Price
Financials
Standalone, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 35 | 32 | 52 | 50 | 77 | 83 |
| Expenses | 29 | 23 | 41 | 40 | 62 | 72 |
| Operating Profit | 6 | 8 | 10 | 9 | 15 | 11 |
| OPM % | 19% | 26% | 20% | 19% | 20% | 13% |
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 |
| Interest | 1 | 1 | 2 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit before tax | 5 | 6 | 9 | 8 | 12 | 7 |
| Tax % | 18% | 19% | 18% | 20% | 17% | 21% |
| Net Profit | 4 | 5 | 7 | 6 | 10 | 6 |
| EPS in Rs | 4.24 | 3.71 | 3.81 | 3.45 | 5.61 | 3.23 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 0 | 18 | 41 | 67 | 101 | 160 |
| Expenses | 0 | 17 | 33 | 52 | 82 | 134 |
| Operating Profit | 0 | 1 | 8 | 15 | 20 | 26 |
| OPM % | 4.5% | 19% | 22% | 19% | 16% | |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 |
| Interest | 0 | 0 | 2 | 2 | 2 | 4 |
| Depreciation | 0 | 0 | 1 | 2 | 2 | 3 |
| Profit before tax | 0 | 0 | 5 | 11 | 16 | 20 |
| Tax % | 67% | 16% | 18% | 19% | 18% | |
| Net Profit | 0 | 0 | 4 | 9 | 13 | 16 |
| EPS in Rs | 0.04 | 4.32 | 6.53 | 7.27 | 8.84 | |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | % | 57% | 58% | ||
| Compounded Profit Growth | % | % | 61% | 22% | ||
| Stock Price CAGR | % | % | % | -58% | ||
| Return on Equity | % | 21% | 20% | 14% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 6 | 6 | 9 | 12 | 18 |
| Reserves | 0 | 0 | 4 | 19 | 70 | 129 |
| Borrowings | 1 | 13 | 22 | 24 | 26 | 55 |
| Other Liabilities | 0 | 0 | 2 | 12 | 10 | 33 |
| Total Liabilities | 1 | 19 | 34 | 64 | 117 | 235 |
| Fixed Assets | 0 | 10 | 13 | 17 | 19 | 53 |
| CWIP | 0 | 0 | 0 | 3 | 21 | 23 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1 | 9 | 22 | 44 | 77 | 159 |
| Total Assets | 1 | 19 | 34 | 64 | 117 | 235 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0 | -6 | 0 | 0 | -17 | -28 |
| Cash from Investing Activity | 0 | -2 | -0 | -8 | -24 | -39 |
| Cash from Financing Activity | 0 | 8 | 0 | 8 | 40 | 75 |
| Net Cash Flow | 0 | -0 | 0 | 0 | -0 | 7 |
| Free Cash Flow | 0 | -16 | -4 | -9 | -39 | -66 |
| CFO/OP | -720% | 3% | 8% | -74% | -96% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 60 | 71 | 101 | 110 | 131 | |
| Inventory Days | 32 | 106 | 162 | 185 | 191 | |
| Days Payable | 0 | 11 | 69 | 33 | 78 | |
| Cash Conversion Cycle | 92 | 166 | 195 | 263 | 245 | |
| Working Capital Days | 125 | 97 | 115 | 172 | 201 | |
| ROCE % | 6% | 26% | 31% | 24% | 15% |
| Sep 2024 | Mar 2025 | Sep 2025 | Nov 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Promoters | 48.11% | 48.11% | 48.11% | 32.57% | 32.64% |
| FIIs | 3.49% | 2.22% | 2.20% | 2.16% | 2.00% |
| DIIs | 3.68% | 2.55% | 1.67% | 4.36% | 3.29% |
| Public | 44.72% | 47.12% | 48.02% | 60.91% | 62.08% |
| No. of Shareholders | 1,291 | 1,383 | 1,740 | 1,843 | 2,819 |
Fundamentals
Market Cap₹ 93.4 Cr.
