Price
Financials
Standalone, 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 | 20.58 | 15.21 | 54.74 | 11.74 | 23.43 | 20.74 | 60.02 | 29.54 | 39.02 | 70.00 | 94.55 | 47.48 |
| Expenses | 19.36 | 14.23 | 50.83 | 10.67 | 20.60 | 17.55 | 56.50 | 27.56 | 36.48 | 63.22 | 80.37 | 42.53 |
| Operating Profit | 1.22 | 0.98 | 3.91 | 1.07 | 2.83 | 3.19 | 3.52 | 1.98 | 2.54 | 6.78 | 14.18 | 4.95 |
| OPM % | 5.93% | 6.44% | 7.14% | 9.11% | 12.08% | 15.38% | 5.86% | 6.70% | 6.51% | 9.69% | 15.00% | 10.43% |
| Other Income | 0.22 | 0.66 | -2.49 | 0.24 | 0.18 | 0.17 | 0.26 | 0.24 | 0.37 | 0.28 | -1.69 | 1.49 |
| Interest | 1.08 | 1.16 | 1.15 | 0.93 | 0.65 | 0.63 | 0.52 | 0.67 | 0.69 | 0.63 | 0.65 | 0.71 |
| Depreciation | 0.22 | 0.22 | 0.22 | 0.24 | 0.30 | 0.27 | 0.27 | 0.29 | 0.29 | 0.30 | 0.36 | 0.36 |
| Profit before tax | 0.14 | 0.26 | 0.05 | 0.14 | 2.06 | 2.46 | 2.99 | 1.26 | 1.93 | 6.13 | 11.48 | 5.37 |
| Tax % | 14.29% | 11.54% | 100.00% | 21.43% | 25.73% | 17.89% | 26.42% | 23.81% | 23.32% | 27.73% | 25.78% | 23.84% |
| Net Profit | 0.12 | 0.23 | -0.00 | 0.11 | 1.53 | 2.02 | 2.20 | 0.96 | 1.48 | 4.44 | 8.51 | 4.09 |
| EPS in Rs | 0.10 | 0.19 | -0.00 | 0.09 | 1.00 | 1.33 | 1.44 | 0.63 | 0.97 | 2.92 | 5.31 | 2.55 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 56 | 77 | 93 | 71 | 78 | 86 | 112 | 96 | 116 | 233 | 251 |
| Expenses | 45 | 52 | 72 | 86 | 65 | 70 | 81 | 106 | 90 | 105 | 208 | 223 |
| Operating Profit | 4 | 4 | 5 | 7 | 6 | 8 | 5 | 6 | 6 | 11 | 26 | 28 |
| OPM % | 8% | 8% | 6% | 8% | 9% | 10% | 5% | 5% | 6% | 9% | 11% | 11% |
| Other Income | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 | -0 | 1 | -1 | 0 |
| Interest | 2 | 2 | 1 | 2 | 3 | 4 | 3 | 4 | 5 | 3 | 3 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 2 | 3 | 4 | 6 | 3 | 5 | 3 | 2 | 1 | 8 | 21 | 25 |
| Tax % | 36% | 34% | 36% | 30% | 33% | 29% | 30% | 20% | 21% | 23% | 26% | |
| Net Profit | 2 | 2 | 2 | 4 | 2 | 4 | 2 | 2 | 0 | 6 | 15 | 19 |
| EPS in Rs | 26.00 | 2.13 | 2.01 | 3.42 | 1.70 | 2.95 | 1.75 | 1.54 | 0.34 | 3.85 | 9.62 | 11.75 |
| Dividend Payout % | -0% | -0% | 12% | 7% | 15% | -0% | -0% | -0% | -0% | -0% | -0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 17% | 25% | 28% | 88% | ||
| Compounded Profit Growth | 28% | 38% | 113% | 214% | ||
| Stock Price CAGR | % | 54% | 90% | 29% | ||
| Return on Equity | 13% | 13% | 15% | 20% |
| 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 | 0.30 | 0.30 | 4 | 6 | 6 | 12 | 12 | 12 | 12 | 12 | 15 | 16 |
