---
title: "Jolly Board Ltd (502335) — Share Price, Financials & Analysis"
symbol: "502335"
company: "Jolly Board Ltd"
canonical: "https://tapetide.com/stocks/502335"
isin: "INE532G01011"
bse_code: "502335"
sector: "Commodities"
industry: "Paper, Forest & Jute Products"
generated_at: "2026-09-13T19:17:22.672Z"
---

# Jolly Board Ltd (502335)

Canonical page: https://tapetide.com/stocks/502335

## Company

- **BSE Code:** 502335
- **ISIN:** INE532G01011
- **Sector:** Commodities
- **Industry:** Paper, Forest & Jute Products
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** jollyboard.com

## About

Jolly Board is Indias largest construction board manufacturer and exporter. The company produces a wide range of Softboards that strive to meet Indias industrial and domestic requirements.(Source : Company web-site)

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 29.3%
- Company's working capital requirements have reduced from 48.6 days to 34.7 days

### Weaknesses

- The company has delivered a poor sales growth of -4.98% over past five years.
- Company has a low return on equity of 10.1% over last 3 years.
- Earnings include an other income of Rs.44.2 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -25% | 1% | 4% |
| revenue growth | -15% | -7% | -5% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Jun 2013 |
| --- | --- | --- |
| Sales | 24.75 | 19.57 |
| Expenses | 20.66 | 15.56 |
| Operating Profit | 4.09 | 4.01 |
| OPM % | 16.53 | 20.49 |
| Other Income | 0.7 | 1.04 |
| Interest | 0.36 | 0.45 |
| Depreciation | 1.14 | 1.11 |
| Profit before tax | 3.29 | 3.49 |
| Tax % | 46.5 | 21.78 |
| Net Profit | 1.76 | 2.73 |
| EPS in Rs | 3.87 | 6 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 61 | 68 | 81 | 82 | 82 | 87 | 80 | 91 | 75 | 63 |
| Expenses | 53 | 60 | 70 | 68 | 71 | 73 | 101 | 102 | 76 | 74 |
| Operating Profit | 8 | 8 | 11 | 15 | 11 | 14 | -21 | -11 | -1 | -11 |
| OPM % | 13 | 11 | 14 | 18 | 13 | 16 | -26 | -12 | -1.5 | -17 |
| Other Income | 30 | 7 | 20 | 6 | 7 | 21 | 75 | 61 | 27 | 44 |
| Interest | 0 | 1 | 1 | 2 | 3 | 3 | 1 | 1 | 1 | 0 |
| Depreciation | 4 | 4 | 4 | 5 | 4 | 4 | 3 | 3 | 4 | 4 |
| Profit before tax | 34 | 10 | 26 | 13 | 10 | 28 | 50 | 46 | 22 | 29 |
| Tax % | 28 | 21 | 28 | 27 | 33 | 33 | 28 | 34 | 17 | 23 |
| Net Profit | 25 | 8 | 19 | 10 | 7 | 18 | 36 | 30 | 18 | 23 |
| EPS in Rs | 54.02 | 17.73 | 40.89 | 20.89 | 14.78 | 40.53 | 79.27 | 67.08 | 39.81 | 49.86 |
| Dividend Payout % | 28 | 56 | 29 | 67 | 68 | 25 | 23 | 28 | 30 | 30 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 124 | 127 | 139 | 141 | 142 | 155 | 181 | 201 | 213 | 227 |
| Borrowings | 6 | 6 | 13 | 13 | 20 | 16 | 7 | 4 | 0 | 0 |
| Other Liabilities | 77 | 65 | 67 | 73 | 59 | 59 | 79 | 95 | 90 | 94 |
| Total Liabilities | 212 | 202 | 223 | 231 | 226 | 234 | 272 | 304 | 308 | 326 |
| Fixed Assets | 61 | 67 | 75 | 153 | 168 | 169 | 168 | 176 | 171 | 171 |
| CWIP | 7 | 80 | 109 | 30 | 25 | 24 | 11 | 10 | 22 | 36 |
| Investments | 28 | 17 | 8 | 0 | 0 | 0 | 16 | 30 | 29 | 34 |
| Other Assets | 117 | 38 | 32 | 48 | 33 | 42 | 76 | 88 | 86 | 85 |
| Total Assets | 212 | 202 | 223 | 231 | 226 | 234 | 272 | 304 | 308 | 326 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | — | — | — | — | — | — | — | — | — |
| Cash from Investing Activity | — | — | — | — | — | — | — | — | — | — |
| Cash from Financing Activity | — | — | — | — | — | — | — | — | — | — |
| Net Cash Flow | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | — | — | — | — | — | — | — | — | — | — |
| CFO/OP | — | — | — | — | — | — | — | — | — | — |

### Ratios

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 22 | 15 | 20 | 19 | 23 | 28 | 23 | 24 | 22 | 31 |
| Inventory Days | 250 | 225 | 190 | 250 | 244 | 217 | 222 | 212 | 273 | 217 |
| Days Payable | 110 | 135 | 98 | 153 | 154 | 130 | 146 | 142 | 124 | 133 |
| Cash Conversion Cycle | 162 | 105 | 112 | 117 | 113 | 115 | 99 | 94 | 172 | 116 |
| Working Capital Days | 1 | -104 | -114 | -63 | -34 | 30 | 79 | 75 | 36 | 35 |
| ROCE % | 27 | 8 | 18 | 10 | 16 | 19 | 14 | 16 | 15 | 11 |

## Shareholding Pattern

### annual

| Category | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Feb 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 26.32% | 26.32% | 26.32% | 28.6% | 28.6% | 28.6% | 30% | 28.6% |
| Public | 73.68% | 73.68% | 73.68% | 71.4% | 71.4% | 71.39% | 70% | 71.39% |
| No. of Shareholders | 287 | 284 | 282 | 274 | 273 | 273 | 305 | 334 |

