Jiwanram Sheoduttrai Industries Limited
- INTRODUCTION
Jiwanram Sheoduttrai Industries Limited operates out of India, making gear that keeps workers safe on tough job sites. Small in size but focused, the firm builds products like heavy-duty gloves crafted from leather. Protection is central to what they do - especially items worn by people handling risky tasks. Much of their output gets shipped beyond national borders. PPE forms a core part of their lineup, serving roles where danger lurks close.
- Industry-Overview
India's workplace safety scene stands near USD 150.14 Million in 2024. Growth points toward nearly double that - hitting about USD 265.68 Million come 2033 - with a steady climb each year around 6.55%. Pushing things forward? Tough new rules, especially those 187 Quality Control Orders rolled out in 2025 targeting risky factory zones.
- Purpose of the Analysis
To assess JSIL’s financial health, operational efficiency, and investment viability using its FY 2025 financial statements and market positioning.
2. COMPANY-OVERVIEW
- Background-History
Started life in Kolkata back in 1997 making leather work gloves, JSIL shifted focus to protective clothing by 2013. Its public debut came in September 2023 when it pulled in ₹17.07 crore through an IPO. Though rooted in heavy-duty gear early on, the pivot opened new paths. From workshop supplies to broader safety wear, growth followed a quiet but steady track. The market move marked more than just funding - it signaled expansion.
- Business-Model
One factory sits in Baruipur, another unfolds near Nandankanan, while the third hums inside Falta's special economic zone. Mostly building products for other businesses, JSIL sends goods overseas with steady rhythm. Orders from local brands often travel through the government’s online marketplace. Making things behind the scenes defines its role, not selling under its own name.
- Key Products-Services
Shiny orange suits stand out loud on job sites. Flame-resistant coats guard workers near sparks. Tough cowhide gloves handle rough materials all day. Hard hats sit ready on racks beside safety straps.
- Market-Position
Even though it holds ISO 9001, 14001, and 45001 certifications, JSIL trades cheap - its price-to-book sits near 0.19x. That tiny ₹12.6 Cr market cap hides a firm built on focused overseas sales. Investors barely notice, yet orders keep coming. A deep discount like this feels odd given what they ship out. Confidence isn’t matching performance here.
- PROMOTER-FOUNDER INFORMATION
Name of-Promoter(s) /-Founder(s) | Professional Background | Role in Company Growth and Strategic-Decisions |
|---|---|---|
Alok Prakash | 25+ years in foreign trade, export-import, and global marketing. | Managing-Director: Takes strategic expansions, international relations, and corporate vision. |
Anupama Prakash | Expertise in corporate finance within the manufacturing sector. | Chief Financial Officer: Manages capital allocation, IPO fund utilization, and fiscal compliance. |
Gyan Prakash | Background in supply chain and international logistics. | Manager (Global Ops): Sees Falta SEZ operations to ensure seamless B2B order execution. |
- FINANCIAL-STATEMENT ANALYSIS
- Income-Statement Analysis
FY-2023 | FY-2024 | FY-2025 | YoY Growth | |
|---|---|---|---|---|
Revenue | 42.32 | 43.05 | 53.90 | +25.20% |
Net Profit | 4.03 | 1.75 | 2.29 | +30.85% |
- Revenue-Chart
Key-observations:
- Fresh numbers point to consistent sales increases at JSIL, yet earnings still wobble when material prices shift. Despite upward movement in income, net gains stay tightly tied to supply expenses.
- Metric FY 2023 FY 2024 FY 2025 YoY Growth Revenue 42.32 43.05 53.90 25.20 Net Profit 4.03 1.75 2.29 30.85
Balance-Sheet Analysis-(Rs.-In crore)
Category | FY-2021 | FY- 2022 | FY-2023 | FY-2024 | FY-2025 |
|---|---|---|---|---|---|
Total Assets | 121.04 | 113.77 | 121.12 | 126.36 | 136.21 |
Total Equity | 43.06 | 44.28 | 48.03 | 62.99 | 64.99 |
Total Liabilities | 77.98 | 69.49 | 73.10 | 63.37 | 71.22 |
Key-observations:
- Seven point eight percent - that’s how much the asset base expanded, most of it in current holdings like ₹110.53 crore tied up in stock and money owed.
