Altman Z″
Needs current assets and current liabilities.
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 4.2x earnings against its own median of 11.4x: 1.1 standard deviations below 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 97% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹2,854 cr against trailing net profit ₹2,943 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Both revenue and profit grew over the last year (23.9% and 83.9%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹6,212 cr, trailing profit ₹3,747 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 55.9% to 60.3% 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 60.3% vs 55.9% 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 ₹1,276 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.
Borrowings have fallen 64% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹1,087 cr from ₹3,048 cr. Falling debt reduces finance cost and financial risk.
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 0.5% of assets. Free cash flow negative in 1 of 12 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.
Capital and revenue are growing at broadly similar rates — the asset base is being used, not just added to.
cumulative operating cash flow ÷ cumulative net profit
₹22,805 cr ÷ ₹14,601 cr, over 12 years
1.56×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹2,943 − ₹2,854) cr ÷ average assets
0.5%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
54.4% × 0.28 × 1.15
17.3%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹3,162 cr ÷ ₹136 cr
23.25×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹1,087 cr ÷ ₹16,963 cr
0.06×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +11% vs revenue +-5%, FY2023 to FY2026
16pp 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.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
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.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
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 (Services). 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.
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 30.07% to 30.07% across these quarters.
FII rose from 25.69% to 29.51% across these quarters.
MF trimmed from 15.58% to 10.85% across these quarters.
Other rose from 28.66% to 29.57% 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 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 31 | 34 | 30 | 33 | 37 | 45 | 33 | 43 |
| Cash conversion cycle
Debtor + inventory − payable days | 31 | 34 | 30 | 33 | 37 | 45 | 33 | 43 |
| Working capital days | -132 | -36 | -67 | -55 | -16 | -16 | -21 | 33 |
| ROCE %
Return on capital employed | 4.0% | 4.0% | 9.0% | 7.0% | 21.0% | 19.0% | 14.0% | 16.0% |
| Metric | Q2 FY27 |
|---|---|
| Volume | 3.38 |
| Utilisation | 100% |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Logistics, 3PL and warehousing framework (named in the filing read). Primary valuation lens: EV/EBITDA.
Read more closely in this sector: Volume against realisation · Asset-light against owned share.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 3,337 | 3,509 | 5,690 | 5,255 | 5,323 | 5,409 |
| Other income | 232 | 148 | 481 | 664 | 834 | 903 |
| Depreciation | 700 | 698 | 712 | 726 | 813 | 889 |
| Finance cost | 242 | 370 | 343 | 265 | 236 | 136 |
| Profit before tax | 943 | 620 | 2,554 | 2,694 | 2,462 | 3,026 |
| Net profit (owners) | 919 | 630 | 2,575 | 2,614 | 2,344 | 2,943 |
| EPS (₹) | 62.50 | 44.09 | 180.36 | 183.11 | 164.20 | 206.11 |
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 | 1,229 | 1,245 | 1,497 | 1,508 | 1,354 | 1,237 | 1,223 | 1,201 | 1,242 | 1,454 | 1,511 | 2,005 |
| Other Income | 232 | 151 | 229 | 195 | 225 | 264 | 150 | 135 | 140 | 282 | 346 | 281 |
| Expenses | 586 | 595 | 561 | 597 | 701 | 626 | 721 | 559 | 514 | 619 | 570 | 668 |
| Depreciation | 187 | 194 | 166 | 197 | 206 | 205 | 205 | 197 | 224 | 246 | 222 | 234 |
| Finance cost | 77 | 67 | 59 | 61 | 64 | 61 | 51 | 45 | 44 | 25 | 23 | 20 |
| Profit before tax | 612 | 540 | 942 | 848 | 610 | 608 | 396 | 536 | 601 | 847 | 1,043 | 1,365 |
| Net Profit | 595 | 538 | 905 | 812 | 576 | 594 | 363 | 504 | 581 | 813 | 1,044 | 1,309 |
| EPS | 41.65 | 37.70 | 63.40 | 56.87 | 40.32 | 41.58 | 25.43 | 35.34 | 40.72 | 56.91 | 73.13 | 91.68 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 147 | 143 | 143 | 143 | 143 | 143 |
| Reserves | 7,557 | 7,909 | 10,133 | 12,255 | 14,116 | 16,820 |
| Borrowings | 5,047 | 4,655 | 3,649 | 3,048 | 2,163 | 1,087 |
| Net block | 9,042 | 8,877 | 8,450 | 8,329 | 8,247 | 9,339 |
| CWIP | 24 | 24 | 35 | 59 | 21 | 46 |
| Investments | 1,350 | 1,157 | 1,510 | 1,970 | 2,289 | 2,392 |
| Total Assets | 14,145 | 13,969 | 15,209 | 16,808 | 17,656 | 19,460 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,534 | 1,323 | 2,975 | 2,808 | 2,647 | 2,854 |
| Cash from investing | -882 | -337 | 39 | -868 | -148 | -860 |
| Cash from financing | -505 | -1,189 | -1,893 | -1,330 | -1,675 | -1,769 |
| Free cash flow | 1,013 | 911 | 2,776 | 2,373 | 2,472 | 1,276 |
| Net change in cash | 147 | -203 | 1,120 | 610 | 824 | 225 |
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.
