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 | 1.69 | 1.52 | 2.25 | 2.02 | 2.09 | 1.40 | 2.02 | 2.34 | 3.45 | 6.64 | 2.31 | 1.58 |
| Expenses | 1.51 | 1.35 | 2.29 | 1.97 | 2.04 | 1.50 | 2.23 | 2.60 | 3.97 | 5.45 | 2.56 | 2.65 |
| Operating Profit | 0.18 | 0.17 | -0.04 | 0.05 | 0.05 | -0.10 | -0.21 | -0.26 | -0.52 | 1.19 | -0.25 | -1.07 |
| OPM % | 10.65% | 11.18% | -1.78% | 2.48% | 2.39% | -7.14% | -10.40% | -11.11% | -15.07% | 17.92% | -10.82% | -67.72% |
| Other Income | 0.04 | -0.00 | 0.31 | 0.13 | 0.16 | 0.26 | 0.17 | 0.15 | 0.11 | 0.11 | 0.17 | 0.17 |
| Interest | 0.03 | 0.01 | 0.03 | 0.03 | 0.02 | 0.02 | 0.04 | 0.07 | 0.04 | 0.02 | 0.19 | 0.02 |
| Depreciation | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.15 | 0.16 | 0.18 | 0.21 | 0.22 |
| Profit before tax | 0.16 | 0.12 | 0.20 | 0.11 | 0.15 | 0.10 | -0.12 | -0.33 | -0.61 | 1.10 | -0.48 | -1.14 |
| Tax % | 43.75% | -75.00% | 20.00% | 9.09% | 20.00% | 10.00% | 283.33% | -45.45% | -0.00% | 10.00% | -43.75% | -31.58% |
| Net Profit | 0.09 | 0.21 | 0.16 | 0.10 | 0.11 | 0.10 | -0.47 | -0.18 | -0.61 | 0.99 | -0.27 | -0.78 |
| EPS in Rs | 0.10 | 0.09 | -0.43 | -0.16 | -0.56 | 0.75 | -0.20 | -0.59 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3.31 | 3.87 | 4.08 | 5.77 | 6.50 | 5.55 | 6.85 | 7.54 | 14.73 | 13.98 |
| Expenses | 3.34 | 3.84 | 4.00 | 5.57 | 6.24 | 4.61 | 6.42 | 7.73 | 14.39 | 14.63 |
| Operating Profit | -0.03 | 0.03 | 0.08 | 0.20 | 0.26 | 0.94 | 0.43 | -0.19 | 0.34 | -0.65 |
| OPM % | -0.91% | 0.78% | 1.96% | 3.47% | 4.00% | 16.94% | 6.28% | -2.52% | 2.31% | -4.65% |
| Other Income | 0.26 | 0.11 | 0.11 | 0.16 | 0.13 | 0.13 | 0.48 | 0.70 | 0.52 | 0.56 |
| Interest | 0.03 | 0.05 | 0.07 | 0.15 | 0.12 | 0.11 | 0.15 | 0.11 | 0.26 | 0.27 |
| Depreciation | 0.04 | 0.02 | 0.08 | 0.08 | 0.11 | 0.09 | 0.14 | 0.16 | 0.70 | 0.77 |
| Profit before tax | 0.16 | 0.07 | 0.04 | 0.13 | 0.16 | 0.87 | 0.62 | 0.24 | -0.10 | -1.13 |
| Tax % | -0.00% | -0.00% | -25.00% | -7.69% | -0.00% | 16.09% | 19.35% | 162.50% | -240.00% | |
| Net Profit | 0.16 | 0.07 | 0.05 | 0.12 | 0.17 | 0.73 | 0.51 | -0.16 | 0.14 | -0.67 |
| EPS in Rs | -0.15 | 0.11 | -0.60 | |||||||
| Dividend Payout % | -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 | % | 21% | 38% | 78% | ||
| Compounded Profit Growth | % | 1% | -42% | -52% | ||
| Stock Price CAGR | % | % | % | -54% | ||
| Return on Equity | % | 3% | 1% | 1% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 10.93 | 10.93 | 13.18 |
| Reserves | 0.07 | 0.14 | 0.19 | 0.31 | 0.48 | 1.21 | 2.89 | 2.73 | 10.12 |
| Borrowings | 0.28 | 0.52 | 1.04 | 0.97 | 0.96 | 0.82 | 0.80 | 1.68 | 1.90 |
| Other Liabilities | 0.52 | 0.79 | 0.82 | 1.02 | 0.82 | 1.22 | 1.22 | 2.17 | 1.65 |
| Total Liabilities | 4.87 | 5.45 | 6.05 | 6.30 | 6.26 | 7.25 | 15.84 | 17.51 | 26.85 |
| Fixed Assets | 2.20 | 2.44 | 2.66 | 2.70 | 2.83 | 2.84 | 3.99 | 5.49 | 9.89 |
| CWIP | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 1.42 | 0.61 |
| Investments | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | -0.00 | -0.00 |
| Other Assets | 2.66 | 3.00 | 3.37 | 3.58 | 3.41 | 4.39 | 11.83 | 10.60 | 16.35 |
| Total Assets | 4.87 | 5.45 | 6.05 | 6.30 | 6.26 | 7.25 | 15.84 | 17.51 | 26.85 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0.19 | -0.36 | 0.26 | 0.21 | 0.58 | -7.18 | 0.76 | -4.25 | |
| Cash from Investing Activity | -0.13 | -0.17 | -0.01 | -0.12 | 0.02 | -0.82 | 0.58 | -3.00 | |
| Cash from Financing Activity | -0.05 | 0.41 | -0.18 | -0.14 | -0.27 | 8.10 | -0.23 | 9.29 | |
| Net Cash Flow | 0.02 | -0.12 | 0.07 | -0.04 | 0.32 | 0.10 | 1.11 | 2.04 | |
| Free Cash Flow | -0.06 | -0.66 | 0.13 | -0.02 | 0.49 | -8.47 | -1.04 | -8.54 | |
| CFO/OP | 633% | -450% | 135% | 100% | 62% | -1,609% | -489% | -1,247% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83.81 | 90.54 | 89.46 | 75.91 | 69.63 | 106.54 | 80.99 | 53.25 | 62.94 |
| Inventory Days | 56.39 | 52.72 | 68.44 | 33.33 | 8.88 | 33.37 | 34.01 | 40.25 | 96.11 |
| Days Payable | 53.26 | 83.81 | 78.58 | 56.90 | 39.57 | 72.80 | 65.53 | 65.50 | 22.96 |
| Cash Conversion Cycle | 86.94 | 59.45 | 79.32 | 52.34 | 38.94 | 67.11 | 49.47 | 28.01 | 136.10 |
| Working Capital Days | 56.24 | 25.47 | 60.83 | 34.16 | 27.52 | 46.04 | 46.89 | 30.50 | 106.80 |
| ROCE % | 2.66% | 2.22% | 5.52% | 5.22% | 17.09% | 7.46% | 2.34% | 0.79% |
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Promoters | 12.84% | 12.84% | 12.84% | 12.84% | 10.65% | 10.66% | 10.67% |
| FIIs | 0.00% | 0.00% | 0.15% | 0.10% | 3.77% | 4.18% | 4.38% |
| Public | 87.16% | 87.16% | 87.02% | 87.06% | 85.57% | 85.16% | 84.94% |
| No. of Shareholders | 1,183 | 1,489 | 1,531 | 1,818 | 1,713 | 1,910 | 2,022 |
Fundamentals
Market Cap₹ 50.7 Cr.
Current Price₹ 38.5
Book Value₹ 17.7
ROCE0.79 %
ROE0.76 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)78%
Compounded Profit Growth (TTM)-52%
Standalone figures.
Valuation
Market capRs 42 Cr
Enterprise valueRs 42 Cr
Price to book3.08x
Price to sales3.01x
EV / sales3.02x
Price to cash flow55.37x
Earnings yield-1.59%
P/B, 3-year average2.53x
P/B, 5-year average2.53x
Profitability
Operating margin (excl. other income)-2.52%
Operating margin (incl. other income)6.76%
EBITDA margin-0.64%
Pre-tax margin-8.08%
Net profit margin-4.79%
Net margin, latest quarter-49.37%
ROE-1.16%
ROCE2.34%
ROA-0.96%
ROE, 3-year average6.42%
ROCE, 3-year average8.96%
ROA, 3-year average4.75%
ROE, 5-year average5.19%
ROCE, 5-year average7.49%
ROA, 5-year average3.78%
ROIC (approx.)3.91%
Tax rate162.50%
Other income / net worth5.12%
Growth
Sales growth (latest year)10.07%
Profit growth (latest year)-131.37%
Sales CAGR, 3 years5.07%
Sales CAGR, 5 years13.07%
Sales growth QoQ-31.60%
Sales growth YoY (latest quarter)-32.48%
Per share
EPS (TTM)Rs -0.61
EPS (latest year)Rs -0.15
EPS (latest quarter)Rs -0.71
EPS, 3-year averageRs 0.71
EPS, 5-year averageRs 0.57
Book value per shareRs 12.50
Sales per shareRs 12.79
Cash flow per shareRs 0.70
Free cash flow per shareRs -7.81
Efficiency
Asset turnover0.43x
Fixed asset turnover1.37x
Inventory turnover9.71x
Inventory days38 days
Debtor days53 days
Debtors turnover6.85x
Creditor days23 days
Cash conversion cycle136 days
Working capital days107 days
Leverage
Total debtRs 2 Cr
Cash and bankRs 2 Cr
Net debtRs 0 Cr
Debt to equity0.12x
Interest coverage-3.19x
Owners' fund to total sources78.01%
Debt to assets9.59%
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 -9 Cr
FCFE (approx.: FCF + change in debt)Rs -8 Cr
Cash from ops / profit, 5 years-7.11x
Sales to cash flow9.92x
Statement figures
Net sales (TTM)Rs 14 Cr
Net sales (latest year)Rs 8 Cr
Sales (latest quarter)Rs 2 Cr
Operating profit excl. other income (latest year)Rs -0 Cr
Operating profit (latest quarter)Rs -1 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs -0 Cr
PBDT (TTM)Rs -0 Cr
Profit before tax (TTM)Rs -1 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs -1 Cr
Net profit (latest year)Rs -0 Cr
Net profit (latest quarter)Rs -1 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 6 Cr
Total expenditure (latest year)Rs 8 Cr
Total income (latest year)Rs 8 Cr
Share capitalRs 11 Cr
ReservesRs 3 Cr
Shareholders' fundsRs 14 Cr
Total assetsRs 18 Cr
Net blockRs 5 Cr
Capital work in progressRs 1 Cr
ReceivablesRs 1 Cr
InventoryRs 1 Cr
Other liabilitiesRs 2 Cr
Shares outstanding (crore)1.09
Ownership
Promoter holding10.67% (-2.17 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).
| Period | 544308 | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +1.6% | -2.8% | +4.4 pts |
| 1 month | -5.6% | -6.8% | +1.2 pts |
| 3 months | -12.5% | -7.6% | -4.9 pts |
Red flags
F-score 3 of 8| explain | Weak cash conversion Cash from operations was -541% of net profit over the last 3 years |
| explain | Debt up, profit down Borrowings up 110% while net profit fell in 2026 |
| look | Profit leans on other income Other income was 292% of pre-tax profit 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 ₹2 Cr -32.5% vs Jun 2025.
Net loss ₹1 Cr.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Linde India Ltd | 52,869 | 96.3 | 18.2 % |
| Ellenbarrie Industrial Gases Ltd | 5,205 | 43.2 | 14.5 % |
| Steamhouse India Ltd | 3,058 | 79.2 | 16.0 % |
| Stallion India Fluorochemicals Ltd | 2,548 | 49.0 | 11.8 % |
| National Oxygen Ltd | 26 | -21.5 % | |
| Bhagawati Gas Ltd | 15 | 15.0 | 6.10 % |
| Gagan Gases Ltd | 9 | 37.0 | 5.57 % |
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 Hilltone Software & Gases Ltd?
Hilltone Software & Gases Ltd (544308) has a market capitalisation of Rs 50.7 Cr. at the 2026-10-01 close.
What were Hilltone Software & Gases Ltd's latest quarterly results?
In the Jun 2026 quarter, Hilltone Software & Gases Ltd sales was Rs 2 Cr (-32.5% vs Jun 2025) with a net loss of Rs 1 Cr.