Jyoti Limited

JYOTI.BO

Industrial - Machinery · Industrials

Price

₹52.76

+0.54 (+1.03%)

Market Cap

₹903.7M

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Jyoti Limited is an Indian industrial machinery company based in Vadodara, Gujarat. It designs and manufactures machine tools, pumps, and hydro turbines used in factories, power plants, and water infrastructure projects. Its main customers include government utilities, power sector companies, and industrial manufacturers across India.

The company earns revenue by selling capital equipment and providing related services and spare parts. It operates primarily in India, though it also exports to select international markets. With a market cap near ₹7,500 crore, it is a mid-sized player in India's industrial machinery space, competing against both domestic manufacturers and foreign equipment suppliers. Its long operating history and established relationships with public sector buyers provide some competitive stability. The key growth driver is India's ongoing investment in renewable energy and water infrastructure, which could increase demand for Jyoti's hydro turbines and pumps, though its relatively thin operating margins leave limited room to absorb cost increases or project delays.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-22.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-62.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

8.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$575M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Jyoti Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 23.2M (2022) → 23.1M (2026)

Score breakdown

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Quality

Gross Margin

15.6%

Thin — 15.6% gross margin

Operating Margin

7.9%

Modest — 7.9% operating margin

ROCE

3.5%

Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+12.9%

Fast-growing sales (+12.9% YoY)

EPS YoY

+17.1%

Earnings growing fast (+17.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

37.79x

Comfortably covers interest (37.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.7x

Attractive valuation — P/E 6.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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