Price
Financials
Standalone, Rs crore| Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 205 | 162 | 146 | 137 | 128 | 109 | 139 |
| Expenses | 201 | 158 | 142 | 134 | 124 | 102 | 133 |
| Operating Profit | 4 | 4 | 4 | 3 | 4 | 7 | 7 |
| OPM % | 2.0% | 2.4% | 2.5% | 2.4% | 3.0% | 7% | 5.0% |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 2 |
| Interest | 3 | 3 | 3 | 2 | 3 | 3 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 1 | 1 | 1 | 2 | 1 | 4 | 4 |
| Tax % | 27% | 25% | 22% | 27% | -24% | 25% | 24% |
| Net Profit | 1 | 1 | 1 | 1 | 1 | 3 | 3 |
| EPS in Rs | 1.00 | 0.83 | 0.73 | 0.95 | 0.60 | 1.48 | 1.59 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 48 | 136 | 324 | 408 | 308 | 266 | 249 |
| Expenses | 48 | 135 | 321 | 401 | 300 | 259 | 234 |
| Operating Profit | 0 | 2 | 3 | 7 | 8 | 7 | 14 |
| OPM % | 0.9% | 1.1% | 0.9% | 1.6% | 2.5% | 2.7% | 6% |
| Other Income | 0 | -0 | 0 | 0 | 0 | 1 | 2 |
| Interest | 0 | 1 | 1 | 5 | 6 | 5 | 6 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Profit before tax | 0 | 0 | 1 | 2 | 2 | 2 | 8 |
| Tax % | 23% | 32% | 26% | 25% | 24% | 14% | 25% |
| Net Profit | 0 | 0 | 1 | 1 | 1 | 2 | 6 |
| EPS in Rs | 1.06 | 0.69 | 1.98 | 1.77 | 1.30 | 1.55 | 3.02 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 13% | -15% | -6% | ||
| Compounded Profit Growth | % | 75% | 70% | 183% | ||
| Stock Price CAGR | % | % | % | -75% | ||
| Return on Equity | % | 12% | 11% | 11% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 5 | 5 | 7 | 10 | 14 | 21 |
| Reserves | 0 | 1 | 2 | 3 | 1 | 14 | 61 |
| Borrowings | 6 | 7 | 14 | 43 | 52 | 65 | 79 |
| Other Liabilities | 5 | 15 | 19 | 6 | 8 | 6 | 6 |
| Total Liabilities | 13 | 27 | 40 | 59 | 72 | 99 | 168 |
| Fixed Assets | 0 | 0 | 1 | 1 | 2 | 2 | 11 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 7 | 8 |
| Investments | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Other Assets | 13 | 27 | 38 | 57 | 70 | 91 | 149 |
| Total Assets | 13 | 27 | 40 | 59 | 72 | 99 | 168 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -8 | -2 | -5 | -1 | 6 | 15 | -43 |
| Cash from Investing Activity | -0 | -0 | -1 | -1 | 0 | -7 | -16 |
| Cash from Financing Activity | 8 | 3 | 5 | 2 | -3 | 1 | 47 |
| Net Cash Flow | 0 | 1 | -0 | -0 | 3 | 9 | -12 |
| Free Cash Flow | -8 | -3 | -6 | -1 | 5 | 8 | -56 |
| CFO/OP | -1,795% | -141% | -151% | -8% | 83% | 223% | -297% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 37 | 29 | 27 | 35 | 57 | 24 |
| Inventory Days | 26 | 15 | 11 | 19 | 40 | 31 | 132 |
| Days Payable | 37 | 37 | 21 | 3 | 5 | 7 | 5 |
| Cash Conversion Cycle | 42 | 15 | 19 | 43 | 70 | 81 | 151 |
| Working Capital Days | 14 | 13 | 8 | 13 | 19 | 11 | 96 |
| ROCE % | 14% | 16% | 17% | 12% | 10% | 11% |
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|
| Promoters | 72.98% | 73.35% | 73.35% | 56.56% |
| Public | 27.02% | 26.65% | 26.65% | 43.44% |
| No. of Shareholders | 453 | 288 | 253 | 435 |
Fundamentals
Market Cap₹ 60.3 Cr.
Current Price₹ 30.1
Stock P/E9.97
Book Value₹ 41.1
ROCE11.4 %
ROE11.0 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-6%
Compounded Profit Growth (TTM)183%
Standalone figures.
