Vijay Solvex Ltd.

•

₹ 693.45-1.08%

2026-08-21

vijaysolvex.comBSE: -NSE: VIJSOLX

Market Cap₹ 224 Cr.

Current Price₹ 701

High / Low₹ 720 / 675

Stock P/E9.4

Book Value₹ 1,114

Price to Book0.82

Dividend Yield0.00 %

ROCE7.4 %

ROE5.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Edible Oil: 99.0% • Ceramic: 1.0%

PROS

Company is almost debt free
Latest quarter profit grew 428.6% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.07x)
Company generates healthy free cash flow
Company comfortably covers its interest (7.5x coverage)

CONS

Operating cash flow has been negative in recent years
Company has a low return on capital employed of 5.1%
Receivables are growing faster than sales - a possible quality concern
Company has a low return on equity of 3.9% over last 3 years
Total debt has risen sharply - up 261.6% year on year
Company has delivered a poor profit growth of -2.1% over past five years

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

Peer comparison

EDIT COLUMNS

FMCGEdible Oil

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	MARICO	848.55	58.36	110174.70	0.47	652.00	27.10	3957.00	21.42	52.25	20.70
2.	PATANJALI	351.00	19.39	38192.61	1.00	3357.34	1761.48	113374.51	1173.91	22.34	4.79
3.	AWL	188.55	21.20	24505.44	0.53	351.39	47.67	20048.14	17.52	18.52	3.56
4.	GOKULAGRO	242.50	17.02	7155.85	0.00	122.63	71.26	5281.95	7.26	34.58	3.85
5.	SUNDROP	650.00	87.67	2450.30	0.00	12.13	181.44	428.08	15.22	2.01	5.84
6.	BCLIND	35.88	9.08	1059.05	0.98	35.52	6.10	623.42	-24.00	13.60	9.80
7.	KRITINUT	84.20	12.66	421.87	3.56	8.92	-6.03	247.08	7.88	20.30	4.72
8.	GOKUL	40.00	19.13	395.98	0.00	6.08	57.63	1016.75	9.75	8.66	1.63
9.	VIJSOLX	700.00	9.40	224.09	0.00	5.58	428.60	622.50	35.20	7.35	1.40
10.	MKPL	4.18	0.00	156.91	0.00	1.38	-60.63	115.16	0.18	13.46	2.18
11.	ROML	44.00	3.88	70.35	0.00	1.11	-21.06	35.56	5.82	15.26	5.16
12.	NKIND	62.79	0.00	37.74	0.00	-0.66	5.48	2.27	-39.97	0.00	-4.94

