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 | 42.01 | 44.08 | 64.55 | 36.10 | 42.88 | 37.10 | 49.47 | 28.10 | 2.70 | 9.76 | 9.11 | 27.22 |
| Expenses | 29.48 | 32.68 | 55.26 | 26.48 | 34.60 | 25.87 | 36.24 | 26.16 | 19.68 | 24.95 | 31.93 | 24.90 |
| Operating Profit | 12.53 | 11.40 | 9.29 | 9.62 | 8.28 | 11.23 | 13.23 | 1.94 | -16.98 | -15.19 | -22.82 | 2.32 |
| OPM % | 29.83% | 25.86% | 14.39% | 26.65% | 19.31% | 30.27% | 26.74% | 6.90% | -628.89% | -155.64% | -250.49% | 8.52% |
| Other Income | -0.01 | 0.77 | 2.47 | 0.29 | 1.17 | 0.49 | -0.12 | 4.48 | -0.47 | 1.20 | 3.34 | 3.71 |
| Interest | 4.49 | 4.36 | 4.12 | 4.15 | 4.42 | 4.64 | 4.29 | 4.01 | 4.85 | 6.87 | 10.72 | 3.19 |
| Depreciation | 3.82 | 3.83 | 3.47 | 3.98 | 3.99 | 3.36 | 3.85 | 4.65 | 3.68 | 3.87 | 4.13 | 2.93 |
| Profit before tax | 4.21 | 3.98 | 4.17 | 1.78 | 1.04 | 3.72 | 4.97 | -2.24 | -25.98 | -24.73 | -34.33 | -0.09 |
| Tax % | 38.95% | 76.63% | 87.53% | 65.17% | 75.00% | 30.65% | 17.51% | -5.36% | -1.66% | 1.66% | -2.07% | 511.11% |
| Net Profit | 2.57 | 0.93 | 0.52 | 0.62 | 0.26 | 2.58 | 4.10 | -2.12 | -25.55 | -25.14 | -33.62 | -0.55 |
| EPS in Rs | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | -0.01 | -0.09 | -0.08 | -0.11 | -0.00 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 36 | 55 | 114 | 267 | 106 | 103 | 132 | 143 | 190 | 166 | 50 | 49 |
| Expenses | 34 | 47 | 79 | 147 | 77 | 80 | 117 | 122 | 149 | 123 | 103 | 101 |
| Operating Profit | 2 | 8 | 35 | 120 | 29 | 23 | 15 | 21 | 41 | 42 | -53 | -53 |
| OPM % | 5% | 15% | 31% | 45% | 27% | 23% | 11% | 15% | 22% | 26% | -107% | -108% |
| Other Income | 0 | 0 | 0 | 1 | 2 | 5 | 5 | 2 | 4 | 2 | 9 | 8 |
| Interest | 5 | 6 | 5 | 12 | 3 | 3 | 5 | 10 | 17 | 18 | 26 | 26 |
| Depreciation | 2 | 2 | 2 | 3 | 6 | 6 | 6 | 8 | 15 | 15 | 16 | 15 |
| Profit before tax | -5 | 1 | 28 | 107 | 22 | 19 | 9 | 6 | 13 | 12 | -87 | -85 |
| Tax % | 0% | 0% | -11% | 29% | 34% | 15% | 30% | 44% | 68% | 34% | -1% | |
| Net Profit | -5 | 1 | 31 | 76 | 15 | 16 | 6 | 3 | 4 | 8 | -86 | -85 |
| EPS in Rs | -0.02 | 0.00 | 0.11 | 0.26 | 0.05 | 0.06 | 0.02 | 0.01 | 0.01 | 0.03 | -0.29 | -0.28 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 47% | 95% | 91% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 3% | -14% | -30% | -69% | ||
| Compounded Profit Growth | % | % | % | -1861% | ||
| Stock Price CAGR | 30% | -16% | -47% | 2% | ||
| Return on Equity | 5% | -6% | -9% | -24% |
| 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 | 9 | 9 | 9 | 9 | 9 | 9 | 14 | 20 | 20 | 25 | 33 | 296 |
