Price
Financials
Standalone, Rs crore| Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12.73 | 19.57 | 28.78 | 32.73 | 42.47 | 26.70 | 41.99 | 43.69 | 47.63 | 52.09 | 46.05 | 45.19 |
| Expenses | 11.50 | 18.94 | 28.02 | 32.03 | 40.19 | 26.31 | 40.87 | 39.86 | 45.04 | 47.59 | 44.49 | 43.38 |
| Operating Profit | 1.23 | 0.63 | 0.76 | 0.70 | 2.28 | 0.39 | 1.12 | 3.83 | 2.59 | 4.50 | 1.56 | 1.81 |
| OPM % | 9.66% | 3.22% | 2.64% | 2.14% | 5.37% | 1.46% | 2.67% | 8.77% | 5.44% | 8.64% | 3.39% | 4.01% |
| Other Income | 0.14 | 0.00 | 0.08 | 0.45 | 1.79 | 0.28 | 0.42 | 0.12 | 0.61 | 0.65 | 0.78 | 0.32 |
| Interest | 0.00 | 0.00 | 0.01 | 0.01 | 0.21 | 0.12 | 0.11 | 0.12 | 0.48 | 0.68 | 0.59 | 0.56 |
| Depreciation | 0.03 | 0.05 | 0.05 | 0.13 | 0.15 | 0.39 | 0.34 | 0.35 | 0.67 | 0.62 | 0.53 | 0.63 |
| Profit before tax | 1.34 | 0.58 | 0.78 | 1.01 | 3.71 | 0.16 | 1.09 | 3.48 | 2.05 | 3.85 | 1.22 | 0.94 |
| Tax % | 26.12% | 44.83% | 29.49% | 31.68% | 28.30% | 43.75% | 25.69% | 25.86% | 26.83% | 26.75% | 24.59% | 32.98% |
| Net Profit | 0.99 | 0.32 | 0.55 | 0.69 | 2.65 | 0.09 | 0.81 | 2.58 | 1.50 | 2.82 | 0.92 | 0.63 |
| EPS in Rs | 0.36 | 0.62 | 0.56 | 2.14 | 0.07 | 0.66 | 2.10 | 1.22 | 2.29 | 0.75 | 0.51 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 7.64 | 20.02 | 29.50 | 32.23 | 61.45 | 69.16 | 85.68 | 99.60 | 91.24 |
| Expenses | 6.88 | 18.51 | 27.64 | 30.28 | 59.90 | 66.39 | 80.63 | 92.40 | 87.75 |
| Operating Profit | 0.76 | 1.51 | 1.86 | 1.95 | 1.55 | 2.77 | 5.05 | 7.20 | 3.49 |
| OPM % | 9.95% | 7.54% | 6.31% | 6.05% | 2.52% | 4.01% | 5.89% | 7.23% | 3.83% |
| Other Income | -0.04 | -0.05 | 0.22 | 0.11 | 0.53 | 2.08 | 0.53 | 1.25 | 1.09 |
| Interest | 0.02 | 0.05 | 0.07 | 0.06 | 0.11 | 0.44 | 0.32 | 1.26 | 1.26 |
| Depreciation | 0.09 | 0.09 | 0.10 | 0.08 | 0.17 | 0.54 | 0.69 | 1.29 | 1.16 |
| Profit before tax | 0.61 | 1.32 | 1.91 | 1.92 | 1.80 | 3.87 | 4.57 | 5.90 | 2.16 |
| Tax % | 29.51% | 29.55% | 27.23% | 31.77% | 30.56% | 28.94% | 25.82% | 26.78% | 28.70% |
| Net Profit | 0.44 | 0.93 | 1.39 | 1.30 | 1.24 | 2.75 | 3.39 | 4.32 | 1.55 |
| EPS in Rs | 1.48 | 1.00 | 2.24 | 2.76 | 3.51 | 1.26 | |||
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 9.94% | 8.96% | 8.18% | 5.70% | 79.42% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 23% | 10% | -8% | ||
| Compounded Profit Growth | % | 4% | -17% | -64% | ||
| Stock Price CAGR | % | % | -12% | -9% | ||
| Return on Equity | % | 19% | 18% | 8% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 1.08 | 1.54 | 6.16 | 6.16 | 12.31 | 12.31 |
