BSE: 544025
Arrowhead Seperation Engineeri
Manufactures chemical process equipment in India, primarily continuous drying and cooling systems (dryer equipment), operating from its base in Navi Mumbai. The company is a small BSE-listed entity (scrip code 544025) with FY26 revenue of Rs 23.28 crore and total assets of Rs 28.78 crore. Materials dominate the cost stack at 83.4% of revenue, followed by employee costs at 15.0% and other operating expenses at 7.5%, with capex at a modest 0.7% of revenue. The business carries a heavy working-capital load — operating cash flow was a negative Rs 510 lakh in FY26, driven by rising inventories and trade receivables. Revenue has been lumpy: FY26 total income grew to Rs 2,353.15 lakh from Rs 1,500.92 lakh the prior year (per filings), after an 18% decline in FY25 to Rs 2,031.92 lakh from Rs 2,484.47 lakh in FY24. The board has not declared any dividend, citing the need to conserve resources. The company has no subsidiaries, joint ventures or associates. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing of chemical process equipment (continuous drying and cooling systems / dryer equipment). Small, single-product-line industrial equipment manufacturer with lumpy, project-style revenues and heavy working-capital absorption
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 25 | 20 | 23 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 13.45 | 2.21 | 0.89 |
| ROE % · ROCE % | — · 19.2 | — · 6.6 | — · 4.1 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (2) | (4) | (0) |
| Capex | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 13 | 12 | 8 | 12 | 9 | 14 |
| Profit before tax | 1 | 1 | 1 | (0) | 0 | 0 |
| Net profit | — | — | — | — | — | — |
| EPS (₹) | 7.73 | 5.96 | 3.79 | 1.58 | 1.02 | 0.14 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.6 | 26.5 | 32 of 130 | 76% |
| ROCE | 1.5 | 11.3 | 119 of 142 | 16% |
| Revenue growth | 20.8 | 20.6 | 57 of 114 | 50% |
| Market cap | 13 | 279 | 131 of 141 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Quarterly dematerialisation certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 18 Sept 2026 · 35th AGM voting results: all 4 resolutions passed with 100% approval | compliance | low | — | — |
| 16 Sept 2026 · 35th AGM concluded via video conferencing; voting results awaited | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Newspaper publication of 35th AGM notice | compliance | minimal | — | — |
| 24 Aug 2026 · Book Closure for 35th AGM from September 9 to September 15 2026 | corporate actions | low | — | — |
| 24 Aug 2026 · Annual Report FY2025-26 and 35th AGM Notice filed | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Notice of 35th AGM on September 16, 2026 via video conference | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Board approves director remuneration, AGM notice for FY26 | management changes | medium | — | — |
| 14 Jul 2026 · Quarterly dematerialization compliance certificate filed with BSE | compliance | minimal | — | — |
| 14 Jul 2026 · Compliance certificate under SEBI Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
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.