### Quarterly

| Category | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Feb 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 28.6% | 28.6% | 28.6% | 28.6% | 28.6% | 28.6% | 28.6% | 30% | 30% | 30% | 30% | 28.6% |
| Public | 71.4% | 71.39% | 71.39% | 71.39% | 71.39% | 71.4% | 71.39% | 70% | 70% | 70% | 69.99% | 71.39% |
| No. of Shareholders | 273 | 273 | 273 | 273 | 273 | 278 | 281 | 305 | 304 | 312 | 312 | 334 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 6 / 5 / 8

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 6757.85 | Buy |
| EMA (10) | 6785 | Buy |
| SMA (20) | 6788.18 | Buy |
| EMA (20) | 6891.39 | Sell |
| SMA (50) | 7340.98 | Sell |
| EMA (50) | 7257.11 | Sell |
| SMA (100) | 7792.27 | Sell |
| EMA (100) | 7660.44 | Sell |
| SMA (200) | 8304.3 | Sell |
| EMA (200) | 8257.88 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.81 | Neutral |
| MACD (12,26,9) | -173.33 | Buy |
| Stochastic (14,3,3) | 60.12 | Neutral |
| ADX (14) | 36.2 | Buy |
| Williams %R (14) | -27.5 | Neutral |
| ATR (14) | 195.12 | Neutral |
| ROC (12) | 2.59 | Buy |
| Stoch RSI (14) | 94.14 | Sell |
| UO (7,14,28) | 49.1 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 27 Feb - On 27-02-2026, 31,62,500 warrants converted; ₹5,92,96,875 received; issued capital increases to 3,02,17,400 shares. | [Board Meeting Outcome for Outcome For The Board Meeting Held On 27-02-2026 At 6:00 PM And Concluded At 6:45 PM Regulation 30 Of SEBI (LODR) Regulations, 2015 27 Feb - On 27-02-2026, 31,62,500 warrants converted; ₹5,92,96,875 received; issued capital increases to 3,02,17,400 shares.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/886c5a83-e96d-4279-aabf-7579172507d0.pdf) |
| 27 Feb - 27-Feb-2026: Conversion of 3,162,500 warrants; 3,162,500 shares allotted; Rs.59,296,875 received. | [Announcement under Regulation 30 (LODR)-Allotment 27 Feb - 27-Feb-2026: Conversion of 3,162,500 warrants; 3,162,500 shares allotted; Rs.59,296,875 received.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a055dd28-560f-470f-a190-e960d97080c3.pdf) |
| 20 Feb - Submission of Newspaper Publication regarding Special Window | [Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Feb - Submission of Newspaper Publication regarding Special Window](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8891d368-2ff4-4c6e-812f-d760cbea6938.pdf) |
| 2 Mar - NICO INDIA converted warrants; allotted 960,000 shares at Rs25 on 02-03-2026; promoter stake 22.72%. | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 2 Mar - NICO INDIA converted warrants; allotted 960,000 shares at Rs25 on 02-03-2026; promoter stake 22.72%.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/D53CD92B_41E4_49F3_A73C_06DF227E716A_145020.pdf) |
| 2 Mar - Allotment of 960,000 shares at Rs25 each to promoter NICO INDIA on 27-02-2026 (conversion of warrants). | [Intimation/Disclosures Under SEBI (Prohibition Of Insider Trading) Regulations, 2015 2 Mar - Allotment of 960,000 shares at Rs25 each to promoter NICO INDIA on 27-02-2026 (conversion of warrants).](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1c422478-c2d3-475d-a9e3-2b0904860921.pdf) |
| 14 Feb - Newspaper Publication quarter ended december 31, 2025. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Feb - Newspaper Publication quarter ended december 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/797bee72-efce-4cc3-a541-2d407e53da26.pdf) |
| 14 Feb - NEWSPAPER PUBLICATION FOR THE QUARTER ENDED 31 DECEMBER 31, 2025. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Feb - NEWSPAPER PUBLICATION FOR THE QUARTER ENDED 31 DECEMBER 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0ecefd92-e75b-4e25-a926-909c94190d96.pdf) |
| 14 Feb - Allotted 1,500,000 equity shares at Rs25 each to promoter NICO INDIA CONSULTANCY LLP via conversion of warrants on 11-02-2026. | [Intimation/Disclosures Under SEBI (Prohibition Of Insider Trading) Regulations, 2015. 14 Feb - Allotted 1,500,000 equity shares at Rs25 each to promoter NICO INDIA CONSULTANCY LLP via conversion of warrants on 11-02-2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/772f4ac2-3086-434c-8f14-23a3e9296b4e.pdf) |
| — | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 16 Feb](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2EFF82F1_AB82_4ADF_85B1_6646C1A434BB_123703.pdf) |
| — | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 16 Feb](https://www.bseindia.com/xml-data/corpfiling/AttachHis/19C3E833_1605_4058_8DE7_817AB4C95777_123806.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f0ebe21f-4832-406e-986d-7728a8267490.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f44a6d79-73c0-4194-b1e0-c2424db33d75.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e6c7102d-cc14-490d-b0ec-46c52fd43845.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/542332/75309542332.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/542332/72681542332.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/542332/68131542332.pdf) |
| from bse | [Financial Year 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/542332/5423320319.pdf) |
| from bse | [Financial Year 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/542332/5423320318.pdf) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/bseplus/AnnualReport/502335/5023350313.pdf) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/bseplus/AnnualReport/502335/5023350312.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:17:22.672Z.