| Reserves | 0.50 | 1.44 | 2.83 | 3.08 | 7.71 | 5.71 | 8.85 | 6.74 | 8.83 |
| Borrowings | 0.14 | 0.11 | 0.07 | 0.05 | 0.19 | 2.57 | 3.16 | 11.47 | 11.03 |
| Other Liabilities | 3.12 | 6.23 | 6.18 | 11.37 | 26.30 | 18.75 | 27.41 | 23.73 | 18.78 |
| Total Liabilities | 3.77 | 7.79 | 9.09 | 15.58 | 35.74 | 33.19 | 45.58 | 54.25 | 50.95 |
| Fixed Assets | 0.23 | 0.14 | 0.11 | 0.12 | 0.40 | 5.46 | 4.99 | 7.12 | 7.26 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.30 | 3.63 | 1.47 | 3.71 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.45 | 0.46 | 0.46 |
| Other Assets | 3.54 | 7.65 | 8.98 | 15.46 | 35.34 | 27.43 | 36.51 | 45.20 | 39.52 |
| Total Assets | 3.77 | 7.79 | 9.09 | 15.58 | 35.74 | 33.19 | 45.58 | 54.25 | 50.95 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -0.38 | 0.05 | 0.84 | -0.28 | -3.75 | 4.64 | 3.36 | -6.42 | 4.81 |
| Cash from Investing Activity | 0.32 | -0.05 | -0.07 | -0.09 | -0.44 | -5.86 | -4.01 | -1.25 | -3.51 |
| Cash from Financing Activity | 0.06 | -0.03 | -0.03 | -0.01 | 3.97 | 2.13 | 0.12 | 7.24 | -1.26 |
| Net Cash Flow | 0.00 | -0.04 | 0.74 | -0.37 | -0.22 | 0.91 | -0.53 | -0.44 | 0.04 |
| Free Cash Flow | -0.06 | 0.00 | 0.77 | -0.37 | -4.21 | -1.22 | -0.20 | -7.67 | 1.27 |
| CFO/OP | -34% | 32% | 73% | 12% | -194% | 198% | 80% | -69% | 179% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 115.62 | 68.73 | 1.73 | 27.18 | 135.07 | 86.24 | 99.17 | 117.16 | 99.29 |
| Inventory Days | 4.23 | 4.44 | 1.33 | 6.62 | 14.33 | 6.75 | 4.05 | 3.09 | 13.79 |
| Days Payable | 132.47 | 110.46 | 77.42 | 140.00 | 172.32 | 126.05 | 139.46 | 107.34 | 88.74 |
| Cash Conversion Cycle | -12.63 | -37.29 | -74.36 | -106.20 | -22.92 | -33.06 | -36.24 | 12.91 | 24.35 |
| Working Capital Days | 7.64 | 16.96 | 18.93 | 36.35 | 47.34 | 35.36 | 27.01 | 23.78 | 26.12 |
| ROCE % | 129.41% | 88.59% | 55.62% | 27.99% | 35.76% | 29.99% | 29.41% | 10.91% |
| Oct 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Oct 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 69.87% | 69.87% | 69.87% | 69.87% | 69.89% | 70.03% | 70.05% | 70.05% | 70.07% | 70.09% | 70.13% |
| Public | 30.14% | 30.14% | 30.13% | 30.13% | 30.11% | 29.97% | 29.95% | 29.95% | 29.93% | 29.91% | 29.87% |
| No. of Shareholders | 274 | 176 | 186 | 309 | 958 | 993 | 1,196 | 1,239 | 1,198 | 1,148 | 1,042 |
Fundamentals
Market Cap₹ 54.4 Cr.
Current Price₹ 44.2
Stock P/E35.1
Book Value₹ 17.2
ROCE10.9 %
ROE7.71 %
Dividend Yield0.23 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-8%
Compounded Profit Growth (TTM)-64%
Standalone figures.
