| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 17 | 22 | 19 | 21 |
| EBITDA | 3 | 2 | 3 | 1 |
| Margin | 15% | 10% | 15% | 6% |
| Net profit | 2 | 2 | 2 | 1 |
| EPS | 1.44 | 1.40 | 1.33 | 0.92 |
₹ crore. Year-on-year against the same quarter last year.
| Line item | FY21 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 12 | 12 | 15 | 15 |
| Reserves | 13 | 15 | 10 | 12 | 24 | 25 |
| Borrowings | 9 | 9 | 8 | 5 | 3 | 4 |
| Other Liabilities | 5 | 5 | 3 | 3 | 3 | 4 |
| Total Liabilities | 30 | 32 | 33 | 31 | 45 | 49 |
| AssetsFixed Assets | 14 | 15 | 14 | 14 | 14 | 15 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3 | 3 | 3 | 3 | 3 | 3 |
| Other Assets | 13 | 15 | 15 | 15 | 28 | 31 |
| Total Assets | 30 | 32 | 33 | 31 | 45 | 49 |
| Line item | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | 6 | 4 | 3 | 4 | 2 |
| Cash from Investing | -4 | -2 | -1 | 0 | -14 |
| Cash from Financing | -1 | -2 | -2 | -5 | 12 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | 1 | 3 | 3 | 4 | 0 |
| FCF Margin | — | — | — | — | — |
| Ratio | FY21 | FY23 | FY24 | FY25 | FY26 | YoY | 3-yr |
|---|---|---|---|---|---|---|---|
| Returns | — | — | 19% | 18% | 14% | −4.1 pp | Worsening |
| Leverage | 0.56× | 0.51× | 0.38× | 0.19× | 0.10× | −0.09× | Improving |
| Working capital | 93 | 107 | 75 | 65 | 70 | +5 d | Improving |
| 74 | 101 | 124 | 85 | 82 | −3 d | Improving | |
| 102 | 92 | 32 | 22 | 36 | +14 d | ||
| 66 | 116 | 166 | 127 | 115 | −12 d | Stable | |
| 1 | 36 | 57 | 69 | 95 | +26 d | Worsening | |
| Payout | 10% | 0% | 0% | 0% | 33% | +33.3 pp |
Margins, returns, leverage and efficiency are computed from the filed statements (year-end balances). Working-capital days and payout are as published by Screener — receivables and inventory sit inside other assets in our statements. 3-yr compares the latest year with three years earlier; small moves read as stable.
The Earnings Per Share over the last 12 months.
Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).
Pre-filled with the lower of median (3.2×) and current (3.3×) PE — the conservative anchor.
The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.
At 10% growth and a 3× exit, ₹17 only delivers your return if you pay ₹11. The price is currently baking in 20% growth.
EPS grows 10%/yr for 5 years, then fades to 6% over 2, exits at 3×.
| Year | Growth | EPS (₹) |
|---|---|---|
| FY27 | 10.0% | 5.60 |
| FY28 | 10.0% | 6.16 |
| FY29 | 10.0% | 6.77 |
| FY30 | 10.0% | 7.45 |
| FY31 | 10.0% | 8.20 |
| FY32 | 8.0% ·fade | 8.85 |
| FY33 | 6.0% ·fade | 9.38 |
Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.
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Guides on how to read this kind of business and the numbers that matter.