Designs, manufactures and installs storage racking, shelving, warehouse automation and structural steel solutions for industrial and commercial customers. Revenue is earned by executing project orders that combine fabricated steel products with on-site installation services. In FY26, consolidated revenue was ₹84.97 crore, down 15.4% from FY25, as a key customer cancelled orders and projects were deferred, with GCC (Gulf Cooperation Council) export markets also disrupted by geopolitical events. The H2 FY26 half was particularly weak, contributing to a consolidated EBITDA loss of ₹6.32 crore versus an ₹94.37 lakh profit the prior year and a consolidated net loss of ₹32.75 lakh. The business is materials-intensive: raw materials and components made up ₹50.78 crore or 59.8% of FY26 revenue, while employee costs were ₹11.70 crore (13.8%) and other operating expenses ₹19.95 crore (23.5%). The board has approved borrowing up to ₹16.50 crore to purchase land and build a new factory, signalling planned capacity expansion. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Storage racking and shelving systems, Warehouse and material-handling automation, Structural steel solutions and consulting. Small-cap, project-based, materials-heavy industrial fabrication and installation business with lumpy order flow and working-capital pressure.
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 94 | 100 | 85 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 6.74 | 3.08 | 2.55 |
| ROE % · ROCE % | — · 62.8 | — · 17.7 | — · (6.1) |
| Debt / equity (x) | — | — | — |
| Cash from operations | 3 | (17) | 8 |
| Capex | — | 0 | (4) |
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 56 | 49 | 51 | 47 | 38 |
| Profit before tax | 10 | 2 | 3 | (1) | (3) |
| Net profit | — | — | — | — | — |
| EPS (₹) | 7.92 | 1.10 | 1.96 | 1.17 | 1.38 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INOX INDIA LIMITED | 20,354 | 79.9 | 18.21 | 53.0 | 23.1 | 30.0 | — | 23.4 |
| HBL ENGINEERING LTD | 19,890 | 21.5 | 8.99 | 17.0 | 36.8 | 45.3 | 29.4 | 26.2 |
| ESAB INDIA LTD | 9,101 | 41.0 | 21.20 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,581 | 27.5 | 3.68 | 13.0 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,268 | 27.0 | 2.17 | 12.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 4,060 | 26.3 | 2.90 | 15.8 | 11.1 | 13.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 2 Sept 2026 · Notice of 16th AGM published in newspapers on 2 September 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY25-26 and 16th AGM Notice submitted | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Scrutinizer appointed for 16th AGM e-voting | compliance | minimal | — | — |
| 1 Sept 2026 · Book closure for 16th AGM from Sept 20 to Sept 26, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Cut-off date fixed for e-voting at 16th AGM | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Board recommends re-appointments and new directors at AGM | management changes | medium | — | — |
| 1 Sept 2026 · Board approves FY25-26 Annual Report, AGM on Sept 26, multiple director changes | management changes | medium | — | — |
| 25 Aug 2026 · Company Secretary elevated to Fellow Member of ICSI | compliance | minimal | — | — |
| 7 Jul 2026 · SEBI Regulation 74(5) Certificate for Q1 FY27 from RTA | compliance | minimal | — | — |
| 29 May 2026 · Audited financial results for the half year ended and year ended 31.03.2026 | results | high | — | — |
| 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 |
| — |
| 15.9 |
| ADOR WELDING LTD | 2,802 | 24.7 | 5.05 | 20.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,686 | 30.7 | 4.16 | 22.6 | 12.4 | 15.2 | — | 16.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.4 | 17.3 | 5 of 29 | 86% |
| ROCE | (10.8) | 12.3 | 30 of 31 | 3% |
| Revenue growth | (32.7) | (5.5) | 21 of 23 | 9% |
| Market cap | 39 | 108 | 27 of 31 | 13% |
| 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 |
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.