Valuation
Market capRs 45 Cr
Enterprise valueRs 56 Cr
P/E (TTM)10.43x
Price to book2.37x
Price to sales0.45x
EV / EBITDA6.67x
EV / EBIT7.87x
EV / sales0.57x
Earnings yield9.59%
Dividend yield0.55%
P/E, 3-year average22.08x
P/B, 3-year average5.08x
P/E, 5-year average18.18x
P/B, 5-year average4.03x
Profitability
Operating margin (excl. other income)7.23%
Operating margin (incl. other income)8.48%
EBITDA margin8.48%
Pre-tax margin5.92%
Net profit margin4.34%
ROE25.37%
ROCE29.41%
ROA8.65%
ROE, 3-year average25.54%
ROCE, 3-year average31.83%
ROA, 3-year average8.41%
ROE, 5-year average26.45%
ROCE, 5-year average35.82%
ROA, 5-year average8.12%
ROIC (approx.)17.28%
Tax rate26.78%
Other income / net worth6.56%
Growth
Sales growth (latest year)16.25%
Profit growth (latest year)27.43%
Sales CAGR, 3 years17.47%
Sales CAGR, 5 years27.55%
Profit CAGR, 3 years51.60%
Profit CAGR, 5 years25.46%
Per share
EPS (TTM)Rs 3.51
EPS (latest year)Rs 3.51
EPS, 3-year averageRs 4.49
EPS, 5-year averageRs 6.72
Book value per shareRs 15.47
Sales per shareRs 80.88
Cash flow per shareRs -5.21
Free cash flow per shareRs 1.03
Dividend per share (latest year)Rs 0.20
Dividend per share, 3-year averageRs 0.35
Dividend per share, 5-year averageRs 0.46
Dividends
Dividend payout5.79%
Dividend payout, 3-year average7.71%
Dividend payout, 5-year average8.20%
Efficiency
Asset turnover1.84x
Fixed asset turnover13.99x
Inventory turnover132.67x
Inventory days3 days
Debtor days117 days
Debtors turnover3.12x
Creditor days89 days
Cash conversion cycle24 days
Working capital days26 days
Leverage
Total debtRs 11 Cr
Cash and bankRs 0 Cr
Net debtRs 11 Cr
Debt to equity0.60x
Net debt / EBITDA1.34x
Interest coverage5.68x
Owners' fund to total sources35.12%
Debt to assets21.14%
Cash flow
Cash from Operating Activity (latest year)Rs -6 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 7 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs 1 Cr
FCFE (approx.: FCF + change in debt)Rs 10 Cr
Cash from ops / profit, 5 years0.20x
Statement figures
Net sales (TTM)Rs 100 Cr
Net sales (latest year)Rs 100 Cr
Operating profit excl. other income (latest year)Rs 7 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 8 Cr
PBDT (TTM)Rs 7 Cr
Profit before tax (TTM)Rs 6 Cr
Tax (latest year)Rs 2 Cr
Net profit (TTM)Rs 4 Cr
Net profit (latest year)Rs 4 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 84 Cr
Total expenditure (latest year)Rs 92 Cr
Total income (latest year)Rs 101 Cr
Share capitalRs 12 Cr
ReservesRs 7 Cr
Shareholders' fundsRs 19 Cr
Total assetsRs 54 Cr
Net blockRs 7 Cr
Capital work in progressRs 1 Cr
InvestmentsRs 0 Cr
ReceivablesRs 32 Cr
InventoryRs 1 Cr
Other liabilitiesRs 24 Cr
Shares outstanding (crore)1.23
Ownership
Promoter holding70.13% (+0.08 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 10.4 is at the 4th percentile of its own 4.2-year range
(median 28.4, low 8.8, high 396.9).
P/B 2.37 is at the 4th percentile (median 12.85).
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 | BMETRICS | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +4.9% | -2.8% | +7.7 pts |
| 1 month | +9.3% | -6.8% | +16.0 pts |
| 3 months | +0.7% | -7.6% | +8.3 pts |
| 6 months | -5.1% | +0.4% | -5.5 pts |
| 1 year | -22.7% | -9.9% | -12.8 pts |
| 2 years | -71.6% | -13.6% | -58.0 pts |
| 3 years | -72.0% | +14.2% | -86.2 pts |
Red flags
F-score 4 of 8| explain | Weak cash conversion Cash from operations was 15% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 20% of total assets in 2026 |
| look | On NSE surveillance On NSE surveillance: ASM short-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
Mar 2026Sales ₹45 Cr +3.4% vs Mar 2024.
Net profit ₹1 Cr -75.6%.
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.
Less than 100 unique PAN traded in previous 30 daysMandatory Market making period in SME scrip is overSME scrip is not regularly tradedShort Term Additional Surveillance Measure (Short Term ASM): stage 1