Altman Z″
Needs current assets and current liabilities, EBIT.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 73.8x earnings against its own median of 62.0x: 1.0 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 73% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹1,220 cr vs trailing profit ₹1,668 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Other income is 51% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Trailing other income ₹1,799 cr against pre-tax profit ₹3,508 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowings rose 179% over two years while the company also carries ₹2 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹145 cr from ₹52 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Debt rose over 3 years, and most of it (391%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹96 cr largely matched by an asset build of ₹375 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (10.2% and 66.5%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹13,477 cr, trailing profit ₹2,988 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 12.6% to 22.2% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 22.2% vs 12.6% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹980 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, EBIT.
Needs more balance-sheet detail (only 2 of 9 signals testable).
Needs trade receivables, revenue, current assets, depreciation, other expenses, operating cash flow, net profit.
Free cash flow negative in 0 of 12 years.
cumulative operating cash flow ÷ cumulative net profit
₹9,421 cr ÷ ₹8,674 cr, over 12 years
1.09×
Above 1.0 means cash exceeds reported profit — the healthier reading.borrowings ÷ net worth
₹145 cr ÷ ₹9,339 cr
0.02×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 1 of 6 flags testable).
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Capital Goods). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 75.00% to 75.00% across these quarters.
FII held steady from 7.64% to 7.57% across these quarters.
MF rose from 4.18% to 5.16% across these quarters.
Other trimmed from 13.18% to 12.27% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 92 | 97 | 106 | 99 | 89 | 89 | 89 | 88 |
| Inventory days
How long stock sits before it sells | 79 | 68 | 83 | 83 | 98 | 90 | 96 | 98 |
| Payable days
How long the company takes to pay suppliers | 160 | 150 | 169 | 185 | 182 | 179 | 173 | 165 |
| Cash conversion cycle
Debtor + inventory − payable days | 11 | 15 | 20 | -2 | 5 | 0 | 13 | 21 |
| Working capital days | -97 | 13 | -4 | -5 | -4 | -10 | -1 | 5 |
| ROCE %
Return on capital employed | 17.0% | 14.0% | 7.0% | 16.0% | 23.0% | 31.0% | 39.0% | 30.0% |
What this sector is read on: Order inflow, Order book, Book to bill, Execution rate, Unbilled revenue, Customer advances, Government share of book, Working capital days. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Capital goods and EPC framework (from the listed sector). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue from operations | 5,821 | 6,934 | 8,568 | 10,447 | 12,188 | 13,203 |
| Other income | 170 | 266 | 506 | 289 | 344 | 349 |
| Depreciation | 120 | 103 | 105 | 120 | 129 | 146 |
| Finance cost | 25 | 19 | 15 | 13 | 16 | 20 |
| Profit before tax | 293 | 711 | 1,353 | 1,653 | 2,510 | 2,229 |
| Net profit (owners) | 219 | 520 | 1,016 | 1,242 | 1,872 | 1,668 |
| EPS (₹) | 10.35 | 24.53 | 47.96 | 58.61 | 88.33 | 78.73 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,769 | 2,757 | 3,080 | 2,831 | 2,912 | 3,365 | 3,010 | 2,940 | 3,311 | 3,423 | 3,184 | 3,559 |
