Gretex Industries Ltd.

•

gretexindustries.comBSE: -NSE: GRETEX

Market Cap₹ 412 Cr.

Current Price

High / Low₹ 304 / 180

Stock P/E273.4

Book Value₹ 33

Price to Book10.42

Dividend Yield0.00 %

ROCE2.6 %

ROE4.2 %

Face Value₹ 10

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AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

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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.

Confidence

78%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 31.4%
Promoters have been increasing their shareholding - up 12.0pp over 2 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.2%
Company has delivered good sales growth of 39.7% CAGR over last 5 years

CONS

Company is loss-making at the operating / net level
Recent results are weak - TTM profit is down 324.2% versus prior year
A large part of profit comes from other income (223.1% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.29x)
Equity base is being diluted - shares outstanding up 268.2%
Valuation is stretched - P/E of 273.4 is well above its own 5-year median (105.6)

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

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

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

S.No.	Name
1.	ADANIENT	2894.80	52.64	391875.62	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	999.50	27.25	45372.45	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	CPPLUS	3715.75	92.10	43957.48	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
4.	AEGISLOG	1242.80	34.86	43622.28	0.70	544.84	210.70	2356.86	37.07	19.76	30.28
5.	REDINGTON	363.00	16.68	28378.41	1.65	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.45	61.63	15337.81	0.64	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	70.95	96.45	10830.89	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	825.65	83.70	10406.10	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	62.14	20.84	9321.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1799.70	62.46	7832.85	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	346.70	24.48	7658.08	0.43	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	GRETEX	260.00	279.83	412.00	0.00	1.29	18.51	16.19	62.73	3.58	4.69

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2024	Sep 2024	Dec 2024	Jun 2025	Sep 2025	Dec 2025
	7	8	5	12	14	15
	7	8	12	12	14	14
Operating Profit	0	-0	-7	0	0	1
OPM %	0.81%	-0.61%	-136.75%	1.52%	0.58%	3.70%
Other Income	0	1	-1	0	2	0
Interest	0	0	0	0	0	0
Depreciation	0	0	-0	0	0	0
	0	1	-8	0	2	1
Tax %	17.14%	20.97%	1.15%	23.40%	13.55%	14.29%
Net Profit	0	0	-8	0	1	0
	0	1	-0	0	1	1
Equity Capital	15	15	15	16	16	16
Reserves	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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
	2	8	14	11	10	13	22	31	33	51	46
	2	8	14	11	9	13	21	31	32	52	52
Operating Profit	-0	0	0	0	0	0	1	14	4	2	—
OPM %	-1	5	2	0	5	3	4	44	12	3	—
Other Income	0	0	0	0	0	0	0	13	3	2	2
Interest	0	0	0	0	0	0	0	0	1	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
	-2	0	0	-0	0	0	1	13	3	1	-5
Tax %	24	63	57	4	32	-47	22	25	-7	-73	-6
Net Profit	-1	0	0	-0	0	1	1	10	3	2	-6
EPS	-4	0	0	-1	-1	1	2	24	2	1	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	-3	0	0	-0	1	1	2	24	2	1	—

COMPOUNDED SALES GROWTH

10 Years:: 30%
5 Years:: 40%
3 Years:: 33%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 45%
3 Years:: 33%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 93%
3 Years:: 85%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 23%
3 Years:: 29%
Last Year:: 4%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	4	4	4	4	4	4	4	4	15	16
	-0	-0	-0	-0	-1	-0	0	19	12	29
	0	0	1	0	0	1	4	1	10	0
Trade Payables	0	0	1	1	1	1	0	1	4	7
	1	1	-0	-0	0	-0	0	4	2	9
Total Liabilities	5	5	5	5	4	5	10	29	42	60
ASSETS	-	-	-	-	-	-	-	-	-	-
	1	1	1	1	0	0	1	1	1	2
	1	0	0	0	0	1	1	14	17	32
	2	1	1	2	2	2	3	5	11	12
	0	0	0	0	0	0	0	3	4	5
Cash & Bank	0	0	0	1	1	1	0	0	0	2
	1	2	3	2	2	1	5	7	8	8
Total Assets	5	5	5	5	4	5	10	29	42	60
Total Debt	1	1	1	0	0	1	4	1	10	0
Net Working Capital	3	4	3	3	3	2	1	9	8	19
Contingent Liabilities	0	0	0	0	0	0	0	0	0	0
Book Value per Share	9.37	9.53	9.58	9.03	8.28	9.56	11.09	56.10	18.06	28.75
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

