Price
Financials
Standalone, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 17.60 | 27.56 | 26.15 | 34.24 | 33.43 | 32.41 |
| Expenses | 16.33 | 24.19 | 23.60 | 31.11 | 30.24 | 28.95 |
| Operating Profit | 1.27 | 3.37 | 2.55 | 3.13 | 3.19 | 3.46 |
| OPM % | 7.22% | 12.23% | 9.75% | 9.14% | 9.54% | 10.68% |
| Other Income | 0.65 | 0.69 | 0.34 | 0.55 | 0.38 | 1.04 |
| Interest | 0.17 | 0.42 | 0.41 | 0.55 | 0.70 | 1.05 |
| Depreciation | 0.30 | 0.33 | 0.39 | 0.45 | 0.43 | 0.52 |
| Profit before tax | 1.45 | 3.31 | 2.09 | 2.68 | 2.44 | 2.93 |
| Tax % | 25.52% | 26.28% | 33.49% | 20.52% | 26.23% | 34.47% |
| Net Profit | 1.07 | 2.43 | 1.39 | 2.13 | 1.80 | 1.93 |
| EPS in Rs | 5.91 | 4.39 | 1.85 | 2.83 | 2.40 | 2.57 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 31.39 | 48.42 | 38.47 | 45.17 | 60.38 | 65.84 |
| Expenses | 29.49 | 45.71 | 36.05 | 40.55 | 54.70 | 59.16 |
| Operating Profit | 1.90 | 2.71 | 2.42 | 4.62 | 5.68 | 6.68 |
| OPM % | 6.05% | 5.60% | 6.29% | 10.23% | 9.41% | 10.15% |
| Other Income | 0.38 | 0.77 | 0.49 | 1.34 | 0.89 | 1.40 |
| Interest | 0.44 | 0.69 | 0.61 | 0.58 | 0.96 | 1.75 |
| Depreciation | 0.50 | 0.54 | 0.58 | 0.64 | 0.84 | 0.95 |
| Profit before tax | 1.34 | 2.25 | 1.72 | 4.74 | 4.77 | 5.38 |
| Tax % | 52.99% | 23.56% | 29.07% | 26.16% | 26.21% | 30.67% |
| Net Profit | 0.64 | 1.73 | 1.21 | 3.50 | 3.52 | 3.73 |
| EPS in Rs | 3.54 | 9.56 | 6.69 | 6.32 | 4.68 | 4.96 |
| Dividend Payout % | 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 | % | 16% | 20% | 9% | ||
| Compounded Profit Growth | % | 42% | 46% | 7% | ||
| Stock Price CAGR | % | % | % | 10% | ||
| Return on Equity | % | 20% | 18% | 11% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 1.81 | 1.81 | 1.81 | 5.54 | 7.51 | 7.51 |
| Reserves | 0.07 | 1.76 | 2.97 | 3.83 | 23.49 | 27.22 |
| Borrowings | 6.49 | 8.89 | 5.42 | 6.35 | 6.79 | 10.54 |
| Other Liabilities | 11.39 | 9.31 | 7.45 | 16.65 | 5.06 | 5.90 |
| Total Liabilities | 19.76 | 21.77 | 17.65 | 32.37 | 42.85 | 51.17 |
| Fixed Assets | 5.97 | 5.73 | 5.63 | 5.70 | 8.31 | 10.93 |
| CWIP | 0.00 | 0.07 | 0.00 | 1.78 | 0.92 | 0.75 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 13.79 | 15.97 | 12.02 | 24.89 | 33.62 | 39.49 |
| Total Assets | 19.76 | 21.77 | 17.65 | 32.37 | 42.85 | 51.17 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0.03 | -1.22 | 3.70 | 1.37 | -14.66 | 3.93 |
| Cash from Investing Activity | -0.18 | -0.49 | -0.41 | -2.48 | -2.59 | -3.40 |
| Cash from Financing Activity | 0.04 | 1.72 | -4.08 | 1.14 | 17.93 | -1.14 |
| Net Cash Flow | -0.12 | 0.01 | -0.79 | 0.03 | 0.68 | -0.62 |
| Free Cash Flow | -0.29 | -1.63 | 3.29 | -1.12 | -17.25 | 0.53 |
| CFO/OP | 2% | -45% | 176% | 39% | -236% | 77% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 61.28 | 58.50 | 55.98 | 85.98 | 86.50 | 34.32 |
| Inventory Days | 96.94 | 56.61 | 64.61 | 119.92 | 119.73 | 119.72 |
| Days Payable | 187.25 | 84.91 | 89.99 | 170.96 | 28.28 | 28.01 |
| Cash Conversion Cycle | -29.04 | 30.19 | 30.60 | 34.93 | 177.96 | 126.02 |
| Working Capital Days | -11.98 | 6.48 | 1.14 | 27.80 | 139.52 | 137.04 |
| ROCE % | 28.23% | 20.56% | 41.05% | 21.42% | 17.22% |
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|
| Promoters | 72.26% | 72.26% | 72.26% | 72.26% |
| FIIs | 0.96% | 0.00% | 0.00% | 0.00% |
| DIIs | 6.88% | 8.92% | 8.92% | 8.92% |
| Public | 19.90% | 18.81% | 18.81% | 18.81% |
| No. of Shareholders | 680 | 605 | 541 | 516 |
Fundamentals
Market Cap₹ 61.4 Cr.
