Price
Financials
Consolidated, Rs crore| Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 13 | 23 | 21 | 27 | 27 | 17 | 21 | 30 | 37 | 23 | 55 | 84 |
| Expenses | 11 | 19 | 19 | 25 | 26 | 18 | 20 | 29 | 36 | 21 | 55 | 83 |
| Operating Profit | 1 | 4 | 2 | 2 | 1 | -1 | 1 | 1 | 1 | 2 | -0 | 1 |
| OPM % | 11% | 16% | 9% | 7% | 2.9% | -4.9% | 3.5% | 3.5% | 1.5% | 9% | -0.7% | 0.9% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 1 | 1 | 1 | 1 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 3 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 |
| Profit before tax | 0 | 3 | 1 | 1 | -0 | 1 | -1 | -2 | -3 | -2 | -4 | 1 |
| Tax % | 28% | 27% | 26% | 38% | -71% | -2% | 109% | 36% | 10% | 9% | 17% | 215% |
| Net Profit | 0 | 2 | 1 | 0 | -0 | 1 | -2 | -3 | -3 | -3 | -4 | -1 |
| EPS in Rs | 0.44 | 2.70 | 0.97 | 0.53 | -0.04 | 0.94 | -1.44 | -1.23 | -1.01 | -0.46 | -1.89 | 1.38 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 46 | 35 | 48 | 44 | 51 | 78 | 139 |
| Expenses | 41 | 30 | 44 | 44 | 49 | 76 | 139 |
| Operating Profit | 5 | 5 | 4 | 0 | 2 | 2 | 0 |
| OPM % | 11% | 14% | 8% | 0.0% | 3.5% | 2.2% | 0.2% |
| Other Income | 1 | 0 | 0 | 3 | 1 | 1 | 4 |
| Interest | 1 | 1 | 1 | 1 | 3 | 5 | 4 |
| Depreciation | 2 | 1 | 2 | 2 | 3 | 4 | 3 |
| Profit before tax | 3 | 3 | 2 | 1 | -3 | -6 | -3 |
| Tax % | 26% | 27% | 31% | -7% | 54% | 14% | 76% |
| Net Profit | 2 | 2 | 1 | 1 | -5 | -7 | -5 |
| EPS in Rs | 3.08 | 3.13 | 1.51 | 0.91 | -2.32 | -2.35 | -0.14 |
| Dividend Payout % | 6% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 32% | 47% | 78% | ||
| Compounded Profit Growth | % | % | 21% | 86% | ||
| Stock Price CAGR | % | 36% | 49% | 401% | ||
| Return on Equity | % | -3% | -4% | -1% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 10 | 11 | 11 | 14 |
| Reserves | 18 | 20 | 25 | 36 | 34 | 29 | 36 |
| Borrowings | 11 | 13 | 17 | 40 | 52 | 57 | 54 |
| Other Liabilities | 5 | 5 | 11 | 13 | 13 | 23 | 36 |
| Total Liabilities | 41 | 46 | 60 | 100 | 109 | 119 | 140 |
| Fixed Assets | 19 | 19 | 20 | 22 | 64 | 62 | 62 |
| CWIP | 1 | 3 | 10 | 38 | 0 | 2 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 21 | 24 | 30 | 40 | 45 | 56 | 78 |
| Total Assets | 41 | 46 | 60 | 100 | 109 | 119 | 140 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0 | 1 | 3 | 5 | -5 | 5 | -5 |
| Cash from Investing Activity | -0 | -3 | -10 | -40 | -9 | -7 | 5 |
| Cash from Financing Activity | -0 | 2 | 7 | 36 | 13 | 3 | 7 |
| Net Cash Flow | 0 | 0 | 0 | 1 | -1 | 0 | 7 |
| Free Cash Flow | -0 | -2 | -7 | -25 | -14 | 2 | -4 |
| CFO/OP | 29% | 46% | 91% | -237% | 338% | -1,213% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 73 | 97 | 81 | 88 | 69 | 59 | 79 |
| Inventory Days | 67 | 124 | 102 | 80 | 147 | 102 | 34 |
| Days Payable | 38 | 68 | 98 | 84 | 105 | 107 | 85 |
| Cash Conversion Cycle | 102 | 154 | 86 | 84 | 112 | 54 | 28 |
| Working Capital Days | 39 | 4 | 44 | 69 | -29 | -69 | -19 |
| ROCE % | 10% | 6% | -1% | -0% | -1% | -1% |
| Sep 2021 | Mar 2022 | Sep 2022 | Nov 2022 | Mar 2023 | Sep 2023 | Oct 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 74.56% | 74.80% | 74.80% | 67.87% | 70.49% | 70.49% | 67.86% | 67.86% | 67.86% | 67.86% | 67.86% | 54.91% |
| Public | 25.45% | 25.21% | 25.20% | 32.13% | 29.51% | 29.51% | 32.14% | 32.14% | 32.14% | 32.14% | 32.14% | 45.09% |
| No. of Shareholders | 245 | 245 | 279 | 284 | 280 | 315 | 317 | 295 | 295 | 1,221 | 1,218 | 1,202 |
Fundamentals
Market Cap₹ 307 Cr.
Current Price₹ 221
Book Value₹ 36.0
ROCE-1.15 %
ROE-0.80 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)78%
Compounded Profit Growth (TTM)86%
Consolidated figures.