- Still sitting at ₹64.99 Cr, equity holds its ground beneath the numbers. Though debts shift, this piece stays put - steady, unshaken by pressure above. Numbers may dance but that figure stands firm, rooted through changes in tone across reports. Not loud, yet strong enough to brace what comes next.
- Now sitting at ₹22.03 Cr, fixed assets lower - showing how growth leans more on operational funds than big infrastructure pushes. While machinery stays steady, cash flow does heavier lifting behind the scenes.
- Cash-Flow Statement Analysis (Rs. In crore)
Particulars | FY-2021 | FY-2022 | FY-2023 | FY-2024 | FY-2025 |
|---|---|---|---|---|---|
Cash from Operating Activities | -2.62 | 0.48 | -5.57 | -4.35 | 3.07 |
Cash from Investing Activities | 1.21 | 0.28 | -0.16 | 0.10 | 3.01 |
Cash from Financing Activities | 2.83 | -0.95 | 5.09 | 6.50 | -6.54 |
Net Cash Flow | 1.42 | -0.19 | -0.64 | 2.25 | -0.46 |
Key-observations:
- Fresh money from daily work turned positive again, hitting ₹3.07 Cr after a drop to minus ₹4.35 Cr last year. This shift shows the business now collects more cash from its main activities than before.
- Cash flow from investing sits at a positive ₹3.01 Cr, driven by selling off temporary holdings. What pushed it upward was the move to cash out on brief financial instruments.
- Falling deep into red territory - cash outflow hits ₹6.54 Cr due to heavy loan settlements alongside interest clearance.
- Key Financial Ratios for FY25
Specific Ratio | FY-2021 | FY-2022 | FY-2023 | FY-2024 | FY-2025 |
|---|---|---|---|---|---|
Net Profit Margin | 0.10% | 4.40% | 9.52% | 4.06% | 4.25% |
Current Ratio | 2.00x | 2.78x | 2.79x | 3.56x | 2.88x |
Debt-to-Equity | 1.13x | 1.18x | 1.09x | 0.75x | 0.68x |
Asset Turnover | 0.25x | 0.30x | 0.35x | 0.34x | 0.39x |
Year-on-Year Comparison (3 years)
A modest net profit margin sits at 4.24 percent. Leather's high cost eats into earnings, leaving little room above. Cash position looks solid - current ratio hits 2.88 times. For every rupee owed soon, nearly three sit ready in reserves. Borrowing stays low compared to owned funds. Debt-to-equity reads 0.68, showing reliance on internal capital of ₹64.99 crore instead. Sales lag behind asset size - just ₹0.39 earned per rupee invested. Slow-moving stock or delayed customer payments likely weigh things down.
5. KEY INSIGHTS-INTERPRETATION
- Strengths
A solid 64.04 percent held by promoters, none pledged - shows real belief. The stock trades way below worth, near ₹5.10, while book value sits around ₹26.50. That gap means it's priced at just about 0.19 times its book value. Not many assets look this undervalued.
- Weaknesses
About 4.20% return on equity means profits from reinvested cash fall short, mainly because operating assets move too slowly.
- Risk Factors
Falta SEZ pushes it into turbulent waters - freight costs swing wildly while exchange rates add pressure. A tiny market footprint drags liquidity down, magnifying price jumps on small trades.
- Future Outlook
Looking ahead, India’s tougher safety rules give local players a boost. Still, how well things go depends on whether leaders can sort out delayed payments from buyers while clearing old stock. Growth waits on those moves.
6. CONCLUSION
Though sitting on solid assets, JSIL moves slowly where it counts. Not weighed down by debt, it still drags behind in turning ₹53.90 Cr of revenue into real gains for owners. Thin profits hold things back. So do overstuffed receivables piling up over time.
The big gap between market price and book value offers some safety if things go wrong. Yet weak operations raise red flags - might never deliver returns. Only those comfortable with steep risks should consider it. Think working capital fixes plus steady exports keeping hopes alive. Not for cautious buyers. Patience required. Big gains aren’t guaranteed. Luck could matter more than logic here.
Data-Sources
https://www.jiwanramgroup.com/