1. At a Glance – The Microcap That Refuses to Die (Yet)
Jayatma Industries Ltd is a ₹8.85 crore microcap that looks tiny on the ticker but noisy in the P&L. Trading around ₹14.3, the stock has bounced ~10.2% in 3 months while still managing to lose money like it’s an Olympic sport. Price-to-Book at 0.89 screams “cheap,” but ROE at -16.7% screams “therapy needed.”
Latest Q3 FY26 (Dec 2025) numbers show ₹15.25 crore revenue, a QoQ jump, but PAT at -₹0.30 crore and EPS -₹0.49 remind you why lenders keep an eye on the interest meter (interest coverage: -2.31). Debt stands at ₹20.72 crore, which is more than 2x equity, and working capital days have ballooned to 189 days.
Yet—plot twist—the company has diversified into technical textiles (Geogrids), commissioned production, and is trying to pivot from pure cotton cyclicality. Is this a turnaround story or a classic “pivot PowerPoint”? Let’s dissect, with gloves on and sarcasm loaded.
2. Introduction – A 1955 Vintage with a 2025 Identity Crisis
Founded in 1955, Jayatma Industries Ltd has seen every cotton cycle known to mankind—boom, bust, monsoon tantrums, and interest rate mood swings. Historically a cotton ginning & pressing outfit with trading in raw cotton, cotton yarn, cotton seeds, wash oil and DOC, the company lived in a world of wafer-thin margins and brutal working capital.
Fast forward to FY25: full-year loss of ₹2.26 crore, sales barely ₹28.98 crore, and a balance sheet carrying more anxiety than optimism. Then came the technical textiles announcement—specifically Geogrids—and suddenly Jayatma wanted to talk infrastructure, not just cotton bales.
The market responded politely, not enthusiastically. Because investors have heard this
story before: “We’re diversifying.” The question is—does the data back it up this time?
3. Business Model – WTF Do They Even Do?
Think of Jayatma as a three-act play:
Act 1: Cotton Ginning & Trading
They procure Kapas, gin it into cotton bales, trade cotton yarn, and deal in cotton seeds. This is a commodity business—pricing power is optional, volatility is mandatory.
Act 2: Agro By-products
Cotton seeds are crushed into wash oil (raw oil) and de-oiled cakes (DOC). This adds a bit of value, but margins remain thin and seasonal.
Act 3: Technical Textiles – The Glow-Up Attempt
The company has commenced commercial production of Geogrids, used in roads, embankments, retaining walls, etc. This is non-cotton, non-seasonal, and theoretically higher-margin.
Facilities include:
- Oil mill at Kadi, Gujarat – 11 expellers, 10 MTPD
- Technical textile unit at Mehsana, Gujarat
- 0.80 MW wind turbine at Jamnagar (because why not offset some power cost?)
The big question: Can Act 3 subsidise Acts 1 & 2, or will cotton drag everything down?
4. Financials Overview – Numbers That Argue with Each Other
| Metric | Latest Qtr (Dec 2025) | Same Qtr LY (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 15.25 | 10.13 | 5.25 | +50.5% | +190% |
| EBITDA | -0.09 | 0.17 | 0.10 | NA | NA |
| PAT | -0.30 | -0.12 | -0.25 | -150% | -20% |
| EPS (₹) | -0.49 | -0.19 | -0.40 | -158% | -22% |
