Price
Financials
Standalone, Rs crore| Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 4.55 | 6.26 | 4.27 | 3.92 | 1.79 | 0.46 |
| Expenses | 5.16 | 4.85 | 6.44 | 7.91 | 3.90 | 3.10 |
| Operating Profit | -0.61 | 1.41 | -2.17 | -3.99 | -2.11 | -2.64 |
| OPM % | -13.41% | 22.52% | -50.82% | -101.79% | -117.88% | -573.91% |
| Other Income | 0.11 | 0.10 | 0.10 | 0.20 | 0.16 | 0.10 |
| Interest | 0.09 | 0.07 | 0.05 | 0.01 | 0.01 | 0.00 |
| Depreciation | 0.16 | 0.17 | 0.12 | 0.16 | 0.17 | 0.18 |
| Profit before tax | -0.75 | 1.27 | -2.24 | -3.96 | -2.13 | -2.72 |
| Tax % | -2.67% | 11.81% | -11.16% | -33.33% | -19.72% | 70.22% |
| Net Profit | -0.74 | 1.13 | -1.99 | -2.64 | -1.70 | -4.63 |
| EPS in Rs | -224.24 | 7.44 | -9.17 | -12.17 | -7.83 | -21.34 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 9.79 | 8.02 | 9.99 | 11.77 | 10.81 | 8.19 | 2.25 |
| Expenses | 11.04 | 6.46 | 8.02 | 9.44 | 10.04 | 14.34 | 6.99 |
| Operating Profit | -1.25 | 1.56 | 1.97 | 2.33 | 0.77 | -6.15 | -4.74 |
| OPM % | -12.77% | 19.45% | 19.72% | 19.80% | 7.12% | -75.09% | -210.67% |
| Other Income | 0.00 | 0.03 | 0.05 | 0.21 | 0.21 | 0.29 | 0.26 |
| Interest | 0.18 | 0.18 | 0.18 | 0.24 | 0.13 | 0.06 | 0.01 |
| Depreciation | 0.31 | 0.21 | 0.13 | 0.36 | 0.33 | 0.28 | 0.35 |
| Profit before tax | -1.74 | 1.20 | 1.71 | 1.94 | 0.52 | -6.20 | -4.84 |
| Tax % | -1.15% | 32.50% | 25.73% | 24.74% | 25.00% | -25.32% | 30.79% |
| Net Profit | -1.72 | 0.81 | 1.28 | 1.45 | 0.39 | -4.63 | -6.33 |
| EPS in Rs | -521.21 | 245.45 | 387.88 | 439.39 | 2.57 | -21.34 | -29.17 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | -22% | -42% | -73% | ||
| Compounded Profit Growth | % | % | % | -37% | ||
| Stock Price CAGR | % | % | % | -55% | ||
| Return on Equity | % | % | -118% | -231% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 0.03 | 1.52 | 2.17 | 2.17 |
| Reserves | -2.36 | -0.84 | 0.43 | 1.88 | 0.79 | 3.73 | -2.60 |
| Borrowings | 2.89 | 2.17 | 1.28 | 2.32 | 2.07 | 0.27 | 4.10 |
| Other Liabilities | 0.91 | 1.08 | 1.02 | 1.19 | 1.05 | 1.48 | 1.11 |
| Total Liabilities | 1.47 | 2.44 | 2.76 | 5.42 | 5.43 | 7.65 | 4.78 |
| Fixed Assets | 0.69 | 0.45 | 0.41 | 1.10 | 0.82 | 0.80 | 0.50 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 0.78 | 1.99 | 2.35 | 4.32 | 4.61 | 6.77 | 4.28 |
| Total Assets | 1.47 | 2.44 | 2.76 | 5.42 | 5.43 | 7.65 | 4.78 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -1.56 | 1.19 | 1.21 | 0.05 | 0.69 | -2.85 | -4.83 |
| Cash from Investing Activity | -0.20 | 0.05 | -0.04 | -0.85 | 0.16 | -4.05 | 4.11 |
| Cash from Financing Activity | 1.00 | -0.87 | -1.07 | 0.80 | -0.38 | 6.36 | 3.82 |
| Net Cash Flow | -0.76 | 0.37 | 0.10 | 0.01 | 0.47 | -0.54 | 3.10 |
| Free Cash Flow | -1.76 | 1.24 | 1.11 | -0.97 | 0.64 | -3.19 | -5.02 |
| CFO/OP | 124% | 76% | 63% | 30% | 110% | 46% | 103% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 1.12 | 11.38 | 1.10 | 0.93 | 8.78 | 1.34 | 0.00 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 1.12 | 11.38 | 1.10 | 0.93 | 8.78 | 1.34 | 0.00 |
| Working Capital Days | -133.10 | -111.50 | -30.69 | 12.09 | 10.80 | -51.25 | -762.44 |
| ROCE % | 140.62% | 121.94% | 72.03% | 15.10% | -116.40% | -98.17% |
| Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|
| Promoters | 58.51% | 58.51% | 58.51% | 58.51% |
| FIIs | 4.42% | 3.09% | 3.09% | 3.09% |
| Public | 37.07% | 38.41% | 38.41% | 38.41% |
| No. of Shareholders | 188 | 185 | 202 | 197 |
Fundamentals
Market Cap₹ 7.04 Cr.