Valuation
Market capRs 54 Cr
Enterprise valueRs 98 Cr
P/E (TTM)43.95x
Price to book5.38x
Price to sales0.13x
EV / EBITDA14.70x
EV / EBIT15.87x
EV / sales0.24x
Earnings yield2.28%
Profitability
Operating margin (excl. other income)1.63%
Operating margin (incl. other income)1.63%
EBITDA margin1.63%
Pre-tax margin0.40%
Net profit margin0.30%
ROE14.82%
ROCE16.64%
ROA2.51%
ROE, 3-year average13.07%
ROCE, 3-year average15.47%
ROA, 3-year average2.32%
ROIC (approx.)8.65%
Tax rate25.00%
Other income / net worth0.20%
Growth
Sales growth (latest year)25.82%
Profit growth (latest year)30.53%
Sales CAGR, 3 years104.04%
Profit CAGR, 3 years93.94%
Per share
EPS (TTM)Rs 0.62
EPS (latest year)Rs 1.77
EPS, 3-year averageRs 1.48
Book value per shareRs 5.06
Sales per shareRs 203.46
Cash flow per shareRs -0.44
Free cash flow per shareRs -27.95
Efficiency
Asset turnover6.89x
Fixed asset turnover363.99x
Inventory turnover19.51x
Inventory days19 days
Debtor days27 days
Debtors turnover13.75x
Creditor days5 days
Cash conversion cycle151 days
Working capital days96 days
Leverage
Total debtRs 43 Cr
Cash and bankRs 0 Cr
Net debtRs 43 Cr
Debt to equity4.29x
Net debt / EBITDA6.51x
Interest coverage1.36x
Owners' fund to total sources17.12%
Debt to assets73.42%
Cash flow
Cash from Operating Activity (latest year)Rs -1 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 2 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -56 Cr
FCFE (approx.: FCF + change in debt)Rs -26 Cr
Cash from ops / profit, 5 years-2.55x
Statement figures
Net sales (TTM)Rs 408 Cr
Net sales (latest year)Rs 408 Cr
Operating profit excl. other income (latest year)Rs 7 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 7 Cr
PBDT (TTM)Rs 2 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 1 Cr
Net profit (latest year)Rs 1 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 398 Cr
Total expenditure (latest year)Rs 401 Cr
Total income (latest year)Rs 408 Cr
Share capitalRs 7 Cr
ReservesRs 3 Cr
Shareholders' fundsRs 10 Cr
Total assetsRs 59 Cr
Net blockRs 1 Cr
InvestmentsRs 1 Cr
ReceivablesRs 30 Cr
InventoryRs 20 Cr
Other liabilitiesRs 6 Cr
Shares outstanding (crore)2.00
Ownership
Promoter holding56.56%
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 44.0 is the lowest in its own 2.2-year history
(median 245.9, low 44.0, high 282.2).
P/B 5.38 is the lowest in 2.2 years (median 14.88).
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 | VISAMAN | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -14.3% | -2.8% | -11.6 pts |
| 1 month | -62.0% | -6.8% | -55.2 pts |
| 3 months | -79.0% | -7.6% | -71.4 pts |
| 6 months | -76.6% | +0.4% | -77.0 pts |
| 1 year | -29.7% | -9.9% | -19.8 pts |
Red flags
F-score 2 of 7| explain | Weak cash conversion Cash from operations was -310% of net profit over the last 3 years |
| explain | Low interest cover Interest cover 1.4x in 2026 |
| look | On NSE surveillance On NSE surveillance: ASM short-term |
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 ₹139 Cr -4.8% vs Mar 2024.
Net profit ₹3 Cr +200.0%.
Activity
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|---|---|---|---|
| Welspun Corp Ltd | 74,969 | 32.5 | 22.9 % |
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| Ratnamani Metals & Tubes Ltd | 19,859 | 45.3 | 17.9 % |
| Jindal Saw Ltd | 17,759 | 27.2 | 10.4 % |
| Usha Martin Ltd | 15,204 | 27.9 | 19.5 % |
| Godawari Power & Ispat Ltd | 14,902 | 18.2 | 20.5 % |
| Gallantt Ispat Ltd. | 13,007 | 29.8 | 18.2 % |
| Maharashtra Seamless Ltd | 9,672 | 13.1 | 14.3 % |
| Jayaswal Neco Industries Ltd | 8,997 | 15.7 | 20.7 % |
| Sunflag Iron & Steel Company Ltd | 8,368 | 39.4 | 4.07 % |
| Man Industries (India) Ltd | 7,198 | 35.2 | 16.2 % |
| Aeroflex Industries Ltd | 7,141 | 106 | 18.9 % |
| Technocraft Industries (India) Ltd | 6,635 | 19.5 | 16.3 % |
| Shivalik Bimetal Controls Ltd | 6,402 | 60.1 | 26.6 % |
| Date | Client | Side | Qty | Price |
|---|---|---|---|---|
| 2026-09-28 | Sangeeta Shetalbhai Shah | BUY | 255,000 | 28.70 |
| 2026-09-28 | Mayuri Shripal Vora | SELL | 367,000 | 28.70 |
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.
Less than 100 unique PAN traded in previous 30 daysSME scrip is not regularly tradedShort Term Additional Surveillance Measure (Short Term ASM): stage 2