Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 15.19 | 16.13 | 15.39 | 16.74 | 17.84 | 18.34 | 19.26 | 21.08 | 23.51 | 25.07 | 23.67 | 23.03 |
| Expenses | 14.22 | 15.13 | 18.15 | 16.79 | 17.16 | 17.68 | 19.21 | 21.39 | 22.96 | 24.63 | 23.90 | 23.10 |
| Operating Profit | 0.97 | 1.00 | -2.76 | -0.05 | 0.68 | 0.66 | 0.05 | -0.31 | 0.55 | 0.44 | -0.23 | -0.07 |
| OPM % | 6.39% | 6.20% | -17.93% | -0.30% | 3.81% | 3.60% | 0.26% | -1.47% | 2.34% | 1.76% | -0.97% | -0.30% |
| Other Income | 0.79 | -8.33 | 2.47 | 8.25 | 1.10 | 1.63 | 1.96 | 0.13 | 0.11 | 0.67 | 2.09 | 2.48 |
| Interest | 0.25 | 0.55 | 0.24 | 0.25 | 0.26 | -0.33 | 0.03 | 0.05 | 0.00 | 0.04 | 0.01 | 0.06 |
| Depreciation | 0.25 | 0.27 | 0.21 | 0.23 | 0.24 | 0.21 | 0.25 | 0.21 | 0.21 | 0.21 | 0.26 | 0.20 |
| Profit before tax | 1.26 | -8.15 | -0.74 | 7.72 | 1.28 | 2.41 | 1.73 | -0.44 | 0.45 | 0.86 | 1.59 | 2.15 |
| Tax % | 19.84% | 3.44% | 74.32% | 12.44% | 24.22% | 34.02% | -304.05% | 34.09% | 111.11% | 5.81% | -7.55% | 43.72% |
| Net Profit | 1.26 | -9.08 | -1.28 | 6.76 | 0.96 | 1.59 | 6.99 | -0.60 | -0.06 | 0.81 | 1.71 | 1.21 |
| EPS in Rs | 0.13 | -0.45 | -0.12 | 0.50 | 0.07 | 0.17 | 0.81 | -0.10 | 0.13 | 0.26 | 0.28 | -0.06 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 18.13 | 27.14 | 29.95 | 34.40 | 38.24 | 37.30 | 37.04 | 47.15 | 60.39 | 72.19 | 93.34 | 95.28 |
| Expenses | 15.40 | 24.49 | 27.14 | 31.38 | 34.34 | 32.89 | 34.84 | 43.77 | 60.24 | 70.83 | 92.90 | 94.59 |
| Operating Profit | 2.73 | 2.65 | 2.81 | 3.02 | 3.90 | 4.41 | 2.20 | 3.38 | 0.15 | 1.36 | 0.44 | 0.69 |
| OPM % | 15.06% | 9.76% | 9.38% | 8.78% | 10.20% | 11.82% | 5.94% | 7.17% | 0.25% | 1.88% | 0.47% | 0.72% |
| Other Income | 6.12 | -26.08 | 5.24 | 3.82 | 6.45 | 6.95 | 16.32 | 7.51 | -3.96 | 12.88 | 3.01 | 5.35 |
| Interest | 2.25 | 1.92 | 0.66 | 0.54 | 0.94 | 0.99 | 1.08 | 1.08 | 1.34 | 0.20 | 0.11 | 0.11 |
| Depreciation | 0.43 | 1.14 | 1.17 | 1.07 | 1.01 | 1.01 | 0.99 | 0.98 | 0.99 | 0.93 | 0.90 | 0.88 |
| Profit before tax | 6.17 | -26.49 | 6.22 | 5.23 | 8.40 | 9.36 | 16.45 | 8.83 | -6.14 | 13.11 | 2.44 | 5.05 |
| Tax % | 29.98% | 5.44% | 81.67% | 29.06% | -35.36% | 31.73% | 30.21% | 23.56% | 23.29% | -24.18% | 20.90% | |
| Net Profit | 4.32 | -27.93 | 1.14 | 6.66 | 21.09 | 9.38 | 16.40 | 16.62 | -7.62 | 16.23 | 1.94 | 3.67 |
| EPS in Rs | 0.38 | -2.50 | 0.10 | 0.60 | 2.30 | 1.01 | 1.03 | 1.42 | -0.71 | 1.45 | 0.53 | 0.61 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 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 | 18% | 20% | 26% | 25% | ||
| Compounded Profit Growth | 2% | -12% | -27% | -37% | ||
| Stock Price CAGR | 6% | 6% | 0% | -26% | ||
| Return on Equity | 3% | 3% | 2% | 2% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 111.95 | 111.95 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 | 111.92 |