| Other Income | 78 | 71 | 87 | 88 | 93 | 83 | 110 | 109 | 84 | 89 | 1,541 | 85 |
| Expenses | 2,331 | 2,340 | 2,515 | 2,288 | 2,372 | 2,708 | 2,450 | 2,539 | 2,810 | 2,896 | 2,776 | 3,112 |
| Depreciation | 30 | 33 | 31 | 31 | 33 | 34 | 34 | 35 | 37 | 39 | 42 | 39 |
| Finance cost | 1 | 8 | 4 | 5 | 3 | 5 | 5 | 4 | 6 | 5 | 4 | 2 |
| Profit before tax | 485 | 447 | 617 | 595 | 597 | 702 | 631 | 471 | 542 | 571 | 1,904 | 491 |
| Net Profit | 363 | 339 | 459 | 443 | 440 | 528 | 475 | 352 | 409 | 433 | 1,784 | 362 |
| EPS | 17.12 | 15.98 | 21.67 | 20.93 | 20.79 | 24.94 | 22.40 | 16.60 | 19.30 | 20.43 | 84.17 | 17.10 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 42 | 42 | 42 | 42 |
| Reserves | 4,003 | 4,897 | 5,902 | 7,033 | 7,794 | 9,297 |
| Borrowings | 37 | 33 | 49 | 52 | 85 | 145 |
| Net block | 817 | 899 | 994 | 1,062 | 1,195 | 1,249 |
| CWIP | 77 | 69 | 60 | 95 | 116 | 180 |
| Investments | 0 | 493 | 2 | 2 | 2 | 2 |
| Total Assets | 8,073 | 9,318 | 11,001 | 12,391 | 13,638 | 15,736 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 318 | 650 | 742 | 1,351 | 1,332 | 1,220 |
| Cash from investing | 443 | -2,008 | 1,826 | -3,352 | -503 | 364 |
| Cash from financing | -152 | -127 | -140 | -269 | -770 | -966 |
| Free cash flow | 205 | 514 | 594 | 1,168 | 1,118 | 980 |
| Net change in cash | 609 | -1,485 | 2,428 | -2,270 | 59 | 617 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
ABB India Ltd. reported revenue of ₹3,559 cr for April to June 2026, +21.1% on the year and +11.8% on the quarter. That is faster than this quarter has grown in recent years (+8.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹13,477 cr, +10.2% on the four before.
Operating profit (EBITDA) was ₹447 cr, a margin of 12.6%, −108 bps on the year and −25 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 12.6% to 19.5%). Operating costs grew +22.6%, faster than revenue at +21.1%, so operating profit grew less than sales.
Net profit was ₹362 cr, +2.8% on the year and −79.7% on the quarter, with earnings per share of ₹17.10. Profit before other income, one-offs and tax grew faster, at +12.2%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹2,988 cr, +66.5% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹141.00 over the last four quarters, the stock at ₹6,831.00 trades at 48.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,769 cr | ₹2,757 cr | ₹3,080 cr | ₹2,831 cr | ₹2,912 cr | ₹3,365 cr | ₹3,010 cr | ₹2,940 cr | ₹3,311 cr | ₹3,423 cr | ₹3,184 cr | ₹3,559 cr |
| YoY | — | — | — | +13% | +5% | +22% | −2% | +4% | +14% | +2% | +6% | +21% |
| EBITDA margin | 15.9% | 15.1% | 18.3% | 19.1% | 18.5% | 19.5% | 18.6% | 13.6% | 15.1% | 15.4% | 12.8% | 12.6% |
| Other income, % of PBT | 16% | 16% | 14% | 15% | 16% | 12% | 17% | 23% | 15% | 16% | 81% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 24% | 26% | 25% | 26% | 25% | 25% | 25% | 25% | 24% | 6% | 26% |
| Net profit | ₹363 cr | ₹339 cr | ₹459 cr | ₹443 cr | ₹440 cr | ₹528 cr | ₹475 cr | ₹352 cr | ₹409 cr | ₹433 cr | ₹1,784 cr | ₹362 cr |
| YoY | — | — | — | +50% | +21% | +56% | +3% | −21% | −7% | −18% | +276% | +3% |
| Core profit YoY | — | — | — | +59% | +24% | +65% | −2% | −29% | −9% | −22% | −30% | +12% |
| EPS | ₹17.12 | ₹15.98 | ₹21.67 | ₹20.93 | ₹20.79 | ₹24.94 | ₹22.40 | ₹16.60 | ₹19.30 | ₹20.43 | ₹84.17 | ₹17.10 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | 4 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.