Price
Financials
Standalone, Rs crore| Sep 2024 | Sep 2025 | Mar 2026 | |
|---|---|---|---|
| Sales | 30 | 93 | 164 |
| Expenses | 25 | 82 | 147 |
| Operating Profit | 5 | 12 | 17 |
| OPM % | 15% | 13% | 11% |
| Other Income | 0 | 0 | 1 |
| Interest | 1 | 1 | 3 |
| Depreciation | 2 | 2 | 4 |
| Profit before tax | 2 | 9 | 11 |
| Tax % | 25% | 25% | 24% |
| Net Profit | 1 | 6 | 9 |
| EPS in Rs | 1.55 | 6.00 | 8.05 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 19 | 24 | 44 | 59 | 86 | 258 |
| Expenses | 17 | 21 | 37 | 48 | 69 | 228 |
| Operating Profit | 2 | 3 | 6 | 11 | 17 | 29 |
| OPM % | 12% | 13% | 14% | 19% | 20% | 11% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 1 | 1 | 3 | 3 | 3 | 5 |
| Depreciation | 0 | 1 | 3 | 3 | 4 | 5 |
| Profit before tax | 1 | 1 | 1 | 5 | 11 | 20 |
| Tax % | 27% | 29% | 53% | 22% | 26% | 25% |
| Net Profit | 1 | 1 | 0 | 4 | 8 | 15 |
| EPS in Rs | 1,060.00 | 970.00 | 420.00 | 4,170.00 | 10.20 | 14.05 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 7% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 69% | 81% | 200% | ||
| Compounded Profit Growth | % | 68% | 225% | 79% | ||
| Stock Price CAGR | % | % | % | 200% | ||
| Return on Equity | % | 46% | 49% | 40% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 8 | 11 |
| Reserves | 3 | 4 | 4 | 8 | 8 | 45 |
| Borrowings | 18 | 23 | 27 | 25 | 30 | 70 |
| Other Liabilities | 2 | 7 | 8 | 13 | 11 | 34 |
| Total Liabilities | 22 | 34 | 39 | 47 | 57 | 160 |
| Fixed Assets | 12 | 24 | 25 | 22 | 26 | 48 |
| CWIP | 0 | 0 | 0 | 3 | 2 | 12 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 11 | 11 | 14 | 21 | 29 | 100 |
| Total Assets | 22 | 34 | 39 | 47 | 57 | 160 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | -3 | 8 | 2 | 10 | 6 | -20 |
| Cash from Investing Activity | -6 | -13 | -4 | -3 | -6 | -45 |
| Cash from Financing Activity | 8 | 5 | 1 | -5 | 2 | 64 |
| Net Cash Flow | -0 | 0 | -0 | 2 | 2 | -1 |
| Free Cash Flow | -8 | -4 | -2 | 6 | -0 | -57 |
| CFO/OP | -106% | 279% | 45% | 103% | 55% | -50% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 82 | 48 | 69 | 54 | 60 | 85 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 82 | 48 | 69 | 54 | 60 | 85 |
| Working Capital Days | 115 | -47 | -17 | -35 | 8 | 24 |
| ROCE % | 10% | 13% | 25% | 35% | 28% |
| Sep 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Promoters | 74.08% | 74.09% | 69.01% |
| DIIs | 0.47% | 0.48% | 0.44% |
| Public | 25.45% | 25.43% | 30.56% |
| No. of Shareholders | 822 | 712 | 815 |
Fundamentals
Market Cap₹ 440 Cr.
Current Price₹ 382
Stock P/E30.6
Book Value₹ 52.0
ROCE28.0 %
ROE40.0 %
Dividend Yield0.26 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)200%
Compounded Profit Growth (TTM)79%
Standalone figures.
