P/E of 73.3
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Investor Outlook: Cautious accumulation; turnaround dependent on operational and strategic improvements
🏢 Company Profile
Founded in 1986 and headquartered in Ahmedabad, Jindal Worldwide Ltd is a major textile manufacturer with expertise in denim and home textiles. The company has four integrated production units in Gujarat and exports to global markets, in addition to supplying major domestic B2B clients.
Recently, it has ventured into the electric vehicle (EV) segment via its subsidiary, Jindal Mobilitric Pvt. Ltd, launching the e-scooter brand e-JEWEL, marking its entry into sustainable mobility.
📊 Financial Performance
Year-over-Year Metrics
| Metric |
FY22 |
FY23 |
FY24 |
| Revenue (₹ Cr) |
2070 |
2060 |
1861 |
| Net Profit (₹ Cr) |
140 |
115.7 |
75.6 |
| EBITDA Margin (%) |
12.3 |
10.5 |
9.73 |
As seen in the visual above, Jindal's topline and profitability have contracted over the past three years, primarily due to lower demand and margin pressure in the textile sector.
⚖️ Balance Sheet & Liquidity
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Total Equity (FY24): ₹710.5 crore
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Share Capital: ₹20.05 crore
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Debt-to-Equity: ~1.23 (moderate)
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Debtor Days: Increased to 106 days, signaling weak collection cycles
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Promoter Holding: ~60%, but promoter pledge increased to 12.3% (a red flag)
📈 Valuation Snapshot (May 2025)
| Indicator |
Value |
| Stock Price |
₹65.34 |
| Market Cap |
₹6,064 crore |
| P/E Ratio |
73.3x |
| P/B Ratio |
9.04x |
| EPS (TTM) |
₹3.79 |
| Dividend Yield |
0.07% |
| 52-Week Range |
₹54.14 – ₹94.24 |
Despite earnings pressure, the stock trades at a premium, implying high investor expectations or speculative positioning.
🧱 Peer Comparison (Textile Sector)
| Stock |
Current Price |
Market Capitalization |
PE TTM Price to Earnings |
PEG TTM PE to Growth |
ROE Annual % |
RoA Annual % |
Piotroski Score |
Dividend yield 1yr % |
| Jindal Worldwide Ltd. |
64.12 |
6428.68 |
80.89 |
10.94 |
10.52% |
4.34% |
4 |
0.06% |
| KPR Mill Ltd. |
1188.85 |
40636.56 |
49.31 |
17.27 |
18.47% |
13.73% |
6 |
0.42% |
| Trident Ltd. |
27.82 |
14176.95 |
48.35 |
-1.58 |
8.09% |
4.62% |
4 |
1.29% |
| Vardhman Textiles Ltd. |
472.75 |
13670.74 |
15.48 |
0.39 |
8.92% |
7.10% |
7 |
0.85% |
| Welspun Living Ltd. |
137.89 |
13225.75 |
20.24 |
-18.7 |
15.08% |
7.13% |
7 |
0.07% |
| Arvind Ltd. |
382.05 |
10002.76 |
33.18 |
-3.35 |
9.50% |
4.63% |
5 |
1.24% |
| Garware Technical Fibres |
891.25 |
8847.06 |
38.47 |
2.42 |
16.87% |
11.75% |
8 |
0.07% |
Jindal lags behind peers in both valuation efficiency and revenue growth, indicating potential overvaluation.
👨💼 Management & Governance Overview
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Managing Director: Mr. Rakesh Jindal — in leadership for over two decades.
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Board includes family members and a few independent directors.
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Governance Concerns: Limited disclosures, lack of detailed investor presentations, and a recent uptick in promoter pledging raise transparency issues.
📆 Shareholding Pattern (Last 4 Quarters)
| Summary |
Mar 2025 |
Dec 2024 |
Sep 2024 |
Jun 2024 |
Mar 2024 |
Dec 2023 |
Sep 2023 |
Jun 2023 |
Mar 2023 |
| Promoter |
59.8% |
59.8% |
59.8% |
60.3% |
60.3% |
61.3% |
61.3% |
61.3% |
61.3% |
| FII |
0.1% |
0.3% |
0.2% |
0.0% |
0.0% |
0.5% |
0.6% |
0.0% |
0.1% |
| DII |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
| Public |
40.0% |
39.9% |
40.0% |
39.6% |
39.6% |
38.2% |
38.0% |
38.6% |
38.6% |
Promoter holding remains strong but slightly declining, with no significant mutual fund interest.
📦 Product Mix & Segment Revenue
Estimated Split (FY24):
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Denim & Fabric: ~65%
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Home Textiles: ~30%
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New Ventures (EV): <5%
The core remains traditional textiles, with limited but growing exposure to EVs.
🌎 Export vs Domestic Revenue
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Exports: ~55%
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Domestic Sales: ~45%
High export dependence makes the company vulnerable to global demand cycles, especially from Europe and Southeast Asia.
⚙️ Capex Plans and R&D
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No major capex was reported in FY24, but moderate investment planned for denim finishing automation.
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In the EV space, Jindal Mobilitric plans to launch additional 2-wheeler variants in FY25.
⚡ Technical Snapshot (as of May 2025)
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200-Day Moving Average: ₹67.20
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RSI (14-Day): 38.4 (indicates oversold conditions)
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Immediate Support: ₹58.00
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Resistance Zone: ₹85.00–90.00
The stock is trading below its long-term average, suggesting potential consolidation or reversal.
🧬 Historical Performance Chart (5-Year Overview)
| Time |
Jindal Worldwide |
Nifty50 Returns |
Sensex Returns |
Industry Returns |
Sector Returns |
| 1 Day |
6.02% |
-0.29% |
-0.17% |
2.13% |
0.67% |
| 1 Week |
-3.36% |
0.03% |
0.45% |
6.44% |
1.83% |
| 1 Month |
-2.98% |
9.85% |
10.21% |
13.88% |
11.05% |
| 3 Months |
-19.24% |
3.31% |
3.53% |
3.67% |
-1.47% |
| 6 Months |
4.96% |
0.6% |
1.34% |
0.35% |
-1.45% |
| 1 Year |
-4.65% |
9.12% |
9.65% |
21.6% |
17.43% |
| 3 Year |
3.1% |
48.34% |
47% |
96.67% |
161.97% |
| 5 Years |
1,063.7% |
164.63% |
156.35% |
1,009.18% |
602.45% |
| 10 Years |
3,239.58% |
202.13% |
203.04% |
1,027.55% |
800.58% |
🧐 SWOT Analysis
| Strengths |
Weaknesses |
| Established textile operations |
Declining revenue and profit margins |
| Large manufacturing base |
High P/E and P/B valuation multiples |
| Entry into EV sector |
Rising debtor days and pledging |
| Opportunities |
Threats |
| EV diversification (Jindal Mobilitric) |
Global textile demand fluctuations |
| Value-added products in textiles |
Execution risk in EV segment |
🎯 Conclusion & Investment Outlook
Jindal Worldwide Ltd shows the signs of a seasoned but currently underperforming textile player. With its stock trading at a premium, the company needs to deliver on both operational turnaround and new business ventures like EVs.
This analysis is for informational purposes only and not a recommendation to buy or sell any securities. Investors should consult a certified financial advisor before making investment decisions.
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