Price
Financials
Standalone, Rs crore| Dec 2021 | Mar 2022 | Dec 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.28 | 0.18 | 2.91 | 12.02 | 30.20 | 36.21 | 66.47 | 68.07 | 68.92 | 65.08 | 68.47 | 87.18 |
| Expenses | 0.41 | 0.74 | 2.15 | 9.32 | 26.98 | 32.39 | 54.43 | 58.38 | 60.76 | 54.57 | 62.32 | 75.54 |
| Operating Profit | -0.13 | -0.56 | 0.76 | 2.70 | 3.22 | 3.82 | 12.04 | 9.69 | 8.16 | 10.51 | 6.15 | 11.64 |
| OPM % | -46.43% | -311.11% | 26.12% | 22.46% | 10.66% | 10.55% | 18.11% | 14.24% | 11.84% | 16.15% | 8.98% | 13.35% |
| Other Income | 2.60 | 2.67 | 0.18 | 0.07 | 0.00 | 0.00 | 0.44 | 0.03 | -0.02 | 0.10 | 1.46 | 0.07 |
| Interest | 2.50 | 2.45 | 0.12 | 0.12 | 1.32 | 1.39 | 2.52 | 2.61 | 2.43 | 2.99 | 2.05 | 3.88 |
| Depreciation | 0.27 | 0.26 | 0.56 | 0.56 | 0.28 | 0.28 | 0.88 | 0.54 | 0.54 | 0.80 | 0.70 | 1.01 |
| Profit before tax | -0.30 | -0.60 | 0.26 | 2.09 | 1.62 | 2.15 | 9.08 | 6.57 | 5.17 | 6.82 | 4.86 | 6.82 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -0.30 | -0.61 | 0.27 | 2.09 | 1.62 | 2.15 | 9.08 | 6.57 | 5.17 | 6.82 | 4.87 | 6.81 |
| EPS in Rs | -0.23 | -0.46 | 0.20 | 1.57 | 1.22 | 1.62 | 6.84 | 4.95 | 3.89 | 5.13 | 3.67 | 5.13 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 219 | 179 | 146 | 70 | 5 | 0 | 1 | 0 | 15 | 164 | 271 | 290 |
| Expenses | 218 | 184 | 160 | 92 | 20 | 7 | 2 | 1 | 11 | 143 | 236 | 253 |
| Operating Profit | 1 | -5 | -14 | -22 | -15 | -6 | -2 | -1 | 3 | 22 | 35 | 36 |
| OPM % | 0.5% | -3.0% | -9% | -32% | -283% | -1,413% | -211% | -1,750% | 23% | 13% | 13% | 13% |
| Other Income | 0 | 11 | 25 | 25 | 12 | 11 | 11 | 7 | 0 | 0 | 2 | 2 |
| Interest | 7 | 12 | 14 | 12 | 11 | 11 | 10 | 7 | 0 | 6 | 10 | 11 |
| Depreciation | 5 | 3 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 3 | 3 |
| Profit before tax | -10 | -9 | -5 | -11 | -16 | -7 | -2 | -2 | 2 | 14 | 23 | 24 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
| Net Profit | -10 | -9 | -5 | -11 | -16 | -7 | -2 | -2 | 2 | 14 | 23 | 24 |
| EPS in Rs | -7.32 | -6.74 | -3.85 | -8.53 | -12.17 | -5.62 | -1.69 | -1.64 | 1.78 | 10.50 | 17.63 | 17.82 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 2% | 258% | 1401% | 44% | ||
| Compounded Profit Growth | 16% | 39% | 134% | 22% | ||
| Stock Price CAGR | -6% | 6% | % | % | ||
| Return on Equity | % | % | 38% | 47% |
| 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 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | |
| Reserves | -117 | -126 | -135 | -141 | -152 | -167 | -175 | -177 | 10 | 24 | 48 | |
| Borrowings | 151 | 168 | 99 | 113 | 105 | 118 | 128 | 139 | 70 | 116 | 206 | |
| Other Liabilities | 45 | 48 | 114 | 108 | 87 | 70 | 63 | 54 | 5 | 12 | 17 | |
| Total Liabilities | 93 | 102 | 91 | 94 | 53 | 34 | 30 | 29 | 99 | 165 | 284 | |
| Fixed Assets | 39 | 35 | 33 | 29 | 26 | 24 | 23 | 22 | 55 | 67 | 89 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 10 | 46 | |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| Other Assets | 54 | 67 | 58 | 64 | 27 | 10 | 7 | 7 | 40 | 88 | 148 | |
| Total Assets | 93 | 102 | 91 | 94 | 53 | 34 | 30 | 29 | 99 | 165 | 284 |
| 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 | -0 | 3 | 9 | -16 | 4 | -2 | -0 | -0 | 4 | -76 | -18 | -22 |
| Cash from Investing Activity | 0 | -1 | -1 | 15 | 16 | 1 | 0 | 0 | 0 | -10 | -19 | -61 |
| Cash from Financing Activity | -1 | -2 | -8 | 1 | -21 | 2 | 0 | 0 | 0 | 82 | 39 | 79 |
| Net Cash Flow | -1 | 0 | 0 | -1 | -0 | 0 | 0 | 0 | 4 | -4 | 2 | -3 |
| Free Cash Flow | -0 | 2 | 9 | -2 | 19 | -2 | -0 | -0 | 4 | -85 | -38 | -81 |
| CFO/OP | -6% | 248% | -174% | 118% | -19% | 15% | 6% | 2% | -314% | -2,208% | -82% | -62% |
| 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 | 68 | 56 | 77 | 101 | 62 | 115 | 1,032 | 624 | 297 | 81 | 78 | |
| Inventory Days | 61 | 60 | 48 | 59 | 79 | 302 | 508 | 1,624 | 530 | 112 | 126 | |
| Days Payable | 109 | 125 | 166 | 207 | 342 | 2,306 | 6,678 | 26,354 | 169 | 27 | 23 | |
