Price
Financials
Standalone, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 29 | 83 | 56 | 87 | 84 | 114 |
| Expenses | 27 | 75 | 50 | 78 | 75 | 102 |
| Operating Profit | 2 | 8 | 5 | 8 | 9 | 12 |
| OPM % | 8% | 10% | 9% | 10% | 11% | 11% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 2 | 2 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 6 | 4 | 8 | 8 | 10 |
| Tax % | 34% | 24% | 26% | 26% | 26% | 23% |
| Net Profit | 1 | 4 | 3 | 6 | 6 | 8 |
| EPS in Rs | 0.81 | 3.31 | 1.66 | 3.25 | 3.30 | 4.51 |
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 1m | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 50 | 53 | 67 | 24 | 41 | 153 | 198 |
| Expenses | 47 | 50 | 65 | 22 | 38 | 140 | 177 |
| Operating Profit | 3 | 3 | 3 | 2 | 3 | 14 | 21 |
| OPM % | 6% | 6% | 3.8% | 9% | 8% | 9% | 11% |
| Other Income | 1 | 1 | 2 | 0 | 0 | 1 | 0 |
| Interest | 3 | 3 | 3 | 1 | 1 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 1 | 1 | 1 | 2 | 3 | 12 | 18 |
| Tax % | -5% | -3% | -3% | 26% | 21% | 26% | 25% |
| Net Profit | 1 | 1 | 1 | 1 | 2 | 9 | 14 |
| EPS in Rs | 0.61 | 0.85 | 1.23 | 0.91 | 1.66 | 4.91 | 7.76 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 32% | 43% | 29% | ||
| Compounded Profit Growth | % | 88% | 127% | 58% | ||
| Stock Price CAGR | % | % | % | 121% | ||
| Return on Equity | % | 18% | 19% | 19% |
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 8 | 9 | 13 | 13 | 18 | 18 |
| Reserves | -0 | -0 | -0 | 6 | 7 | 46 | 66 |
| Borrowings | 24 | 24 | 23 | 29 | 33 | 13 | 45 |
| Other Liabilities | 17 | 11 | 7 | 11 | 13 | 14 | 35 |
| Total Liabilities | 49 | 43 | 39 | 59 | 66 | 91 | 163 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| CWIP | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Investments | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Other Assets | 48 | 42 | 38 | 58 | 65 | 89 | 161 |
| Total Assets | 49 | 43 | 39 | 59 | 66 | 91 | 163 |
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 3 | 3 | 5 | 1 | -40 | -10 | -42 |
| Cash from Investing Activity | -0 | -0 | -1 | -0 | -10 | 5 | -1 |
| Cash from Financing Activity | -2 | -2 | -5 | -2 | 50 | 13 | 35 |
| Net Cash Flow | 0 | 0 | -0 | -0 | 0 | 8 | -8 |
| Free Cash Flow | 2 | 2 | 5 | 1 | -41 | -11 | -43 |
| CFO/OP | 90% | 85% | 211% | 65% | -1,135% | -42% | -180% |
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 136 | 40 | 63 | 360 | 284 | 91 | 121 |
| Inventory Days | 224 | 285 | 156 | 544 | 244 | 124 | 214 |
| Days Payable | 169 | 92 | 50 | 199 | 124 | 47 | 84 |
| Cash Conversion Cycle | 191 | 232 | 169 | 705 | 403 | 168 | 251 |
| Working Capital Days | 81 | 70 | 39 | 189 | 99 | 122 | 143 |
| ROCE % | 10% | 13% | 5% | 9% | 22% | 20% |
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|
| Promoters | 60.30% | 60.30% | 60.30% | 60.30% |
| FIIs | 2.61% | 0.50% | 0.00% | 0.00% |
| DIIs | 2.56% | 0.62% | 0.08% | 0.09% |
| Public | 34.53% | 38.58% | 39.62% | 39.61% |
| No. of Shareholders | 887 | 701 | 703 | 569 |
Fundamentals
Market Cap₹ 418 Cr.
Current Price₹ 238
Stock P/E30.6
Book Value₹ 47.7
ROCE20.2 %
ROE18.5 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)29%
Compounded Profit Growth (TTM)58%
Standalone figures.
