Price
Financials
Standalone, Rs crore| Sep 2024 | Sep 2025 | Mar 2026 | |
|---|---|---|---|
| Sales | 22 | 32 | 38 |
| Expenses | 17 | 24 | 32 |
| Operating Profit | 5 | 8 | 6 |
| OPM % | 24% | 24% | 15% |
| Other Income | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 |
| Profit before tax | 5 | 8 | 7 |
| Tax % | 25% | 25% | 26% |
| Net Profit | 4 | 6 | 5 |
| EPS in Rs | 2.77 | 4.22 | 2.78 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 17 | 18 | 19 | 20 | 26 | 48 | 70 |
| Expenses | 14 | 15 | 16 | 16 | 21 | 37 | 56 |
| Operating Profit | 3 | 3 | 4 | 4 | 5 | 11 | 13 |
| OPM % | 19% | 18% | 19% | 18% | 18% | 22% | 19% |
| Other Income | 0 | 0 | 1 | 0 | 1 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 3 | 3 | 4 | 4 | 5 | 10 | 14 |
| Tax % | 25% | 25% | 26% | 25% | 25% | 25% | 26% |
| Net Profit | 2 | 2 | 3 | 3 | 3 | 8 | 11 |
| EPS in Rs | 7.92 | 2.28 | 2.74 | 2.71 | 3.54 | 5.56 | 6.10 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 30% | 51% | 46% | ||
| Compounded Profit Growth | % | 40% | 59% | 39% | ||
| Stock Price CAGR | % | % | % | % | ||
| Return on Equity | % | 22% | 24% | 22% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 9 | 10 | 10 | 10 | 14 | 17 |
| Reserves | 7 | 3 | 5 | 7 | 11 | 15 | 52 |
| Borrowings | 0 | 1 | 0 | 1 | 1 | 1 | 0 |
| Other Liabilities | 5 | 4 | 3 | 4 | 5 | 9 | 15 |
| Total Liabilities | 14 | 16 | 18 | 22 | 26 | 38 | 85 |
| Fixed Assets | 1 | 2 | 2 | 4 | 6 | 8 | 8 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 6 | 7 | 8 | 0 | 0 |
| Other Assets | 14 | 15 | 11 | 11 | 12 | 30 | 77 |
| Total Assets | 14 | 16 | 18 | 22 | 26 | 38 | 85 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 3 | 4 | 5 | 5 | 2 | ||
| Cash from Investing Activity | -6 | -4 | -5 | -13 | -32 | ||
| Cash from Financing Activity | -1 | 0 | 0 | -0 | 30 | ||
| Net Cash Flow | -4 | 0 | -0 | -8 | 1 | ||
| Free Cash Flow | 3 | 3 | 3 | 2 | 2 | ||
| CFO/OP | 104% | 125% | 125% | 72% | 44% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 143 | 111 | 91 | 105 | 84 | 70 | 65 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 143 | 111 | 91 | 105 | 84 | 70 | 65 |
| Working Capital Days | 108 | 78 | 84 | 64 | 38 | 41 | 50 |
| ROCE % | 27% | 28% | 22% | 25% | 41% | 29% |
| Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Promoters | 73.55% | 73.55% | 73.55% |
| FIIs | 0.27% | 3.28% | 3.69% |
| DIIs | 1.38% | 4.99% | 4.96% |
| Public | 24.80% | 18.18% | 17.80% |
| No. of Shareholders | 1,502 | 547 | 413 |
Fundamentals
Market Cap₹ 256 Cr.
Current Price₹ 148
Stock P/E24.3
Book Value₹ 40.0
ROCE29.2 %
ROE21.6 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)46%
Compounded Profit Growth (TTM)39%
Standalone figures.
Valuation
Market capRs 141 Cr
Enterprise valueRs 140 Cr
P/E (TTM)53.51x
Price to book8.34x
Price to sales7.01x
EV / EBITDA33.74x
EV / EBIT39.02x
EV / sales6.93x
Price to cash flow38.08x
Earnings yield1.87%
Profitability
Operating margin (excl. other income)18.45%
Operating margin (incl. other income)20.54%
EBITDA margin20.54%
Pre-tax margin17.51%
Net profit margin13.10%
ROE16.91%
ROCE22.45%
ROA13.40%
ROE, 3-year average18.78%
ROCE, 3-year average25.76%
ROA, 3-year average14.00%
ROIC (approx.)17.44%
Tax rate25.21%
Other income / net worth2.48%
Growth
Sales growth (latest year)3.92%
Profit growth (latest year)-1.12%
Sales CAGR, 3 years6.50%
Profit CAGR, 3 years4.10%
Per share
EPS (TTM)Rs 2.71
EPS (latest year)Rs 2.71
EPS, 3-year averageRs 2.58
Book value per shareRs 17.37
Sales per shareRs 20.69
Cash flow per shareRs 3.81
Free cash flow per shareRs 2.05
Efficiency
Asset turnover0.94x
Fixed asset turnover4.89x
Debtor days105 days
Debtors turnover3.49x
Cash conversion cycle65 days
Working capital days50 days
Leverage
Total debtRs 1 Cr
Cash and bankRs 2 Cr
Net debtRs -2 Cr
Debt to equity0.04x
Net debt / EBITDA-0.38x
Interest coverage71.60x
Owners' fund to total sources78.63%
Debt to assets2.79%
Cash flow
Cash from Operating Activity (latest year)Rs 4 Cr
Cash from Investing Activity (latest year)Rs -4 Cr
Cash from Financing Activity (latest year)Rs 0 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 2 Cr
FCFE (approx.: FCF + change in debt)Rs 3 Cr
Cash from ops / profit, 5 years0.68x
Sales to cash flow5.43x
Statement figures
Net sales (TTM)Rs 20 Cr
Net sales (latest year)Rs 20 Cr
Operating profit excl. other income (latest year)Rs 4 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 4 Cr
PBDT (TTM)Rs 4 Cr
Profit before tax (TTM)Rs 4 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs 3 Cr
Net profit (latest year)Rs 3 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total expenditure (latest year)Rs 16 Cr
Total income (latest year)Rs 21 Cr
Share capitalRs 10 Cr
ReservesRs 7 Cr
Shareholders' fundsRs 17 Cr
Total assetsRs 22 Cr
Net blockRs 4 Cr
InvestmentsRs 7 Cr
ReceivablesRs 6 Cr
Other liabilitiesRs 4 Cr
Shares outstanding (crore)0.97
Ownership
Promoter holding73.55%
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 | MARC | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -2.1% | -2.8% | +0.7 pts |
| 1 month | +14.1% | -6.8% | +20.9 pts |
| 3 months | +98.6% | -7.6% | +106.2 pts |
| 6 months | +124.7% | +0.4% | +124.3 pts |
Red flags
F-score 4 of 8| explain | Share dilution Share count up 0% in a year, 223% in three |
| explain | Debt up, profit down Borrowings up 650% 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
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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