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
	-2	-0	0	1	-0	1	-0	8	-7	3
Cash from Investing	1	1	0	0	0	-1	-0	-4	-1	-16
Cash from Financing	1	-0	-1	-0	-0	-0	-0	-4	8	14
	-0	0	0	0	-0	0	-0	0	0	1
Free Cash Flow	-2	-0	0	1	-0	1	-1	8	-8	2
OCF / Net Profit	1.46	-5.53	14.54	-5.77	-0.74	2.53	-0.39	0.81	-2.13	1.97
Cumulative 5-Year FCF	0	0	0	0	-2	2	1	9	0	3

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 (₹)	-3.49	0.15	0.05	-0.31	0.56	1.28	1.53	23.70	2.16	0.97
Book Value (₹)	9.37	9.53	9.58	9.03	8.28	9.56	11.09	56.10	18.06	28.75
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-2.92	0.48	0.38	-0.01	0.73	1.39	1.61	23.91	2.33	1.29
PROFITABILITY
Operating Margin %	-1.34%	5.40%	2.14%	0.41%	4.33%	3.34%	4.11%	0.89%	2.09%	-0.59%
Net Margin %	-61.73%	0.80%	0.15%	-1.12%	2.35%	3.99%	2.86%	30.71%	9.72%	2.94%
ROE %	-43.78%	1.63%	0.54%	-3.32%	6.46%	14.35%	14.81%	70.55%	12.70%	4.22%
ROCE %	-30.81%	5.81%	3.34%	-1.82%	9.71%	9.70%	12.75%	80.07%	11.65%	2.59%
	-23.35%	1.23%	0.41%	-2.44%	4.90%	10.95%	8.38%	50.69%	8.95%	2.94%
EFFICIENCY
Debtor Days	187	74	57	59	44	27	26	28	40	32
Inventory Days	162	65	31	47	68	57	45	45	86	82
Payable Days	87	15	10	35	46	22	11	10	32	43
	262	124	78	72	66	62	60	63	95	71
FINANCIAL HEALTH
Debt to Equity (x)	0.29x	0.28x	0.22x	0.02x	0.01x	0.20x	0.95x	0.04x	0.36x	0.00x
Interest Coverage (x)	-11.15x	2.45x	1.43x	-1.46x	27.37x	10.52x	13.18x	53.79x	6.29x	4.07x
	5.54x	10.11x	4.11x	2.98x	4.75x	2.57x	1.20x	2.50x	1.57x	3.36x
GROWTH
Revenue Growth %	-35.96%	237.84%	76.59%	-21.57%	-13.64%	35.73%	67.49%	42.25%	5.77%	55.82%
Operating Profit Growth %	-103.09%	1459.79%	-29.85%	-84.50%	818.60%	3.99%	105.36%	1370.01%	-71.99%	-56.88%
Net Profit Growth %	-570.94%	104.40%	-66.42%	-698.35%	281.25%	128.75%	19.52%	1450.17%	-67.95%	-52.90%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1450.12%	-90.89%	-55.00%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.73x	105.58x	308.33x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.15x	12.63x	10.42x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.06x	91.04x	281.46x

Shareholding Pattern

Numbers in percentages

	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.99	52.99	63.40	63.64	63.64	63.39	63.39	64.95	64.95
	0.00	0.00	0.20	0.22	0.22	0.21	0.21	0.21	0.00
	0.00	0.00	0.18	0.18	0.18	0.17	0.17	0.17	0.17
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	47.01	47.01	36.22	35.96	35.96	36.22	36.22	34.67	34.88

Documents

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