| Reserves | -7 | -12 | 1 | 37 | 96 | 107 | 116 | 141 | 206 | 202 | 248 | 158 |
| Borrowings | 37 | 44 | 36 | 16 | 8 | 46 | 83 | 116 | 139 | 233 | 247 | 113 |
| Other Liabilities | 26 | 27 | 37 | 78 | 64 | 53 | 91 | 110 | 61 | 73 | 109 | 90 |
| Total Liabilities | 66 | 68 | 83 | 139 | 177 | 216 | 304 | 386 | 426 | 532 | 637 | 658 |
| Fixed Assets | 31 | 29 | 37 | 50 | 76 | 84 | 78 | 75 | 144 | 156 | 159 | 163 |
| CWIP | 9 | 9 | 9 | 11 | 2 | 15 | 23 | 68 | 28 | 53 | 100 | 78 |
| Investments | 0 | 0 | 0 | 0 | 5 | 6 | 6 | 7 | 6 | 6 | 0 | 0 |
| Other Assets | 26 | 30 | 37 | 78 | 94 | 111 | 197 | 236 | 248 | 317 | 378 | 416 |
| Total Assets | 66 | 68 | 83 | 139 | 177 | 216 | 304 | 386 | 426 | 532 | 637 | 658 |
| 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 | 9 | -1 | 9 | 35 | 53 | -17 | 1 | -5 | -38 | -3 | 48 | -29 |
| Cash from Investing Activity | -0 | -0 | -1 | -6 | -25 | -22 | -23 | -39 | -53 | -65 | -89 | -46 |
| Cash from Financing Activity | -9 | 2 | -25 | -13 | -23 | 30 | 30 | 46 | 72 | 42 | 25 | 93 |
| Net Cash Flow | 0 | 1 | -16 | 16 | 5 | -9 | 7 | 2 | -19 | -26 | -16 | 18 |
| Free Cash Flow | 9 | -1 | 8 | 29 | 32 | -39 | -7 | -46 | -86 | -68 | -46 | -93 |
| CFO/OP | -246% | -47% | 110% | 107% | 51% | 4% | 5% | 23% | -154% | -4% | 121% | 50% |
| 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 | 56 | 131 | 68 | 49 | 21 | 100 | 173 | 113 | 167 | 242 | 270 | 976 |
| Inventory Days | 102 | 176 | 222 | 184 | 217 | 600 | 600 | 951 | ||||
| Days Payable | 226 | 395 | 350 | 195 | 64 | 254 | 234 | 465 | ||||
| Cash Conversion Cycle | -68 | -88 | -59 | 37 | 174 | 446 | 539 | 113 | 167 | 242 | 270 | 1,462 |
| Working Capital Days | -211 | -321 | -127 | -107 | 24 | 69 | 95 | 71 | 207 | 179 | 150 | 734 |
| ROCE % | -13% | 0% | 16% | 62% | 136% | 18% | 12% | 6% | 5% | 7% | 6% | -11% |
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Aug 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 65.81% | 65.64% | 65.48% | 65.47% | 65.11% | 64.90% | 56.73% | 29.97% | 29.97% | 60.91% | 60.91% | 59.55% |
| FIIs | 0.00% | 0.05% | 0.00% | 0.00% | 0.00% | 0.06% | 0.04% | 0.04% | 0.14% | 0.00% | 0.04% | 0.04% |
| DIIs | 0.05% | 0.03% | 0.03% | 0.03% | 0.01% | 0.01% | 0.01% | 0.06% | 0.06% | 0.01% | 0.04% | 0.04% |
| Public | 34.15% | 34.29% | 34.49% | 34.50% | 34.87% | 35.03% | 43.22% | 69.92% | 69.82% | 39.07% | 39.02% | 40.37% |
| No. of Shareholders | 36,520 | 43,366 | 43,768 | 49,691 | 51,724 | 52,281 | 54,475 | 63,144 | 64,258 | 68,448 | 75,881 | 75,757 |
Fundamentals
Market Cap₹ 794 Cr.
