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 | 4.74 | 14.81 | 12.51 | 12.31 | 10.77 | 8.87 | 19.16 | 10.04 | 8.90 | 8.71 | 15.18 | 13.11 |
| Expenses | 8.78 | 7.72 | 12.07 | 11.63 | 10.57 | 9.82 | 15.22 | 9.30 | 10.08 | 9.89 | 14.29 | 11.07 |
| Operating Profit | -4.04 | 7.09 | 0.44 | 0.68 | 0.20 | -0.95 | 3.94 | 0.74 | -1.18 | -1.18 | 0.89 | 2.04 |
| OPM % | -85.23% | 47.87% | 3.52% | 5.52% | 1.86% | -10.71% | 20.56% | 7.37% | -13.26% | -13.55% | 5.86% | 15.56% |
| Other Income | 0.21 | -1.31 | -2.12 | 0.15 | 0.23 | 0.87 | -0.22 | 0.18 | 0.58 | 0.34 | 1.19 | 0.39 |
| Interest | 0.23 | -0.32 | 0.03 | 0.03 | 0.03 | 0.04 | 0.07 | 0.02 | -0.01 | 0.02 | 0.01 | 0.02 |
| Depreciation | 0.11 | 0.22 | 0.12 | 0.13 | 0.14 | 0.14 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| Profit before tax | -4.17 | 5.88 | -1.83 | 0.67 | 0.26 | -0.26 | 3.52 | 0.76 | -0.73 | -1.00 | 1.93 | 2.27 |
| Tax % | 3.36% | -1.19% | 16.94% | 41.79% | -11.54% | -96.15% | -0.57% | 10.53% | -2.74% | 0.00% | 15.54% | -4.41% |
| Net Profit | -4.31 | 5.95 | -2.13 | 0.40 | 0.29 | -0.01 | 3.54 | 0.68 | -0.71 | -1.00 | 1.63 | 2.37 |
| EPS in Rs | -0.11 | 0.15 | -0.15 | 0.02 | -0.01 | 0.03 | 0.05 | 0.03 | -0.02 | -0.03 | 0.02 | 0.05 |
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.08 | 4.04 | 0.01 | 40.25 | 36.15 | 14.00 | 28.24 | 26.80 | 37.85 | 51.12 | 42.83 | 45.90 |
| Expenses | 0.63 | 7.04 | 16.51 | 41.37 | 45.61 | 19.41 | 28.40 | 27.05 | 37.05 | 47.26 | 43.55 | 45.33 |
| Operating Profit | -0.55 | -3.00 | -16.50 | -1.12 | -9.46 | -5.41 | -0.16 | -0.25 | 0.80 | 3.86 | -0.72 | 0.57 |
| OPM % | -687.50% | -74.26% | -165,000.00% | -2.78% | -26.17% | -38.64% | -0.57% | -0.93% | 2.11% | 7.55% | -1.68% | 1.24% |
| Other Income | 0.23 | 0.01 | 7.51 | 1.43 | 3.25 | 1.28 | 2.30 | 2.34 | -1.76 | 1.04 | 2.29 | 2.50 |
| Interest | 0.01 | 0.02 | 0.01 | 0.51 | 0.46 | 0.27 | 0.41 | 1.70 | 0.20 | 0.17 | 0.05 | 0.04 |
| Depreciation | 0.05 | 0.15 | 0.07 | -0.86 | 0.78 | 0.75 | 0.73 | 0.68 | 0.53 | 0.55 | 0.56 | 0.56 |
| Profit before tax | -0.38 | -3.16 | -9.07 | 0.66 | -7.45 | -5.15 | 1.00 | -0.29 | -1.69 | 4.18 | 0.96 | 2.47 |
| Tax % | 2.63% | -1.90% | 0.44% | 50.00% | -0.54% | -7.18% | 33.00% | 6.90% | 23.08% | -0.72% | 38.54% | |
| Net Profit | -0.39 | -3.09 | -9.11 | 0.33 | -7.41 | -4.78 | 0.67 | -0.31 | -2.08 | 4.21 | 0.60 | 2.29 |
| EPS in Rs | -0.02 | -0.16 | -0.47 | 0.00 | -0.27 | -0.11 | 0.02 | 0.02 | -0.15 | 0.08 | 0.03 | 0.02 |
| 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 | 131% | 25% | 17% | -6% | ||
| Compounded Profit Growth | 8% | 18% | 23% | -78% | ||
| Stock Price CAGR | 24% | % | -1% | 24% | ||
| Return on Equity | % | 2% | 2% | 1% |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 | 38.38 |
| Reserves | 61.42 | 63.93 | 62.00 | 54.78 | 21.71 | 16.84 | 14.68 | 15.27 | 16.39 | 15.05 | 14.86 | 14.82 |
