JSR Dynamics Market Cap: ₹2,760 Cr, Not ₹7,665 Cr

Look up JSR Dynamics on most unlisted-share websites and you will see a market cap of about ₹7,665 crore. That number is wrong by a factor of almost three. At ₹12,250 a share, JSR's equity is worth about ₹2,760 crore. Here is why, and why it matters before you buy.

We showed the higher figure on our own page until this week. We have corrected it, and this article explains the correction.

Two numbers, one share price

Market cap is simply the share price multiplied by the number of shares. The disagreement is about the second number.

Method	Shares used	Market cap at ₹12,250
All share classes added together	62,57,135	about ₹7,665 crore
Equity shares only	22,52,877	about ₹2,760 crore

The 62,57,135 figure is real. It is JSR's total paid-up share count, and it matches the paid-up capital of ₹6.26 crore at ₹10 a share. But it adds up three different kinds of shares, and only one of them is the equity that trades at ₹12,250.

JSR's three kinds of shares

Share class	Number	What it is
Equity shares	22,52,877	Ordinary shares, ISIN INE0JFD01014. This is what unlisted buyers get.
Redeemable preference shares	40,00,000	Held by promoters; they have their own ISINs and are meant to be paid back, not to share in growth
CCPS not yet converted	4,258	Left over from the 2025 round; will become equity
Total	62,57,135

The equity count comes from two steps:

Before the 2025 funding round, JSR had 20,00,400 equity shares. The registered valuer's report behind the round valued the company on exactly that number.
In January and February 2025 it sold 2,56,735 compulsorily convertible preference shares (CCPS) at ₹6,514 each, raising about ₹167 crore. On May 13, 2026, 2,52,477 of them converted into equity, taking the equity count to 22,52,877.

The 40 lakh preference shares were already on the books before the round (FY2024 share capital was ₹6.00 crore, which is 60,00,400 shares). According to NSDL records cited in an October 2026 research note, the equity ISIN and a 10% preference-share ISIN are active, and several older preference ISINs are suspended or deleted.

Three checks that confirm it

Earnings per share. JSR's audited FY2026 profit was ₹2.31 crore and its reported EPS was ₹11.54. Divide one by the other and you get about 20 lakh shares, the equity count, not 62 lakh. FY2025 tells the same story: a ₹2.18 crore loss and EPS of −₹10.90.
The founder's stake. On the full 62.57 lakh count, Air Marshal Shirish Deo (Retd) appears to own about 18%. On the FY2025 equity register he owned about 57%. Both describe the same roughly 11.4 lakh shares; only the denominator changes.
The funding round. The valuer priced the 2025 round at about ₹1,303 crore before the new money and about ₹1,533 crore after it. Those numbers work only on the equity count. On 62 lakh shares, ₹6,514 a share would have implied a ₹4,000 crore-plus valuation that nobody paid.

What the ratios look like once you fix the share count

At ₹12,250	All classes (wrong)	Equity only (right)
Market cap	₹7,665 crore	₹2,760 crore
Price to book	about 59x	about 22x
Price to FY2026 earnings	not meaningful	about 1,060x
Versus 2025 round (post-money ₹1,533 crore)	5x	1.8x

Book value here is FY2026 shareholders' funds of ₹131.34 crore, less ₹4 crore of preference capital, divided by the equity shares: about ₹565 a share.

The corrected numbers do not make JSR cheap. It still has no revenue from operations, and its FY2026 profit came from a grant and interest income (see the FY26 results). But a ₹2,760 crore company and a ₹7,665 crore company need very different futures to justify their prices.

How it compares with listed defence names

For context, here is where two listed defence-electronics companies traded in late September 2026 (Screener data, September 25, 2026):

Company	Market cap	Revenue (last 12 months)	Profit (last 12 months)	P/E
Zen Technologies	₹15,190 crore	₹671 crore	₹197 crore	about 84x
Paras Defence	₹10,670 crore	₹511 crore	₹96 crore	about 115x
JSR Dynamics (unlisted, at ₹12,250)	₹2,760 crore	nil	₹2.31 crore	about 1,060x

If JSR eventually earned ₹50 crore a year, ₹2,760 crore would be about 55 times earnings, in line with listed peers. At ₹100 crore, about 28 times. On the wrong ₹7,665 crore figure, the same ₹100 crore of profit would mean 77 times. That is the difference the share count makes.

Who owns the equity

On the FY2025 equity register, before the CCPS converted:

Holder	Share of equity
Air Marshal Shirish B. Deo (Retd), founder	57.0%
Prafulla, Gautam, Kartik and Rohit Kale	8.1% each (32.4%)
Mahesh Panwar	6.0%
Others	about 4.3%

The May 2026 conversion added about 2.5 lakh new equity shares, roughly 11% of the enlarged total, held by the CCPS investors (mostly Kale family members plus a few hundred outside investors, by one estimate). Promoters still control the large majority of the equity, which is why so little stock trades and why the quote can jump in big steps.

What this means if you are buying

Check the ISIN. JSR's equity ISIN is INE0JFD01014. Preference shares have different ISINs and are not the same investment. If someone offers JSR "shares" well below the equity quote, ask which ISIN.
Use the equity market cap when comparing JSR with other companies. ₹2,760 crore is the right starting point.
Do not read too much into the lower number. Fixing the share count makes the valuation more sensible, but the price still assumes years of deliveries that have not shown up in the accounts.

Live price and the corrected market cap are on the JSR Dynamics share page. For the business behind the number, read our JSR Dynamics deep dive.

Disclaimer: This article is for information and education only and is not investment advice. Share counts are from MCA filings (Form PAS-3, May 13, 2026), the company's audited statements and NSDL records as cited in a Priveq research note (October 2026); shareholding is the FY2025 equity register as published by UnlistedZone. Peer data is from Screener as of September 25, 2026. Market caps and ratios are ShareSaathi's own calculations. Unlisted shares are illiquid, prices are indicative dealer quotes, and a listing is never guaranteed. Data as of October 27, 2026. Please consult a SEBI-registered investment adviser before investing.