Price
Financials
Standalone, Rs crore| Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 57 | 58 | 77 | 80 | 45 | 52 | 59 | 51 | 11 | 0 | 9 | 13 |
| Expenses | 54 | 61 | 73 | 78 | 60 | 65 | 70 | 65 | 21 | -6 | 15 | 26 |
| Operating Profit | 3 | -3 | 4 | 2 | -15 | -13 | -11 | -13 | -10 | 6 | -6 | -12 |
| OPM % | 4.4% | -4.5% | 6% | 2.1% | -34% | -24% | -19% | -26% | -95% | -63% | -94% | |
| Other Income | 1 | 0 | 0 | 0 | 0 | 0 | 0 | -32 | -1 | -6 | 0 | 0 |
| Interest | 17 | 17 | 19 | 20 | 20 | 21 | 22 | 17 | 21 | 22 | 20 | 88 |
| Depreciation | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | -19 | -25 | -20 | -24 | -40 | -39 | -39 | -68 | -37 | -28 | -31 | -105 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1% | 0% | 1% |
| Net Profit | -19 | -25 | -20 | -24 | -40 | -39 | -39 | -68 | -37 | -28 | -31 | -106 |
| EPS in Rs | -5.33 | -6.96 | -5.46 | -6.53 | -11.15 | -10.63 | -10.64 | -18.66 | -10.16 | -7.75 | -8.44 | -29.09 |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 364 | 392 | 365 | 337 | 377 | 361 | 349 | 382 | 194 | 272 | 207 | 33 |
| Expenses | 299 | 316 | 306 | 283 | 315 | 292 | 308 | 340 | 191 | 266 | 259 | 55 |
| Operating Profit | 65 | 76 | 60 | 54 | 62 | 69 | 41 | 42 | 3 | 6 | -52 | -22 |
| OPM % | 18% | 19% | 16% | 16% | 16% | 19% | 12% | 11% | 1.4% | 2.2% | -25% | -68% |
| Other Income | 0 | 0 | 1 | 2 | 7 | 6 | 2 | 2 | 1 | 1 | -31 | -6 |
| Interest | 27 | 25 | 19 | 23 | 40 | 51 | 54 | 57 | 55 | 72 | 80 | 150 |
| Depreciation | 14 | 16 | 10 | 10 | 19 | 23 | 23 | 24 | 23 | 23 | 22 | 21 |
| Profit before tax | 24 | 34 | 32 | 24 | 10 | 1 | -34 | -37 | -74 | -88 | -185 | -201 |
| Tax % | 0% | 18% | 36% | 30% | -14% | 50% | -29% | -29% | -17% | 0% | 0% | 0% |
| Net Profit | 24 | 28 | 21 | 17 | 12 | 0 | -24 | -26 | -62 | -88 | -185 | -201 |
| EPS in Rs | 6.60 | 7.77 | 5.71 | 4.55 | 3.25 | 0.11 | -6.74 | -7.19 | -16.98 | -24.28 | -51.08 | -55.45 |
| Dividend Payout % | 27% | 32% | 31% | 31% | 43% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | -22% | -38% | -45% | -84% | ||
| Compounded Profit Growth | % | % | % | -22% | ||
| Stock Price CAGR | -18% | -14% | -28% | -11% | ||
| Return on Equity | % | % | % | % |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 57 | 72 | 83 | 91 | 88 | 82 | 58 | 32 | -30 | -119 | -304 | -505 |
| Borrowings | 228 | 225 | 220 | 381 | 501 | 521 | 510 | 380 | 517 | 525 | 515 | 506 |
| Other Liabilities | 88 | 88 | 98 | 117 | 124 | 105 | 129 | 248 | 145 | 195 | 267 | 415 |
| Total Liabilities | 398 | 411 | 426 | 614 | 738 | 733 | 722 | 685 | 657 | 627 | 504 | 441 |
| Fixed Assets | 234 | 222 | 217 | 296 | 512 | 499 | 477 | 455 | 432 | 410 | 388 | 366 |
| CWIP | 2 | 9 | 15 | 70 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 9 | 9 | 9 | 9 | 5 | 5 | 5 | 1 | 1 | 1 | 0 | 0 |
| Other Assets | 153 | 171 | 185 | 240 | 218 | 229 | 240 | 229 | 224 | 217 | 116 | 74 |
| Total Assets | 398 | 411 | 426 | 614 | 738 | 733 | 722 | 685 | 657 | 627 | 504 | 441 |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 90 | 55 | 48 | 39 | 61 | 53 | 70 | 175 | -98 | 18 | 8 | 3 |
| Cash from Investing Activity | -54 | -10 | -11 | -162 | -135 | -8 | -1 | 6 | -0 | -0 | -0 | 2 |
| Cash from Financing Activity | -36 | -44 | -37 | 131 | 74 | -43 | -65 | -187 | 103 | -6 | -22 | -3 |
