Key risks
- Profitability collapse: losses of ₹10.11 Cr (Jun 2026) and ₹1.49 Cr (Dec 2025); operating margins fell from 15.26% (Mar 2025) to 6.31% (Jun 2026), wiping out recent profitable run
- High leverage during earnings stress: D/E ratio of 2.25 with negative earnings in recent quarters creates refinancing and covenant risk; verify debt maturity profile and headroom
- Valuation at PE of 186.55 reflects an extremely loss-burdened quarterly EPS of –₹6.51; verify whether Jun 2026 represents a temporary cyclical trough or signals structural deterioration in demand or cost structure
- Earnings volatility over the past year (net profit range –₹10.11 to +₹3.84 Cr) with quarterly revenue swings between ₹72–119 Cr; verify customer concentration and order-book visibility
Generated analysis · source review pending