Altman Z″
Needs current assets and current liabilities.
ANAWIL · Engineering · INE1J5V01013
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Anawil Wire and Engineering Limited commenced commercial operations in April 2021, initially focusing on the production of wire mesh products. Leveraging its expertise in steel fabrication, the company strategically shifted in 2023 into the wind energy sector, specializing in the manufacturing of heavy fabrication components for wind turbine towers. Operations are conducted through manufacturing facilities, including Manufacturing/Factory Unit I in Pardi, Gujarat and a new manufacturing unit in Kutch, Gujarat. Production capacity and facility utilization are certified by an independent Chartered Engineer. The company supplies its heavy fabrication components to original equipment manufacturers (OEMs) and developers operating within the wind energy and renewable energy infrastructure sector. Products and fabricated components are delivered directly from its manufacturing facilities to designated customer project sites across India.
In-house manufacturing facility with a stringent quality control mechanism, strategically located manufacturing plants, and a strong order book.
Anawil Wire and Engineering Limited is an unlisted Indian company engaged in the manufacturing of heavy fabrication components for wind turbine towers, having originally commenced operations in wire mesh production.
Source: p. 85, 112, 188
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0 | 36.6283 | 61.089 | 25.57% | 143.2669 | yes |
| standalone | FY25 | 0 | 12.3058 | 29.9757 | 15.66% | 78.5886 | yes |
| standalone | FY24 | 3.3815 | 4.3918 | 22.2228 | 8.12% | 54.0665 | yes |
Written before listing, answered from the document itself.
How are the fresh issue proceeds being deployed?
The company has allocated Rs 115.00 Cr of the fresh issue proceeds towards repayment or pre-payment of outstanding borrowings, with the balance earmarked for general corporate purposes.
p. 74, 75, 80
Who are the promoters and what is their acquisition cost?
The promoters are Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, and Bijal Nimesh Vashi, holding 89.35% pre-issue. Nimish Vashi's average cost of acquisition is Rs 7.65 per share, and other promoters' cost is Rs 5.26 per share, following a 9:10 bonus issue in April 2025.
p. 65, 69, 72, 139
Are there material related party transactions or promoter entity dependencies?
Yes. Group entity Darpan Infrastructure Private Limited executed factory civil construction (Rs 1.2767 Cr in FY26) and provided corporate guarantees (commission Rs 0.9760 Cr). In addition, substantial loan movements occurred with promoter Nimish Vashi (Rs 14.42 Cr taken / Rs 10.40 Cr repaid) and Darpan Infrastructure (Rs 5.76 Cr repaid).
p. 48, 211, 212
Does operating cash flow align with reported profits?
No. In FY26, despite reported PAT tripling to Rs 36.63 Cr, operating cash flow (CFO) was only Rs 18.44 Cr. The cash conversion lag was driven by working capital absorption, as inventory expanded to Rs 50.69 Cr and trade receivables reached Rs 38.95 Cr.
p. 44, 45, 46, 47, 48, 168, 169, 170, 171, 211, 212
What structural market parameters apply to this offer?
The offer comprises a Fresh Issue of 5,284,800 shares and an OFS of 1,300,800 shares. Hem Finlease Private Limited acts as the market maker with 3,31,200 shares reserved. Post-issue capital is structured at Rs 25.00 Cr (24,999,800 shares), placing it at the upper threshold for the SME NSE Emerge platform.
