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 | 7.34 | 8.43 | 11.45 | 8.64 | 8.00 | 9.66 | 9.91 | 15.31 | 15.57 | 11.93 | 3.90 | 6.70 |
| Expenses | 5.07 | 5.47 | 8.63 | 5.10 | 7.06 | 5.57 | 7.96 | 8.43 | 7.72 | 4.59 | 7.15 | 5.07 |
| Operating Profit | 2.27 | 2.96 | 2.82 | 3.54 | 0.94 | 4.09 | 1.95 | 6.88 | 7.85 | 7.34 | -3.25 | 1.63 |
| OPM % | 30.93% | 35.11% | 24.63% | 40.97% | 11.75% | 42.34% | 19.68% | 44.94% | 50.42% | 61.53% | -83.33% | 24.33% |
| Other Income | 0.02 | 0.21 | 6.88 | 2.67 | 3.87 | 0.82 | 7.07 | 1.72 | 0.82 | 1.49 | 9.73 | 3.22 |
| Interest | 1.82 | 2.50 | 4.01 | 2.26 | 4.10 | 3.01 | 3.83 | 4.02 | 2.39 | 2.23 | 3.69 | 2.29 |
| Depreciation | 0.26 | 0.27 | 0.28 | 0.24 | 0.23 | 0.20 | 0.39 | 0.17 | 0.17 | 0.25 | 0.26 | 0.24 |
| Profit before tax | 0.21 | 0.40 | 5.41 | 3.71 | 0.48 | 1.70 | 4.80 | 4.41 | 6.11 | 6.35 | 2.53 | 2.32 |
| Tax % | 47.62% | 27.50% | 38.45% | 11.32% | 41.67% | 12.35% | 40.83% | 18.14% | 20.79% | 9.29% | 33.60% | 14.66% |
| Net Profit | 0.11 | 0.30 | 3.34 | 3.29 | 0.28 | 1.49 | 2.84 | 3.61 | 4.85 | 5.76 | 1.69 | 1.98 |
| EPS in Rs | 0.09 | 0.24 | 2.72 | 2.68 | 0.23 | 1.21 | 2.31 | 2.94 | 3.94 | 4.68 | 1.37 | 1.61 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 25 | 63 | 40 | 38 | 43 | 31 | 36 | 32 | 41 | 47 | 55 | 38 |
| Expenses | 18 | 24 | 31 | 28 | 26 | 19 | 20 | 21 | 24 | 24 | 27 | 25 |
| Operating Profit | 8 | 39 | 9 | 10 | 17 | 12 | 16 | 11 | 17 | 23 | 28 | 14 |
| OPM % | 31% | 62% | 23% | 27% | 39% | 40% | 44% | 34% | 40% | 49% | 51% | 36% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 5 | 15 |
| Interest | 8 | 13 | 7 | 8 | 11 | 8 | 10 | 7 | 11 | 14 | 12 | 11 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | -1 | 25 | 1 | 2 | 5 | 3 | 5 | 4 | 7 | 11 | 19 | 17 |
| Tax % | -35% | 30% | 74% | -4% | 38% | 68% | 25% | 43% | 39% | 26% | 18% | |
| Net Profit | -1 | 18 | 0 | 2 | 3 | 1 | 4 | 2 | 4 | 8 | 16 | 14 |
| EPS in Rs | -0.69 | 14.48 | 0.26 | 1.57 | 2.53 | 0.72 | 3.03 | 1.68 | 3.31 | 6.42 | 12.94 | 11.60 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 8% | 12% | 19% | -11% | ||
| Compounded Profit Growth | 35% | 78% | 97% | 74% | ||
| Stock Price CAGR | 15% | 17% | 31% | 10% | ||
| Return on Equity | 4% | 5% | 6% | 10% |
| 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 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 96 | 96 | 113 | 110 | 112 | 117 | 119 | 124 | 126 | 135 | 143 | 159 |