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
	435	476	513	405	378	432	544	476	460	615	605	685	623
	434	475	518	398	377	426	533	468	458	607	597	672	615
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	1	1	0	1	1	1	0	0	0	3	0	0	0
Interest	0	1	0	0	-0	0	1	2	1	3	1	3	1
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
	2	0	-6	7	1	6	10	6	1	8	7	9	8
Tax %	27.78%	41.94%	3.88%	9.36%	25.38%	-6.61%	25.33%	29.11%	27.66%	22.71%	25.00%	30.21%	26.28%
Net Profit	0	0	0	0	19	6	7	3	1	6	5	7	6
	5	1	-18	21	6	19	23	9	3	19	17	21	2
Equity Capital	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 435
: 434
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 1
: 2
Tax %: 27.78%
Net Profit: 0
: 5
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 476
: 475
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 1
: 0
Tax %: 41.94%
Net Profit: 0
: 1
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 513
: 518
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 1
: -6
Tax %: 3.88%
Net Profit: 0
: -18
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 405
: 398
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 1
: 7
Tax %: 9.36%
Net Profit: 0
: 21
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 378
: 377
Operating Profit: —
OPM %: —
Other Income: 1
Interest: -0
Depreciation: 1
: 1
Tax %: 25.38%
Net Profit: 19
: 6
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 432
: 426
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 1
: 6
Tax %: -6.61%
Net Profit: 6
: 19
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 544
: 533
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1
Depreciation: 1
: 10
Tax %: 25.33%
Net Profit: 7
: 23
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 476
: 468
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 2
Depreciation: 1
: 6
Tax %: 29.11%
Net Profit: 3
: 9
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 460
: 458
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1
Depreciation: 1
: 1
Tax %: 27.66%
Net Profit: 1
: 3
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 615
: 607
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 3
Depreciation: 1
: 8
Tax %: 22.71%
Net Profit: 6
: 19
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 605
: 597
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1
Depreciation: 1
: 7
Tax %: 25.00%
Net Profit: 5
: 17
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 685
: 672
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 3
Depreciation: 1
: 9
Tax %: 30.21%
Net Profit: 7
: 21
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 623
: 615
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1
Depreciation: 1
: 8
Tax %: 26.28%
Net Profit: 6
: 2
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 3
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	663	687	879	1,226	1,448	2,070	2,716	2,430	1,829	1,831	2,528
	648	671	859	1,200	1,412	1,991	2,644	2,409	1,825	1,804	2,491
Operating Profit	14	18	20	28	37	90	80	27	7	29	—
OPM %	2	3	2	2	3	4	3	1	0	2	—
Other Income	0	3	0	2	2	11	8	6	3	2	3
Interest	5	3	3	7	8	1	4	4	1	3	8
Depreciation	1	1	2	2	2	2	2	2	3	3	3
	8	14	16	19	27	89	76	22	4	22	32
Tax %	30	34	36	34	25	25	25	24	28	18	26
Net Profit	5	9	10	13	21	67	57	17	3	18	23
EPS	0	0	0	0	0	209	179	53	9	58	—
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	17	28	32	40	65	209	179	53	9	58	—
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	17	28	32	40	65	209	179	53	9	58	—

Mar 2016

: 663
: 648
Operating Profit: 14
OPM %: 2
Other Income: 0
Interest: 5
Depreciation: 1
: 8
Tax %: 30
Net Profit: 5
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2017

: 687
: 671
Operating Profit: 18
OPM %: 3
Other Income: 3
Interest: 3
Depreciation: 1
: 14
Tax %: 34
Net Profit: 9
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28

Mar 2018

: 879
: 859
Operating Profit: 20
OPM %: 2
Other Income: 0
Interest: 3
Depreciation: 2
: 16
Tax %: 36
Net Profit: 10
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 32
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 32

Mar 2019

: 1,226
: 1,200
Operating Profit: 28
OPM %: 2
Other Income: 2
Interest: 7
Depreciation: 2
: 19
Tax %: 34
Net Profit: 13
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 40
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 40

Mar 2020

: 1,448
: 1,412
Operating Profit: 37
OPM %: 3
Other Income: 2
Interest: 8
Depreciation: 2
: 27
Tax %: 25
Net Profit: 21
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 65
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 65

Mar 2021

: 2,070
: 1,991
Operating Profit: 90
OPM %: 4
Other Income: 11
Interest: 1
Depreciation: 2
: 89
Tax %: 25
Net Profit: 67
EPS: 209
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 209
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 209

Mar 2022

: 2,716
: 2,644
Operating Profit: 80
OPM %: 3
Other Income: 8
Interest: 4
Depreciation: 2
: 76
Tax %: 25
Net Profit: 57
EPS: 179
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 179
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 179

Mar 2023

: 2,430
: 2,409
Operating Profit: 27
OPM %: 1
Other Income: 6
Interest: 4
Depreciation: 2
: 22
Tax %: 24
Net Profit: 17
EPS: 53
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 53
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 53

Mar 2024

: 1,829
: 1,825
Operating Profit: 7
OPM %: 0
Other Income: 3
Interest: 1
Depreciation: 3
: 4
Tax %: 28
Net Profit: 3
EPS: 9
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2025