| Cash Conversion Cycle | 20 | -10 | -41 | -46 | -201 | -1,888 | -5,139 | -24,106 | 658 | 166 | 180 | |
| Working Capital Days | -77 | -12 | -161 | -164 | -455 | -7,340 | -105,009 | -73,038 | 50 | -1 | 1 | |
| ROCE % | -12% | -6% | 20% | 16% | 16% |
| Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 72.64% | 72.64% | 72.64% | 72.64% | 72.66% | 72.64% | 72.64% | 72.64% | 72.64% | 72.38% | 72.38% | 72.38% |
| DIIs | 4.70% | 4.70% | 4.73% | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% |
| Public | 22.66% | 22.66% | 22.63% | 22.66% | 22.64% | 22.66% | 22.66% | 22.66% | 22.66% | 22.92% | 22.92% | 22.92% |
| No. of Shareholders | 14,063 | 14,064 | 14,076 | 14,076 | 14,076 | 14,062 | 14,032 | 13,997 | 13,961 | 14,035 | 14,304 | 14,882 |
Fundamentals
Market Cap₹ 4.57 Cr.
Current Price₹ 3.44
Stock P/E0.19
Book Value₹ 46.0
ROCE16.0 %
ROE47.5 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)44%
Compounded Profit Growth (TTM)22%
Standalone figures.
Profitability
Operating margin (excl. other income)12.76%
Operating margin (incl. other income)13.34%
EBITDA margin13.14%
Pre-tax margin8.17%
Net profit margin8.17%
Net margin, latest quarter7.81%
ROE47.48%
ROCE15.95%
ROA10.44%
ROE, 3-year average34.33%
ROCE, 3-year average11.70%
ROA, 3-year average7.79%
ROE, 5-year average26.09%
ROCE, 5-year average11.70%
ROA, 5-year average3.95%
ROIC (approx.)13.15%
Other income / net worth2.57%
Growth
Sales growth (latest year)64.65%
Profit growth (latest year)67.89%
Sales CAGR, 3 years1401.00%
Sales CAGR, 5 years258.01%
Sales growth QoQ27.33%
Profit growth QoQ39.84%
Sales growth YoY (latest quarter)28.07%
Profit growth YoY (latest quarter)3.65%
Per share
EPS (TTM)Rs 17.82
EPS (latest quarter)Rs 5.13
Book value per shareRs 45.95
Sales per shareRs 218.03
Cash flow per shareRs -16.27
Free cash flow per shareRs -60.97
Efficiency
Asset turnover0.95x
Fixed asset turnover3.04x
Inventory turnover2.90x
Inventory days126 days
Debtor days78 days
Debtors turnover4.69x
Creditor days23 days
Cash conversion cycle180 days
Working capital days1 days
Leverage
Total debtRs 206 Cr
Cash and bankRs 1 Cr
Net debtRs 205 Cr
Debt to equity3.37x
Net debt / EBITDA5.39x
Interest coverage3.09x
Owners' fund to total sources21.52%
Debt to assets72.56%
Cash flow
Cash from Operating Activity (latest year)Rs -22 Cr
Cash from Investing Activity (latest year)Rs -61 Cr
Cash from Financing Activity (latest year)Rs 79 Cr
Net Cash Flow (latest year)Rs -3 Cr
Free cash flow (latest year)Rs -81 Cr
FCFE (approx.: FCF + change in debt)Rs 9 Cr
Cash from ops / profit, 5 years-3.20x
Statement figures
Net sales (TTM)Rs 290 Cr
Net sales (latest year)Rs 271 Cr
Sales (latest quarter)Rs 87 Cr
Operating profit excl. other income (latest year)Rs 35 Cr
Operating profit (latest quarter)Rs 12 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 38 Cr
PBDT (TTM)Rs 27 Cr
Profit before tax (TTM)Rs 24 Cr
Net profit (TTM)Rs 24 Cr
Net profit (latest year)Rs 23 Cr
Net profit (latest quarter)Rs 7 Cr
Depreciation (TTM)Rs 3 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 11 Cr
Cost of goods sold (latest year)Rs 214 Cr
Total expenditure (latest year)Rs 236 Cr
Total income (latest year)Rs 272 Cr
Share capitalRs 13 Cr
ReservesRs 48 Cr
Shareholders' fundsRs 61 Cr
Total assetsRs 284 Cr
Net blockRs 89 Cr
Capital work in progressRs 46 Cr
InvestmentsRs 1 Cr
ReceivablesRs 58 Cr
InventoryRs 74 Cr
Other liabilitiesRs 17 Cr
Shares outstanding (crore)1.33
Ownership
Promoter holding72.38% (-0.26 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
Not enough price history.
Red flags
F-score 2 of 8| explain | Weak cash conversion Cash from operations was -291% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 16% of total assets 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 ₹87 Cr +28.1% vs Jun 2025.
Net profit ₹7 Cr +3.7%.
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.