We wish to inform you that the 27th AGM of the Company was held on 22nd September, 2026 at 12.00 noon through VC/OAVM. In this regards, pursuant to Regulation 44(3) of SEBI LODR Regulations, 2015, please find enclosed voting results along with the consolidated Report of the Scrutinizer thereon. Further all the resolutions as set out in the Notice has been duly passed in the AGM.
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Latest filings
NSE announcements · newest firstThe 27th AGM of the Members of the Company was held on 22nd September, 2026 at 12.:00 Noon, through VC/OAVM platform of NSDL in Compliance with the Circulars issued by the MCA. Pursuant to Regulation 30 of the SEBI LODR Regulations, 2015, please find enclosed the proceedings of the 27th AGM of the Company.
Key MetricsFull financials →
P/E (TTM)
-77.1×
EPS ₹-3.43
P / Book
0.96×
BVPS ₹276
ROE
3.6%
FY26, avg equity
Net margin
3.5%
FY26
Revenue YoY
−16.6%
Q1 FY27
Net profit YoY
−526.5%
Q1 FY27
Debt / equity
0.26×
₹151 Cr debt
Div. yield
–
no dividend in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| REFEX₹3,921 Cr | 15.8× | 2.61× | 15.0% | 8.9% |
| EMSLIMITED₹1,971 Cr | 28.7× | 1.87× | 9.0% | 12.4% |
| AWHCL₹1,073 Cr | 15.4× | 1.45× | 13.1% | 8.7% |
| CEWATER₹547 Cr | – | 0.96× | 3.6% | 3.5% |
| RACE₹203 Cr | 25.7× | 2.74× | 10.0% | 1.2% |
Waste Management: the companies closest in market value, of the 5 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q1 FY27) and the last close; hover a column for its definition.
Forensic Flags7 Watch
Operating cash flow was -0.26× net profit
Cumulative over FY25–FY26 (2 years).
Free cash flow was negative in 2 of the last 2 years
Operating cash flow less capital expenditure, as filed.
Receivables grew 52% against revenue growth of -6%
FY26: debtor days moved from 107 to 173.
Inventory grew 27% against revenue growth of -6%
FY26: inventory days moved from 106 to 144.
Other income is 103% of profit before tax
FY26.
Effective tax rate averaged 10%
Tax over pre-tax profit, last 2 years. The base corporate rate is about 25%.
Results were filed late in 1 of the last 8 quarters
Slowest filing came 109 days after the period end.
Profit before interest and tax covers finance costs 2.3×
FY26.
5 checks within their thresholds
Debt to equity is 0.26×
As at 2026-03-31.
Exceptional items above 5% of pre-tax profit in 0 of the last 2 years
FY25–FY26.
Promoter holding is 51.43%, +0.04 points over a year
2026-06-30 against 2025-06-30.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice. 1 check not run for lack of data.
Formula Scores
Piotroski F-score: 3 of 9 · FY to 2026-03-31one 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: 2.33 — profit after tax over the year's opening total assets, %
- ✗ Operating cash flow positive: -23.2 — ₹ crore
- ✗ Cash flow above profit (accruals): -42.9 — operating cash flow less profit after tax, ₹ crore
- ✗ Return on assets improved: -3.74 — change in ROA, percentage points
- ✓ Long-term borrowings to assets fell: -0.49 — change in long-term borrowings over total assets, percentage points
- ✗ Current ratio improved: -0.05 — change in current assets over current liabilities
- ✓ No new shares issued: 0 — change in share capital, %
- ✗ Gross margin improved: -5.55 — revenue less material cost over revenue, change in percentage points
- ✗ Asset turnover improved: -0.043 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹20 Cr (2026-03-31) · profit after tax ₹51 Cr (2025-03-31) · total assets ₹952 Cr (2026-03-31) · total assets ₹849 Cr (2025-03-31)
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: 2.92 · FY to 2026-03-31Z = 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: 0.383 × 1.2
- retained earnings / total assets: 0.59 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.05 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 1.478 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.586 × 1
Inputs: total assets ₹952 Cr (2026-03-31) · current assets ₹702 Cr (2026-03-31) · current liabilities ₹337 Cr (2026-03-31) · reserves ₹561 Cr (2026-03-31) · total equity ₹572 Cr (2026-03-31) · profit before tax ₹27 Cr (2026-03-31) · finance cost ₹21 Cr (2026-03-31) · revenue ₹558 Cr (2026-03-31) · market capitalisation (today) ₹562 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: 261.68 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 11.02
- book value per share: 276.17 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 11.02 (2026-03-31) · owners' equity ₹572 Cr (2026-03-31) · paid-up capital ₹10 Cr (2026-03-31) · face value 5 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: 4.77 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹20 Cr (2026-03-31) · operating cash flow ₹-23 Cr (2026-03-31) · total assets ₹952 Cr (2026-03-31) · total assets ₹849 Cr (2025-03-31)
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.