| Reserves | 3 | 4 | 2 | 17 | 21 | 17 | 20 | 23 | 25 | 25 | 55 | 93 |
| Borrowings | 12 | 16 | 18 | 13 | 24 | 29 | 29 | 24 | 35 | 33 | 21 | 28 |
| Other Liabilities | 10 | 14 | 17 | 48 | 50 | 38 | 17 | 22 | 24 | 28 | 26 | 66 |
| Total Liabilities | 25 | 35 | 41 | 85 | 101 | 95 | 79 | 80 | 96 | 98 | 117 | 202 |
| Fixed Assets | 3 | 3 | 3 | 3 | 4 | 5 | 5 | 4 | 12 | 12 | 12 | 14 |
| CWIP | -0 | -0 | -0 | 0 | 0 | 6 | 6 | 6 | -0 | -0 | -0 | -0 |
| Investments | -0 | -0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Other Assets | 21 | 32 | 38 | 81 | 96 | 83 | 67 | 69 | 82 | 84 | 103 | 186 |
| Total Assets | 25 | 35 | 41 | 85 | 101 | 95 | 79 | 80 | 96 | 98 | 117 | 202 |
| 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 | -1 | -1 | -1 | -7 | -5 | 7 | 1 | 2 | -3 | 8 | -13 | 0 |
| Cash from Investing Activity | -0 | -0 | -0 | -1 | 0 | -9 | 1 | 5 | -4 | -1 | 1 | -24 |
| Cash from Financing Activity | 2 | 0 | -3 | 7 | -2 | -1 | -3 | -1 | -9 | -7 | 22 | 19 |
| Net Cash Flow | 1 | -2 | -4 | -0 | -7 | -3 | -1 | 7 | -16 | 1 | 10 | -4 |
| Free Cash Flow | -1 | -2 | -1 | -7 | -6 | 3 | -0 | 2 | -4 | 7 | -14 | 0 |
| CFO/OP | -22% | -24% | -4% | -127% | -37% | 136% | 20% | 82% | -41% | 137% | -117% | 11% |
| 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 | 126 | 107 | 137 | 202 | 227 | 201 | 181 | 134 | 157 | 181 | 204 | 153 |
| Inventory Days | 67 | 131 | 120 | 166 | 120 | 178 | 102 | 129 | 78 | |||
| Days Payable | 85 | 93 | 107 | 248 | 215 | 208 | 75 | 72 | 104 | |||
| Cash Conversion Cycle | 108 | 145 | 149 | 121 | 131 | 172 | 208 | 192 | 157 | 181 | 204 | 127 |
| Working Capital Days | -9 | 47 | 71 | 85 | 61 | 97 | 116 | 116 | 90 | 97 | 179 | 148 |
| ROCE % | 26% | 23% | 20% | 16% | 18% | 10% | 14% | 11% | 10% | 13% | 13% | 24% |
| 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 | 65.49% | 65.49% | 65.49% | 65.49% | 51.61% | 51.61% | 51.61% | 51.68% | 51.68% | 51.68% | 54.05% | 54.05% |
| Public | 34.51% | 34.51% | 34.51% | 34.51% | 48.39% | 48.39% | 48.39% | 48.32% | 48.32% | 48.32% | 45.95% | 45.95% |
| No. of Shareholders | 2,549 | 2,585 | 2,782 | 3,450 | 3,051 | 3,262 | 3,166 | 3,393 | 3,975 | 3,605 | 3,526 | 3,915 |
Fundamentals
Market Cap₹ 810 Cr.
Current Price₹ 506
Stock P/E38.5
Book Value₹ 68.1
ROCE23.7 %
ROE20.1 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)88%
Compounded Profit Growth (TTM)214%
Standalone figures.