: 1,831
: 1,804
Operating Profit: 29
OPM %: 2
Other Income: 2
Interest: 3
Depreciation: 3
: 22
Tax %: 18
Net Profit: 18
EPS: 58
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 58
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 58

TTM

: 2,528
: 2,491
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 8
Depreciation: 3
: 32
Tax %: 26
Net Profit: 23
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 5%
3 Years:: -12%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: -2%
3 Years:: -32%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 13%
3 Years:: 4%
Last Year:: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	3	3	3	3	3	3	3	3	3	3
	81	103	123	131	154	238	323	316	319	338
	64	61	97	80	84	115	147	37	9	33
Trade Payables	15	12	12	16	27	38	26	29	23	21
	9	10	11	12	16	16	18	19	21	18
Total Liabilities	172	190	246	243	284	411	516	405	375	414
ASSETS	-	-	-	-	-	-	-	-	-	-
	15	16	16	18	20	22	24	22	35	38
Capital Work in Progress	10	10	10	10	11	10	10	15	10	11
	17	51	60	57	61	83	117	103	103	103
	65	47	71	50	33	100	131	76	68	115
	0	0	0	0	0	0	0	0	21	25
Cash & Bank	14	14	7	34	72	81	151	52	98	94
	52	53	82	75	87	114	84	136	40	28
Total Assets	172	190	246	243	284	411	516	405	375	414
Total Debt	64	61	97	80	84	115	147	37	9	33
Net Working Capital	46	36	46	54	69	129	177	132	178	194
Contingent Liabilities	10	14	13	18	15	12	12	12	18	7
Book Value per Share	259.54	333.22	395.23	420.07	490.16	753.18	1017.79	998.09	1007.81	1067.30
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	64	61	97	80	84	115	147	37	9	33
Net Working Capital	46	36	46	54	69	129	177	132	178	194
Contingent Liabilities	10	14	13	18	15	12	12	12	18	7
Book Value per Share	259.54	333.22	395.23	420.07	490.16	753.18	1017.79	998.09	1007.81	1067.30
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2016

Equity Capital: 3
: 81
: 64
Trade Payables: 15
: 9
Total Liabilities: 172
: 15
Capital Work in Progress: 10
: 17
: 65
: 0
Cash & Bank: 14
: 52
Total Assets: 172
Total Debt: 64
Net Working Capital: 46
Contingent Liabilities: 10
Book Value per Share: 259.54
Face Value: 10.00
Total Debt: 64
Net Working Capital: 46
Contingent Liabilities: 10
Book Value per Share: 259.54
Face Value: 10.00

Mar 2017

Equity Capital: 3
: 103
: 61
Trade Payables: 12
: 10
Total Liabilities: 190
: 16
Capital Work in Progress: 10
: 51
: 47
: 0
Cash & Bank: 14
: 53
Total Assets: 190
Total Debt: 61
Net Working Capital: 36
Contingent Liabilities: 14
Book Value per Share: 333.22
Face Value: 10.00
Total Debt: 61
Net Working Capital: 36
Contingent Liabilities: 14
Book Value per Share: 333.22
Face Value: 10.00

Mar 2018

Equity Capital: 3
: 123
: 97
Trade Payables: 12
: 11
Total Liabilities: 246
: 16
Capital Work in Progress: 10
: 60
: 71
: 0
Cash & Bank: 7
: 82
Total Assets: 246
Total Debt: 97
Net Working Capital: 46
Contingent Liabilities: 13
Book Value per Share: 395.23
Face Value: 10.00
Total Debt: 97
Net Working Capital: 46
Contingent Liabilities: 13
Book Value per Share: 395.23
Face Value: 10.00

Mar 2019

Equity Capital: 3
: 131
: 80
Trade Payables: 16
: 12
Total Liabilities: 243
: 18
Capital Work in Progress: 10
: 57
: 50
: 0
Cash & Bank: 34
: 75
Total Assets: 243
Total Debt: 80
Net Working Capital: 54
Contingent Liabilities: 18
Book Value per Share: 420.07
Face Value: 10.00
Total Debt: 80
Net Working Capital: 54
Contingent Liabilities: 18
Book Value per Share: 420.07
Face Value: 10.00