Current Price₹ 2.59
Book Value₹ 1.53
ROCE-11.1 %
ROE-23.5 %
Dividend Yield3.86 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)-69%
Compounded Profit Growth (TTM)-1861%
Consolidated figures.
Valuation
Market capRs 732 Cr
Enterprise valueRs 827 Cr
Price to book1.61x
Price to sales15.01x
EV / sales16.96x
Earnings yield-11.59%
P/E, 3-year average48.98x
P/B, 3-year average0.94x
P/E, 5-year average72.84x
P/B, 5-year average1.46x
Profitability
Operating margin (excl. other income)-106.83%
Operating margin (incl. other income)-89.61%
EBITDA margin-92.01%
Pre-tax margin-174.48%
Net profit margin-173.93%
Net margin, latest quarter-2.02%
ROE-23.52%
ROCE-11.10%
ROA-13.35%
ROE, 3-year average-6.24%
ROCE, 3-year average0.69%
ROA, 3-year average-3.73%
ROE, 5-year average-2.56%
ROCE, 5-year average2.48%
ROA, 5-year average-1.72%
ROIC (approx.)-10.72%
Tax rate0.99%
Other income / net worth1.88%
Growth
Sales growth (latest year)-70.00%
Profit growth (latest year)-1243.12%
Sales CAGR, 3 years-29.76%
Sales CAGR, 5 years-13.58%
Sales growth QoQ198.79%
Sales growth YoY (latest quarter)-3.13%
Per share
EPS (TTM)Rs -0.29
EPS (latest year)Rs -0.29
EPS (latest quarter)Rs -0.00
EPS, 3-year averageRs 0.03
EPS, 5-year averageRs 0.12
Book value per shareRs 1.53
Sales per shareRs 0.16
Cash flow per shareRs -0.10
Free cash flow per shareRs -0.31
Dividend per share, 3-year averageRs 0.15
Dividend per share, 5-year averageRs 0.15
Dividends
Dividend payout, 3-year average90.93%
Dividend payout, 5-year average77.77%
Efficiency
Asset turnover0.08x
Fixed asset turnover0.30x
Inventory turnover0.63x
Inventory days581 days
Debtor days976 days
Debtors turnover0.37x
Creditor days465 days
Cash conversion cycle1462 days
Working capital days734 days
Leverage
Total debtRs 113 Cr
Cash and bankRs 18 Cr
Net debtRs 95 Cr
Debt to equity0.25x
Interest coverage-2.32x
Current ratio (filing 2026-03-31)1.80x
Quick ratio (filing 2026-03-31)1.14x
Trade payables (filing 2026-03-31)Rs 48 Cr
Owners' fund to total sources69.10%
Debt to assets17.24%
Cash flow
Cash from Operating Activity (latest year)Rs -29 Cr
Cash from Investing Activity (latest year)Rs -46 Cr
Cash from Financing Activity (latest year)Rs 93 Cr
Net Cash Flow (latest year)Rs 18 Cr
Free cash flow (latest year)Rs -93 Cr
FCFE (approx.: FCF + change in debt)Rs -227 Cr
Statement figures
Net sales (TTM)Rs 49 Cr
Net sales (latest year)Rs 50 Cr
Sales (latest quarter)Rs 27 Cr
Operating profit excl. other income (latest year)Rs -53 Cr
Operating profit (latest quarter)Rs 2 Cr
Other income (TTM)Rs 8 Cr
EBITDA (TTM)Rs -45 Cr
PBDT (TTM)Rs -71 Cr
Profit before tax (TTM)Rs -85 Cr
Tax (latest year)Rs -1 Cr
Net profit (TTM)Rs -85 Cr
Net profit (latest year)Rs -86 Cr
Net profit (latest quarter)Rs -1 Cr
Depreciation (TTM)Rs 15 Cr
Depreciation (latest quarter)Rs 3 Cr
Interest (TTM)Rs 26 Cr
Cost of goods sold (latest year)Rs 62 Cr
Total expenditure (latest year)Rs 103 Cr
Total income (latest year)Rs 58 Cr
Share capitalRs 296 Cr
ReservesRs 158 Cr
Shareholders' fundsRs 454 Cr
Total assetsRs 658 Cr
Net blockRs 163 Cr
Capital work in progressRs 78 Cr
ReceivablesRs 133 Cr
InventoryRs 98 Cr
Other liabilitiesRs 90 Cr
Shares outstanding (crore)296.47
Ownership
Promoter holding59.55% (+29.58 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 1.61 is at the 1th percentile (median 22.05).
