Janashakthi Limited · CSELK:JXG.N0000
Janashakthi — IPO Roadshow (April 2026)
29 slides from Janashakthi's IPO roadshow presentation, Apr 7, 2026
Slide 1: Janashakthi Limited IPO Report
JANASHAKTHI LIMITED EQUITY | SRI LANKA | DIVERSIFIED FINANCIALS IPO Report | 07 Apr 2026 SUBSCRIBE Offer price : LKR 10.0 per share Important Disclosures: • Janashakthi Limited is the holding company of First Capital Holdings PLC. • First Capital Advisory Services (Private) Limited, which is a sub-s
Slide 2: Table of Contents
TABLE OF CONTENTS COMPANY HIGHLIGHTS 01 OFFER SUMMARY 02 INVESTMENT RATIONALE 03 OBJECTIVES OF THE IPO 04 VALUATION 05 APPENDICES 06 DIRECTOR PROFILES 07 First Capital Research 2
Slide 3: Company Highlights
COMPANY HIGHLIGHTS First Capital Research 3
Slide 4: Company highlights
Company highlights Janashakthi Limited (JXG) is a leading diversified financial services conglomerate in Sri Lanka, with strategic interests spanning across insurance, investment banking, and non-bank financial services (NBFI). History & Transformation: • Founded in 1992 with the establishment of Ja
Slide 5: Company highlights cont'd
Company highlights cont’d… JXG delivers its operations through a dynamic portfolio of listed and unlisted subsidiaries, strategically anchored by three flagship listed entities that form the core of the Group’s business strength. 92.84% 74.23% 58.02% Janashakthi Finance PLC Janashakthi Insurance PLC
Slide 6: Offer Summary
OFFER SUMMARY First Capital Research 6
Slide 7: Offer summary
Offer summary IPO Snapshot Existing shareholder details and allotment structure Price per share LKR 10.0 Shareholder Name Pre IPO Post IPO Offer size Number of % of Number of % of LKR 5.0 Bn Shares Ownership Shares Ownership Equity stake 21.74% Schaffters (Pvt) Ltd 1,430,000,000 79.44% 1,430,000,000
Slide 8: Investment Rationale
INVESTMENT RATIONALE First Capital Research 8
Slide 9: JXG expected 5-year earnings CAGR of 11.1% with steady ROE
JXG is expected to deliver a 5-year earnings CAGR of 11.1% with a steady c. 19.0% ROE JXG’s expected earnings growth and ROE LKR Mn 6,000.0 35.0% 32.6% 5,340 4,878 30.0% “JXG’s focused financial services 5,000.0 4,470 strategy drives stable earnings 4,148 3,839 25.0% through FY26E–FY30E, even 4,000.
Slide 10: Janashakthi Insurance anchors earnings through stable, investment-driven returns
Janashakthi Insurance anchors earnings through stable, investment-driven returns Forecasted Gross Written Premium and Investment Income of Janashakthi Insurance PLC FCR expects Janashakthi Insurance’s investment income LKR Mn 12,000.0 to total income ratio will reach 32.3% by 2030E 11,205 10,720 10,
Slide 11: First Capital benefits from a larger book and favorable rate dynamics
First Capital benefits from a larger book and favorable rate dynamics Notwithstanding the volatile rates, CFVF continues to deliver Capitalizing on FY23 profitability, CFVF continues to develop shareholder value its book supporting profits LKR Mn LKR Mn 30,000.0 140,000.0 90.0% 29,564 78.7% 80.0% 25
Slide 12: Loan growth moderates, but Janashakthi Finance captures FY26 momentum
Loan growth moderates, but Janashakthi Finance captures FY26 momentum Amidst an expected modest growth in loan book due to the projected Expectations for AWPR rise in interest rates, Janashakthi Finance will secure FY26 momentum LKR Mn 600.0 564.5 50.0% 34.0% 524.4 40.8% 40.0% 29.0% 500.0 441.4 398.