Mar 2020

Equity Capital: 3
: 154
: 84
Trade Payables: 27
: 16
Total Liabilities: 284
: 20
Capital Work in Progress: 11
: 61
: 33
: 0
Cash & Bank: 72
: 87
Total Assets: 284
Total Debt: 84
Net Working Capital: 69
Contingent Liabilities: 15
Book Value per Share: 490.16
Face Value: 10.00
Total Debt: 84
Net Working Capital: 69
Contingent Liabilities: 15
Book Value per Share: 490.16
Face Value: 10.00

Mar 2021

Equity Capital: 3
: 238
: 115
Trade Payables: 38
: 16
Total Liabilities: 411
: 22
Capital Work in Progress: 10
: 83
: 100
: 0
Cash & Bank: 81
: 114
Total Assets: 411
Total Debt: 115
Net Working Capital: 129
Contingent Liabilities: 12
Book Value per Share: 753.18
Face Value: 10.00
Total Debt: 115
Net Working Capital: 129
Contingent Liabilities: 12
Book Value per Share: 753.18
Face Value: 10.00

Mar 2022

Equity Capital: 3
: 323
: 147
Trade Payables: 26
: 18
Total Liabilities: 516
: 24
Capital Work in Progress: 10
: 117
: 131
: 0
Cash & Bank: 151
: 84
Total Assets: 516
Total Debt: 147
Net Working Capital: 177
Contingent Liabilities: 12
Book Value per Share: 1017.79
Face Value: 10.00
Total Debt: 147
Net Working Capital: 177
Contingent Liabilities: 12
Book Value per Share: 1017.79
Face Value: 10.00

Mar 2023

Equity Capital: 3
: 316
: 37
Trade Payables: 29
: 19
Total Liabilities: 405
: 22
Capital Work in Progress: 15
: 103
: 76
: 0
Cash & Bank: 52
: 136
Total Assets: 405
Total Debt: 37
Net Working Capital: 132
Contingent Liabilities: 12
Book Value per Share: 998.09
Face Value: 10.00
Total Debt: 37
Net Working Capital: 132
Contingent Liabilities: 12
Book Value per Share: 998.09
Face Value: 10.00

Mar 2024

Equity Capital: 3
: 319
: 9
Trade Payables: 23
: 21
Total Liabilities: 375
: 35
Capital Work in Progress: 10
: 103
: 68
: 21
Cash & Bank: 98
: 40
Total Assets: 375
Total Debt: 9
Net Working Capital: 178
Contingent Liabilities: 18
Book Value per Share: 1007.81
Face Value: 10.00
Total Debt: 9
Net Working Capital: 178
Contingent Liabilities: 18
Book Value per Share: 1007.81
Face Value: 10.00

Mar 2025

Equity Capital: 3
: 338
: 33
Trade Payables: 21
: 18
Total Liabilities: 414
: 38
Capital Work in Progress: 11
: 103
: 115
: 25
Cash & Bank: 94
: 28
Total Assets: 414
Total Debt: 33
Net Working Capital: 194
Contingent Liabilities: 7
Book Value per Share: 1067.30
Face Value: 10.00
Total Debt: 33
Net Working Capital: 194
Contingent Liabilities: 7
Book Value per Share: 1067.30
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	4	23	-38	53	46	-22	41	71	31	-22
Cash from Investing	-0	-18	0	-14	-6	-58	74	-54	1	29
Cash from Financing	-2	-5	32	-25	-5	29	28	-113	-32	21
	1	-0	-5	14	35	-51	143	-97	-0	28
Free Cash Flow	2	21	-39	50	40	-25	37	65	21	-27
OCF / Net Profit	0.68	2.53	-3.66	4.17	2.22	-0.33	0.71	4.17	10.47	-1.21
Cumulative 5-Year FCF	0	0	0	0	73	46	63	167	138	71
OCF / Net Profit	0.68	2.53	-3.66	4.17	2.22	-0.33	0.71	4.17	10.47	-1.21
Cumulative 5-Year FCF	0	0	0	0	73	46	63	167	138	71