p. 41, 50, 61, 87
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| Upon Incorporation | Bhavin Navinchandra Desai | 50000 | 10 | promoter | initial | p. 61, 62 |
| Upon Incorporation | Ayush Nimish Vashi | 50000 | 10 | promoter | initial | p. 61, 62 |
| 2022-01-25 | Nimish Kumar Rameshchandra Vashi | 4550000 | 10 | promoter | rights | p. 62, 67 |
| 2022-06-01 | Existing Shareholders | 268421 | 19 | other | rights | p. 62 |
| 2022-06-30 | Existing Shareholders | 237368 | 19 | other | rights | p. 62 |
| 2022-07-30 | Darpan Infrastructure Private Limited | 104736 | 19 | financial investor | rights | p. 62, 63 |
| 2022-08-19 | Darpan Infrastructure Private Limited | 231315 | 19 | financial investor | rights | p. 62, 63 |
| 2022-09-19 | Existing Shareholders | 4158160 | 19 | other | rights | p. 62, 63 |
| 2023-11-30 | Nimish Kumar Rameshchandra Vashi | 5000000 | 19 | promoter | transfer | p. 67, 194 |
| 2024-09-27 | Bijal Nimesh Vashi | 10 | 10 | promoter | transfer | p. 67, 68 |
| 2025-04-25 | Nimish Kumar Rameshchandra Vashi | 8594964 | promoter | bonus | p. 62, 67 | |
| 2025-04-25 | Ayush Nimish Vashi | 45000 | promoter | bonus | p. 62, 67 | |
| 2025-04-25 | Bhavin Navinchandra Desai | 45000 | promoter | bonus | p. 62, 67 | |
| 2025-04-25 | Bijal Nimesh Vashi | 9 | promoter | bonus | p. 62, 68 |
Ceo: Nimish Kumar Rameshchandra Vashi
Pending material litigation against Company: 1 case amounting to Rs 0.04 Cr. Direct Tax proceedings against Company: 1 case amounting to Rs 3.6725 Cr. Pending criminal proceedings against Group Company (Darpan Infrastructure Pvt Ltd): 1 case (amount unascertainable). Litigation involving Promoters and Directors: Nil.
Auditor name: Ms. G.B. Laddha & Co. Limited Liability Partnership
Skin in game: 89.35%
Auditor rpt flags: None disclosed
Auditor changed last 3y: No
Source: p. 6, 20, 47, 65, 126, 127, 146, 162, 240, 254
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 49% of trailing profit. On its own this can be working-capital timing in a growth year — worth watching whether it persists.
Why this reading: Kept at caution, not flagged: it is a single-year gap and the multi-year cash record does not (yet) show a repeated shortfall. One soft year is not a verdict.
Operating cash ₹18 cr vs trailing profit ₹37 cr. A one-year gap below 0.5 is often growth working capital; it becomes a real concern only if it recurs.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
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.
Latest free cash flow ₹-75 cr, negative in 2 of 4 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Debt rose over 3 years, and most of it (93%) 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 ₹80 cr largely matched by an asset build of ₹74 cr. Debt that funds capacity is a different thing from debt that funds nothing.
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.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 9.4% of assets. Free cash flow negative in 2 of 4 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹34 cr ÷ ₹58 cr, over 4 years
0.59×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹37 − ₹18) cr ÷ average assets
9.4%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
25.9% × 0.49 × 3.24
41.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹51 cr ÷ ₹6 cr
8.50×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹128 cr ÷ ₹90 cr
1.42×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +109% vs revenue +450%, FY2023 to FY2026
-341pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
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.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
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.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Debtor days
How long customers take to pay | 1 | 26 | 117 | 99 |
| Inventory days
How long stock sits before it sells | 64 | 348 | 186 | 409 |
| Payable days
How long the company takes to pay suppliers | 101 | 143 | 135 | 376 |
| Cash conversion cycle
Debtor + inventory − payable days | -36 | 230 | 168 | 132 |
| Working capital days | -48 | 26 | 85 | 102 |
| ROCE %
Return on capital employed | — | 15.0% | 24.0% | 32.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue from operations | 26 | 54 | 78 | 143 |
| Other income | 0 | 0 | 1 | 0 |
| Depreciation | 3 | 11 | 10 | 11 |
| Finance cost | 3 | 6 | 6 | 6 |
| Profit before tax | 6 | 5 | 15 | 45 |
| Net profit (owners) | 5 | 4 | 12 | 37 |
| EPS (₹) | 5.37 | 4.55 | 12.76 | 18.58 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 20 |
| Reserves | 14 | 18 | 30 | 70 |
| Borrowings | 48 | 52 | 55 | 128 |
| Net block | 68 | 63 | 59 | 136 |
| CWIP | 0 | 0 | 1 | 6 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 81 | 90 | 114 | 292 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | -3 | 9 | 10 | 18 |
| Cash from investing | -36 | -7 | -7 | -97 |
| Cash from financing | 36 | -2 | -3 | 80 |
| Free cash flow | -70 | 2 | 3 | -75 |
| Net change in cash | -2 | 0 | 0 | 1 |
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.
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.