Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5.32 | 6.07 | 7.12 | 6.27 | 7.63 | 8.19 | 8.09 | 6.84 | 8.93 | 8.39 | 9.85 | 8.71 |
| Expenses | 5.51 | 6.04 | 7.09 | 6.05 | 7.00 | 7.48 | 7.34 | 6.49 | 8.25 | 7.45 | 7.73 | 7.91 |
| Operating Profit | -0.19 | 0.03 | 0.03 | 0.22 | 0.63 | 0.71 | 0.75 | 0.35 | 0.68 | 0.94 | 2.12 | 0.80 |
| OPM % | -3.57% | 0.49% | 0.42% | 3.51% | 8.26% | 8.67% | 9.27% | 5.12% | 7.61% | 11.20% | 21.52% | 9.18% |
| Other Income | 0.00 | -0.04 | 0.21 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.26 | 0.00 |
| Interest | 0.37 | 0.39 | 0.44 | 0.28 | 0.32 | 0.37 | 0.36 | 0.33 | 0.32 | 0.29 | 0.24 | 0.27 |
| Depreciation | 0.06 | 0.07 | 0.09 | 0.15 | 0.16 | 0.17 | 0.16 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 |
| Profit before tax | -0.62 | -0.47 | -0.29 | -0.21 | 0.15 | 0.17 | 0.24 | -0.10 | 0.22 | 0.52 | 2.00 | 0.39 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.50% | 0.00% |
| Net Profit | -0.62 | -0.47 | -0.29 | -0.21 | 0.15 | 0.17 | 0.24 | -0.11 | 0.22 | 0.51 | 1.87 | 0.39 |
| EPS in Rs | -0.14 | -0.11 | -0.07 | -0.05 | 0.03 | 0.04 | 0.06 | -0.03 | 0.05 | 0.12 | 0.44 | 0.09 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34.86 | 40.56 | 27.46 | 22.79 | 16.75 | 18.33 | 22.81 | 21.30 | 23.75 | 30.18 | 34.00 | 35.88 |
| Expenses | 32.34 | 45.38 | 30.18 | 29.89 | 18.48 | 19.63 | 22.95 | 20.63 | 23.44 | 27.86 | 29.92 | 31.34 |
| Operating Profit | 2.52 | -4.82 | -2.72 | -7.10 | -1.73 | -1.30 | -0.14 | 0.67 | 0.31 | 2.32 | 4.08 | 4.54 |
| OPM % | 7.23% | -11.88% | -9.91% | -31.15% | -10.33% | -7.09% | -0.61% | 3.15% | 1.31% | 7.69% | 12.00% | 12.65% |
| Other Income | 0.33 | 0.06 | 0.10 | 0.02 | 0.01 | 0.06 | 0.09 | 16.28 | 1.98 | 0.01 | 0.28 | 0.27 |
| Interest | 3.67 | 1.05 | 1.03 | 0.71 | 0.60 | 0.64 | 0.66 | 0.82 | 1.55 | 1.33 | 1.18 | 1.12 |
| Depreciation | 0.64 | 0.40 | 0.72 | 0.68 | 0.66 | 0.45 | 0.26 | 0.23 | 0.28 | 0.65 | 0.55 | 0.56 |
| Profit before tax | -1.46 | -6.21 | -4.37 | -8.47 | -2.98 | -2.33 | -0.97 | 15.90 | 0.46 | 0.35 | 2.63 | 3.13 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.94% | |
| Net Profit | -1.46 | -6.21 | -4.37 | -8.47 | -2.98 | -2.33 | -0.97 | 15.90 | 0.46 | 0.35 | 2.49 | 2.99 |
| EPS in Rs | -0.34 | -1.45 | -1.02 | -1.97 | -0.69 | -0.54 | -0.23 | 3.70 | 0.11 | 0.08 | 0.58 | 0.70 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 0% | 13% | 17% | 17% | ||
| Compounded Profit Growth | 14% | 25% | -46% | 550% | ||
| Stock Price CAGR | % | 45% | % | 14% | ||
| Return on Equity | % | % | % | % |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 | 4.30 |
| Reserves | -7.26 | -8.72 | -16.08 | -20.45 | -28.93 | -31.91 | -34.24 | -35.21 | -19.31 | -18.85 | -18.49 | -16.00 |
| Borrowings | 25.45 | 27.36 | 26.45 | 22.71 | 22.12 | 22.01 | 22.23 | 22.34 | 12.54 | 15.49 | 16.66 | 17.50 |