Mar 2016

: 4
Cash from Investing: -0
Cash from Financing: -2
: 1
Free Cash Flow: 2
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 0

Mar 2017

: 23
Cash from Investing: -18
Cash from Financing: -5
: -0
Free Cash Flow: 21
OCF / Net Profit: 2.53
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.53
Cumulative 5-Year FCF: 0

Mar 2018

: -38
Cash from Investing: 0
Cash from Financing: 32
: -5
Free Cash Flow: -39
OCF / Net Profit: -3.66
Cumulative 5-Year FCF: 0
OCF / Net Profit: -3.66
Cumulative 5-Year FCF: 0

Mar 2019

: 53
Cash from Investing: -14
Cash from Financing: -25
: 14
Free Cash Flow: 50
OCF / Net Profit: 4.17
Cumulative 5-Year FCF: 0
OCF / Net Profit: 4.17
Cumulative 5-Year FCF: 0

Mar 2020

: 46
Cash from Investing: -6
Cash from Financing: -5
: 35
Free Cash Flow: 40
OCF / Net Profit: 2.22
Cumulative 5-Year FCF: 73
OCF / Net Profit: 2.22
Cumulative 5-Year FCF: 73

Mar 2021

: -22
Cash from Investing: -58
Cash from Financing: 29
: -51
Free Cash Flow: -25
OCF / Net Profit: -0.33
Cumulative 5-Year FCF: 46
OCF / Net Profit: -0.33
Cumulative 5-Year FCF: 46

Mar 2022

: 41
Cash from Investing: 74
Cash from Financing: 28
: 143
Free Cash Flow: 37
OCF / Net Profit: 0.71
Cumulative 5-Year FCF: 63
OCF / Net Profit: 0.71
Cumulative 5-Year FCF: 63

Mar 2023

: 71
Cash from Investing: -54
Cash from Financing: -113
: -97
Free Cash Flow: 65
OCF / Net Profit: 4.17
Cumulative 5-Year FCF: 167
OCF / Net Profit: 4.17
Cumulative 5-Year FCF: 167

Mar 2024

: 31
Cash from Investing: 1
Cash from Financing: -32
: -0
Free Cash Flow: 21
OCF / Net Profit: 10.47
Cumulative 5-Year FCF: 138
OCF / Net Profit: 10.47
Cumulative 5-Year FCF: 138

Mar 2025

: -22
Cash from Investing: 29
Cash from Financing: 21
: 28
Free Cash Flow: -27
OCF / Net Profit: -1.21
Cumulative 5-Year FCF: 71
OCF / Net Profit: -1.21
Cumulative 5-Year FCF: 71