| Net Cash Flow | -0 | 0 | -0 | 8 | 0 | 2 | 4 | -6 | 5 | 12 | -14 | 2 |
| Free Cash Flow | 36 | 44 | 37 | -123 | -82 | 47 | 69 | 175 | -99 | 18 | 7 | 3 |
| CFO/OP | 144% | 81% | 92% | 79% | 102% | 82% | 173% | 415% | -3,660% | 298% | -15% | -14% |
| Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 57 | 64 | 77 | 59 | 54 | 43 | 34 | 67 | 28 | 9 | 19 |
| Inventory Days | 172 | 176 | 205 | 265 | 321 | 395 | 331 | 216 | 315 | 209 | 101 | 227 |
| Days Payable | 113 | 90 | 98 | 176 | 253 | 236 | 292 | 225 | 412 | 242 | 248 | 1,076 |
| Cash Conversion Cycle | 116 | 143 | 170 | 166 | 126 | 213 | 82 | 25 | -30 | -5 | -139 | -830 |
| Working Capital Days | -103 | -39 | -20 | -21 | -70 | -10 | -69 | -158 | -422 | -505 | -1,098 | -9,586 |
| ROCE % | 16% | 19% | 16% | 11% | 9% | 8% | 3% | 4% | -4% | -3% | -22% | -26% |
| Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% | 59.71% |
| DIIs | 4.29% | 4.29% | 4.29% | 4.29% | 4.29% | 4.29% | 4.29% | 4.02% | 4.02% | 4.02% | 4.02% | 4.02% |
| Public | 31.84% | 31.83% | 31.83% | 31.83% | 31.83% | 31.84% | 31.83% | 32.12% | 32.13% | 32.11% | 32.10% | 32.11% |
| Others | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% | 4.16% |
| No. of Shareholders | 14,933 | 14,928 | 14,621 | 14,710 | 14,516 | 15,083 | 14,789 | 16,890 | 16,587 | 16,427 | 16,483 | 16,418 |
Fundamentals
Market Cap₹ 28.8 Cr.
Current Price₹ 7.92
Book Value₹ -132
ROCE-26.1 %
ROE%
Dividend Yield0.00 %
Face Value₹ 7.00
Compounded Sales Growth (TTM)-84%
Compounded Profit Growth (TTM)-22%
Standalone figures.
Valuation
Market capRs 29 Cr
Enterprise valueRs 530 Cr
Price to book-0.06x
Price to sales0.88x
EV / sales16.15x
Price to cash flow9.44x
Earnings yield-699.31%
P/B, 3-year average-0.51x
P/B, 5-year average-2.74x
Profitability
Operating margin (excl. other income)-68.20%
Operating margin (incl. other income)-87.48%
EBITDA margin-87.42%
Pre-tax margin-610.84%
Net profit margin-613.04%
Net margin, latest quarter-798.71%
ROE53.10%
ROCE-38.13%
ROA-42.63%
ROE, 3-year average110.85%
ROCE, 3-year average-24.36%
ROA, 3-year average-29.71%
ROE, 5-year average11.67%
ROCE, 5-year average-14.64%
ROA, 5-year average-20.41%
ROIC (approx.)-231.03%
Tax rate-0.36%
Other income / net worth1.32%
Growth
Sales growth (latest year)-84.13%
Sales CAGR, 3 years-44.68%
Sales CAGR, 5 years-37.66%
Sales growth QoQ45.76%
Sales growth YoY (latest quarter)-74.20%
Per share
EPS (TTM)Rs -55.38
EPS (latest quarter)Rs -29.06
EPS, 3-year averageRs -37.64
EPS, 5-year averageRs -24.86
Book value per shareRs -132.02
Sales per shareRs 9.03
Cash flow per shareRs 0.84
Free cash flow per shareRs 0.83
Efficiency
Asset turnover0.07x
Fixed asset turnover0.09x
Inventory turnover1.55x
Inventory days236 days
Debtor days19 days
Debtors turnover19.20x
Creditor days1076 days
Cash conversion cycle-830 days
Working capital days-9586 days
Leverage
Total debtRs 506 Cr
Cash and bankRs 4 Cr
Net debtRs 502 Cr
Debt to equity-1.05x
Interest coverage-0.33x
Owners' fund to total sources-108.90%
Debt to assets114.78%
Cash flow
Cash from Operating Activity (latest year)Rs 3 Cr
Cash from Investing Activity (latest year)Rs 2 Cr
Cash from Financing Activity (latest year)Rs -3 Cr
Net Cash Flow (latest year)Rs 2 Cr
Free cash flow (latest year)Rs 3 Cr
FCFE (approx.: FCF + change in debt)Rs -6 Cr
