ATV Projects India Ltd.

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atvprojects.co.inBSE: -NSE: ATVPROJ

Market Cap₹ 136 Cr.

Current Price

High / Low—

Stock P/E18.9

Book Value₹ 41

Price to Book0.72

Dividend Yield0.00 %

ROCE2.9 %

ROE3.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.24x)
Company comfortably covers its interest (166.7x coverage)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Company has a low return on capital employed of 2.8%
Company has a low return on equity of 3.5% over last 3 years
Recent results are weak - TTM profit is down 13.2% versus prior year
Effective tax rate is unusually low at -0.7% - earnings may be flattered
Company has delivered a poor profit growth of 0.7% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	421.50	60.34	146768.97	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	947.70	87.83	46861.96	0.62	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3623.50	72.77	43176.29	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35564.65	57.06	31444.57	0.31	1507.00	1109.47	12044.00	918.00	17.04	14.32
5.	JYOTICNC	1018.20	71.98	23156.22	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2230.95	79.60	20284.35	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2869.20	133.33	18529.79	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.00	53.79	18088.42	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	LLOYDSENGG	83.06	57.60	12882.93	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1606.65	571.27	12070.39	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1627.05	109.86	10650.42	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	ATVPROJ	25.57	18.94	135.82	0.00	2.03	1.14	20.62	35.15	2.87	11.36

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	14	17	12	19	20	17	16	18	15	14	18	20	21
	12	15	10	17	18	16	14	16	13	12	16	18	19
Operating Profit	2	2	1	2	2	2	2	2	2	2	2	2	2
OPM %	16.32%	11.51%	12.53%	9.27%	9.33%	10.13%	11.87%	12.49%	14.55%	12.33%	10.25%	11.79%	9.72%
	0	0	0	0	0	0	0	1	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	2	2	1	2	2	2	2	3	2	1	2	2	2
Tax %	-1.00%	-1.20%	-1.67%	0.00%	-1.27%	0.00%	-0.60%	-0.39%	-0.50%	0.00%	-0.62%	-0.98%	-0.79%
Net Profit	2	2	1	2	2	2	2	3	2	1	2	2	2
	0.38	0.32	0.23	0.29	0.30	0.29	0.31	0.48	0.38	0.28	0.30	0.39	0.38

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	60	54	41	38	34	33	48	62	71	68	73
	55	53	38	34	30	29	43	54	63	59	65
Operating Profit	5	1	3	4	4	3	5	7	8	8	8
OPM %	8.54%	2.61%	7.19%	9.75%	10.60%	9.28%	10.17%	12.11%	10.90%	12.11%	10.92%
	147	38	-5	0	5	5	1	0	1	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	151	38	-4	3	7	7	5	6	7	7	7
Tax %	0.07%	-0.04%	-1.70%	12.20%	6.72%	-14.82%	-1.60%	-0.82%	-0.56%	-0.68%	-0.65%
Net Profit	151	38	-4	2	7	8	5	6	7	7	7
EPS	0.00	0.00	0.00	0.00	1.30	1.51	0.96	1.23	1.41	1.36	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -1%
5 Years:: 15%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 0%
5 Years:: 1%
3 Years:: 12%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 3%
3 Years:: 3%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	53	53	53	53	53	53	53	53	53	53
	57	126	127	130	131	134	140	146	153	161
	128	78	72	64	64	56	56	52	44	38
Trade Payables	6	3	2	2	2	4	4	2	5	3
	9	18	16	12	12	16	15	15	4	15
Total Liabilities	253	279	269	260	262	263	268	267	259	270
	180	217	222	221	216	214	214	214	213	214
	9	11	20	20	19	32	35	34	21	29
	0	0	0	0	0	0	0	7	13	11
Cash & Bank	1	5	1	2	1	0	1	3	1	7
	63	46	26	17	26	17	18	9	10	10
Total Assets	253	279	269	260	262	263	268	267	259	270

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-14	21	4	9	-5	5	-1	7	6	13
Cash from Investing	14	33	-1	-0	4	2	1	-1	0	-1
Cash from Financing	-0	-50	-7	-8	-0	-8	0	-4	-8	-6
	0	4	-4	1	-1	-1	1	2	-2	5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	26.95	26.95	26.95	26.95	26.95	26.95	26.95	26.89	26.82
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	2.48	2.45	2.43	2.35	2.34	2.34	2.34	2.35	2.35
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	70.57	70.60	70.62	70.70	70.70	70.70	70.70	70.77	70.83

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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