Price
Financials
Standalone, Rs crore| Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 4.04 | 0.45 | 9.41 | 9.55 | 2.17 | 2.60 | 14.81 |
| Expenses | 3.68 | 1.65 | 9.58 | 9.45 | 2.64 | 2.88 | 14.84 |
| Operating Profit | 0.36 | -1.20 | -0.17 | 0.10 | -0.47 | -0.28 | -0.03 |
| OPM % | 8.91% | -266.67% | -1.81% | 1.05% | -21.66% | -10.77% | -0.20% |
| Other Income | 0.00 | 0.03 | 0.17 | 0.18 | 0.23 | 0.17 | 0.24 |
| Interest | 0.12 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Depreciation | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 | 0.03 | 0.04 |
| Profit before tax | 0.23 | -1.18 | 0.00 | 0.27 | -0.26 | -0.14 | 0.17 |
| Tax % | 156.52% | 0.00% | 0.00% | 0.00% | 0.00% | 11.76% | |
| Net Profit | -0.12 | -1.18 | -0.01 | 0.27 | -0.26 | -0.13 | 0.15 |
| EPS in Rs | -120.00 | -2.30 | -0.01 | 0.37 | -0.36 | -0.18 | 0.21 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1.66 | 2.25 | 3.02 | 10.91 | 10.01 | 9.86 | 11.72 | 17.41 |
| Expenses | 1.61 | 2.16 | 2.88 | 10.32 | 8.54 | 11.22 | 12.09 | 17.72 |
| Operating Profit | 0.05 | 0.09 | 0.14 | 0.59 | 1.47 | -1.36 | -0.37 | -0.31 |
| OPM % | 3.01% | 4.00% | 4.64% | 5.41% | 14.69% | -13.79% | -3.16% | -1.78% |
| Other Income | 0.01 | 0.03 | 0.05 | 0.01 | 0.01 | 0.19 | 0.41 | 0.41 |
| Interest | 0.00 | 0.00 | 0.04 | 0.06 | 0.12 | 0.01 | 0.00 | 0.00 |
| Depreciation | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | 0.03 | 0.06 |
| Profit before tax | 0.05 | 0.10 | 0.14 | 0.53 | 1.35 | -1.18 | 0.01 | 0.04 |
| Tax % | 20.00% | 30.00% | 28.57% | 24.53% | 26.67% | 0.00% | 0.00% | 50.00% |
| Net Profit | 0.03 | 0.08 | 0.11 | 0.40 | 1.00 | -1.19 | 0.01 | 0.01 |
| EPS in Rs | 30.00 | 80.00 | 110.00 | 400.00 | 1,000.00 | -1.63 | 0.01 | 0.01 |
| Dividend Payout % | 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 | % | 42% | 20% | 49% | ||
| Compounded Profit Growth | % | % | % | -1700% | ||
| Stock Price CAGR | % | % | % | -28% | ||
| Return on Equity | % | 0% | -3% | -1% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 7.29 | 7.29 | 7.29 |
| Reserves | 0.12 | 0.19 | 0.30 | 0.70 | 1.69 | 10.87 | 10.87 | 10.89 |
| Borrowings | 0.00 | 0.00 | 0.45 | 0.51 | 0.38 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 0.96 | 1.50 | 1.54 | 2.98 | 1.05 | 0.29 | 0.39 | 2.88 |
| Total Liabilities | 1.09 | 1.70 | 2.30 | 4.20 | 3.13 | 18.45 | 18.55 | 21.06 |
| Fixed Assets | 0.05 | 0.04 | 0.03 | 0.03 | 0.02 | 0.03 | 0.17 | 0.17 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.29 | 10.75 | 2.20 |
| Other Assets | 1.04 | 1.66 | 2.27 | 4.17 | 3.11 | 9.13 | 7.63 | 18.69 |
| Total Assets | 1.09 | 1.70 | 2.30 | 4.20 | 3.13 | 18.45 | 18.55 | 21.06 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -0.69 | 0.72 | -1.88 | -6.36 | 0.89 | -8.90 | ||
| Cash from Investing Activity | -0.01 | 0.00 | 0.00 | -9.25 | -1.08 | 8.86 | ||
| Cash from Financing Activity | 0.41 | 0.00 | -0.24 | 17.25 | 0.00 | 0.00 | ||
| Net Cash Flow | -0.29 | 0.72 | -2.12 | 1.64 | -0.19 | -0.04 | ||
| Free Cash Flow | -0.69 | 0.72 | -1.88 | -6.37 | 0.72 | -8.97 | ||
| CFO/OP | -464% | 144% | -103% | 468% | -241% | 2,861% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 101.14 | 128.16 | 159.54 | 86.65 | 113.40 | 140.67 | 108.69 | 114.47 |
| Inventory Days | 191.40 | 159.10 | 104.68 | 19.33 | 24.84 | 23.87 | 46.04 | 103.05 |
| Days Payable | 289.33 | 575.58 | 136.36 | 76.21 | 29.27 | 8.30 | 10.60 | 57.48 |
| Cash Conversion Cycle | 3.22 | -288.32 | 127.86 | 29.77 | 108.97 | 156.24 | 144.13 | 160.04 |
| Working Capital Days | -6.60 | -45.42 | 12.09 | -7.03 | 106.11 | 306.88 | 219.25 | 327.26 |
| ROCE % | 60.61% | 37.50% | 59.60% | 89.09% | -11.56% | 0.06% | -0.72% |
| Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Promoters | 67.56% | 67.56% | 67.56% | 67.56% | 67.56% | 67.56% |
| Public | 32.44% | 32.44% | 32.44% | 32.44% | 32.44% | 32.44% |
| No. of Shareholders | 1,001 | 782 | 704 | 656 | 641 | 622 |
Fundamentals
Market Cap₹ 9.37 Cr.