Great Eastern Shipping Co. Ltd. reported revenue of ₹1,824 cr for July to September 2026, +46.9% on the year and −9.0% on the quarter. That is faster than this quarter has grown in recent years (+0.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹6,795 cr, +38.6% on the four before.
Operating profit (EBITDA) was ₹1,157 cr, a margin of 63.4%, +480 bps on the year and −328 bps on the quarter. Over the last 8 quarters the margin has ranged from 41.0% to 66.7%, averaging 56.6%. Operating costs grew +29.9% against revenue growth of +46.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,269 cr, +118.3% on the year and −3.0% on the quarter, with earnings per share of ₹89.11. Profit before other income, one-offs and tax grew 92.5%, so 26 points of the headline growth came from outside the core business. The tax rate of 2% is in line with its recent average. Profit over the last four quarters totals ₹4,435 cr, +117.1% on the four before.
Logistics revenue tracks volumes and freight rates; margins depend on utilisation of the network the company has built.
On earnings per share of ₹310.83 over the last four quarters, the stock at ₹1,498.00 trades at 4.8 times trailing earnings.
Headline profit grew much faster than core profit. What made up the difference?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹604 cr | ₹639 cr | ▼ 5.5% |
| Inventory | ₹292 cr | ₹286 cr | ▲ 2.1% |
| Cash | ₹4,842 cr | ₹4,337 cr | ▲ 11.6% |
| Bank balances | ₹1,493 cr | ₹1,174 cr | ▲ 27.2% |
| Long-term borrowings | ₹450 cr | ₹600 cr | ▼ 25.0% |
| Short-term borrowings | ₹350 cr | ₹450 cr | ▼ 22.2% |
| Trade payables | ₹379 cr | ₹360 cr | ▲ 5.2% |
| Net block | ₹10,075 cr | ₹9,287 cr | ▲ 8.5% |
| Capital work in progress | ₹80.6 cr | ₹42.9 cr | ▲ 88.0% |
| Equity | ₹18,932 cr | ₹16,962 cr | ▲ 11.6% |
| Total assets | ₹21,171 cr | ₹19,460 cr | ▲ 8.8% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹2,488 cr | ₹1,243 cr |
| Capital expenditure | −₹1,541 cr | −₹380 cr |
| Investing cash flow | −₹1,221 cr | −₹402 cr |
| Financing cash flow | −₹1,022 cr | −₹1,241 cr |
| Dividends paid | −₹373 cr | −₹180 cr |
Operating cash flow was 0.97× profit. Receivables at 29 days of sales (−14 days against the last year end). Inventory at 14 days of sales (−5 days).
Other matter: “”We did not review the interim financial information / financial results of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial information / financial results reflect total assets of Rs. 2,011.94 crores as at September 30, 2026,… Read in full
We did not review the interim financial information / financial results of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial information / financial results reflect total assets of Rs. 2,011.94 crores as at September 30, 2026, total revenue of Rs. 114.83 crores and Rs. 201.00 crores for the quarter and half year ended September 30, 2026, respectively, total net profit after tax (net) of Rs. 84.97 crores and Rs. 140.79 crores for the quarter and half year ended September 30, 2026, respectively, total comprehensive income (net) of Rs. 84.97 crores and Rs. 140.79 crores for the quarter and half year ended September 30, 2026, respectively and net cash outflows of Rs. 61.45 crores for the half year ended September 30, 2026, as considered in the unaudited consolidated financial results included in the Statement. These interim financial information / financial results have been reviewed by other auditors whose reports have been furnished to us by the Management or such other auditors.
Filing p. consolidated limited review report p.1-2
Board approved open market buyback of equity shares for up to Rs. 900 crore at a maximum price of Rs. 1,530 per share. (p. note 3 to consolidated results)
Board declared 2nd interim dividend of Rs. 14.40 per share for FY 2026-27 with Record Date of November 13, 2026. (p. board outcome letter & note 1)
Tax: Consolidated tax expense of ₹26.64 crore (current tax ₹37.01 crore, deferred tax credit ₹10.37 crore) on Profit before tax of ₹1,295.87 crore for Q2 FY27 (tonnage tax regime applicable for shipping operations)
| Metric | Q2 FY27 |
|---|---|
| Volume | 3.38 |
| Utilisation | 100% |
Current fleet capacity stands at 3.38 mn dwt across 42 owned vessels with ~100% capacity utilization, generating Q2 FY27 Consolidated Revenue from Operations of ₹1,824.42 crore and Operating Margin of 63.43%.
Near 100% capacity utilization and robust 63.43% operating margin support strong operational cash generation.
Fleet consists of 42 100%-owned vessels aggregating 3.38 mn dwt; recent acquisition of VLGC 'Jag Vikrant' (82,000 cbm) was funded 100% through internal accruals without external debt.
100% owned fleet expansion funded entirely from internal cash reserves maintains a net-cash balance sheet.
Read using the Logistics, 3PL and warehousing framework (named in the filing read). Primary valuation lens: EV/EBITDA.
Read more closely in this sector: Volume against realisation · Asset-light against owned share.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Secondhand Kamsarmax Dry Bulk Carrier Delivery Target | Q3 FY2026-27 | Q3 FY2027 | unchanged or first given |
| Newbuilding Suezmax Tanker Delivery Target | H2 FY2028-29 | H2 FY2029 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Shipping | ₹1,845 cr | ▲ 75.6% | ₹1,118 cr | ▲ 128.8% |
| Offshore | ₹398 cr | ▲ 17.7% | ₹151 cr | ▲ 63.0% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,245 cr | ₹1,497 cr | ₹1,508 cr | ₹1,354 cr | ₹1,237 cr | ₹1,223 cr | ₹1,201 cr | ₹1,242 cr | ₹1,454 cr | ₹1,511 cr | ₹2,005 cr | ₹1,824 cr |
| YoY | — | — | +17% | +10% | −1% | −18% | −20% | −8% | +18% | +24% | +67% | +47% |
| EBITDA margin | 52.2% | 62.6% | 60.4% | 48.3% | 49.4% | 41.0% | 53.5% | 58.6% | 57.5% | 62.3% | 66.7% | 63.4% |
| Other income, % of PBT | 28% | 24% | 23% | 37% | 43% | 38% | 25% | 23% | 33% | 33% | 21% | 32% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 4% | 4% | 6% | 2% | 8% | 6% | 3% | 4% | 0% | 4% | 2% |
| Net profit | ₹538 cr | ₹905 cr | ₹812 cr | ₹576 cr | ₹594 cr | ₹363 cr | ₹504 cr | ₹581 cr | ₹813 cr | ₹1,044 cr | ₹1,309 cr | ₹1,269 cr |
| YoY | — | — | +41% | −3% | +10% | −60% | −38% | +1% | +37% | +188% | +160% | +118% |
| Core profit YoY | — | — | +19% | +1% | −12% | −65% | −39% | +20% | +64% | +183% | +170% | +92% |
| EPS | ₹37.70 | ₹63.40 | ₹56.87 | ₹40.32 | ₹41.58 | ₹25.43 | ₹35.34 | ₹40.72 | ₹56.91 | ₹73.13 | ₹91.68 | ₹89.11 |
| Flags | · | · | 1 | 1 | 2 | 2 | 1 | ✓ | ✓ | ✓ | ✓ | 1 |
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.