Cravatex Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Trading: 100.0%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 26.8%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.9%
- Company has delivered good sales growth of 25.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 60.5%
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (163.5% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.60x)
- Operating margins have contracted to -32.9% from 204.6%
- Effective tax rate is unusually low at 3.3% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2886.00 | 52.48 | 390684.34 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 1002.00 | 27.32 | 45485.94 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1286.15 | 36.08 | 45143.87 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3748.55 | 92.91 | 44345.51 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 372.40 | 17.12 | 29113.28 | 1.61 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 477.45 | 62.55 | 15566.03 | 0.63 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 71.95 | 97.81 | 10983.54 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 814.50 | 82.57 | 10265.57 | 0.00 | 45.58 | 41.07 | 1308.57 | 14.41 | 10.43 | 4.49 |
| MMTC | 62.28 | 20.88 | 9342.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1847.60 | 64.12 | 8041.32 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 343.50 | 24.77 | 7747.24 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| CRAVATEX | 326.75 | 9.81 | 84.44 | 3.98 | 0.44 | 132.02 | 32.22 | 39.32 | 7.92 | -10.16 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 0 | 1 | 0 | 2 | 3 | 0 | 1 | 3 | 3 | 0 | 1 | |
| 1 | 2 | 1 | 1 | 1 | 3 | 3 | 1 | 2 | 3 | 4 | 1 | 2 | |
| Operating Profit | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 |
| OPM % | — | -66.30% | — | -54.17% | — | -26.99% | -24.02% | — | -40.28% | -23.32% | -19.49% | — | -63.94% |
| 2 | 1 | 2 | 1 | 1 | 3 | 3 | 1 | 1 | 1 | 4 | 3 | 1 | |
| 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 | 0 | 1 | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 3 | 2 | 0 |
| Tax % | 35.53% | -331.82% | 28.91% | -108.82% | 9.38% | 14.92% | -1.24% | 88.89% | 2.22% | 2.94% | 2.22% | 5.33% | 13.14% |
| Net Profit | 1 | 1 | 1 | 1 | 0 | 2 | 2 | 0 | 0 | 0 | 3 | 2 | 0 |
| 3.78 | 3.64 | 3.52 | 2.75 | 1.12 | 8.15 | 9.48 | 0.07 | 1.71 | 1.28 | 10.22 | 8.27 | 1.59 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 157 | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 5 | 7 | 7 | |
| 159 | 3 | 3 | 5 | 5 | 5 | 6 | 4 | 7 | 9 | 10 | |
| Operating Profit | -2 | -3 | -2 | -3 | -2 | -2 | -3 | -2 | -3 | -2 | -3 |
| OPM % | -1.28% | -360.93% | -216.25% | -120.09% | -105.61% | -91.21% | -79.31% | -122.28% | -55.82% | -32.88% | -37.92% |
| 8 | 5 | 7 | 7 | 10 | 9 | -23 | 7 | 10 | 9 | 9 | |
| Interest | 10 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -7 | 0 | 3 | 3 | 6 | 5 | -28 | 3 | 5 | 6 | 6 |
| Tax % | 52.26% | -31.94% | 23.30% | 9.06% | 6.79% | 13.97% | 2.30% | -5.49% | 9.78% | 3.29% | 4.37% |
| Net Profit | -3 | 0 | 2 | 2 | 6 | 4 | -27 | 4 | 5 | 6 | 6 |
| EPS | 0.00 | 0.00 | 0.00 | 8.98 | 22.31 | 16.98 | -105.03 | 13.69 | 18.82 | 21.48 | — |
| Dividend Payout % | 0.00% | 61.27% | 22.82% | 33.39% | 13.44% | 17.67% | -1.43% | 21.91% | 66.42% | 60.53% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -28%
- 5 Years:
- 25%
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -1%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- -3%
