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Latest filings
NSE announcements · newest firstKey MetricsFull financials →
P/E (TTM)
-113.1×
EPS ₹-5.68
P / Book
8.99×
BVPS ₹72
ROE
4.3%
FY26, avg equity
Net margin
1.3%
FY26
Revenue YoY
−10.1%
Q1 FY27
Net profit YoY
−399.3%
Q1 FY27
Debt / equity
2.25×
₹250 Cr debt
Div. yield
–
no dividend in 12 months
From NSE filings (standalone) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| HAPPYFORGE₹19,469 Cr | 59.5× | 9.15× | 15.2% | 19.5% |
| BALUFORGE₹6,152 Cr | 23.0× | 3.86× | 19.6% | 23.4% |
| NELCAST₹1,030 Cr | 25.1× | 1.73× | 8.4% | 3.6% |
| SGIL₹998 Cr | – | 8.99× | 4.3% | 1.3% |
| STEELCAS₹380 Cr | 4.2× | 0.96× | 24.1% | 20.5% |
| KALYANIFRG₹355 Cr | 28.6× | 3.71× | 10.1% | 4.0% |
Castings & Forgings: the companies closest in market value, of the 9 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 Flags3 Watch
Debt to equity is 2.25×
As at 2026-03-31; it was 2.38× at 2023-03-31.
Profit before interest and tax covers finance costs 1.4×
FY26.
Other income is 132% of profit before tax
FY26.
Free cash flow was negative in 2 of the last 5 years
Operating cash flow less capital expenditure, as filed.
Exceptional items above 5% of pre-tax profit in 1 of the last 5 years
FY22–FY26.
Share count changed +9.9% in three years, net of bonuses and splits
From 2023-03-31 to 2026-03-31. Shares issued for mergers, placements, conversions and stock options all count.
8 checks within their thresholds
Operating cash flow was 2.66× net profit
Cumulative over FY22–FY26 (5 years).
Receivables grew 14% against revenue growth of 1%
FY26: debtor days moved from 57 to 65.
Inventory grew 17% against revenue growth of 1%
FY26: inventory days moved from 54 to 62.
Effective tax rate averaged 32%
Tax over pre-tax profit, last 3 years. The base corporate rate is about 25%.
Promoter holding is 69.50%, -0.34 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.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 50 days after the period end.
Computed from NSE filings (standalone). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice.
Formula Scores
Piotroski F-score: 4 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: 1.36 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 19.3 — ₹ crore
- ✓ Cash flow above profit (accruals): 14.6 — operating cash flow less profit after tax, ₹ crore
- ✗ Return on assets improved: -7.17 — change in ROA, percentage points
- ✗ Long-term borrowings to assets fell: 15.12 — 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: -0.05 — change in share capital, %
- ✗ Gross margin improved: -1.1 — revenue less material cost over revenue, change in percentage points
- ✗ Asset turnover improved: -0.758 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹5 Cr (2026-03-31) · profit after tax ₹17 Cr (2025-03-31) · total assets ₹473 Cr (2026-03-31) · total assets ₹342 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: 2.91 · 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: -0.065 × 1.2
- retained earnings / total assets: 0.202 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.06 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 2.88 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.775 × 1
Inputs: total assets ₹473 Cr (2026-03-31) · current assets ₹174 Cr (2026-03-31) · current liabilities ₹205 Cr (2026-03-31) · reserves ₹96 Cr (2026-03-31) · total equity ₹111 Cr (2026-03-31) · profit before tax ₹8 Cr (2026-03-31) · finance cost ₹21 Cr (2026-03-31) · revenue ₹366 Cr (2026-03-31) · market capitalisation (today) ₹1,042 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: 69.47 ₹ 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: 3
- book value per share: 71.51 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 3 (2026-03-31) · owners' equity ₹111 Cr (2026-03-31) · paid-up capital ₹16 Cr (2026-03-31) · face value 10 (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: -3.59 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹5 Cr (2026-03-31) · operating cash flow ₹19 Cr (2026-03-31) · total assets ₹473 Cr (2026-03-31) · total assets ₹342 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 (standalone); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.