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 | SADHNANIQ | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -12.4% | -2.8% | -9.6 pts |
| 1 month | -10.5% | -6.8% | -3.7 pts |
| 3 months | -15.4% | -7.6% | -7.8 pts |
| 6 months | +80.3% | +0.4% | +79.9 pts |
| 1 year | -74.9% | -9.9% | -65.0 pts |
| 2 years | -95.8% | -13.6% | -82.2 pts |
| 3 years | -97.0% | +14.2% | -111.2 pts |
| 5 years | -59.2% | +27.9% | -87.1 pts |
Red flags
F-score 3 of 8| explain | Receivables outrunning sales Receivables grew 8% vs sales -70% in 2026 |
| look | Inventory outrunning sales Inventory grew -28% vs sales -70% 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 ₹27 Cr -3.1% vs Jun 2025.
Net loss ₹1 Cr.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| SRF Ltd | 71,738 | 32.0 | 14.6 % |
| Deepak Fertilisers & Petrochemicals Corp Ltd | 16,523 | 16.8 | 11.4 % |
| Tata Chemicals Ltd | 15,638 | 3.42 % | |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd | 8,985 | 8.66 | 12.0 % |
| Tanfac Industries Ltd | 7,226 | 107 | 23.9 % |
| Gujarat Alkalies & Chemicals Ltd | 4,606 | 69.4 | 1.42 % |
| Grauer & Weil (India) Ltd | 3,744 | 23.4 | 20.6 % |
| GHCL Ltd | 3,724 | 8.16 | 17.4 % |
| J.G.Chemicals Ltd | 2,576 | 34.3 | 18.1 % |
| Thirumalai Chemicals Ltd | 1,834 | -3.15 % | |
| I G Petrochemicals Ltd | 1,801 | 22.1 | 3.11 % |
| Indo Borax & Chemicals Ltd | 1,569 | 32.0 | 15.4 % |
| Innovassynth Technologies (India) Ltd | 1,405 | -16.4 % | |
| Citurgia Biochemicals Ltd | 1,380 | % | |
| Vikram Thermo (India) Ltd | 1,320 | 30.1 | 36.2 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-02-18 | Rights 8:1 @ Premium Rs 0/- | |
| 2025-09-22 | Dividend - Re 0.10 Per Share | |
| 2024-09-17 | Dividend - Re 0.15 Per Share | |
| 2024-09-17 | Annual General Meeting | |
| 2024-09-13 | Rights 1:3 @ Premium Rs 5.06/- | |
| 2023-09-18 | Dividend - Rs 0.15 Per Share | |
| 2023-09-18 | Annual General Meeting | |
| 2023-07-05 | Bonus 2:9 | 0.8182 |
| Date | Type | What it says |
|---|---|---|
| 2026-10-01 | Shareholder meeting | Voting results. |
| 2026-09-30 | Shareholder meeting | Proceedings of Annual General Meeting held on September 30, 2026 |
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.
EPS in the scrip is zero (4 trailing quarters)ESM: stage 1