Current Price₹ 51.0
Stock P/E5.78
Book Value₹ 80.2
ROCE15.2 %
ROE14.2 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)58%
Compounded Profit Growth (TTM)22%
Standalone figures.
Valuation
Market capRs 96 Cr
Enterprise valueRs 109 Cr
P/E (TTM)2401.71x
Price to book15.88x
Price to sales5.43x
EV / EBITDA136.04x
EV / EBIT184.45x
EV / sales6.16x
Earnings yield0.04%
Profitability
Operating margin (excl. other income)4.52%
Operating margin (incl. other income)4.52%
EBITDA margin4.52%
Pre-tax margin0.68%
Net profit margin0.23%
ROE0.66%
ROCE3.13%
ROA0.41%
ROIC (approx.)1.05%
Tax rate66.67%
Per share
EPS (TTM)Rs 0.02
EPS (latest year)Rs 0.07
Book value per shareRs 3.30
Sales per shareRs 9.64
Cash flow per shareRs -3.14
Free cash flow per shareRs -36.00
Efficiency
Asset turnover0.93x
Fixed asset turnover1.81x
Inventory turnover12.88x
Inventory days28 days
Debtor days60 days
Debtors turnover6.05x
Creditor days78 days
Cash conversion cycle245 days
Working capital days201 days
Leverage
Total debtRs 13 Cr
Cash and bankRs 0 Cr
Net debtRs 13 Cr
Debt to equity2.11x
Net debt / EBITDA15.95x
Interest coverage1.26x
Owners' fund to total sources31.66%
Debt to assets66.93%
Cash flow
Cash from Operating Activity (latest year)Rs -6 Cr
Cash from Investing Activity (latest year)Rs -2 Cr
Cash from Financing Activity (latest year)Rs 8 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -66 Cr
FCFE (approx.: FCF + change in debt)Rs -54 Cr
Cash from ops / profit, 5 years-1.21x
Statement figures
Net sales (TTM)Rs 18 Cr
Net sales (latest year)Rs 18 Cr
Operating profit excl. other income (latest year)Rs 1 Cr
EBITDA (TTM)Rs 1 Cr
PBDT (TTM)Rs 0 Cr
Profit before tax (TTM)Rs 0 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 0 Cr
Net profit (latest year)Rs 0 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 15 Cr
Total expenditure (latest year)Rs 17 Cr
Total income (latest year)Rs 18 Cr
Share capitalRs 6 Cr
ReservesRs 0 Cr
Shareholders' fundsRs 6 Cr
Total assetsRs 19 Cr
Net blockRs 10 Cr
InvestmentsRs 0 Cr
ReceivablesRs 3 Cr
InventoryRs 1 Cr
Other liabilitiesRs 0 Cr
Shares outstanding (crore)1.83
Ownership
Promoter holding32.64% (-15.47 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 | IEML | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +7.7% | -2.8% | +10.5 pts |
| 1 month | +23.4% | -6.8% | +30.2 pts |
| 3 months | +23.7% | -7.6% | +31.3 pts |
| 6 months | -13.5% | +0.4% | -13.9 pts |
| 1 year | -64.0% | -9.9% | -54.1 pts |
| 2 years | -83.1% | -13.6% | -69.5 pts |
Red flags
| 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 ₹83 Cr +159.4% vs Mar 2024.
Net profit ₹6 Cr +20.0%.
Activity
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| Date | Client | Side | Qty | Price |
|---|---|---|---|---|
| 2026-10-01 | Yash Dasharath Gotarane | BUY | 266,000 | 56.05 |
| 2026-10-01 | Manoj Agarwal Huf | SELL | 182,500 | 56.05 |
| 2026-09-30 | Niraj Umesh Joshi | BUY | 104,000 | 53.07 |
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