1. At a Glance – The Curious Case of a 132 P/E Microcap
Market Cap: ₹173 Cr
Current Price: ₹183
Stock P/E: 132
Book Value: ₹106
ROE: 2.78%
ROCE: 3.19%
Debt: ₹0 Cr
3-Month Return: -5.08%
6-Month Return: -26.1%
Welcome to Jhaveri Credits & Capital Ltd, a ₹173 crore financial services company that trades at a P/E of 132… while delivering a quarterly loss of ₹0.11 crore in Q3 FY26.
Yes, you read that correctly.
Q3 FY26 revenue came in at ₹16.53 crore, but PAT slipped into negative territory at -₹0.11 crore. Meanwhile, the stock is priced like it just discovered artificial intelligence.
The company is almost debt-free. Sounds safe? Maybe. But ROE at 2.78% suggests capital is doing yoga — stretching, but not working hard.
Add to that:
• Promoter holding fell from 74.25% (Sep 2023) to 50.76% (Dec 2025)
• CFO resignation effective March 12, 2026
• Independent director resigned
• MD shifted to non-executive
Are we looking at a transformation story… or a transition thriller?
Let’s investigate.
2. Introduction – From Commodities Broker to Renewable Energy Aspirant?
Founded in 1993, Jhaveri Credits originally provided a broking platform for commodities in spot and futures markets.
Straightforward business. Brokerage. Commissions. Transaction-based income.
But then 2023 happened.
Promoters signed a Share Purchase Agreement to sell 62.25% stake for ₹5.63 crore. An open offer was announced for another 26% stake worth ₹2.68 crore.
And suddenly, the company began mutating.
• Memorandum altered in December 2023
• New objects added: solar panels, inverters, engineering services, construction
• Preferential issue
• Warrants issued
• Authorised capital raised from ₹10 Cr to ₹15 Cr
If you blinked, you missed the transformation from “commodities broker” to “renewable energy + electronics + construction” conglomerate.
Is this strategic diversification?
Or corporate identity crisis?
Let’s go deeper.
3. Business Model – WTF Do They Even Do?
Originally:
• Equity investing
• Commodities
• Margin trading
• Currency derivatives
• Mutual funds
• Loan against shares
• Portfolio advisory
Revenue breakup FY23:
• 96% from sale of securities including investments
• 3% interest income
• 1% fees & commission
So essentially, this was an investment-heavy financial entity.
But after MoA alteration, the company can now:
• Manufacture solar panels
• Trade electronics & appliances
• Do engineering services
• Execute renewable energy
