Jindal Photo Limited (JINDALPHOT)
₹1,036.50 -1.22% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jindal Photo's revenue was ₹8.0 Cr, and net profit ₹13.1 Cr (-75.0% year on year); the operating margin was 98.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹8.0 | — | — |
| Operating profit | ₹7.8 | — | from loss |
| Net profit | ₹13.1 | -75.0% | from loss |
| EPS (₹) | 12.75 | -74.9% | from loss |
| Operating margin | 98.1% | — | — |
JINDALPHOT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 69.31% of the JINDALPHOT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.16%. That is close to its usual level. Turnover was only ₹25 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 75.0% · 91.8% · 28.5% · 90.2% · 69.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jindal Photo Limited has submitted the scrutinizer's report and voting results for its adjourned 23rd Annual General Meeting held on September 28, 2026. All 3 resolutions were passed with over 99.9% majority, including the adoption of FY26 standalone and consolidated financial statements, reappointment of retiring director Ms. Geeta Gilotra, and reappointment of Mr. Manoj Kumar Rastogi as Managing Director. Overall voter participation was low, with only 105,265 votes polled out of 10,258,326 total shares (1.0261% turnout).
- All 3 resolutions passed with over 99.9% votes cast in favor
- Overall voter turnout stood at 1.0261% (105,265 votes polled out of 10,258,326 shares)
- Adopted FY26 financial statements with 99.9896% approval (105,254 votes in favor, 11 against)
- Approved reappointment of Manoj Kumar Rastogi as Managing Director with 99.9687% votes in favor
- Total shareholders on record date (September 14, 2026) was 16,343
Jindal Photo Limited concluded its 23rd Annual General Meeting (Adjourned Meeting) on September 28, 2026, conducted via video conferencing with 34 shareholders present. Key agenda items placed for voting included the adoption of FY26 standalone and consolidated financial statements, the reappointment of Ms. Geeta Gilotra retiring by rotation, and a special resolution for the reappointment of Managing Director Manoj Kumar Rastogi. Scrutinizer voting results are scheduled to be submitted within two working days.
- 23rd Annual General Meeting (Adjourned Meeting) held on September 28, 2026
- A total of 34 shareholders attended the meeting via VC/OAVM
- Special resolution presented for the re-appointment of Manoj Kumar Rastogi as Managing Director
- Final voting results along with scrutinizer report to be submitted within 2 working days
Jindal Photo Limited announced the resignation of Ms. Mukta Sharma from the position of Company Secretary and Compliance Officer (Key Managerial Personnel) effective close of business hours on September 09, 2026. The resignation was tendered to pursue higher studies. The company is a Core Investment Company with a market capitalization of Rs 1,049 Cr. No operational or financial disruption is anticipated from this administrative departure.
- Resignation of Company Secretary cum Compliance Officer tendered on September 09, 2026
- Cessation effective from close of business hours on September 09, 2026
- Reason cited for resignation is pursuing higher studies
Jindal Photo Limited announced that its shareholders have approved the special resolution for voluntary delisting from BSE and NSE via postal ballot remote e-voting. A total of 90,71,840 votes were polled (88.43% of total shares), with 99.90% overall votes cast in favour. Excluding promoters, public non-institutional shareholders voted overwhelmingly in support, with 14,50,416 votes (99.36%) in favour and 9,281 votes (0.64%) against, comfortably meeting SEBI's delisting approval requirements.
- Special resolution for voluntary delisting approved with 99.90% total votes in favour
- Public non-institutional shareholders cast 14,50,416 votes (99.36%) in favour vs 9,281 against (0.64%)
- Overall voter turnout stood at 88.43% (90,71,840 votes polled out of 1,02,58,326 total shares)
- Promoter holding of 76,12,143 shares voted 100% in favour of the delisting proposal
Jindal Photo Limited has scheduled its 23rd Annual General Meeting (AGM) for September 21, 2026, to be conducted via video conferencing. This meeting follows a fiscal year (FY26) where the company reported a net loss of Rs 22.78 Cr despite a revenue increase to Rs 12.58 Cr from Rs 2.46 Cr in the previous year. As a Core Investment Company (CIC), the company's performance is heavily tied to its holdings in group power sector assets. Shareholders will receive the FY26 Annual Report electronically, providing a key opportunity to review the valuation of these underlying investments.