Slide 13: Transition to stable, investment-led model with 50% payout
The group is transitioning from volatile earnings to a stable, investment-led model with a 50.0% payout ensures consistent dividends through market cycles JXG expected to pay 50% of its profits between FY26E-FY30E FCR expects JXG will continue to generate >10.0% dividend yield during the forecasted
Slide 14: Objectives of the IPO
OBJECTIVES OF THE IPO First Capital Research 14
Slide 15: Higher growth aspirations through overseas expansion
Higher growth aspirations through overseas expansion LKR 500.0Mn of the IPO funds to be utilized in JXG’s overseas expansion JXG intends to utilize LKR 500.0Mn of the IPO funds to expand its business outside Sri Lanka, aligning with the group’s strategic objective of diversifying its geographic foot
Slide 16: Vision to drive future growth through strategic excellence
Vision to drive future growth through strategic excellence Expansion Across General Insurance, Microfinance, and Non-Bank Financial Services LKR 3.5Bn of the IPO funds to be utilized in JXG’s expansion across insurance, micro finance, and NBFIs Capitalization of newly incorporated or newly acquired
Slide 17: Aim on financial stability while lowering JXG's gearing
Aim on financial stability while lowering JXG’s gearing LKR 1.0Bn of the IPO funds to be utilized for debt retirement Reduce finance costs and interest expenses at Janashakthi Limited. Out of the current outstanding debt of JXG, LKR 1.0Bn will be settled through the IPO funds. Improve, gearing, leve
Slide 18: Valuation
VALUATION First Capital Research 18
Slide 19: FCR's independent SOTP valuation suggests 66% annualized return
Valuation: FCR’s independent valuation derived from SOTP based valuation suggests a 66% total annualized return Valuation Summary Valuation Table Expected JXG price FY27E P/E 31 March FY22 FY23 FY24 FY25 FY26E FY27E FY28E SOTP based target price 15.2 Estimates (LKR 'Mn) Target Price after Rounding o
Slide 20: SOTP Valuation
SOTP Valuation Entity Valuation technique Equity value of the company (LKR Mn) Effective ownership Janashakthi Insurance PLC Justified PBV 21,289.4 74.23% First Capital Holdings PLC Justified PBV 11,824.9 58.02% Janashakthi Finance PLC Residual Income method 4,861.1 93.44% Equity value 37,975.4 (+)
Slide 21: Appendices
APPENDICES First Capital Research 21
Slide 22: Income statement forecast
Income statement forecast STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP (LKR Mn) (LKR Mn) FY22 FY23 FY24 FY25 FY26E FY27E FY28E FY29E Total Revenue 10,552 22,269 37,921 24,762 29,234 33,233 35,740 39,022 Cost of sales and direct expenses (3,513) (12,670) (12,784) (10,010) (11,05
Slide 23: Balance sheet forecast
Balance sheet forecast STATEMENT OF FINANCIAL POSITION- GROUP (LKR Mn) FY22 FY23 FY24 FY25 FY26E FY27E FY28E Assets Property, plant & equipment 389 348 882 1,496 1,711 1,766 1,797 Investment property 2,875 6,522 5,678 5,660 5,660 5,660 5,660 Right of use of assets 665 664 916 725 582 716 857 Intangi
Slide 24: Balance sheet forecast cont'd
Balance sheet forecast cont’d… STATEMENT OF FINANCIAL POSITION- GROUP (LKR Mn) FY22 FY23 FY24 FY25 FY26E FY27E FY28E Liabilities and equity Liabilities Interest bearing loans & borrowings 28,498 28,304 23,522 29,585 18,885 19,184 18,349 Deposits from customers 9,204 10,759 13,556 15,904 24,282 23,66
Slide 25: Director Profiles
DIRECTOR PROFILES First Capital Research 25
Slide 26: Director profiles
Director profiles CHANDANA DE SILVA RAMESH SCHAFFTER PRAKASH SCHAFFTER SALIYA WICKRAMASURIYA Group Chairman Managing Director/ Group CEO (JXG) Deputy Chairman Independent Non-Executive Director Chandana de Silva holds a BSc in Mathematics Ramesh Schaffter brings over 30 years of Prakash Schaffter is
Slide 27: Director profiles cont'd
Director profiles cont’d… NATHAN SIVAGANANATHAN MANJULA MATHEWS MINETTE PERERA VISHNU BALACHANDRAN Independent Non-Executive Director Non-Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Piranavan Sivagananathan is a Singapore- Manjula Mathews
Slide 28: Disclaimer
This Review is prepared and issued by First Capital Holdings PLC based on information in the public domain, internally developed and other sources, believed to be correct. Although all reasonable care has been taken to ensure the contents of the review are accurate, First Capital Holdings PLC and/or
Slide 29: Thank you!
Thank you! “S U C C E S S F U L I N V E S T M E N T S I S A B O U T MANAGING RISKS” Contact Us First Capital Holdings PLC No: 02, Deal Place, Colombo 00300, Sri Lanka. E: research@firstcapital.lk Logo, icon Description automatically generated Dimantha Mathew Charith Gamage Ranjan Ranatunga Chief Res