Current Price₹ 32.4
Book Value₹ -1.98
ROCE-98.2 %
ROE-231 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-73%
Compounded Profit Growth (TTM)-37%
Standalone figures.
Valuation
Market capRs 7 Cr
Enterprise valueRs 9 Cr
P/E (TTM)4.86x
Price to book3.69x
Price to sales0.60x
EV / EBITDA3.46x
EV / EBIT4.03x
EV / sales0.75x
Price to cash flow140.80x
Earnings yield20.60%
Profitability
Operating margin (excl. other income)19.80%
Operating margin (incl. other income)21.58%
EBITDA margin21.58%
Pre-tax margin16.48%
Net profit margin12.32%
ROE122.36%
ROCE73.03%
ROA35.45%
ROE, 3-year average-220.22%
ROCE, 3-year average112.91%
ROA, 3-year average42.04%
ROIC (approx.)44.95%
Tax rate24.74%
Other income / net worth10.99%
Growth
Sales growth (latest year)17.82%
Profit growth (latest year)13.28%
Sales CAGR, 3 years6.33%
Per share
EPS (TTM)Rs 6.68
EPS (latest year)Rs 439.39
EPS, 3-year averageRs 357.58
Book value per shareRs 8.80
Sales per shareRs 54.25
Cash flow per shareRs 0.23
Free cash flow per shareRs -23.14
Efficiency
Asset turnover2.17x
Fixed asset turnover10.70x
Debtor days1 days
Debtors turnover392.33x
Cash conversion cycle0 days
Working capital days-762 days
Leverage
Total debtRs 2 Cr
Cash and bankRs 1 Cr
Net debtRs 2 Cr
Debt to equity1.21x
Net debt / EBITDA0.69x
Interest coverage9.08x
Owners' fund to total sources35.24%
Debt to assets42.80%
Cash flow
Cash from Operating Activity (latest year)Rs 0 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 1 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -5 Cr
FCFE (approx.: FCF + change in debt)Rs -4 Cr
Sales to cash flow235.40x
Statement figures
Net sales (TTM)Rs 12 Cr
Net sales (latest year)Rs 12 Cr
Operating profit excl. other income (latest year)Rs 2 Cr
Other income (TTM)Rs 0 Cr
EBITDA (TTM)Rs 3 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 0 Cr
Cost of goods sold (latest year)Rs 1 Cr
Total expenditure (latest year)Rs 9 Cr
Total income (latest year)Rs 12 Cr
Share capitalRs 0 Cr
ReservesRs 2 Cr
Shareholders' fundsRs 2 Cr
Total assetsRs 5 Cr
Net blockRs 1 Cr
ReceivablesRs 0 Cr
Other liabilitiesRs 1 Cr
Shares outstanding (crore)0.22
Ownership
Promoter holding58.51%
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 4.9 is at the 7th percentile of its own 2.3-year range
(median 13.5, low 4.8, high 84.4).
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 | WINNY | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -3.7% | -2.8% | -0.9 pts |
| 1 month | -21.9% | -6.8% | -15.1 pts |
| 3 months | -45.9% | -7.6% | -38.3 pts |
| 6 months | -81.6% | +0.4% | -82.0 pts |
| 1 year | -87.0% | -9.9% | -77.0 pts |
Red flags
F-score 5 of 8| explain | High accruals Profit exceeded operating cash by 26% of total assets in 2026 |
| look | On NSE surveillance On NSE surveillance: GSM |
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 ₹0 Cr -92.7% vs Mar 2024.
Net loss ₹5 Cr.
Activity
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| Yaan Enterprises Ltd | 52 | 64.3 | 17.3 % |
| Helloji Holidays Ltd | 41 | 32.7 | 14.3 % |
| LGT Global Hospitality Ltd | 36 | 7.81 | 21.0 % |
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)GSMLess than 100 unique PAN traded in previous 30 daysLoss makingSME scrip is not regularly traded