Jayaswal Neco - Bullish at CMP after 18 yrs breakout!Jayaswal Neco Industries LimitedNSE:JAYNECOINDThe-Breakout-TraderStock has successfully given breakout above 83 level, after 18 years. It has also retested in a textbook style and is on the way to going up. Once it crosses the previous high, stock can be in a multi-year uptrend for the next 6-7 years. Target will be 3200-3400 in the next 7 years. About Fundamentals of the company: Promoter integrity: mixed and permanently marked. They never sold a share through six loss years and an NCLT filing, accepted 31% equity dilution to ACRE rather than exit, signed personal guarantees, and are subscribing Rs 200 crore of warrants at Rs 89.13. Against that: MD Ramesh Jayaswal convicted 9 Dec 2024, three-year sentence suspended by the Delhi High Court on 1 Aug 2025 with the appeal live; Rs 307.58 crore of company property under ED attachment with the ED's appeal pending in the Supreme Court; 99.9% of promoter holding pledged to Vistra ITCL. Balance Sheet: Healthy, and that is the strongest fact in the whole file. Six years ago this company was a solvency case; today secured debt to EBITDA is 1.55 times, the interest bill has halved, an investment grade rating is in place, and the operating cash flow test that most turnaround stories fail is passed convincingly. Rs 1,367 crore of CFO against Rs 463 crore of reported PAT is the signature of real earnings, not manufactured ones. A genuinely repaired balance sheet attached to a promoter file that will never fully clear. A deleveraging trade graduating into a re-rating, not a compounder. Buy it small; the size is the discipline. Basant Lall Shaw started with a small iron foundry in Nagpur in 1976, shifting the family casting business out of Kolkata. The bet was unglamorous and correct: make the castings India needed, then walk backwards up the supply chain until you own the ore. He got there. A blast furnace at Siltara in 1996, a steel melt shop by 2004, a pellet plant and heavy bar mill by 2014, and by 2023 one hundred percent of iron ore drawn from two captive Chhattisgarh mines leased under the old regime, under 300 km from the plant. That ore is the moat, and it is real. The trouble was what funded it. The build was financed against captive coal blocks the Supreme Court cancelled in September 2014 and against ore mines that insurgency kept shut for years. Revenue arrived late; interest did not. Reserves fell from Rs 1,579 crore in FY15 to minus Rs 2,001 crore in FY21, and SBI filed at the NCLT in 2018. Eleven banks sold the debt to ACRE, the Bank of America backed reconstruction firm, which restructured Rs 5,661 crore in September 2021 and took roughly 31 percent of the equity for it, diluting shareholders from 63.9 crore shares to 97.1 crore. That is the promoter integrity record in one line: they did not run, they did not sell a share, they signed personal guarantees, and they handed a third of the company to a creditor to keep the gates open.