| Borrowings | 66 | 34 | 50 | 46 | 73 | 42 | 103 | 51 | 84 | 108 | 143 | 109 |
| Other Liabilities | 18 | 8 | 20 | 10 | 9 | 9 | 8 | 16 | 24 | 149 | 150 | 136 |
| Total Liabilities | 193 | 151 | 197 | 179 | 207 | 182 | 243 | 205 | 248 | 406 | 449 | 417 |
| Fixed Assets | 3 | 2 | 3 | 4 | 5 | 6 | 5 | 5 | 4 | 5 | 5 | 8 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 7 | 4 | 15 | 16 | 17 | 16 | 16 | 18 | 18 | 119 | 122 | 127 |
| Other Assets | 183 | 145 | 179 | 158 | 186 | 160 | 222 | 182 | 226 | 282 | 322 | 282 |
| Total Assets | 193 | 151 | 197 | 179 | 207 | 182 | 243 | 205 | 248 | 406 | 449 | 417 |
| 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 | 10 | 29 | 10 | 17 | -12 | 32 | -55 | 68 | -30 | -23 | -25 | 68 |
| Cash from Investing Activity | 1 | 5 | -11 | -1 | -1 | 6 | 1 | -2 | 1 | 6 | 5 | -25 |
| Cash from Financing Activity | -7 | -40 | 3 | -12 | 20 | -43 | 52 | -62 | 26 | 11 | 21 | -46 |
| Net Cash Flow | 4 | -6 | 1 | 4 | 7 | -5 | -2 | 5 | -2 | -6 | 1 | -3 |
| Free Cash Flow | 10 | 29 | 9 | 15 | -12 | 30 | -55 | 67 | -30 | -24 | -25 | 64 |
| CFO/OP | 63% | 387% | 48% | 189% | -103% | 194% | -438% | 437% | -258% | -132% | -98% | 256% |
| 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 | 1,131 | 1,350 | 569 | 925 | 1,027 | 1,130 | 1,397 | 1,044 | 1,660 | 1,240 | 1,043 | 795 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 1,131 | 1,350 | 569 | 925 | 1,027 | 1,130 | 1,397 | 1,044 | 1,660 | 1,240 | 1,043 | 795 |
| Working Capital Days | 824 | 1,182 | 559 | 801 | 929 | 1,142 | 2,347 | 1,488 | 2,113 | 686 | 838 | 415 |
| ROCE % | 10% | 5% | 24% | 5% | 5% | 8% | 6% | 7% | 5% | 7% | 9% | 11% |
| 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 | 64.80% | 64.80% | 64.80% | 64.80% | 64.80% | 64.80% | 64.80% | 64.80% | 65.34% | 65.46% | 65.46% | 65.91% |
| FIIs | 3.79% | 3.79% | 3.79% | 3.79% | 3.79% | 3.59% | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
| DIIs | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% |
| Public | 31.19% | 31.18% | 31.19% | 31.18% | 31.19% | 31.40% | 32.01% | 31.99% | 31.46% | 31.33% | 31.34% | 30.89% |
| No. of Shareholders | 4,116 | 4,086 | 4,093 | 4,118 | 4,112 | 4,811 | 4,932 | 4,853 | 4,895 | 4,732 | 4,608 | 4,586 |
Fundamentals
Market Cap₹ 97.2 Cr.
Current Price₹ 79.0
Stock P/E6.81
Book Value₹ 140
ROCE10.9 %
ROE9.60 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-11%
Compounded Profit Growth (TTM)74%
Consolidated figures.