| Reserves | 150.77 | 157.35 | 137.20 | 141.85 | 159.66 | 159.44 | 191.15 | 226.28 | 199.40 | 221.26 | 218.85 | 160.72 |
| Borrowings | 14.00 | 10.14 | 5.92 | 4.12 | 0.73 | 0.16 | 0.00 | 0.00 | 4.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 17.17 | 21.26 | 16.13 | 13.01 | 11.76 | 9.52 | 9.07 | 17.90 | 21.25 | 63.63 | 59.82 | 33.37 |
| Total Liabilities | 293.89 | 300.70 | 271.17 | 270.90 | 284.07 | 281.04 | 312.14 | 356.10 | 336.57 | 396.81 | 390.59 | 306.01 |
| Fixed Assets | 42.76 | 43.73 | 85.71 | 84.66 | 84.29 | 76.44 | 76.89 | 76.81 | 76.61 | 90.42 | 94.47 | 93.71 |
| CWIP | 0.00 | 0.00 | 0.00 | 44.02 | 44.02 | 44.02 | 44.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 42.63 | 46.26 | 64.16 | 65.89 | 81.37 | 69.96 | 89.93 | 147.55 | 177.20 | 175.41 | 222.81 | 149.51 |
| Other Assets | 208.50 | 210.71 | 121.30 | 76.33 | 74.39 | 90.62 | 101.30 | 131.74 | 82.76 | 130.98 | 73.31 | 62.79 |
| Total Assets | 293.89 | 300.70 | 271.17 | 270.90 | 284.07 | 281.04 | 312.14 | 356.10 | 336.57 | 396.81 | 390.59 | 306.01 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 8.88 | -19.46 | -27.09 | 4.15 | 10.23 | -9.31 | 22.72 | -6.14 | -13.74 | 39.24 | -32.81 | 0.83 |
| Cash from Investing Activity | -17.91 | 17.45 | 33.63 | -4.11 | -4.42 | 17.01 | -12.62 | -10.02 | 9.16 | 17.23 | -18.28 | -0.22 |
| Cash from Financing Activity | 11.75 | -2.46 | -4.99 | -0.07 | -3.65 | 0.00 | 0.00 | 0.00 | 4.00 | -4.57 | 0.24 | -0.36 |
| Net Cash Flow | 2.72 | -4.46 | 1.54 | -0.02 | 2.16 | 7.70 | 10.09 | -16.16 | -0.58 | 51.90 | -50.85 | 0.25 |
| Free Cash Flow | 4.81 | -20.43 | -27.16 | 5.23 | 11.82 | -13.46 | 22.59 | 37.70 | -13.79 | 38.36 | -37.77 | 0.70 |
| CFO/OP | 538% | -506% | -998% | 187% | 403% | -191% | 585% | -158% | -334% | 27,527% | -2,141% | 639% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0.00 | 61.00 | 70.47 | 69.71 | 73.42 | 82.66 | 74.37 | 80.51 | 74.08 | 79.54 | 83.43 | 68.08 |
| Inventory Days | 2.07 | |||||||||||
| Days Payable | 26.37 | |||||||||||
| Cash Conversion Cycle | 0.00 | 61.00 | 46.17 | 69.71 | 73.42 | 82.66 | 74.37 | 80.51 | 74.08 | 79.54 | 83.43 | 68.08 |
| Working Capital Days | 1,218.25 | 658.33 | 1,202.72 | 639.57 | 522.46 | 500.06 | 499.94 | 949.45 | 465.09 | 346.44 | 236.32 | 155.40 |
| ROCE % | 2.67% | 3.33% | 2.33% | 3.06% | 2.35% | 3.47% | 3.69% | 5.53% | 2.66% | 0.96% | 1.53% | 0.82% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% | 72.76% |
| Public | 27.24% | 27.24% | 27.25% | 27.25% | 27.24% | 27.24% | 27.24% | 27.25% | 27.25% | 27.24% | 27.26% | 27.25% |
| No. of Shareholders | 51,234 | 51,044 | 51,128 | 50,915 | 50,896 | 50,894 | 50,819 | 50,729 | 50,668 | 50,562 | 50,488 | 50,547 |
Fundamentals
Market Cap₹ 260 Cr.