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	16.89	28.19	32.08	39.79	64.58	208.56	179.31	53.12	9.18	57.56
Book Value (₹)	259.54	333.22	395.23	420.07	490.16	753.18	1017.79	998.09	1007.81	1067.30
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 (₹)	21.30	32.33	36.78	44.72	70.52	215.37	186.60	60.89	17.14	65.75
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	2.17%	2.67%	2.32%	2.24%	2.58%	4.34%	2.93%	1.11%	0.24%	1.46%
Net Margin %	0.81%	1.30%	1.17%	1.04%	1.41%	3.22%	2.11%	0.70%	0.16%	1.01%
ROE %	6.72%	9.43%	8.80%	9.76%	14.08%	33.55%	20.25%	5.27%	0.92%	5.55%
ROCE %	9.15%	10.77%	9.66%	11.85%	15.53%	30.19%	19.42%	6.39%	1.47%	7.35%
	3.23%	4.95%	4.71%	5.21%	7.79%	19.22%	12.38%	3.69%	0.75%	4.67%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	15	14	17	14	10	7	6	7	6	5
Inventory Days	26	30	24	18	10	12	16	16	14	18
Payable Days	10	8	6	5	6	6	5	4	6	5
	31	36	35	28	15	12	17	18	15	18
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.77x	0.57x	0.76x	0.60x	0.53x	0.48x	0.45x	0.12x	0.03x	0.10x
Interest Coverage (x)	2.47x	5.13x	6.82x	3.86x	4.39x	79.68x	18.60x	6.27x	5.03x	7.47x
	1.55x	1.46x	1.40x	1.53x	1.57x	1.79x	1.97x	2.73x	5.19x	4.04x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-13.71%	3.71%	27.88%	39.49%	18.10%	42.95%	31.21%	-10.51%	-24.73%	0.08%
Operating Profit Growth %	9.38%	27.30%	11.09%	34.93%	35.93%	140.10%	-11.40%	-66.03%	-74.00%	305.88%
Net Profit Growth %	16.41%	65.51%	14.70%	24.04%	61.18%	225.36%	-14.03%	-70.38%	-82.71%	526.86%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-82.71%	526.86%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	87.30x	15.27x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.80x	0.82x
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	0.00x	23.93x	7.72x

Mar 2016

EPS (₹): 16.89
Book Value (₹): 259.54
Dividend per Share (₹): 0.00
Cash EPS (₹): 21.30
Operating Margin %: 2.17%
Net Margin %: 0.81%
ROE %: 6.72%
ROCE %: 9.15%
: 3.23%
Debtor Days: 15
Inventory Days: 26
Payable Days: 10
: 31
Debt to Equity (x): 0.77x
Interest Coverage (x): 2.47x
: 1.55x
Revenue Growth %: -13.71%
Operating Profit Growth %: 9.38%
Net Profit Growth %: 16.41%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 28.19
Book Value (₹): 333.22
Dividend per Share (₹): 0.00
Cash EPS (₹): 32.33
Operating Margin %: 2.67%
Net Margin %: 1.30%
ROE %: 9.43%
ROCE %: 10.77%
: 4.95%
Debtor Days: 14
Inventory Days: 30
Payable Days: 8
: 36
Debt to Equity (x): 0.57x
Interest Coverage (x): 5.13x
: 1.46x
Revenue Growth %: 3.71%
Operating Profit Growth %: 27.30%
Net Profit Growth %: 65.51%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 32.08
Book Value (₹): 395.23
Dividend per Share (₹): 0.00
Cash EPS (₹): 36.78
Operating Margin %: 2.32%
Net Margin %: 1.17%
ROE %: 8.80%
ROCE %: 9.66%
: 4.71%
Debtor Days: 17
Inventory Days: 24
Payable Days: 6
: 35
Debt to Equity (x): 0.76x
Interest Coverage (x): 6.82x
: 1.40x
Revenue Growth %: 27.88%
Operating Profit Growth %: 11.09%
Net Profit Growth %: 14.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 39.79
Book Value (₹): 420.07
Dividend per Share (₹): 0.00
Cash EPS (₹): 44.72
Operating Margin %: 2.24%
Net Margin %: 1.04%
ROE %: 9.76%
ROCE %: 11.85%
: 5.21%
Debtor Days: 14
Inventory Days: 18
Payable Days: 5
: 28
Debt to Equity (x): 0.60x
Interest Coverage (x): 3.86x
: 1.53x
Revenue Growth %: 39.49%
Operating Profit Growth %: 34.93%
Net Profit Growth %: 24.04%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 64.58
Book Value (₹): 490.16
Dividend per Share (₹): 0.00
Cash EPS (₹): 70.52
Operating Margin %: 2.58%
Net Margin %: 1.41%
ROE %: 14.08%
ROCE %: 15.53%
: 7.79%
Debtor Days: 10
Inventory Days: 10
Payable Days: 6
: 15
Debt to Equity (x): 0.53x
Interest Coverage (x): 4.39x
: 1.57x
Revenue Growth %: 18.10%
Operating Profit Growth %: 35.93%
Net Profit Growth %: 61.18%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 208.56
Book Value (₹): 753.18
Dividend per Share (₹): 0.00
Cash EPS (₹): 215.37
Operating Margin %: 4.34%
Net Margin %: 3.22%
ROE %: 33.55%
ROCE %: 30.19%
: 19.22%
Debtor Days: 7
Inventory Days: 12
Payable Days: 6
: 12
Debt to Equity (x): 0.48x
Interest Coverage (x): 79.68x
: 1.79x
Revenue Growth %: 42.95%
Operating Profit Growth %: 140.10%
Net Profit Growth %: 225.36%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 179.31
Book Value (₹): 1017.79
Dividend per Share (₹): 0.00
Cash EPS (₹): 186.60
Operating Margin %: 2.93%
Net Margin %: 2.11%
ROE %: 20.25%
ROCE %: 19.42%
: 12.38%
Debtor Days: 6
Inventory Days: 16
Payable Days: 5
: 17
Debt to Equity (x): 0.45x
Interest Coverage (x): 18.60x
: 1.97x
Revenue Growth %: 31.21%
Operating Profit Growth %: -11.40%
Net Profit Growth %: -14.03%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 53.12
Book Value (₹): 998.09
Dividend per Share (₹): 0.00
Cash EPS (₹): 60.89
Operating Margin %: 1.11%
Net Margin %: 0.70%
ROE %: 5.27%
ROCE %: 6.39%
: 3.69%
Debtor Days: 7
Inventory Days: 16
Payable Days: 4
: 18
Debt to Equity (x): 0.12x
Interest Coverage (x): 6.27x
: 2.73x
Revenue Growth %: -10.51%
Operating Profit Growth %: -66.03%
Net Profit Growth %: -70.38%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 9.18
Book Value (₹): 1007.81
Dividend per Share (₹): 0.00
Cash EPS (₹): 17.14
Operating Margin %: 0.24%
Net Margin %: 0.16%
ROE %: 0.92%
ROCE %: 1.47%
: 0.75%
Debtor Days: 6
Inventory Days: 14
Payable Days: 6
: 15
Debt to Equity (x): 0.03x
Interest Coverage (x): 5.03x
: 5.19x
Revenue Growth %: -24.73%
Operating Profit Growth %: -74.00%
Net Profit Growth %: -82.71%
: -82.71%
P/E (x): 87.30x
P/B (x): 0.80x
Dividend Yield %: 0.00%
: 23.93x