| Other Liabilities | 2.04 | 3.81 | 9.17 | 12.40 | 13.09 | 13.60 | 16.54 | 16.36 | 9.35 | 7.94 | 6.86 | 6.81 |
| Total Liabilities | 24.53 | 26.75 | 23.84 | 18.96 | 10.58 | 8.00 | 8.83 | 7.79 | 6.88 | 8.88 | 9.33 | 12.61 |
| Fixed Assets | 5.87 | 5.64 | 5.49 | 4.84 | 4.16 | 3.50 | 3.15 | 2.93 | 2.76 | 3.76 | 3.32 | 3.37 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 |
| Investments | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 |
| Other Assets | 18.59 | 21.04 | 18.28 | 14.05 | 6.35 | 4.42 | 5.59 | 4.77 | 4.03 | 5.03 | 5.92 | 9.10 |
| Total Assets | 24.53 | 26.75 | 23.84 | 18.96 | 10.58 | 8.00 | 8.83 | 7.79 | 6.88 | 8.88 | 9.33 | 12.61 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -1.36 | 1.31 | 3.68 | -0.53 | 1.33 | 0.68 | 0.69 | 1.25 | 10.63 | -2.51 | 0.88 | 1.26 |
| Cash from Investing Activity | 0.49 | -0.69 | -0.22 | 0.03 | 0.03 | 0.00 | -0.09 | -0.03 | -0.07 | 0.85 | -0.20 | -0.65 |
| Cash from Financing Activity | 1.56 | -0.70 | -3.46 | -0.24 | -1.26 | -0.76 | -0.63 | -1.25 | -10.58 | 1.72 | -0.71 | -0.08 |
| Net Cash Flow | 0.69 | -0.08 | 0.01 | -0.74 | 0.10 | -0.09 | -0.03 | -0.03 | -0.01 | 0.06 | -0.03 | 0.53 |
| Free Cash Flow | -0.87 | 0.62 | 3.42 | -0.59 | 1.33 | 0.68 | 0.59 | 1.21 | 10.56 | -1.66 | 0.68 | 0.62 |
| CFO/OP | -38% | 52% | -76% | 19% | -19% | -39% | -53% | -893% | 1,587% | -810% | 38% | 31% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 100.98 | 127.95 | 101.78 | 101.15 | 42.92 | 23.97 | 32.86 | 31.52 | 26.56 | 27.66 | 31.69 | 46.81 |
| Inventory Days | 86.25 | 82.54 | 55.39 | 62.69 | 42.40 | 50.11 | 64.43 | 49.09 | 50.69 | 59.45 | 46.30 | 59.87 |
| Days Payable | 21.81 | 32.64 | 64.00 | 67.85 | 95.94 | 153.34 | 45.81 | 33.35 | 49.94 | 37.10 | 62.14 | 71.11 |
| Cash Conversion Cycle | 165.42 | 177.85 | 93.17 | 96.00 | -10.62 | -79.26 | 51.47 | 47.26 | 27.31 | 50.01 | 15.85 | 35.57 |
| Working Capital Days | 61.71 | 88.16 | -162.61 | -282.32 | -466.86 | -656.56 | -623.07 | -514.78 | -147.71 | -90.67 | -130.62 | -93.61 |
| ROCE % | 14.56% | 9.73% | -27.44% | -31.46% | -383.21% | 99.12% | 92.14% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 93.51% | 93.51% | 93.51% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 58.71% | 58.71% | 58.71% | 58.71% |
| DIIs | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Public | 6.46% | 6.46% | 6.47% | 24.97% | 24.98% | 24.97% | 24.98% | 24.98% | 41.28% | 41.27% | 41.27% | 41.28% |
| No. of Shareholders | 6,829 | 6,829 | 6,782 | 7,424 | 7,651 | 7,834 | 7,819 | 7,841 | 8,776 | 8,702 | 8,528 | 8,577 |
Fundamentals
Market Cap₹ 79.5 Cr.
Current Price₹ 18.5
Stock P/E26.6
Book Value₹ -2.72
ROCE92.1 %
ROE%
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)550%
Standalone figures.
