Altman Z″
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
ANUBHAV · Steel & Iron Products · INE1O7201010
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.
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.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-2 cr against trailing net profit ₹7 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
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 ₹-2 cr, negative in 2 of 4 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
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, reserves, EBIT, net worth and total liabilities.
Needs more balance-sheet detail (only 4 of 9 signals testable).
Needs trade receivables, total assets, current assets, net block, other expenses, borrowings.
Free cash flow negative in 2 of 4 years.
cumulative operating cash flow ÷ cumulative net profit
₹1 cr ÷ ₹16 cr, over 4 years
0.06×
Below 1.0 and persistent means profit is being recognised before the cash arrives.EBIT ÷ finance cost
₹14 cr ÷ ₹4 cr
3.50×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 1 of 6 flags testable).
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.
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.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 72.73% to 72.73% across these quarters.
FII held steady from 11.97% to 11.97% across these quarters.
Other held steady from 15.30% to 15.30% 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 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Debtor days
How long customers take to pay | 9 | 19 | 17 |
| Inventory days
How long stock sits before it sells | 109 | 126 | 179 |
| Payable days
How long the company takes to pay suppliers | 6 | 8 | 19 |
| Cash conversion cycle
Debtor + inventory − payable days | 112 | 137 | 178 |
| Working capital days | 8 | 28 | 41 |
| ROCE %
Return on capital employed | — | 18.0% | 28.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue from operations | 87 | 87 | 98 | 109 |
| Other income | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 |
| Finance cost | 3 | 4 | 4 | 4 |
| Profit before tax | 1 | 3 | 8 | 10 |
| Net profit (owners) | 1 | 2 | 6 | 7 |
| EPS (₹) | 19.00 | 52.00 | 7.58 | 8.68 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Equity Capital | 4 | 4 | 8 |
| Reserves | 3 | 6 | 8 |
| Borrowings | 28 | 29 | 33 |
| Net block | 8 | 8 | 8 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Total Assets | 38 | 42 | 56 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | -1 | 2 | 2 | -2 |
| Cash from investing | -1 | 0 | -1 | 0 |
| Cash from financing | 2 | -2 | 0 | 3 |
| Free cash flow | -1 | 2 | 2 | -2 |
| Net change in cash | 0 | -1 | 1 | 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.