JP Associates (JPASSOCIAT)
Asset PlayScore breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 2/2 · Dividend: 0/1
Key Financials
| Current Price | ₹2.41 |
| Market Cap | ₹704.47 Cr |
| P/E Ratio | 0 |
| ROCE | -2.03% |
| ROE | -192.29% |
| Dividend Yield | 0% |
| Profit Growth | 31.66% |
| Debt/Equity | — |
| Sales Growth | -50.86% |
| Promoter Holding | 30.12% |
| 52-Week Range | ₹2.28 — ₹4.2 |
| Sector | Construction |
| Book Value | ₹9.5 |
Strengths
- Trades at ₹2.41 against stated book value of ₹9.50, a deep discount with P/B of 0.25.
- Market cap of ₹704 Cr is far below implied stated book equity, offering potential asset-backing.
- Piotroski F-Score of 5/9 is not a complete financial failure score.
- Promoter holding of 30.12% provides some alignment with public shareholders.
Concerns
- Latest quarter: ₹726 Cr sales but ₹693 Cr net loss — operations are destroying value.
- ROE of -192.29% and ROCE of -2.03% show severe capital inefficiency.
- Sales growth of -50.86% shows the business is shrinking rapidly.
- No dividend, no earnings, and Debt/Equity N/A raise serious balance-sheet red flags.
AI Analysis
Let's begin with the numbers that matter. At ₹2.41, JP Associates sells at one-fourth of its stated book value of ₹9.50. A bargain hunter would perk up. But a good business earns a good return on capital; this one does not. ROCE is -2.03%, ROE is -192.29%. The latest quarter shows ₹726 Cr of sales and a ₹693 Cr net loss. That is near-total business destruction. Reported profit growth of 31.66% is a misleading flicker on a loss-making base. Sales have fallen 50.86%, so the franchise is shrinking fast. Debt/Equity is not available. In Graham's world, missing debt data plus negative returns is a stop sign. No dividend, no P/E. Book value exists, but if losses keep eating equity, that book value will be rewritten. The market cap is ₹704 Cr against roughly ₹2,800 Cr of stated book equity. So this is a distressed asset play, not a quality compounder. It is a cigar butt: cheap enough to consider, but every quarter brings another huge loss. Promoter holding at 30.12% is meaningful but not overwhelming. Piotroski F-Score of 5/9 is slightly better than typical distress, but not a clean bill. What would make me interested? Asset sales that raise cash near book value, debt reduction, and narrowing losses. Until then, this is speculation on a balance sheet, not investment in a business.
Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer