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 | 8.91 | 7.70 | 6.14 | 10.60 | 12.53 | 8.91 | 6.45 | 7.48 | 3.45 | 9.78 | 10.80 | 17.23 |
| Expenses | 8.22 | 7.17 | 5.35 | 9.06 | 11.03 | 8.57 | 6.23 | 7.14 | 3.33 | 8.15 | 9.70 | 14.74 |
| Operating Profit | 0.69 | 0.53 | 0.79 | 1.54 | 1.50 | 0.34 | 0.22 | 0.34 | 0.12 | 1.63 | 1.10 | 2.49 |
| OPM % | 7.74% | 6.88% | 12.87% | 14.53% | 11.97% | 3.82% | 3.41% | 4.55% | 3.48% | 16.67% | 10.19% | 14.45% |
| Other Income | 0.09 | 0.19 | 0.21 | 0.11 | 0.16 | 0.19 | 0.21 | 0.17 | 0.23 | 0.14 | 0.15 | 0.18 |
| Interest | 0.08 | 0.05 | 0.05 | 0.08 | 0.05 | 0.05 | 0.07 | 0.04 | 0.04 | 0.07 | 0.08 | 0.06 |
| Depreciation | 0.42 | 0.35 | 0.37 | 0.31 | 0.30 | 0.28 | 0.27 | 0.29 | 0.30 | 0.30 | 0.31 | 0.32 |
| Profit before tax | 0.28 | 0.32 | 0.58 | 1.26 | 1.31 | 0.20 | 0.09 | 0.18 | 0.01 | 1.40 | 0.86 | 2.29 |
| Tax % | 25.00% | 25.00% | 81.03% | 25.40% | 25.19% | 25.00% | 22.22% | 5.56% | 0.00% | -30.71% | 38.37% | 26.20% |
| Net Profit | 0.21 | 0.24 | 0.12 | 0.94 | 0.98 | 0.15 | 0.07 | 0.17 | 0.01 | 1.83 | 0.52 | 1.69 |
| EPS in Rs | 0.19 | 0.22 | 0.11 | 0.85 | 0.89 | 0.14 | 0.06 | 0.15 | 0.01 | 1.66 | 0.47 | 1.53 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 26.82 | 34.44 | 47.78 | 54.90 | 45.42 | 47.38 | 40.33 | 61.35 | 30.35 | 38.49 | 31.51 | 41.26 |
| Expenses | 21.83 | 28.54 | 40.61 | 48.73 | 39.40 | 41.31 | 34.65 | 54.06 | 27.41 | 34.88 | 28.33 | 35.92 |
| Operating Profit | 4.99 | 5.90 | 7.17 | 6.17 | 6.02 | 6.07 | 5.68 | 7.29 | 2.94 | 3.61 | 3.18 | 5.34 |
| OPM % | 18.61% | 17.13% | 15.01% | 11.24% | 13.25% | 12.81% | 14.08% | 11.88% | 9.69% | 9.38% | 10.09% | 12.94% |
| Other Income | 0.10 | 0.51 | 0.23 | 0.35 | 0.35 | 0.56 | 0.46 | 1.35 | 0.64 | 0.66 | 0.69 | 0.70 |
| Interest | 3.07 | 3.48 | 3.33 | 1.63 | 0.99 | 0.58 | 0.37 | 0.39 | 0.25 | 0.25 | 0.23 | 0.25 |
| Depreciation | 1.49 | 2.07 | 2.15 | 2.35 | 2.29 | 2.41 | 2.32 | 2.08 | 1.50 | 1.15 | 1.21 | 1.23 |
| Profit before tax | 0.53 | 0.86 | 1.92 | 2.54 | 3.09 | 3.64 | 3.45 | 6.17 | 1.83 | 2.87 | 2.43 | 4.56 |
| Tax % | 66.04% | -81.40% | 43.23% | 11.02% | 25.89% | 26.37% | 25.51% | 33.23% | 42.62% | 25.09% | -3.70% | |
| Net Profit | 0.19 | 1.55 | 1.09 | 2.26 | 2.30 | 2.68 | 2.57 | 4.12 | 1.05 | 2.15 | 2.53 | 4.05 |
| EPS in Rs | 0.23 | 1.91 | 0.99 | 2.05 | 2.09 | 2.43 | 2.33 | 3.74 | 0.95 | 1.95 | 2.30 | 3.67 |
| 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 | 2% | -8% | -20% | 17% | ||
| Compounded Profit Growth | 29% | -1% | -17% | 196% | ||
| Stock Price CAGR | % | 21% | 27% | 43% | ||
| Return on Equity | 10% | 9% | 6% | 7% |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4.05 | 4.05 | 5.51 | 5.51 | 5.51 | 11.02 | 11.02 | 11.02 | 11.02 | 11.02 | 11.02 |
| Reserves | -1.41 | 0.15 | 8.69 | 10.95 | 13.25 | 10.42 | 12.92 | 17.04 | 18.09 | 20.24 | 22.77 |
| Borrowings | 25.32 | 24.99 | 16.15 | 12.87 | 3.87 | 8.88 | 3.13 | 1.00 | 1.00 | 1.03 | 1.11 |
| Other Liabilities | 7.25 | 6.49 | 13.77 | 7.81 | 11.00 | 10.73 | 11.61 | 9.63 | 8.45 | 5.29 | 7.99 |
| Total Liabilities | 35.21 | 35.68 | 44.12 | 37.14 | 33.63 | 41.05 | 38.68 | 38.69 | 38.56 | 37.58 | 42.89 |
| Fixed Assets | 13.15 | 16.88 | 14.88 | 12.65 | 13.18 | 13.81 | 13.84 | 12.68 | 12.67 | 15.27 | 16.72 |
| CWIP | 4.30 | 0.00 | 1.18 | 2.32 | 1.78 | 0.97 | 0.98 | 1.53 | 2.62 | 0.73 | 0.90 |
| Investments | 0.00 | 0.00 | 0.00 | 1.95 | 3.09 | 2.03 | 0.00 | 0.00 | 0.00 | 0.00 | 1.70 |
| Other Assets | 17.76 | 18.80 | 28.06 | 20.22 | 15.58 | 24.24 | 23.86 | 24.48 | 23.27 | 21.58 | 23.57 |
| Total Assets | 35.21 | 35.68 | 44.12 | 37.14 | 33.63 | 41.05 | 38.68 | 38.69 | 38.56 | 37.58 | 42.89 |
| 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 | 4.03 | 6.02 | 9.46 | 10.31 | 1.71 | 0.68 | 2.93 | 3.66 | -0.21 | -0.12 | |
| Cash from Investing Activity | -1.40 | -1.23 | -2.85 | -3.08 | -0.60 | 0.06 | -1.26 | -2.16 | -1.32 | 0.50 | |
| Cash from Financing Activity | -2.92 | -3.78 | -4.92 | -9.90 | 4.52 | -6.06 | -2.42 | -0.19 | -0.12 | -0.16 | |
| Net Cash Flow | -0.29 | 1.00 | 1.68 | -2.67 | 5.63 | -5.32 | -0.75 | 1.31 | -1.64 | 0.23 | |
| Free Cash Flow | 2.54 | 4.68 | 7.96 | 8.02 | -0.53 | -1.68 | 1.47 | 1.07 | -2.06 | -2.95 | |
| CFO/OP | 57% | 96% | 158% | 184% | 44% | 29% | 64% | 139% | 10% | 3% |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 82.61 | 87.12 | 118.25 | 52.66 | 52.40 | 60.70 | 109.78 | 72.94 | 73.48 | 79.66 | 121.05 |
| Inventory Days | 155.08 | 104.53 | 99.61 | 42.90 | 80.96 | 91.96 | 93.24 | 42.29 | 159.02 | 80.31 | 228.81 |
| Days Payable | 130.73 | 98.14 | 150.03 | 55.84 | 125.63 | 118.08 | 160.12 | 73.30 | 164.49 | 57.72 | 159.35 |
| Cash Conversion Cycle | 106.96 | 93.50 | 67.84 | 39.72 | 7.72 | 34.59 | 42.90 | 41.94 | 68.01 | 102.25 | 190.51 |
| Working Capital Days | 30.08 | 30.84 | 30.79 | -6.52 | 10.29 | -10.63 | 49.96 | 70.44 | 95.97 | 103.55 | 168.43 |
| ROCE % | 15.19% | 17.64% | 13.67% | 14.90% | 14.92% | 12.89% | 23.34% | 6.83% | 9.58% | 7.53% |
| 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 | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% | 73.50% |
| Public | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% | 26.50% |
| No. of Shareholders | 905 | 1,372 | 1,298 | 1,480 | 1,416 | 1,623 | 1,576 | 1,505 | 1,505 | 1,861 | 1,638 | 1,596 |
Fundamentals
Market Cap₹ 257 Cr.
Current Price₹ 233
Stock P/E63.4
Book Value₹ 30.7
ROCE7.53 %
ROE7.32 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)196%
Standalone figures.
Valuation
Market capRs 237 Cr
Enterprise valueRs 237 Cr
P/E (TTM)58.59x
Price to book7.02x
Price to sales5.75x
EV / EBITDA39.21x
EV / EBIT49.24x
EV / sales5.74x
Earnings yield1.71%
P/E, 3-year average93.86x
P/B, 3-year average4.93x
P/E, 5-year average70.78x
P/B, 5-year average4.70x
Profitability
Operating margin (excl. other income)10.09%
Operating margin (incl. other income)12.28%
EBITDA margin14.64%
Pre-tax margin11.05%
Net profit margin9.82%
Net margin, latest quarter9.81%
ROE7.78%
ROCE7.92%
ROA6.29%
ROE, 3-year average6.19%
ROCE, 3-year average8.32%
ROA, 3-year average4.88%
ROE, 5-year average9.15%
ROCE, 5-year average12.33%
ROA, 5-year average6.35%
ROIC (approx.)14.97%
Tax rate-3.70%
Other income / net worth2.04%
Growth
Sales growth (latest year)-18.13%
Profit growth (latest year)17.67%
Sales CAGR, 3 years-19.92%
Sales CAGR, 5 years-7.83%
Profit CAGR, 3 years-15.00%
Profit CAGR, 5 years-1.15%
Sales growth QoQ59.54%
Profit growth QoQ225.00%
Sales growth YoY (latest quarter)130.35%
Profit growth YoY (latest quarter)894.12%
Per share
EPS (TTM)Rs 3.68
EPS (latest year)Rs 2.30
EPS (latest quarter)Rs 1.53
EPS, 3-year averageRs 1.73
EPS, 5-year averageRs 2.25
Book value per shareRs 30.66
Sales per shareRs 37.44
Cash flow per shareRs -0.11
Free cash flow per shareRs -2.68
Efficiency
Asset turnover0.73x
Fixed asset turnover1.88x
Inventory turnover2.04x
Inventory days179 days
Debtor days121 days
Debtors turnover3.02x
Creditor days159 days
Cash conversion cycle191 days
Working capital days168 days
Leverage
Total debtRs 1 Cr
Cash and bankRs 2 Cr
Net debtRs -0 Cr
Debt to equity0.03x
Net debt / EBITDA-0.08x
Interest coverage19.24x
Owners' fund to total sources78.78%
Debt to assets2.59%
Cash flow
Cash from Operating Activity (latest year)Rs -0 Cr
Cash from Investing Activity (latest year)Rs 0 Cr
Cash from Financing Activity (latest year)Rs -0 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -3 Cr
FCFE (approx.: FCF + change in debt)Rs -3 Cr
Cash from ops / profit, 5 years0.56x
Statement figures
Net sales (TTM)Rs 41 Cr
Net sales (latest year)Rs 32 Cr
Sales (latest quarter)Rs 17 Cr
Operating profit excl. other income (latest year)Rs 3 Cr
Operating profit (latest quarter)Rs 2 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 6 Cr
PBDT (TTM)Rs 6 Cr
Profit before tax (TTM)Rs 5 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs 4 Cr
Net profit (latest year)Rs 3 Cr
Net profit (latest quarter)Rs 2 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 19 Cr
Total expenditure (latest year)Rs 28 Cr
Total income (latest year)Rs 32 Cr
Share capitalRs 11 Cr
ReservesRs 23 Cr
Shareholders' fundsRs 34 Cr
Total assetsRs 43 Cr
Net blockRs 17 Cr
Capital work in progressRs 1 Cr
InvestmentsRs 2 Cr
ReceivablesRs 10 Cr
InventoryRs 9 Cr
Other liabilitiesRs 8 Cr
Shares outstanding (crore)1.10
Ownership
Promoter holding73.50% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 58.6 is at the 65th percentile of its own 7.2-year range
(median 46.3, low 19.1, high 201.7).
P/B 7.02 is at the 87th percentile (median 5.36).
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 | ARVEE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -4.0% | -2.8% | -1.2 pts |
| 1 month | +31.1% | -6.8% | +37.9 pts |
| 3 months | +30.5% | -7.6% | +38.1 pts |
| 6 months | +60.4% | +0.4% | +60.0 pts |
| 1 year | +19.3% | -9.9% | +29.2 pts |
| 2 years | +19.6% | -13.6% | +33.2 pts |
| 3 years | +89.1% | +14.2% | +75.0 pts |
| 5 years | +142.6% | +27.9% | +114.7 pts |
Red flags
F-score 5 of 8| explain | Receivables outrunning sales Receivables grew 24% vs sales -18% in 2026 |
| look | Inventory outrunning sales Inventory grew 102% vs sales -18% in 2026 |
| look | On NSE surveillance On NSE surveillance: ASM long-term |
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 ₹17 Cr +130.3% vs Jun 2025.
Net profit ₹2 Cr +894.1%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Pidilite Industries Ltd | 148,809 | 56.2 | 31.0 % |
| Gujarat Fluorochemicals Ltd | 48,402 | 78.4 | 9.64 % |
| Navin Fluorine International Ltd | 42,255 | 53.1 | 21.0 % |
| Aether Industries Ltd | 23,226 | 96.8 | 11.9 % |
| Deepak Nitrite Ltd | 20,854 | 26.3 | 11.4 % |
| Atul Ltd | 17,614 | 22.1 | 14.9 % |
| Aarti Industries Ltd | 17,045 | 32.6 | 6.86 % |
| Fine Organic Industries Ltd | 15,759 | 36.0 | 21.5 % |
| BASF India Ltd | 14,871 | 24.0 | 14.5 % |
| Privi Speciality Chemicals Ltd | 14,084 | 40.3 | 22.3 % |
| Anupam Rasayan India Ltd | 13,409 | 76.8 | 7.38 % |
| Vinati Organics Ltd | 12,173 | 24.4 | 21.4 % |
| Elantas Beck India Ltd | 10,820 | 60.9 | 21.2 % |
| Jubilant Ingrevia Ltd | 10,180 | 32.0 | 11.4 % |
| Alkyl Amines Chemicals Ltd | 9,111 | 40.5 | 16.6 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2024-09-20 | Annual General Meeting | |
| 2023-09-15 | Annual General Meeting | |
| 2022-07-28 | Annual General Meeting | |
| 2021-09-16 | Annual General Meeting |
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.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)