Valuation
Market capRs 310 Cr
Enterprise valueRs 338 Cr
P/E (TTM)264.62x
Price to book16.28x
Price to sales12.83x
EV / EBITDA156.49x
EV / EBIT159.44x
EV / sales14.00x
Price to cash flow225.99x
Earnings yield0.38%
Profitability
Operating margin (excl. other income)8.70%
Operating margin (incl. other income)8.95%
EBITDA margin8.95%
Pre-tax margin6.55%
Net profit margin4.85%
ROE6.15%
ROCE4.45%
ROA2.39%
ROE, 3-year average6.15%
ROCE, 3-year average4.45%
ROA, 3-year average2.33%
ROIC (approx.)3.31%
Tax rate25.95%
Other income / net worth0.32%
Growth
Sales growth (latest year)-64.18%
Profit growth (latest year)0.00%
Sales CAGR, 3 years-21.52%
Profit CAGR, 3 years26.35%
Per share
EPS (TTM)Rs 0.91
EPS (latest year)Rs 0.91
EPS, 3-year averageRs 1.08
Book value per shareRs 14.74
Sales per shareRs 18.71
Cash flow per shareRs 1.06
Free cash flow per shareRs -33.33
Efficiency
Asset turnover0.41x
Fixed asset turnover21.36x
Inventory turnover0.78x
Inventory days469 days
Debtor days360 days
Debtors turnover1.01x
Creditor days84 days
Cash conversion cycle251 days
Working capital days143 days
Leverage
Total debtRs 29 Cr
Cash and bankRs 0 Cr
Net debtRs 28 Cr
Debt to equity1.50x
Net debt / EBITDA13.16x
Interest coverage3.93x
Owners' fund to total sources32.32%
Debt to assets48.62%
Cash flow
Cash from Operating Activity (latest year)Rs 1 Cr
Cash from Financing Activity (latest year)Rs -2 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -43 Cr
FCFE (approx.: FCF + change in debt)Rs -38 Cr
Cash from ops / profit, 5 years-3.11x
Sales to cash flow17.62x
Statement figures
Net sales (TTM)Rs 24 Cr
Net sales (latest year)Rs 24 Cr
Operating profit excl. other income (latest year)Rs 2 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 2 Cr
PBDT (TTM)Rs 2 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 17 Cr
Total expenditure (latest year)Rs 22 Cr
Total income (latest year)Rs 24 Cr
Share capitalRs 13 Cr
ReservesRs 6 Cr
Shareholders' fundsRs 19 Cr
Total assetsRs 59 Cr
Net blockRs 1 Cr
ReceivablesRs 24 Cr
InventoryRs 22 Cr
Other liabilitiesRs 11 Cr
Shares outstanding (crore)1.29
Ownership
Promoter holding60.30%
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 264.6 is at the 93th percentile of its own 2.2-year range
(median 133.9, low 104.2, high 269.0).
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 | FORCAS | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +9.1% | -2.8% | +11.8 pts |
| 1 month | +6.8% | -6.8% | +13.6 pts |
| 3 months | +156.5% | -7.6% | +164.2 pts |
| 6 months | +140.0% | +0.4% | +139.6 pts |
| 1 year | +135.5% | -9.9% | +145.4 pts |
Red flags
F-score 5 of 8| explain | Receivables outrunning sales Receivables grew 104% vs sales -64% in 2026 |
| explain | Share dilution Share count up 36% in a year, 36% in three |
| look | Inventory outrunning sales Inventory grew 19% vs sales -64% 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 ₹114 Cr +37.3% vs Mar 2024.
Net profit ₹8 Cr +100.0%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Page Industries Ltd | 40,801 | 52.2 | 64.4 % |
| Arvind Ltd | 14,838 | 33.8 | 14.7 % |
| Pearl Global Industries Ltd | 11,921 | 38.0 | 19.9 % |
| Gokaldas Exports Ltd | 4,972 | 48.3 | 7.65 % |
| Lux Industries Ltd | 3,321 | 32.1 | 7.68 % |
| Kewal Kiran Clothing Ltd | 2,884 | 19.5 | 17.2 % |
| SBC Exports Ltd | 2,607 | 76.8 | 16.7 % |
| S P Apparels Ltd | 2,356 | 22.4 | 14.0 % |
| Kitex Garments Ltd | 2,304 | 1.59 % | |
| Cantabil Retail India Ltd | 1,949 | 20.0 | 19.4 % |
| Dollar Industries Ltd | 1,593 | 14.4 | 13.6 % |
| Iris Clothings Ltd | 1,195 | 68.0 | 16.0 % |
| Monte Carlo Fashions Ltd | 1,070 | 10.2 | 14.0 % |
| Rupa & Company Ltd | 1,053 | 13.5 | 9.59 % |
| Karnika Industries Ltd | 775 | 27.7 | % |
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