Valuation
Market capRs 446 Cr
Enterprise valueRs 468 Cr
P/E (TTM)460.27x
Price to book125.06x
Price to sales18.34x
EV / EBITDA150.15x
EV / EBIT191.22x
EV / sales19.24x
Price to cash flow54.12x
Earnings yield0.22%
Profitability
Operating margin (excl. other income)12.53%
Operating margin (incl. other income)12.81%
EBITDA margin12.81%
Pre-tax margin5.54%
Net profit margin3.98%
ROE31.39%
ROCE10.39%
ROA3.42%
ROIC (approx.)6.81%
Tax rate28.89%
Other income / net worth1.96%
Growth
Sales growth (latest year)28.84%
Profit growth (latest year)-8.49%
Per share
EPS (TTM)Rs 0.84
EPS (latest year)Rs 970.00
Book value per shareRs 3.10
Sales per shareRs 21.16
Cash flow per shareRs 7.17
Free cash flow per shareRs -49.54
Efficiency
Asset turnover0.71x
Fixed asset turnover1.03x
Debtor days48 days
Debtors turnover7.66x
Cash conversion cycle85 days
Working capital days24 days
Leverage
Total debtRs 23 Cr
Cash and bankRs 1 Cr
Net debtRs 22 Cr
Debt to equity6.52x
Net debt / EBITDA7.06x
Interest coverage2.23x
Owners' fund to total sources10.41%
Debt to assets67.94%
Cash flow
Cash from Operating Activity (latest year)Rs 8 Cr
Cash from Investing Activity (latest year)Rs -13 Cr
Cash from Financing Activity (latest year)Rs 5 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -57 Cr
FCFE (approx.: FCF + change in debt)Rs -51 Cr
Cash from ops / profit, 5 years0.21x
Sales to cash flow2.95x
Statement figures
Net sales (TTM)Rs 24 Cr
Net sales (latest year)Rs 24 Cr
Operating profit excl. other income (latest year)Rs 3 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 3 Cr
PBDT (TTM)Rs 2 Cr
Profit before tax (TTM)Rs 1 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 14 Cr
Total expenditure (latest year)Rs 21 Cr
Total income (latest year)Rs 24 Cr
Share capitalRs 0 Cr
ReservesRs 4 Cr
Shareholders' fundsRs 4 Cr
Total assetsRs 34 Cr
Net blockRs 24 Cr
ReceivablesRs 3 Cr
Other liabilitiesRs 7 Cr
Shares outstanding (crore)1.15
Ownership
Promoter holding69.01%
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 | IWARE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -1.0% | -2.8% | +1.8 pts |
| 1 month | -11.9% | -6.8% | -5.1 pts |
| 3 months | +4.9% | -7.6% | +12.5 pts |
| 6 months | +68.6% | +0.4% | +68.2 pts |
| 1 year | +215.4% | -9.9% | +225.4 pts |
Red flags
F-score 6 of 8| explain | Debt up, profit down Borrowings up 32% while net profit fell 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
No quarterly results published.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Container Corporation Of India Ltd | 33,778 | 27.2 | 12.6 % |
| Delhivery Ltd | 31,276 | 262 | 1.01 % |
| Shadowfax Technologies Ltd | 16,484 | 95.7 | 10.3 % |
| Blue Dart Express Ltd | 10,859 | 33.5 | 15.8 % |
| Transport Corporation of India Ltd | 6,674 | 14.6 | 19.4 % |
| TVS Supply Chain Solutions Ltd | 5,784 | 81.6 | 10.1 % |
| VRL Logistics Ltd | 4,946 | 18.5 | 18.3 % |
| Afcom Holdings Ltd | 4,248 | 29.0 | 28.0 % |
| Mahindra Logistics Ltd | 4,229 | 107 | 7.36 % |
| Gateway Distriparks Ltd | 2,577 | 10.5 | 10.8 % |
| TCI Express Ltd | 2,046 | 22.4 | 14.6 % |
| Skyways Air Services Ltd | 1,675 | 31.4 | 13.2 % |
| Allcargo Logistics Ltd | 1,580 | 34.4 | 4.83 % |
| Navkar Corporation Ltd | 1,302 | 32.6 | 3.06 % |
| Allcargo Global Ltd | 1,297 | -6.09 % |
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