JSR Dynamics Unlisted Share PriceJSR Dynamics Private Limited · ₹12,250

Khagantak-243: the weapon behind the demand

A glide bomb has no engine. It is released from a fighter at altitude, unfolds its wings and glides to the target under satellite and inertial guidance, so the aircraft can strike from well outside air-defence range. Media reports put the Khagantak-243’s reach at 140 to 180 km; the IAF has not confirmed a figure.

The IAF announced on 2 September 2026 that the bomb had cleared a drop trial. Reports say it was first tested from a Su-30MKI, with integration on the MiG-29K and Mirage-2000 planned. A limited series production contract was already placed with BEL in 2025.

JSR’s wider line-up includes range-extension kits for 250-kg bombs (an iDEX award for the Air Force in 2024), a long-range precision munition for the Navy (iDEX 2023), lightweight cruise missiles and miniature ground-launched decoys.

Orders vs. revenue: read the gap

An investor note from December 2024 said JSR held a confirmed order book of about ₹1,000 crore (Indian Air Force ₹300 crore, Navy ₹300 crore, BEL ₹260 crore, exports ₹140 crore) and a further ₹5,000 crore pipeline under negotiation, with export talks in Egypt, the UAE, Armenia and the Philippines. These are company-sourced figures, not audited numbers.

The filed accounts tell a slower story. FY2025 revenue from operations was nil against that note’s projection of ₹360 crore. Most of the money so far has gone into inventory (₹123 crore at March 2025), which turns into revenue only when deliveries are accepted. FY2026 accounts were not yet public at the time of writing.

What ₹12,250 implies

On 62,57,135 shares, ₹12,250 values JSR Dynamics at ₹6,100.71 Cr. The last primary round was at ₹6,514 per share in early 2025, so today’s ask is close to 1.9 times what institutional money paid then. Price to book is about 59 times.

The quote jumped from ₹8,950 to ₹12,250 in the week to 9 October 2026, the biggest weekly move among actively tracked unlisted names. Unlisted prices are dealer quotes with no circuit limits; one revision can move the number by 30% or more, in either direction.

JSR Dynamics is not JSR Corporation or BEL

JSR Corporation is a Japanese chemicals and semiconductor-materials group with its own listed shares; it has nothing to do with this company. BEL is a listed public-sector company that partners with JSR on the Khagantak but does not own it. This page is JSR Dynamics Private Limited, ISIN INE0JFD01014.

About JSR Dynamics Private Limited unlisted shares

JSR Dynamics Private Limited is a Nagpur defence company set up in December 2018 by Air Marshal Shirish B. Deo (Retd), a former Vice Chief of the Indian Air Force. It designs and builds air-launched precision-guided munitions: long-range glide bombs, range-extension kits that turn ordinary bombs into guided ones, lightweight cruise missiles and ground-launched decoys. Its plant is at Butibori MIDC, Nagpur. The shares are not listed on NSE or BSE, so “JSR Dynamics share price” is an off-market query.

The flagship product is the Khagantak-243, a 300-kg class glide bomb with a reported stand-off range of more than 140 km. JSR designs the airframe and control systems, and Bharat Electronics (BEL) supplies the guidance electronics under a development-cum-production partnership. BEL took an IAF order for a limited number of Khagantak-243s in February 2025, and on 2 September 2026 the IAF said the weapon had cleared a drop trial with all objectives met.

ShareSaathi’s JSR Dynamics unlisted share price is ₹12,250 as of 8 Oct 2026 IST. One lot is 100 shares and the minimum investment is ₹12,25,000 at the ask (ISIN INE0JFD01014). The market cap on this page (₹6,100.71 Cr) is price × 62,57,135 shares, an unlisted estimate rather than an exchange figure.

The business is still pre-revenue. FY2025 revenue from operations was nil, the company booked a ₹2.18 crore loss, and inventory rose to ₹123 crore as it built stock ahead of deliveries. In January–February 2025 it raised about ₹167 crore through compulsorily convertible preference shares at ₹6,514 each, which cut borrowings from ₹82 crore to ₹31 crore; those CCPS converted into equity in May 2026. At today’s ask, investors are paying for future orders, not current earnings.

ShareSaathi confirms only JSR Dynamics lots it can actually settle. You pay after the desk confirms stock and transferability; the shares then credit to your demat off-market once KYC clears.