Current Price₹ 12.8
Book Value₹ 24.9
ROCE-0.72 %
ROE-0.88 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)49%
Compounded Profit Growth (TTM)-1700%
Standalone figures.
Valuation
Market capRs 9 Cr
Enterprise valueRs 9 Cr
Price to book0.49x
Price to sales0.91x
EV / sales0.87x
Earnings yield-13.33%
P/B, 3-year average1.35x
P/B, 5-year average1.35x
Profitability
Operating margin (excl. other income)-13.79%
Operating margin (incl. other income)-11.87%
EBITDA margin-11.87%
Pre-tax margin-11.97%
Net profit margin-12.07%
ROE-11.98%
ROCE-11.56%
ROA-11.03%
ROE, 3-year average49.81%
ROCE, 3-year average45.71%
ROA, 3-year average9.52%
ROE, 5-year average48.21%
ROCE, 5-year average47.05%
ROA, 5-year average7.96%
ROIC (approx.)-6.56%
Other income / net worth1.05%
Growth
Sales growth (latest year)-1.50%
Profit growth (latest year)-219.00%
Sales CAGR, 3 years48.35%
Sales CAGR, 5 years42.81%
Per share
EPS (TTM)Rs -1.63
EPS (latest year)Rs -1.63
EPS, 3-year averageRs 466.12
EPS, 5-year averageRs 317.67
Book value per shareRs 24.91
Sales per shareRs 13.53
Cash flow per shareRs -8.72
Free cash flow per shareRs -12.30
Efficiency
Asset turnover0.53x
Fixed asset turnover328.67x
Inventory turnover15.35x
Inventory days24 days
Debtor days141 days
Debtors turnover2.59x
Creditor days57 days
Cash conversion cycle160 days
Working capital days327 days
Leverage
Cash and bankRs 0 Cr
Net debtRs -0 Cr
Interest coverage-117.00x
Owners' fund to total sources98.43%
Cash flow
Cash from Operating Activity (latest year)Rs -6 Cr
Cash from Investing Activity (latest year)Rs -9 Cr
Cash from Financing Activity (latest year)Rs 17 Cr
Net Cash Flow (latest year)Rs 2 Cr
Free cash flow (latest year)Rs -9 Cr
Cash from ops / profit, 5 years-67.52x
Statement figures
Net sales (TTM)Rs 10 Cr
Net sales (latest year)Rs 10 Cr
Operating profit excl. other income (latest year)Rs -1 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs -1 Cr
PBDT (TTM)Rs -1 Cr
Profit before tax (TTM)Rs -1 Cr
Net profit (TTM)Rs -1 Cr
Net profit (latest year)Rs -1 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 11 Cr
Total expenditure (latest year)Rs 11 Cr
Total income (latest year)Rs 10 Cr
Share capitalRs 7 Cr
ReservesRs 11 Cr
Shareholders' fundsRs 18 Cr
Total assetsRs 18 Cr
Net blockRs 0 Cr
InvestmentsRs 9 Cr
ReceivablesRs 4 Cr
InventoryRs 1 Cr
Other liabilitiesRs 0 Cr
Shares outstanding (crore)0.73
Ownership
Promoter holding67.56% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 0.49 is at the 3th percentile (median 13.04).
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 | INDIFRA | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +2.5% | -2.8% | +5.3 pts |
| 1 month | -9.6% | -6.8% | -2.8 pts |
| 3 months | -19.4% | -7.6% | -11.8 pts |
| 6 months | -23.9% | +0.4% | -24.3 pts |
| 1 year | -63.8% | -9.9% | -53.9 pts |
Red flags
F-score 2 of 8| explain | Weak cash conversion Cash from operations was -3581% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 28% of total assets in 2026 |
| look | On NSE surveillance On NSE surveillance: GSM |
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 ₹15 Cr +57.4% vs Mar 2024.
Net profit ₹0 Cr +1600.0%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| GAIL (India) Ltd | 111,803 | 11.3 | 9.67 % |
| Energy Infrastructure Trust | 4,829 | 60.6 | 5.39 % |
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.
GSMLess than 100 unique PAN traded in previous 30 daysSME scrip is not regularly tradedScrip PE is greater than 50 (4 trailing quarters)