Price
Financials
Consolidated, Rs crore| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 66 | 258 | 577 | 1,342 | 2,339 | 3,351 |
| Expenses | 108 | 226 | 487 | 1,061 | 1,681 | 2,229 |
| Operating Profit | -42 | 32 | 90 | 282 | 659 | 1,122 |
| OPM % | -64% | 12% | 16% | 21% | 28% | 33% |
| Other Income | 0 | 0 | 100 | 47 | 39 | -154 |
| Interest | 3 | 13 | 24 | 126 | 370 | 632 |
| Depreciation | 2 | 1 | 4 | 5 | 9 | 10 |
| Profit before tax | -47 | 18 | 162 | 198 | 319 | 327 |
| Tax % | 0% | -1% | -1% | 14% | 25% | 26% |
| Net Profit | -47 | 18 | 163 | 171 | 240 | 243 |
| EPS in Rs | -773.46 | 285.12 | 2,711.31 | 4.85 | 6.29 | 5.31 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 120% | 80% | 43% | ||
| Compounded Profit Growth | % | 59% | 34% | 63% | ||
| Stock Price CAGR | % | % | % | % | ||
| Return on Equity | % | 15% | 15% | 19% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.06 | 0.06 | 0.06 | 35 | 38 | 38 |
| Reserves | 106 | 541 | 1,312 | 1,569 | 1,878 | 2,185 |
| Borrowings | 56 | 81 | 269 | 1,729 | 3,439 | 5,185 |
| Other Liabilities | 37 | 109 | 143 | 186 | 277 | 697 |
| Total Liabilities | 200 | 730 | 1,724 | 3,520 | 5,632 | 8,105 |
| Fixed Assets | 2 | 2 | 5 | 21 | 73 | 73 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 16 | 248 | 244 | 97 | 57 | 194 |
| Other Assets | 182 | 480 | 1,475 | 3,401 | 5,503 | 7,838 |
| Total Assets | 200 | 730 | 1,724 | 3,520 | 5,632 | 8,105 |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | -118 | 57 | -257 | -1,632 | -1,421 | -951 |
| Cash from Investing Activity | 87 | -428 | -462 | 442 | -135 | -231 |
| Cash from Financing Activity | 51 | 425 | 770 | 1,518 | 1,660 | 1,648 |
| Net Cash Flow | 21 | 54 | 51 | 327 | 104 | 466 |
| Free Cash Flow | -119 | 54 | -261 | -1,635 | -1,431 | -957 |
| CFO/OP | 299% | 186% | -249% | -546% | -209% | -75% |
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 82 | 105 | 139 | 97 | 57 | 50 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 82 | 105 | 139 | 97 | 57 | 50 |
| Working Capital Days | 390 | 70 | 312 | 52 | 169 | 160 |
| ROCE % | 7% | 17% | 13% | 16% | 18% |
Fundamentals
Market Cap₹ 9,484 Cr.
Current Price₹ 53.9
Stock P/E24.2
Book Value₹
ROCE18.3 %
ROE19.0 %
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)43%
Compounded Profit Growth (TTM)63%
Consolidated figures.
Valuation
Market capRs 9,484 Cr
Enterprise valueRs 9,338 Cr
P/E (TTM)535.22x
Price to book17.54x
Price to sales36.76x
EV / EBITDA291.55x
EV / EBIT304.08x
EV / sales36.20x
Price to cash flow167.71x
Earnings yield0.19%
Profitability
Operating margin (excl. other income)12.39%
Operating margin (incl. other income)12.42%
EBITDA margin12.42%
Pre-tax margin6.81%
Net profit margin6.87%
ROE5.48%
ROCE7.84%
ROA3.81%
ROIC (approx.)7.84%
Tax rate-0.85%
Other income / net worth0.01%
Growth
Sales growth (latest year)292.29%
Per share
EPS (TTM)Rs 0.10
EPS (latest year)Rs 285.12
Book value per shareRs 3.07
Sales per shareRs 1.47
Cash flow per shareRs 0.32
Free cash flow per shareRs -5.44
Efficiency
Asset turnover0.35x
Fixed asset turnover104.44x
Debtor days105 days
Debtors turnover3.49x
Cash conversion cycle50 days
Working capital days160 days
Leverage
Total debtRs 81 Cr
Cash and bankRs 226 Cr
Net debtRs -146 Cr
Debt to equity0.15x
Net debt / EBITDA-4.55x
Interest coverage2.34x
Owners' fund to total sources74.05%
Debt to assets11.02%
Cash flow
Cash from Operating Activity (latest year)Rs 57 Cr
Cash from Investing Activity (latest year)Rs -428 Cr
Cash from Financing Activity (latest year)Rs 425 Cr
Net Cash Flow (latest year)Rs 54 Cr
Free cash flow (latest year)Rs -957 Cr
FCFE (approx.: FCF + change in debt)Rs -933 Cr
Cash from ops / profit, 5 years-5.03x
Sales to cash flow4.56x
Statement figures
Net sales (TTM)Rs 258 Cr
Net sales (latest year)Rs 258 Cr
Operating profit excl. other income (latest year)Rs 32 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 32 Cr
PBDT (TTM)Rs 19 Cr
Profit before tax (TTM)Rs 18 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs 18 Cr
Net profit (latest year)Rs 18 Cr
Depreciation (TTM)Rs 1 Cr
Interest (TTM)Rs 13 Cr
Cost of goods sold (latest year)Rs 1 Cr
Total expenditure (latest year)Rs 226 Cr
Total income (latest year)Rs 258 Cr
Share capitalRs 0 Cr
ReservesRs 541 Cr
Shareholders' fundsRs 541 Cr
Total assetsRs 730 Cr
Net blockRs 2 Cr
InvestmentsRs 248 Cr
ReceivablesRs 74 Cr
Other liabilitiesRs 109 Cr
Shares outstanding (crore)176.02
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).
Not enough price history.
Red flags
F-score 8 of 8| explain | Receivables outrunning sales Receivables grew 403% vs sales +292% 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
No quarterly results published.
Activity
CompareNo listed peers in this industry.
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No corporate actions on record.
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.
Not on any NSE surveillance list in the latest file.