| Borrowings | 0.41 | 0.40 | 0.35 | 0.35 | 20.76 | 19.01 | 18.97 | 9.12 | 11.82 | 13.24 | 8.24 | 6.32 |
| Other Liabilities | 466.17 | 509.77 | 530.73 | 8.77 | 22.83 | 14.76 | 11.30 | 9.92 | 17.65 | 24.48 | 23.68 | 28.21 |
| Total Liabilities | 566.38 | 612.48 | 631.46 | 102.28 | 103.68 | 88.99 | 83.33 | 72.69 | 84.24 | 91.15 | 85.16 | 87.73 |
| Fixed Assets | 1.37 | 1.32 | 1.22 | 1.15 | 4.47 | 5.75 | 5.02 | 4.48 | 4.19 | 3.86 | 3.77 | 3.62 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 25.71 | 20.68 | 20.59 | 12.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 539.30 | 590.48 | 609.65 | 88.97 | 99.21 | 83.24 | 78.31 | 68.21 | 80.05 | 87.29 | 81.39 | 84.11 |
| Total Assets | 566.38 | 612.48 | 631.46 | 102.28 | 103.68 | 88.99 | 83.33 | 72.69 | 84.24 | 91.15 | 85.16 | 87.73 |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -1.85 | -8.14 | 0.00 | 0.00 | 1.98 | -3.30 | 4.90 | -17.47 | -2.45 | -1.05 | 4.03 | 7.42 |
| Cash from Investing Activity | -0.25 | 5.04 | 0.00 | 0.00 | -0.26 | 0.35 | -3.82 | 27.99 | 1.30 | 0.71 | 0.11 | -1.49 |
| Cash from Financing Activity | 2.06 | 2.89 | 0.00 | 0.00 | 0.54 | -2.13 | -0.11 | -11.31 | 1.00 | 0.15 | -3.58 | -1.97 |
| Net Cash Flow | -0.04 | -0.21 | 0.00 | 0.00 | 2.25 | -5.08 | 0.97 | -0.79 | -0.14 | -0.19 | 0.56 | 3.96 |
| Free Cash Flow | -1.85 | -8.14 | 0.00 | 0.00 | 1.98 | -1.51 | 4.88 | -17.33 | -2.83 | -1.24 | 3.57 | 7.01 |
| CFO/OP | -517% | 1,480% | 0% | 0% | -183% | 35% | -95% | 11,125% | 968% | -85% | 101% | -1,026% |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11,099.40 | 2,499,793.75 | 51,402.66 | 2,044,730.00 | 230.24 | 137.92 | 157.21 | 158.46 | 125.71 | 140.41 | 171.58 | 142.57 |
| Inventory Days | 558.84 | 204,400.00 | 1,628.00 | 714.26 | 844.83 | 712.54 | 2,302.63 | 1,117.27 | 1,529.33 | 1,057.21 | 573.16 | 783.55 |
| Days Payable | 11,607.00 | 4,649,096.25 | 39,430.41 | 415.67 | 115.99 | 15.80 | 86.67 | 31.59 | 202.10 | 249.04 | 119.36 | 220.41 |
| Cash Conversion Cycle | 51.24 | -1,944,902.50 | 13,600.26 | 2,045,028.59 | 959.08 | 834.66 | 2,373.17 | 1,244.14 | 1,452.94 | 948.58 | 625.37 | 705.71 |
| Working Capital Days | 1,610.07 | 364,087.50 | 7,065.10 | 2,902,115.00 | 562.69 | 592.28 | 1,225.10 | 688.77 | 737.22 | 627.88 | 459.32 | 492.15 |
| ROCE % | 0.29% | -0.36% | -3.09% | -9.33% | -10.17% | -5.99% | 1.89% | 1.97% | 3.53% | 5.97% | 1.42% |
| 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 | 59.74% | 59.42% | 40.63% | 40.63% | 40.63% | 40.63% | 40.63% | 40.63% | 40.63% | 40.63% | 40.78% | 40.79% |
| Public | 40.26% | 40.58% | 59.37% | 59.37% | 59.38% | 59.38% | 59.37% | 59.38% | 59.38% | 59.37% | 59.22% | 59.21% |
| No. of Shareholders | 2,289 | 3,995 | 5,027 | 6,212 | 7,912 | 10,976 | 14,809 | 14,916 | 14,985 | 14,886 | 14,649 | 14,600 |
Fundamentals
Market Cap₹ 86.5 Cr.