- 3 Years:
- 24%
- Last Year:
- 24%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 27 | 27 | 29 | 30 | 36 | 40 | 12 | 15 | 19 | 21 | |
| 13 | 15 | 10 | 8 | 9 | 8 | 2 | 3 | 3 | 2 | |
| Trade Payables | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | 2 | 4 | 4 | 3 | 4 | 4 | 1 | 1 | 1 | |
| Total Liabilities | 51 | 48 | 46 | 45 | 51 | 54 | 19 | 22 | 26 | 28 |
| 4 | 3 | 3 | 2 | 2 | 2 | 2 | 4 | 3 | 2 | |
| 40 | 40 | 41 | 42 | 47 | 43 | 5 | 9 | 16 | 19 | |
| 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 2 | 1 | 1 | 0 | 1 | 1 | 3 | 3 | 0 | 0 |
| 4 | 3 | 2 | 2 | 1 | 8 | 9 | 7 | 6 | 6 | |
| Total Assets | 51 | 48 | 46 | 45 | 51 | 54 | 19 | 22 | 26 | 28 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 104 | -3 | -1 | -2 | -1 | -3 | -5 | -2 | -3 | -3 | |
| Cash from Investing | -17 | 4 | 5 | 5 | 4 | 5 | 16 | 0 | 3 | 6 |
| Cash from Financing | -86 | -2 | -4 | -4 | -1 | -2 | -8 | -0 | -1 | -3 |
| 0 | -1 | -0 | -1 | 0 | 0 | 3 | -3 | -1 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -12.20 | 1.63 | 8.76 | 8.98 | 22.31 | 16.98 | -105.03 | 13.69 | 18.82 | 21.48 |
| Book Value (₹) | 112.91 | 115.53 | 123.22 | 127.99 | 149.23 | 163.18 | 55.20 | 67.53 | 83.21 | 92.12 |
| Dividend per Share (₹) | 0.00 | 1.00 | 2.00 | 3.00 | 3.00 | 3.00 | 1.50 | 3.00 | 12.50 | 13.00 |
| Cash EPS (₹) | -0.14 | 5.30 | 11.97 | 12.27 | 25.16 | 19.68 | -101.90 | 18.88 | 22.88 | 25.15 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 3.86% | 318.95% | 464.56% | 173.81% | 328.78% | 267.40% | 204.64% | -122.28% | -55.82% | -32.88% |
| Net Margin % | -2.01% | 56.94% | 217.84% | 95.90% | 249.88% | 179.59% | -779.56% | 189.09% | 101.40% | 78.19% |
| ROE % | -10.23% | 1.43% | 7.34% | 7.15% | 16.10% | 10.87% | -96.19% | 22.31% | 24.97% | 24.50% |
| ROCE % | 4.12% | 3.62% | 10.34% | 8.96% | 17.21% | 13.15% | -87.34% | 23.72% | 29.80% | 26.92% |
| -3.05% | 0.85% | 4.83% | 5.08% | 11.99% | 8.39% | -74.07% | 17.11% | 20.42% | 20.86% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 77 | 356 | 114 | 65 | 62 | 12 | 6 | 13 | 1 | 0 |
| Inventory Days | 62 | 343 | 73 | 4 | 2 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 58 | 76 | 90 | 76 | 75 | 16 | 12 | 26 | 10 | 5 |
| 81 | 623 | 97 | -7 | -11 | -4 | -5 | -13 | -9 | -5 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.33x | 0.32x | 0.19x | 0.12x | 0.10x | 0.10x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 0.31x | 1.29x | 3.82x | 4.17x | 10.31x | 7.94x | -19.16x | 9.22x | 14.04x | 16.92x |
| 0.55x | 0.94x | 0.75x | 0.94x | 3.77x | 0.46x | 2.32x | 7.52x | 12.31x | 10.72x | |
| GROWTH | ||||||||||
| Revenue Growth % | -15.56% | -99.53% | 40.32% | 132.87% | -4.67% | 5.89% | 42.48% | -46.26% | 156.31% | 48.01% |
| Operating Profit Growth % | 0.31% | -61.04% | 104.38% | -12.87% | 80.32% | -13.88% | 9.04% | -28.39% | 34.34% | 2.85% |
| Net Profit Growth % | 65.84% | 113.38% | 436.84% | 2.52% | 148.39% | -23.90% | -718.49% | 113.04% | 37.45% | 14.13% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 113.04% | 37.45% | 14.13% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 31.93x | 18.21x | 14.21x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.47x | 4.12x | 3.31x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.69% | 3.65% | 4.26% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 21.51x | 12.86x | 11.15x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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