Valuation
Market capRs 94 Cr
Enterprise valueRs 199 Cr
P/E (TTM)6.59x
Price to book0.55x
Price to sales2.47x
EV / EBITDA6.91x
EV / EBIT7.13x
EV / sales5.23x
Price to cash flow1.39x
Earnings yield15.17%
P/E, 3-year average10.67x
P/B, 3-year average0.52x
P/E, 5-year average12.46x
P/B, 5-year average0.43x
Profitability
Operating margin (excl. other income)50.64%
Operating margin (incl. other income)59.77%
EBITDA margin75.67%
Pre-tax margin45.43%
Net profit margin37.48%
Net margin, latest quarter29.55%
ROE9.71%
ROCE10.96%
ROA3.68%
ROE, 3-year average5.91%
ROCE, 3-year average9.00%
ROA, 3-year average2.26%
ROE, 5-year average4.40%
ROCE, 5-year average7.77%
ROA, 5-year average1.87%
ROIC (approx.)8.26%
Tax rate18.08%
Other income / net worth2.90%
Growth
Sales growth (latest year)17.01%
Profit growth (latest year)101.65%
Sales CAGR, 3 years19.06%
Sales CAGR, 5 years11.93%
Profit CAGR, 3 years97.67%
Profit CAGR, 5 years78.42%
Sales growth QoQ71.79%
Profit growth QoQ17.16%
Sales growth YoY (latest quarter)-56.24%
Profit growth YoY (latest quarter)-45.15%
Per share
EPS (TTM)Rs 11.07
EPS (latest year)Rs 12.34
EPS (latest quarter)Rs 1.54
EPS, 3-year averageRs 7.20
EPS, 5-year averageRs 5.22
Book value per shareRs 133.19
Sales per shareRs 29.55
Cash flow per shareRs 52.46
Free cash flow per shareRs 49.63
Efficiency
Asset turnover0.13x
Fixed asset turnover7.21x
Inventory turnover0.00x
Inventory days481891 days
Debtor days795 days
Debtors turnover0.46x
Cash conversion cycle795 days
Working capital days415 days
Leverage
Total debtRs 109 Cr
Cash and bankRs 4 Cr
Net debtRs 105 Cr
Debt to equity0.64x
Net debt / EBITDA3.64x
Interest coverage2.63x
Owners' fund to total sources41.21%
Debt to assets26.25%
Cash flow
Cash from Operating Activity (latest year)Rs 68 Cr
Cash from Investing Activity (latest year)Rs -25 Cr
Cash from Financing Activity (latest year)Rs -46 Cr
Net Cash Flow (latest year)Rs -3 Cr
Free cash flow (latest year)Rs 64 Cr
FCFE (approx.: FCF + change in debt)Rs 31 Cr
Cash from ops / profit, 5 years1.71x
Sales to cash flow0.81x
Statement figures
Net sales (TTM)Rs 38 Cr
Net sales (latest year)Rs 55 Cr
Sales (latest quarter)Rs 7 Cr
Operating profit excl. other income (latest year)Rs 28 Cr
Operating profit (latest quarter)Rs 2 Cr
Other income (TTM)Rs 15 Cr
EBITDA (TTM)Rs 29 Cr
PBDT (TTM)Rs 18 Cr
Profit before tax (TTM)Rs 17 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 14 Cr
Net profit (latest year)Rs 16 Cr
Net profit (latest quarter)Rs 2 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 11 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total expenditure (latest year)Rs 27 Cr
Total income (latest year)Rs 60 Cr
Share capitalRs 13 Cr
ReservesRs 159 Cr
Shareholders' fundsRs 172 Cr
Total assetsRs 417 Cr
Net blockRs 8 Cr
InvestmentsRs 127 Cr
ReceivablesRs 119 Cr
InventoryRs 53 Cr
Other liabilitiesRs 136 Cr
Shares outstanding (crore)1.29
Ownership
Promoter holding65.91% (+1.11 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 6.6 is at the 12th percentile of its own 9.4-year range
(median 14.9, low 2.5, high 127.9).
P/B 0.55 is at the 78th percentile (median 0.37).
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 | PIONRINV | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -7.1% | -2.8% | -4.3 pts |
| 1 month | -11.5% | -6.8% | -4.7 pts |
| 3 months | -17.0% | -7.6% | -9.4 pts |
| 3 years | +112.5% | +14.2% | +98.3 pts |
| 5 years | +112.5% | +27.9% | +84.6 pts |
Red flags
F-score 8 of 8| 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 ₹7 Cr -56.2% vs Jun 2025.
Net profit ₹2 Cr -45.2%.
Activity
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| Stellant Securities (India) Ltd | 530 | 14.5 | 71.7 % |
| The Investment Trust of India Ltd | 473 | 14.5 | 8.54 % |
| Akiko Global Services Ltd | 467 | 24.2 | 37.3 % |
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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 1Less than 100 unique PAN traded in previous 30 days