Jaykay Enterprises Ltd: 342% Quarterly Profit Jump, ₹126 Cr Defence LOIs, and a ₹50 Cr Fraud Plot Twist

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1. At a Glance

Jaykay Enterprises (part of the JK Organisation) is a smallcap defence & aerospace player dabbling in additive manufacturing, composite systems, and underwater mines — basically the kind of catalogue that gets both the Navy and 3D-printing geeks excited. Q1 FY26 saw a 342% YoY profit jump on the back of big order flows, but the party was gatecrashed by a ₹50.45 Cr fraud disclosure involving an ex-director. At 84x P/E, this is either a multibagger-in-the-making or a recipe for an expensive lesson in “valuation risk.”

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2. Introduction

Founded in 1961, Jaykay spent decades as a sleepy industrial entity before morphing into an additive manufacturing and defence solutions company. Now they’re building aerospace-grade components, reverse engineering for defence clients, and producing composite parts for the likes of BrahMos Aerospace.

The market’s hooked:

• 3Y Stock CAGR: 60%
• 5Y Stock CAGR: 135%
• 10Y Stock CAGR: 51%

But this is not a straight-line story. Working capital days have ballooned to 559, debtor days are over 529, and other income (₹34 Cr) props up a big chunk of reported profits. And then there’s the fraud charge — which in smallcap defence circles is the financial equivalent of a mid-flight turbulence warning.

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3. Business Model (WTF Do They Even Do?)

Main verticals:

• Additive Manufacturing & 3D Printing – Large-scale digital manufacturing, powder metallurgy, prototyping, plant modelling.
• Aerospace & Defence Manufacturing – Composite applications, underwater mines, aerospace machining.
• Engineering & Reverse Engineering – For defence