- 23rd Annual General Meeting scheduled for September 21, 2026, at 02:00 PM
- FY26 annual revenue increased to Rs 12.58 Cr from Rs 2.46 Cr in FY25
- Company reported a net loss of Rs 22.78 Cr for the full year FY26
- Promoter holding remains stable at 74.2% as of June 2026
Jindal Photo reported a standalone net profit of Rs 6.67 Cr for Q1 FY27, a significant turnaround from a loss of Rs 0.96 Cr in the year-ago period. The company has fixed September 14, 2026, as the record date for its 23rd Annual General Meeting (AGM) scheduled for September 21, 2026. A major development is the ongoing voluntary delisting process, with shareholder e-voting open until August 18, 2026. Additionally, the company extended the maturity of 1.9 crore redeemable preference shares by five years to 2031, resulting in a non-cash gain of Rs 7.33 Cr.
- Standalone Net Profit of Rs 6.67 Cr in Q1 FY27 compared to a loss of Rs 0.96 Cr in Q1 FY26
- Record date for AGM and e-voting eligibility fixed as September 14, 2026
- Extension of 1.9 crore redeemable preference shares (Series II & III) maturity from 2026 to 2031
- Recognized an initial gain of Rs 7.33 Cr due to the extension of preference share tenure
- Delisting e-voting period currently active and scheduled to conclude on August 18, 2026
Jindal Photo Limited reported a standalone net profit of Rs 6.67 Cr for Q1 FY27, a sharp turnaround from a loss of Rs 0.96 Cr in the year-ago period. Total income surged to Rs 7.97 Cr, largely driven by fair value gains of Rs 7.89 Cr. The company is currently undergoing a voluntary delisting process, with the shareholder postal ballot active until August 18, 2026. Additionally, the board extended the redemption tenure of 1.9 crore zero-percent preference shares by five years to 2031, resulting in an accounting gain of Rs 7.33 Cr.
- Reported standalone Net Profit of Rs 6.67 Cr in Q1 FY27 vs a loss of Rs 0.96 Cr in Q1 FY26.
- Total Revenue from Operations reached Rs 7.97 Cr, representing ~61% of the total TTM revenue of Rs 13 Cr.
- Extended redemption dates for 1.5 crore RPS-Series II and 0.4 crore RPS-Series III preference shares to June and September 2031 respectively.
- Recognized an initial gain of Rs 7.33 Cr on the extension of preference share redemption terms.
- Delisting proposal approved by the Board on July 16, 2026, with the e-voting period ending August 18, 2026.
Jindal Photo Limited has approved the re-appointment of Mr. Manoj Kumar Rastogi as Managing Director for a second five-year term, effective August 10, 2026. Mr. Rastogi, aged 62, brings over 28 years of experience in MIS, Finance, and Accounts to the role. This appointment, recommended by the Nomination and Remuneration Committee, is subject to shareholder approval at the upcoming Annual General Meeting. The company continues to operate as a Core Investment Company (CIC) with a TTM revenue of ₹13 Cr and a significant net worth of ₹1014 Cr.
- Re-appointment of Mr. Manoj Kumar Rastogi as Managing Director for a 5-year term starting August 10, 2026.
- Mr. Rastogi possesses over 28 years of experience in MIS, Finance, and Accounts.
- The board meeting for this decision concluded within 35 minutes on August 4, 2026.
- The company maintains a high net worth of ₹1014 Cr despite a TTM revenue of only ₹13 Cr.
- The re-appointment is subject to shareholder approval at the ensuing Annual General Meeting.
Jindal Photo Limited has approved the re-appointment of Mr. Manoj Kumar Rastogi as Managing Director for a second five-year term effective August 10, 2026. The decision, made during the board meeting on August 4, 2026, is subject to shareholder approval at the upcoming Annual General Meeting. Mr. Rastogi, aged 62, brings over 28 years of experience in Finance and MIS to the company, which currently operates as a Core Investment Company (CIC). This move ensures leadership continuity as the company manages a portfolio that generated a TTM revenue of Rs 13 Cr and a TTM loss of Rs 23 Cr.
- Re-appointment of Mr. Manoj Kumar Rastogi as Managing Director for a 5-year term starting August 10, 2026
- Mr. Rastogi possesses over 28 years of experience in the fields of MIS, Finance, and Accounts
- The board meeting was conducted in 35 minutes, starting at 5:00 P.M. and concluding at 5:35 P.M.
- The company maintains a high promoter holding of 74.2% as of June 2026
- Current TTM revenue stands at Rs 13 Cr against a market capitalization of Rs 1098 Cr
Jindal Photo Limited has issued a postal ballot notice to seek shareholder approval for the voluntary delisting of its equity shares from both BSE and NSE. The e-voting period is set from July 20, 2026, to August 18, 2026, with results expected by August 20, 2026. As a Core Investment Company with a net worth of Rs 1,014 Cr and a market cap of Rs 1,161 Cr, this move represents a significant structural change. The delisting requires a special resolution, meaning it needs approval from at least two-thirds of the minority shareholders who vote.
