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Latest filings
NSE announcements · newest firstKey MetricsFull financials →
P/E (TTM)
-0.2×
EPS ₹-13.99
P / Book
0.05×
BVPS ₹44
ROE
-16.1%
FY24, avg equity
Net margin
-5.4%
FY24
Revenue YoY
−43.9%
Q3 FY25
Net profit YoY
−1163.0%
Q3 FY25
Debt / equity
2.00×
₹1,069 Cr debt
Div. yield
–
no dividend in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Mar 2026
Promoter pledge: none reported
Peer Comparison
No comparable listed companies with filings on record yet.
Forensic Flags3 Watch
Debt to equity is 2.00×
As at 2024-09-30.
Profit before interest and tax covers finance costs 0.2×
FY24.
Promoter holding is 26.48%, -25.76 points over a year
2026-03-31 against 2025-03-31.
7 checks within their thresholds
Free cash flow was negative in 0 of the last 3 years
Operating cash flow less capital expenditure, as filed.
Receivables grew -19% against revenue growth of -12%
FY24: debtor days moved from 197 to 181.
Inventory grew 19% against revenue growth of -12%
FY24: inventory days moved from 16 to 22.
Exceptional items above 5% of pre-tax profit in 0 of the last 3 years
FY22–FY24.
No promoter shares are pledged
Shareholding pattern as at 2026-03-31.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 60 days after the period end.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice. 2 checks not run for lack of data.
Formula Scores
Piotroski F-score: 4 of 9 · FY to 2024-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✗ Return on assets positive: -3.51 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 349.2 — ₹ crore
- ✓ Cash flow above profit (accruals): 429.3 — operating cash flow less profit after tax, ₹ crore
- ✗ Return on assets improved: -5.13 — change in ROA, percentage points
- ✓ Long-term borrowings to assets fell: -4.9 — change in long-term borrowings over total assets, percentage points
- ✗ Current ratio improved: -0.18 — change in current assets over current liabilities
- ✗ No new shares issued: 0.44 — change in share capital, %
- ✓ Gross margin improved: 2.47 — revenue less material cost over revenue, change in percentage points
- ✗ Asset turnover improved: -0.088 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹-80 Cr (2024-03-31) · profit after tax ₹37 Cr (2023-03-31) · total assets ₹2,091 Cr (2024-03-31) · total assets ₹2,283 Cr (2023-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 1.03 · FY to 2024-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: 0.047 × 1.2
- retained earnings / total assets: 0.163 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.011 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 0.017 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.703 × 1
Inputs: total assets ₹2,091 Cr (2024-03-31) · current assets ₹1,101 Cr (2024-03-31) · current liabilities ₹1,003 Cr (2024-03-31) · reserves ₹341 Cr (2024-03-31) · total equity ₹462 Cr (2024-03-31) · profit before tax ₹-125 Cr (2024-03-31) · finance cost ₹148 Cr (2024-03-31) · revenue ₹1,471 Cr (2024-03-31) · market capitalisation (today) ₹28 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: not computed · FY to 2024-03-31undefined when earnings or book value per share are not positive
Sloan accrual ratio: -19.63 % of assets · FY to 2024-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹-80 Cr (2024-03-31) · operating cash flow ₹349 Cr (2024-03-31) · total assets ₹2,091 Cr (2024-03-31) · total assets ₹2,283 Cr (2023-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (consolidated); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.