Current Price₹ 81.8
Stock P/E16.4
Book Value₹ 46.2
ROCE17.2 %
ROE11.4 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)7%
Standalone figures.
Valuation
Market capRs 60 Cr
Enterprise valueRs 68 Cr
P/E (TTM)34.68x
Price to book16.81x
Price to sales1.24x
EV / EBITDA19.56x
EV / EBIT23.16x
EV / sales1.41x
Earnings yield2.88%
Profitability
Operating margin (excl. other income)5.60%
Operating margin (incl. other income)7.19%
EBITDA margin7.19%
Pre-tax margin4.65%
Net profit margin3.57%
ROE63.49%
ROCE28.23%
ROA8.33%
ROIC (approx.)19.29%
Tax rate23.56%
Other income / net worth21.57%
Growth
Sales growth (latest year)54.25%
Profit growth (latest year)170.31%
Per share
EPS (TTM)Rs 2.30
EPS (latest year)Rs 9.56
Book value per shareRs 4.75
Sales per shareRs 64.44
Cash flow per shareRs -1.62
Free cash flow per shareRs 0.71
Efficiency
Asset turnover2.22x
Fixed asset turnover8.45x
Inventory turnover6.93x
Inventory days53 days
Debtor days58 days
Debtors turnover6.24x
Creditor days28 days
Cash conversion cycle126 days
Working capital days137 days
Leverage
Total debtRs 9 Cr
Cash and bankRs 1 Cr
Net debtRs 8 Cr
Debt to equity2.49x
Net debt / EBITDA2.32x
Interest coverage4.26x
Owners' fund to total sources16.40%
Debt to assets40.84%
Cash flow
Cash from Operating Activity (latest year)Rs -1 Cr
Cash from Investing Activity (latest year)Rs -0 Cr
Cash from Financing Activity (latest year)Rs 2 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 1 Cr
FCFE (approx.: FCF + change in debt)Rs 3 Cr
Cash from ops / profit, 5 years-0.50x
Statement figures
Net sales (TTM)Rs 48 Cr
Net sales (latest year)Rs 48 Cr
Operating profit excl. other income (latest year)Rs 3 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 3 Cr
PBDT (TTM)Rs 3 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs 2 Cr
Net profit (latest year)Rs 2 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 37 Cr
Total expenditure (latest year)Rs 46 Cr
Total income (latest year)Rs 49 Cr
Share capitalRs 2 Cr
ReservesRs 2 Cr
Shareholders' fundsRs 4 Cr
Total assetsRs 22 Cr
Net blockRs 6 Cr
Capital work in progressRs 0 Cr
ReceivablesRs 8 Cr
InventoryRs 5 Cr
Other liabilitiesRs 9 Cr
Shares outstanding (crore)0.75
Ownership
Promoter holding72.26%
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 | BULKCORP | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +2.4% | -2.8% | +5.2 pts |
| 1 month | +13.5% | -6.8% | +20.3 pts |
| 3 months | +90.6% | -7.6% | +98.2 pts |
| 6 months | +42.6% | +0.4% | +42.2 pts |
| 1 year | +36.5% | -9.9% | +46.4 pts |
Red flags
F-score 4 of 8| explain | Weak cash conversion Cash from operations was -50% of net profit over the last 2 years |
| explain | High accruals Profit exceeded operating cash by 14% of total assets in 2026 |
| look | On NSE surveillance On NSE surveillance: ESM |
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 ₹32 Cr +17.6% vs Mar 2024.
Net profit ₹2 Cr -20.6%.
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.
ESM: stage 1Less than 100 unique PAN traded in previous 30 daysSME scrip is not regularly traded