- E-voting period runs from July 20, 2026, to August 18, 2026
- Cut-off date for voting eligibility was July 10, 2026
- Promoter holding stands at 74.2% as of March 2026
- Company net worth is Rs 1,014 Cr against a market cap of Rs 1,161 Cr
- TTM revenue is low at Rs 13 Cr, reflecting its status as a holding company
The Board of Jindal Photo has approved a voluntary delisting proposal from its promoter group to acquire the remaining 25.80% public stake, totaling 26,46,183 shares. The floor price has been set at Rs 1,119.50 per share, with an indicative price of Rs 1,120, which is slightly below the current market price of Rs 1,127.3. The company has appointed a scrutinizer for a postal ballot process to seek shareholder approval, using July 10, 2026, as the cut-off date. This move follows the initial public announcement made by the acquirers on June 29, 2026.
- Proposed acquisition of 26,46,183 equity shares representing 25.80% of the total paid-up capital
- Floor price fixed at Rs 1,119.50 per share based on SEBI Delisting Regulations
- Indicative price offered by the acquirers stands at Rs 1,120 per share
- Cut-off date for determining shareholder eligibility for the postal ballot is July 10, 2026
- Total issued and listed capital consists of 1,02,58,326 equity shares
The Board of Jindal Photo has formally approved a voluntary delisting proposal from its promoter group to acquire the remaining 25.80% public stake (26,46,183 shares). The floor price is established at Rs 1,119.50 per share, with an indicative price of Rs 1,120, which is marginally below the current market price of Rs 1,127.3. The company will now seek shareholder approval via postal ballot, using July 10, 2026, as the cut-off date for eligibility. This move aims to provide a full exit to public shareholders and privatize the entity.
- Floor price determined at Rs 1,119.50 per equity share based on SEBI Delisting Regulations.
- Promoters intend to acquire 26,46,183 shares, representing 25.80% of the total paid-up capital.
- Indicative price offered by the acquirers is Rs 1,120 per share.
- Promoter and promoter group currently hold 74.2% of the 1,02,58,326 total issued shares.
- Cut-off date for the postal ballot notice was fixed as July 10, 2026.
Jindal Photo Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed, cancelled, and the register of members updated. This is a routine administrative filing required for all listed companies to ensure the integrity of the shareholding records. There is no impact on the company's financial performance or business operations.
- Compliance certificate covers the quarter ended June 30, 2026
- Issued by Registrar and Transfer Agent MUFG Intime India Private Limited on July 3, 2026
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirms that physical certificates were mutilated and cancelled after dematerialization
Jindal Photo Limited has formally initiated the regulatory process for voluntary delisting following a board meeting on July 01, 2026. The company appointed M/s Bhumika & Co., a practicing Company Secretary, to conduct the mandatory due diligence required under SEBI Delisting Regulations. This follows the June 29, 2026, announcement by promoter group entities (Concatenate Power Advest and Concatenate Advest Advisory) expressing intent to acquire all public shares. With a promoter holding of 74.2% and a market cap of ₹1,259 Cr, the success of this delisting will depend on the upcoming price discovery process.
- Appointment of M/s Bhumika & Co. to carry out due diligence under Regulation 10(2) of SEBI Delisting Regulations 2021
- Follows the Initial Public Announcement for delisting made on June 29, 2026
- Promoter group currently holds 74.2% of the company as of March 2026
- The delisting proposal involves acquiring all equity shares of face value ₹10 held by public shareholders
- Board meeting to initiate the process concluded within 45 minutes on July 01, 2026
Jindal Photo Limited has appointed M/s Bhumika & Co., a practicing company secretary, to conduct due diligence for its proposed voluntary delisting from the NSE and BSE. This follows the Initial Public Announcement on June 29, 2026, by promoter group entities Concatenate Power Advest and Concatenate Advest Advisory to acquire all public shares. With a current promoter holding of 74.2%, the acquirers are looking to purchase the remaining 25.8% stake from public shareholders. The delisting process is now moving into the formal regulatory verification stage.
- Appointment of M/s Bhumika & Co. as Peer Reviewed Company Secretary to carry out due diligence under Regulation 10(2).
- Proposal involves acquiring the 25.8% public shareholding to voluntarily delist from both BSE and NSE.
- The board meeting for this appointment was held on July 01, 2026, concluding at 03:45 P.M.