Valuation
Market capRs 78 Cr
Enterprise valueRs 95 Cr
P/E (TTM)26.07x
Price to book-6.66x
Price to sales2.17x
EV / EBITDA19.82x
EV / EBIT22.43x
EV / sales2.66x
Price to cash flow61.85x
Earnings yield3.84%
P/E, 3-year average134.58x
P/B, 3-year average-5.36x
P/E, 5-year average101.21x
P/B, 5-year average-3.57x
Profitability
Operating margin (excl. other income)12.00%
Operating margin (incl. other income)12.82%
EBITDA margin13.41%
Pre-tax margin8.72%
Net profit margin8.33%
Net margin, latest quarter4.48%
ROE-19.24%
ROCE92.14%
ROA22.70%
ROE, 3-year average-8.26%
ROCE, 3-year average95.34%
ROA, 3-year average10.79%
ROE, 5-year average-18.17%
ROCE, 5-year average95.34%
ROA, 5-year average47.50%
ROIC (approx.)71.00%
Tax rate4.94%
Other income / net worth-2.39%
Growth
Sales growth (latest year)12.66%
Profit growth (latest year)611.43%
Sales CAGR, 3 years16.87%
Sales CAGR, 5 years13.15%
Profit CAGR, 3 years-46.10%
Sales growth QoQ-11.57%
Profit growth QoQ-79.14%
Sales growth YoY (latest quarter)27.34%
Per share
EPS (TTM)Rs 0.70
EPS (latest year)Rs 0.58
EPS (latest quarter)Rs 0.09
EPS, 3-year averageRs 0.26
EPS, 5-year averageRs 0.85
Book value per shareRs -2.72
Sales per shareRs 8.35
Cash flow per shareRs 0.29
Free cash flow per shareRs 0.14
Efficiency
Asset turnover2.70x
Fixed asset turnover10.09x
Inventory turnover6.10x
Inventory days60 days
Debtor days47 days
Debtors turnover7.80x
Creditor days71 days
Cash conversion cycle36 days
Working capital days-94 days
Leverage
Total debtRs 18 Cr
Cash and bankRs 0 Cr
Net debtRs 17 Cr
Debt to equity-1.50x
Net debt / EBITDA3.62x
Interest coverage3.79x
Owners' fund to total sources-92.78%
Debt to assets138.78%
Cash flow
Cash from Operating Activity (latest year)Rs 1 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs -0 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs 1 Cr
FCFE (approx.: FCF + change in debt)Rs 1 Cr
Cash from ops / profit, 5 years0.63x
Sales to cash flow26.98x
Statement figures
Net sales (TTM)Rs 36 Cr
Net sales (latest year)Rs 34 Cr
Sales (latest quarter)Rs 9 Cr
Operating profit excl. other income (latest year)Rs 4 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 5 Cr
PBDT (TTM)Rs 4 Cr
Profit before tax (TTM)Rs 3 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 3 Cr
Net profit (latest year)Rs 2 Cr
Net profit (latest quarter)Rs 0 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 23 Cr
Total expenditure (latest year)Rs 30 Cr
Total income (latest year)Rs 34 Cr
Share capitalRs 4 Cr
ReservesRs -16 Cr
Shareholders' fundsRs -12 Cr
Total assetsRs 13 Cr
Net blockRs 3 Cr
Capital work in progressRs 0 Cr
InvestmentsRs 0 Cr
ReceivablesRs 4 Cr
InventoryRs 4 Cr
Other liabilitiesRs 7 Cr
Shares outstanding (crore)4.30
Ownership
Promoter holding58.71% (-16.29 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 26.1 is at the 17th percentile of its own 2.5-year range
(median 134.5, low 2.0, high 228.6).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | 500421 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.3% | -2.8% | -0.5 pts |
| 1 month | -9.1% | -6.8% | -2.3 pts |
| 3 months | +5.6% | -7.6% | +13.2 pts |
| 3 years | +342.4% | +14.2% | +328.3 pts |
| 5 years | +517.0% | +27.9% | +489.1 pts |
Red flags
F-score 6 of 8| serious | Negative equity Shareholders' equity is negative |
| explain | Weak cash conversion Cash from operations was -11% of net profit over the last 3 years |
| explain | Receivables outrunning sales Receivables grew 66% vs sales +13% in 2026 |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹9 Cr +27.3% vs Jun 2025.
Net profit ₹0 Cr +454.5%.
Activity
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No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Quick answers
What is the market cap of TPI India Ltd?
TPI India Ltd (500421) has a market capitalisation of Rs 79.5 Cr. at the 2026-10-01 close.
What is the P/E ratio of TPI India Ltd?
TPI India Ltd trades at a P/E of 26.6 on trailing twelve-month profit, at the 2026-10-01 close.
What were TPI India Ltd's latest quarterly results?
In the Jun 2026 quarter, TPI India Ltd sales was Rs 9 Cr (+27.3% vs Jun 2025) and net profit was Rs 0 Cr.