Valuation
Market capRs 217 Cr
Enterprise valueRs 256 Cr
P/E (TTM)221.12x
Price to book4.65x
Price to sales4.93x
EV / EBITDA79.57x
EV / EBIT166.37x
EV / sales5.82x
Price to cash flow45.24x
Earnings yield0.45%
P/E, 3-year average38.83x
P/B, 3-year average1.23x
Profitability
Operating margin (excl. other income)0.00%
Operating margin (incl. other income)7.32%
EBITDA margin7.32%
Pre-tax margin2.09%
Net profit margin2.23%
ROE2.47%
ROCE2.26%
ROA1.22%
ROE, 3-year average5.19%
ROCE, 3-year average6.03%
ROA, 3-year average2.99%
ROIC (approx.)1.90%
Tax rate-6.52%
Other income / net worth6.91%
Growth
Sales growth (latest year)-7.84%
Profit growth (latest year)-15.52%
Sales CAGR, 3 years-1.50%
Profit CAGR, 3 years-25.50%
Per share
EPS (TTM)Rs 0.95
EPS (latest year)Rs 0.95
EPS, 3-year averageRs 1.95
Book value per shareRs 45.24
Sales per shareRs 42.70
Cash flow per shareRs 4.65
Free cash flow per shareRs -3.88
Efficiency
Asset turnover0.44x
Fixed asset turnover1.97x
Inventory turnover5.89x
Inventory days62 days
Debtor days88 days
Debtors turnover4.16x
Creditor days85 days
Cash conversion cycle28 days
Working capital days-19 days
Leverage
Total debtRs 40 Cr
Cash and bankRs 1 Cr
Net debtRs 40 Cr
Debt to equity0.87x
Net debt / EBITDA12.27x
Interest coverage2.48x
Owners' fund to total sources46.51%
Debt to assets40.39%
Cash flow
Cash from Operating Activity (latest year)Rs 5 Cr
Cash from Investing Activity (latest year)Rs -40 Cr
Cash from Financing Activity (latest year)Rs 36 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs -4 Cr
FCFE (approx.: FCF + change in debt)Rs 20 Cr
Sales to cash flow9.18x
Statement figures
Net sales (TTM)Rs 44 Cr
Net sales (latest year)Rs 44 Cr
Operating profit excl. other income (latest year)Rs 0 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 3 Cr
PBDT (TTM)Rs 3 Cr
Profit before tax (TTM)Rs 1 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Depreciation (TTM)Rs 2 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 38 Cr
Total expenditure (latest year)Rs 44 Cr
Total income (latest year)Rs 47 Cr
Share capitalRs 10 Cr
ReservesRs 36 Cr
Shareholders' fundsRs 47 Cr
Total assetsRs 100 Cr
Net blockRs 22 Cr
Capital work in progressRs 38 Cr
ReceivablesRs 11 Cr
InventoryRs 6 Cr
Other liabilitiesRs 13 Cr
Shares outstanding (crore)1.03
Ownership
Promoter holding54.91% (-12.95 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 221.1 is at the 95th percentile of its own 3.3-year range
(median 28.2, low 21.8, high 267.8).
P/B 4.65 is at the 92th percentile (median 2.34).
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 | UCL | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -12.3% | -2.8% | -9.6 pts |
| 1 month | +6.5% | -6.8% | +13.3 pts |
| 3 months | +75.1% | -7.6% | +82.8 pts |
| 6 months | +443.5% | +0.4% | +443.1 pts |
| 1 year | +280.0% | -9.9% | +290.0 pts |
| 2 years | +174.8% | -13.6% | +188.3 pts |
| 3 years | +214.0% | +14.2% | +199.8 pts |
| 5 years | +342.8% | +27.9% | +315.0 pts |
Red flags
F-score 3 of 8| explain | Share dilution Share count up 40% in a year, 40% in three |
| explain | Debt up, profit down Borrowings up 145% while net profit fell in 2026 |
| look | Profit leans on other income Other income was 350% of pre-tax profit 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
Mar 2026Sales ₹84 Cr +180.0% vs Mar 2024.
Net loss ₹1 Cr.
Activity
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|---|---|---|---|
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| Ultramarine & Pigments Ltd | 1,224 | 15.0 | 10.1 % |
| Sudarshan Colorants India Ltd | 874 | 16.9 | 11.4 % |
| Asahi Songwon Colors Ltd | 452 | 13.0 | 8.50 % |
| AksharChem (India) Ltd | 295 | 23.8 | 0.19 % |
| Mahickra Chemicals Ltd | 288 | 55.9 | 12.7 % |
| Poddar Pigments Ltd | 268 | 17.6 | 7.25 % |
| Ducol Organics & Colours Ltd | 217 | 29.9 | 10.5 % |
| Hindprakash Industries Ltd | 132 | 37.7 | 5.48 % |
| Paragon Fine and Speciality Chemical Ltd | 94 | 10.4 | 12.8 % |
| Unilex Colour & Chemical Ltd | 42 | 5.12 | % |
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.
EPS in the scrip is zero (4 trailing quarters)ESM: stage 1Less than 100 unique PAN traded in previous 30 daysLoss makingMandatory Market making period in SME scrip is overSME scrip is not regularly traded