Sales to cash flow10.76x
Statement figures
Net sales (TTM)Rs 33 Cr
Net sales (latest year)Rs 33 Cr
Sales (latest quarter)Rs 13 Cr
Operating profit excl. other income (latest year)Rs -22 Cr
Operating profit (latest quarter)Rs -12 Cr
Other income (TTM)Rs -6 Cr
EBITDA (TTM)Rs -29 Cr
PBDT (TTM)Rs -179 Cr
Profit before tax (TTM)Rs -201 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs -201 Cr
Net profit (latest year)Rs -201 Cr
Net profit (latest quarter)Rs -106 Cr
Depreciation (TTM)Rs 21 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 150 Cr
Cost of goods sold (latest year)Rs 25 Cr
Total expenditure (latest year)Rs 55 Cr
Total income (latest year)Rs 26 Cr
Share capitalRs 25 Cr
ReservesRs -505 Cr
Shareholders' fundsRs -480 Cr
Total assetsRs 441 Cr
Net blockRs 366 Cr
InvestmentsRs 0 Cr
ReceivablesRs 2 Cr
InventoryRs 16 Cr
Other liabilitiesRs 415 Cr
Shares outstanding (crore)3.63
Ownership
Promoter holding59.71% (+0.00 in a year)
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 | MORARJEE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -22.2% | -2.8% | -19.4 pts |
| 1 month | -10.4% | -6.8% | -3.6 pts |
| 3 months | +35.2% | -7.6% | +42.8 pts |
| 6 months | +4.2% | +0.4% | +3.8 pts |
| 1 year | +17.3% | -9.9% | +27.3 pts |
| 2 years | -67.5% | -13.6% | -53.9 pts |
| 3 years | -62.6% | +14.2% | -76.8 pts |
| 5 years | -49.9% | +27.9% | -77.8 pts |
Red flags
F-score 3 of 8| serious | Negative equity Shareholders' equity is negative |
| look | Inventory outrunning sales Inventory grew -49% vs sales -84% in 2024 |
| look | Repeated losses Net loss in each of the last two years |
| look | On NSE surveillance On NSE surveillance: GSM |
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
Mar 2024Sales ₹13 Cr -74.5% vs Mar 2023.
Net loss ₹106 Cr.
Activity
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| Trident Ltd | 11,461 | 29.0 | 9.79 % |
| Indo Count Industries Ltd | 8,614 | 57.1 | 8.19 % |
| Garware Technical Fibres Ltd | 7,361 | 33.4 | 22.0 % |
| Kusumgar Ltd | 6,378 | 50.7 | 18.8 % |
| Filatex India Ltd | 4,973 | 25.9 | 19.1 % |
| Jindal Worldwide Ltd | 4,719 | 55.7 | 8.63 % |
| Sanathan Textiles Ltd | 4,352 | 71.6 | 6.89 % |
| Raymond Lifestyle Ltd | 4,026 | 27.0 | 3.52 % |
| Alok Industries Ltd | 3,501 | -3.95 % | |
| Nitin Spinners Ltd | 3,403 | 16.1 | 12.2 % |
| Sangam (India) Ltd | 3,248 | 25.8 | 10.7 % |
| Ganesha Ecosphere Ltd | 2,703 | 47.8 | 5.58 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2023-09-20 | Annual General Meeting | |
| 2022-08-17 | Annual General Meeting | |
| 2021-07-22 | Annual General Meeting | |
| 2020-09-17 | Annual General Meeting | |
| 2019-08-22 | Annual General Meeting | |
| 2018-07-19 | Annual General Meeting | |
| 2017-08-10 | Annual General Meeting/Dividend - Rs 1.40 Per Share | |
| 2016-07-19 | Annual General Meeting/ Dividend -Rs 1.40/- Per Share | |
| 2015-08-17 | Annual General Meeting/ Dividend - Rs 1.75/- Per Share | |
| 2014-09-18 | Annual General Meeting / Dividend - Rs 2.45/- Per Share | |
| 2013-08-02 | Annual General Meeting/Dividend Rs 1.75/- Per Equity Share | |
| 2012-09-13 | Annual General Meeting |
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.
GSM: stage 3Less than 100 unique PAN traded in previous 30 daysUnder BZ/SZ Series