Current Price₹ 4.51
Stock P/E234
Book Value₹ 2.77
ROCE1.42 %
ROE1.13 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-6%
Compounded Profit Growth (TTM)-78%
Consolidated figures.
Valuation
Market capRs 83 Cr
Enterprise valueRs 83 Cr
P/E (TTM)224.58x
Price to book1.56x
Price to sales1.81x
EV / EBITDA27.06x
EV / EBIT33.09x
EV / sales1.81x
Price to cash flow11.20x
Earnings yield0.45%
P/E, 3-year average53.40x
P/B, 3-year average1.19x
P/E, 5-year average40.85x
P/B, 5-year average0.79x
Profitability
Operating margin (excl. other income)-1.68%
Operating margin (incl. other income)3.67%
EBITDA margin6.69%
Pre-tax margin5.38%
Net profit margin0.81%
Net margin, latest quarter7.63%
ROE1.13%
ROCE1.67%
ROA0.69%
ROE, 3-year average-0.42%
ROCE, 3-year average2.07%
ROA, 3-year average-0.27%
ROE, 5-year average0.02%
ROCE, 5-year average2.10%
ROA, 5-year average0.02%
ROIC (approx.)2.90%
Tax rate38.54%
Other income / net worth4.30%
Growth
Sales growth (latest year)-16.22%
Profit growth (latest year)-60.26%
Sales CAGR, 3 years16.92%
Sales CAGR, 5 years25.06%
Profit CAGR, 3 years23.31%
Sales growth QoQ-13.64%
Profit growth QoQ177.78%
Sales growth YoY (latest quarter)30.58%
Profit growth YoY (latest quarter)88.68%
Per share
EPS (TTM)Rs 0.02
EPS (latest year)Rs 0.03
EPS (latest quarter)Rs 0.05
EPS, 3-year averageRs -0.01
EPS, 5-year averageRs 0.00
Book value per shareRs 2.77
Sales per shareRs 2.39
Cash flow per shareRs 0.39
Free cash flow per shareRs 0.37
Efficiency
Asset turnover0.49x
Fixed asset turnover11.83x
Inventory turnover0.65x
Inventory days561 days
Debtor days143 days
Debtors turnover2.56x
Creditor days220 days
Cash conversion cycle706 days
Working capital days492 days
Leverage
Total debtRs 6 Cr
Cash and bankRs 6 Cr
Net debtRs -0 Cr
Debt to equity0.12x
Net debt / EBITDA-0.01x
Interest coverage62.75x
Owners' fund to total sources60.64%
Debt to assets7.20%
Cash flow
Cash from Operating Activity (latest year)Rs 7 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs -2 Cr
Net Cash Flow (latest year)Rs 4 Cr
Free cash flow (latest year)Rs 7 Cr
FCFE (approx.: FCF + change in debt)Rs 5 Cr
Cash from ops / profit, 5 years-3.08x
Sales to cash flow5.77x
Statement figures
Net sales (TTM)Rs 46 Cr
Net sales (latest year)Rs 43 Cr
Sales (latest quarter)Rs 13 Cr
Operating profit excl. other income (latest year)Rs -1 Cr
Operating profit (latest quarter)Rs 2 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 3 Cr
PBDT (TTM)Rs 3 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 0 Cr
Net profit (latest year)Rs 1 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 37 Cr
Total expenditure (latest year)Rs 44 Cr
Total income (latest year)Rs 45 Cr
Share capitalRs 38 Cr
ReservesRs 15 Cr
Shareholders' fundsRs 53 Cr
Total assetsRs 88 Cr
Net blockRs 4 Cr
ReceivablesRs 17 Cr
InventoryRs 57 Cr
Other liabilitiesRs 28 Cr
Shares outstanding (crore)19.19
Ownership
Promoter holding40.79% (+0.16 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 224.6 is at the 56th percentile of its own 2.2-year range
(median 130.7, low 37.4, high 371.8).
P/B 1.56 is at the 59th percentile (median 1.49).
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 | MINALIND | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -9.2% | -2.8% | -6.4 pts |
| 1 month | -6.5% | -6.8% | +0.3 pts |
| 3 years | -9.2% | +14.2% | -23.4 pts |
| 5 years | +717.0% | +27.9% | +689.1 pts |
Red flags
F-score 5 of 8| look | Profit leans on other income Other income was 239% of pre-tax profit 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
Jun 2026Sales ₹13 Cr +30.6% vs Jun 2025.
Net profit ₹2 Cr +248.5%.
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 2Less than 100 unique PAN traded in previous 30 days