Current Price₹ 22.1
Stock P/E38.5
Book Value₹ 24.4
ROCE0.82 %
ROE1.97 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)25%
Compounded Profit Growth (TTM)-37%
Consolidated figures.
Valuation
Market capRs 270 Cr
Enterprise valueRs 262 Cr
P/E (TTM)39.99x
Price to book0.99x
Price to sales2.83x
EV / EBITDA43.39x
EV / EBIT50.79x
EV / sales2.75x
Price to cash flow324.74x
Earnings yield2.50%
P/E, 3-year average13.40x
P/B, 3-year average0.67x
P/E, 5-year average14.11x
P/B, 5-year average0.63x
Profitability
Operating margin (excl. other income)0.47%
Operating margin (incl. other income)3.70%
EBITDA margin6.34%
Pre-tax margin5.30%
Net profit margin7.07%
Net margin, latest quarter-2.82%
ROE1.97%
ROCE0.85%
ROA1.71%
ROE, 3-year average1.46%
ROCE, 3-year average1.12%
ROA, 3-year average1.22%
ROE, 5-year average2.58%
ROCE, 5-year average2.37%
ROA, 5-year average2.34%
ROIC (approx.)1.54%
Tax rate20.90%
Other income / net worth1.10%
Growth
Sales growth (latest year)29.30%
Profit growth (latest year)-63.34%
Sales CAGR, 3 years25.56%
Sales CAGR, 5 years20.14%
Profit CAGR, 3 years-28.00%
Profit CAGR, 5 years-12.09%
Sales growth QoQ-2.70%
Profit growth QoQ-120.83%
Sales growth YoY (latest quarter)9.25%
Per share
EPS (TTM)Rs 0.57
EPS (latest quarter)Rs -0.06
EPS, 3-year averageRs 0.37
EPS, 5-year averageRs 0.80
Book value per shareRs 23.25
Sales per shareRs 8.12
Cash flow per shareRs 0.07
Free cash flow per shareRs 0.06
Efficiency
Asset turnover0.30x
Fixed asset turnover1.00x
Inventory turnover0.00x
Debtor days68 days
Debtors turnover5.36x
Creditor days26 days
Cash conversion cycle68 days
Working capital days155 days
Leverage
Cash and bankRs 7 Cr
Net debtRs -7 Cr
Net debt / EBITDA-1.24x
Interest coverage46.91x
Owners' fund to total sources89.10%
Cash flow
Cash from Operating Activity (latest year)Rs 1 Cr
Cash from Investing Activity (latest year)Rs -0 Cr
Cash from Financing Activity (latest year)Rs -0 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 1 Cr
Cash from ops / profit, 5 years-0.29x
Sales to cash flow112.46x
Statement figures
Net sales (TTM)Rs 95 Cr
Net sales (latest year)Rs 93 Cr
Sales (latest quarter)Rs 23 Cr
Operating profit excl. other income (latest year)Rs 0 Cr
Operating profit (latest quarter)Rs -0 Cr
Other income (TTM)Rs 5 Cr
EBITDA (TTM)Rs 6 Cr
PBDT (TTM)Rs 6 Cr
Profit before tax (TTM)Rs 5 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs 7 Cr
Net profit (latest year)Rs 6 Cr
Net profit (latest quarter)Rs -1 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 0 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total expenditure (latest year)Rs 93 Cr
Total income (latest year)Rs 96 Cr
Share capitalRs 112 Cr
ReservesRs 161 Cr
Shareholders' fundsRs 273 Cr
Total assetsRs 306 Cr
Net blockRs 94 Cr
InvestmentsRs 150 Cr
ReceivablesRs 17 Cr
InventoryRs 0 Cr
Other liabilitiesRs 33 Cr
Shares outstanding (crore)11.73
Ownership
Promoter holding72.76% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | MERCANTILE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +1.7% | -2.8% | +4.5 pts |
| 1 month | -9.2% | -6.8% | -2.4 pts |
| 3 months | -10.2% | -7.6% | -2.6 pts |
Red flags
F-score 5 of 8| look | Profit leans on other income Other income was 123% of pre-tax profit in 2026 |
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
Jun 2026Sales ₹23 Cr +9.3% vs Jun 2025.
Net profit ₹1 Cr +301.7%.
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.
Less than 100 unique PAN traded in previous 30 days