- Follows the Initial Public Announcement (IPA) issued by Saffron Capital Advisors on June 29, 2026.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations for FY 2024-25 was INR 2.46 Cr, representing an 87.8% decrease from INR 20.31 Cr in FY 2023-24. However, consolidated total income for the half-year ended September 30, 2025, surged to INR 696.21 Cr, a 149.6% increase YoY from INR 278.95 Cr, driven by the underlying performance of power sector investees.
Profitability Margins
Standalone Operating Profit Margin and Net Profit Margin remained stable at 75% and 76% respectively for FY 2024-25. High margins are characteristic of a Core Investment Company (CIC) with minimal operating overheads relative to investment gains.
EBITDA Margin
Standalone Operating Profit Margin was 75% in FY 2024-25, unchanged from the previous year. This high margin reflects the low-cost structure of the holding company, which employs only two staff members.
Capital Expenditure
Property, Plant and Equipment (PPE) stood at INR 2.42 Cr as of September 30, 2025, slightly down from INR 2.45 Cr in March 2025. As a CIC, the company has minimal physical capital requirements.
Credit Rating & Borrowing
Borrowings (other than debt securities) stood at INR 62.11 Cr as of September 30, 2025. Standalone finance costs were INR 4.91 Cr for FY 2024-25 on a debt base of approximately INR 60 Cr, implying an average borrowing cost of roughly 8.2%.
Operational Drivers
Raw Materials
Not applicable (Core Investment Company). However, the company's primary investees in the power sector are dependent on coal as a critical input.
Capacity Expansion
Not applicable for the holding company. The company's growth is tied to the expansion and utilization of its investee companies' power generation assets.
Raw Material Costs
Not applicable for the standalone entity. For investees, coal costs are a major driver, as evidenced by the company's INR 51.32 Cr recoverable from Mandakini Coal Company Limited.
Manufacturing Efficiency
Not applicable for a CIC. Efficiency is measured by the 75% operating profit margin and the ability to manage a massive INR 1,143.77 Cr asset base with minimal staff.
Strategic Growth
Growth Strategy
The company plans to achieve growth by continuing its business as a Core Investment Company, investing in, acquiring, and holding shares and securities of group companies, particularly in the power sector. It also generates revenue through management consultancy services, which contributed INR 30 Lakhs in FY 2024-25.
Products & Services
Investment holding in group companies and management consultancy services.
Brand Portfolio
Jindal Photo.
New Products/Services
Management consultancy services were introduced/expanded, contributing INR 30 Lakhs (12.2% of standalone revenue) in FY 2024-25.
Market Expansion
The company focuses on supporting the growth of its group companies within India, particularly through its associate Jindal India Powertech Limited.
Strategic Alliances
Mandakini Coal Company Limited (Joint Venture) and Jindal India Powertech Limited (Associate).
External Factors
Industry Trends
The power sector is currently experiencing strong demand, which has led to a 149.6% jump in consolidated revenue for H1 FY 2025-26. The company is positioned to benefit from this growth through its thermal power holdings.
Competitive Landscape
Operates as a specialized holding company within the Jindal group; competition is not a primary factor compared to regulatory and sector-specific risks.
Competitive Moat
The company's moat is its strategic position as a holding vehicle for the Jindal group's power assets, providing it with exclusive access to group investment opportunities and management consultancy fees.
Macro Economic Sensitivity
Highly sensitive to Indian government power sector policies and coal regulations. Favorable policies act as a boon, while unfavorable ones threaten the profitability of the primary investee companies.
Regulatory & Governance
Industry Regulations
Regulated by the Ministry of Corporate Affairs (MCA) and SEBI. As a CIC, it must comply with specific RBI and MCA guidelines regarding investment concentration and leverage.
Taxation Policy Impact
The company maintains current tax liabilities of INR 73 Lakhs and deferred tax liabilities of INR 1.09 Cr as of September 30, 2025.
Legal Contingencies
The company has a significant pending recovery of INR 51.32 Cr from Mandakini Coal Company Limited (MCCL) related to a guarantee payment made to IFCI. No interest is being charged, and no provision has been created as the Board considers it good and recoverable.
Risk Analysis
Key Uncertainties
The primary uncertainty is the recovery of the INR 51.32 Cr from MCCL and the volatility of fair value gains on power sector investments, which caused standalone income to drop 87.8% in FY25.
Geographic Concentration Risk
Concentrated in India, with the registered office in Uttar Pradesh and head office in New Delhi.
Third Party Dependencies
Critical dependency on the financial health of Jindal India Power Limited and Mandakini Coal Company Limited.
Technology Obsolescence Risk
Low risk for a holding company, though investee companies face long-term risks from the transition to renewable energy.
Credit & Counterparty Risk
Credit risk is concentrated in the INR 51.32 Cr recoverable from the MCCL joint venture.