Mar 2025

EPS (₹): 57.56
Book Value (₹): 1067.30
Dividend per Share (₹): 0.00
Cash EPS (₹): 65.75
Operating Margin %: 1.46%
Net Margin %: 1.01%
ROE %: 5.55%
ROCE %: 7.35%
: 4.67%
Debtor Days: 5
Inventory Days: 18
Payable Days: 5
: 18
Debt to Equity (x): 0.10x
Interest Coverage (x): 7.47x
: 4.04x
Revenue Growth %: 0.08%
Operating Profit Growth %: 305.88%
Net Profit Growth %: 526.86%
: 526.86%
P/E (x): 15.27x
P/B (x): 0.82x
Dividend Yield %: 0.00%
: 7.72x

Shareholding Pattern

Numbers in percentages

TRADES

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.72	68.72	68.96	68.96	68.96	68.96	68.96	69.59
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	31.28	31.28	31.04	31.04	31.04	31.04	31.04	30.41

Sep 2024

: 68.72
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.28

Dec 2024

: 68.72
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.28

Mar 2025

: 68.96
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.04

Jun 2025

: 68.96
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.04

Sep 2025

: 68.96
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.04

Dec 2025

: 68.96
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.04

Mar 2026

: 68.96
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 31.04

Jun 2026

: 69.59
FIIs: 0.00
DIIs: 0.00
Government: 0.00
: 30.41

Documents

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Annual Reports

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Concalls

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