BSE: 513149
ACROW INDIA LTD.
Classified under Iron & Steel Products within Capital Goods, the standalone business is small, with FY26 revenue of ₹9.97 crore, just 2 employees on its payroll, and zero capex. In H1 FY26, cotton bales trading was added to the activity mix, contributing Rs. 175.17 lakhs to standalone revenue from operations versus nil in H1 FY25, and cotton bale trading was also carried out in Q3 FY26. Consolidated revenue for FY26 was Rs. 35,860 lakhs, well above the standalone base, indicating the bulk of operating activity sits in subsidiaries whose specific operations are not described in the available filings. Materials account for 99% of standalone revenue, consistent with a trading profile, while employee and other operating costs are each a few percent of revenue. A related party loan of Rs. 1,997.99 lakhs to Brindavan Cotton Private Limited is outstanding and repayable on demand. Executive control rests with three brothers from the Agrawal family holding the Managing Director and two Whole-Time Director positions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cotton bales trading. Small, family-controlled BSE-listed entity classified under industrial products, with a trading-heavy cost structure and consolidated operations substantially larger than its standalone base
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 3 | 10 |
| EBITDA (ex other income) | (0) | (1) | (2) | (1) | (1) |
| margin % | — | — | — | (33.5) | (7.7) |
| Owners' profit | 1 | 0 | 1 | (1) | 0 |
| EPS, as reported (₹) | 26.88 | 0.29 | 16.00 | 13.76 | 6.73 |
| ROE % · ROCE % | 3.9 · 4.9 | 0.1 · (0.2) | 4.4 · 2.5 | (3.9) · 5.1 | 1.9 · 2.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (1) | (1) | (1) | (1) | (3) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 3 | 0 | 2 | 7 | 1 |
| Profit before tax | 0 | 1 | 0 | (0) | 0 | (0) | 1 | (0) |
| Net profit | 0 | (1) | 0 | (0) | 0 | (0) | 0 | (0) |
| EPS (₹) | 2.21 | (18.04) | 6.33 | (4.26) | 1.37 | (1.31) | 7.02 | (0.35) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 124.8 | 15.4 | 100 of 105 | 5% |
| P/B | 2.4 | 1.5 | 70 of 101 | 31% |
| ROCE | 2.5 | 9.1 | 91 of 115 | 21% |
| ROE | 1.9 | 8.6 | 85 of 103 | 18% |
| Debt / Equity | 0.0 | 0.2 | 1 of 101 | 89% |
| EBITDA margin | 3.2 | 11.0 | 88 of 100 | 12% |
| Revenue growth | (67.5) | 13.7 | 91 of 97 | 6% |
| Profit growth | 91.7 | 29.3 | 31 of 105 | 71% |
| Market cap | 54 | 216 | 82 of 122 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Compliance certificate for Q2 FY26 dematerialisation of securities | compliance | minimal | — | — |
| 30 Sept 2026 · All three resolutions approved at Acrow India 66th AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Annual Report FY25-26 filed; revenue tripled, company back in profit | results | medium | — | — |
| 30 Sept 2026 · Acrow India 66th AGM proceedings - 3 resolutions passed | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Insider Trading Window Closure Ahead of Q2 Results | compliance | minimal | — | — |
| 10 Sept 2026 · Acrow India publishes public notice of 66th AGM for FY 2025-26 | compliance | minimal | — | — |
| 5 Sept 2026 · Record Date Set for 66th AGM E-Voting on September 18, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Book closure for 66th AGM from Sep 19 to Sep 30, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Acrow India files 66th Annual Report for FY26; AGM on Sept 30 | results | high | — | — |
| 5 Sept 2026 · Acrow India 66th AGM notice on Sep 30; key item is sale of MIDC plot | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.