Valuation
Market capRs 827 Cr
Enterprise valueRs 852 Cr
P/E (TTM)44.63x
Price to book7.58x
Price to sales3.29x
EV / EBITDA29.47x
EV / EBIT30.87x
EV / sales3.39x
Price to cash flow1878.55x
Earnings yield2.24%
P/E, 3-year average145.19x
P/B, 3-year average4.25x
P/E, 5-year average89.89x
P/B, 5-year average3.07x
Profitability
Operating margin (excl. other income)10.94%
Operating margin (incl. other income)10.60%
EBITDA margin11.51%
Pre-tax margin9.92%
Net profit margin7.38%
Net margin, latest quarter8.61%
ROE17.20%
ROCE20.63%
ROA9.64%
ROE, 3-year average9.75%
ROCE, 3-year average13.60%
ROA, 3-year average5.17%
ROE, 5-year average8.14%
ROCE, 5-year average12.21%
ROA, 5-year average4.05%
ROIC (approx.)15.21%
Tax rate26.05%
Other income / net worth-0.73%
Growth
Sales growth (latest year)101.08%
Profit growth (latest year)162.80%
Sales CAGR, 3 years27.75%
Sales CAGR, 5 years24.61%
Profit CAGR, 3 years102.67%
Profit CAGR, 5 years34.18%
Sales growth QoQ-49.78%
Profit growth QoQ-51.94%
Sales growth YoY (latest quarter)60.73%
Profit growth YoY (latest quarter)326.04%
Per share
EPS (TTM)Rs 11.56
EPS (latest quarter)Rs 2.55
EPS, 3-year averageRs 2.09
EPS, 5-year averageRs 1.87
Book value per shareRs 68.06
Sales per shareRs 156.77
Cash flow per shareRs 0.27
Free cash flow per shareRs 0.00
Efficiency
Asset turnover1.15x
Fixed asset turnover16.24x
Inventory turnover4.67x
Inventory days78 days
Debtor days153 days
Debtors turnover2.38x
Creditor days104 days
Cash conversion cycle127 days
Working capital days148 days
Leverage
Total debtRs 28 Cr
Cash and bankRs 3 Cr
Net debtRs 25 Cr
Debt to equity0.25x
Net debt / EBITDA0.87x
Interest coverage10.29x
Current ratio (filing 2026-03-31)2.09x
Quick ratio (filing 2026-03-31)1.62x
Trade payables (filing 2026-03-31)Rs 56 Cr
Owners' fund to total sources53.85%
Debt to assets13.66%
Cash flow
Cash from Operating Activity (latest year)Rs 0 Cr
Cash from Investing Activity (latest year)Rs -24 Cr
Cash from Financing Activity (latest year)Rs 19 Cr
Net Cash Flow (latest year)Rs -4 Cr
Free cash flow (latest year)Rs 0 Cr
FCFE (approx.: FCF + change in debt)Rs 7 Cr
Cash from ops / profit, 5 years-0.24x
Sales to cash flow529.80x
Statement figures
Net sales (TTM)Rs 251 Cr
Net sales (latest year)Rs 233 Cr
Sales (latest quarter)Rs 47 Cr
Operating profit excl. other income (latest year)Rs 26 Cr
Operating profit (latest quarter)Rs 5 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 29 Cr
PBDT (TTM)Rs 26 Cr
Profit before tax (TTM)Rs 25 Cr
Tax (latest year)Rs 5 Cr
Net profit (TTM)Rs 19 Cr
Net profit (latest year)Rs 15 Cr
Net profit (latest quarter)Rs 4 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 195 Cr
Total expenditure (latest year)Rs 208 Cr
Total income (latest year)Rs 232 Cr
Share capitalRs 16 Cr
ReservesRs 93 Cr
Shareholders' fundsRs 109 Cr
Total assetsRs 202 Cr
Net blockRs 14 Cr
InvestmentsRs 2 Cr
ReceivablesRs 98 Cr
InventoryRs 42 Cr
Other liabilitiesRs 66 Cr
Shares outstanding (crore)1.60
Ownership
Promoter holding54.05% (+2.37 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 42.4 is at the 33th percentile of its own 8.4-year range
(median 47.0, low 13.4, high 121.4).
P/B 7.21 is at the 73th percentile (median 3.56).
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 | PANACHE | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +0.2% | -2.8% | +3.0 pts |
| 1 month | -0.6% | -6.8% | +6.2 pts |
| 3 months | +25.9% | -7.6% | +33.5 pts |
| 6 months | +81.7% | +0.4% | +81.3 pts |
| 1 year | +34.1% | -9.9% | +44.0 pts |
| 2 years | +220.1% | -13.6% | +233.6 pts |
| 3 years | +595.6% | +14.2% | +581.4 pts |
| 5 years | +820.1% | +27.9% | +792.2 pts |
Red flags
F-score 6 of 8| explain | Weak cash conversion Cash from operations was -19% of net profit over the last 3 years |
| explain | Share dilution Share count up 5% in a year, 33% in three |
| 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 ₹47 Cr +60.7% vs Jun 2025.
Net profit ₹4 Cr +326.0%.
Activity
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| Cyient Ltd | 11,730 | 28.8 | 12.3 % |
| eMudhra Ltd | 5,189 | 45.1 | 15.7 % |
| Datamatics Global Services Ltd | 4,855 | 19.1 | 20.4 % |
| R Systems International Ltd | 3,509 | 16.7 | 19.5 % |
| BLS E-Services Ltd | 2,922 | 50.3 | 16.4 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2023-09-22 | Annual General Meeting | |
| 2022-09-21 | Annual General Meeting | |
| 2021-09-20 | Annual General Meeting | |
| 2020-09-21 | Annual General Meeting/Dividend - Rs 0.25 Per Share |
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 days