Altman Z″
Needs current assets and current liabilities.
INFRAX · Power Generation/Distribution · INE1YC401018
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.
Infrax Renewable Limited provides solar Engineering, Procurement and Construction (EPC) services, including Rooftop and Ground Mount solar projects. Its EPC services encompass project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance services. The company was originally formed as a partnership firm under the name Infrax International in April 2019 and was converted into a public limited company in September 2024. The company operates branch offices and warehouses across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh. It caters to B2B and B2C clients, serving over 5,000 customers with a dealer network of 2,830 dealers in 2026. In 2026, the company also entered the Independent Power Producer (IPP) business segment. The company intends to set up a manufacturing facility to produce solar structures, module frames, and solar panel recycling using IPO proceeds.
Established track record for execution of solar EPC solutions, strong customer relationships, wide range of solar products, financial stability through PPA model, and established dealer and supplier network across multiple states.
Infrax Renewable Limited is an ISO 9001:2015 certified company engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects.
Source: p.102, 110, 128
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Listed on | Source |
|---|---|---|---|---|---|---|
| Acme Solar Holdings Limited | 43.05 | 9.84 | mainboard | p.103 | ||
| Alpex Solar Limited | 11.47 | 35.87 | sme | p.104 | ||
| Solarium Green Energy Limited | 18.45 | 12.58 | sme | p.104 |
As presented in the offer document. Post-listing figures are in the statements above.
Written before listing, answered from the document itself.
What is the breakdown of IPO proceeds between capital expenditure, working capital, and general corporate purposes?
The proceeds are allocated as: Rs. 12.2933 crore for purchasing machinery and equipment for the proposed manufacturing facility, Rs. 17.0000 crore for funding working capital requirements, and the balance for General Corporate Purposes (GCP). Working capital represents the largest single allocation.
p.85, 98, 128
What is the promoters' shareholding pre-issue and what pre-IPO allotments were made to insiders?
Promoters Bhargv Vachhani, Bhavik Gandhi, and Khushboo Vachhani hold 67.73% of the pre-issue share capital. On May 5, 2026, existing shareholders received 8,750,000 bonus shares (7:1 bonus ratio), followed by a preferential allotment of 985,111 shares at Rs. 72.00 per share to non-promoter investors on June 5, 2026.
p.72, 74, 77
What is the volume of related-party transactions with group entity Infrax Solar LLP?
The company engaged in substantial two-way transactions with group company Infrax Solar LLP in FY26, comprising sales of Rs. 7.6568 crore (8.21% of total revenue) and purchases of Rs. 3.7392 crore. Additionally, the company paid Rs. 22.52 Lakhs in interest on loans from related parties in FY26.
p.188, 202, 251
Why did operating cash flow turn negative in FY26 despite reported PAT exceeding Rs. 10 crore?
In FY26, restated PAT reached Rs. 10.2014 crore, but operating cash flow dropped to -Rs. 2.7021 crore. This negative cash conversion was caused by Rs. 11.1554 crore getting locked up in trade receivables (which surged from Rs. 0.23 crore to Rs. 11.39 crore) and Rs. 6.9783 crore absorbed by inventory expansion.
p.57, 255, 256
When was the issuer incorporated and what is its corporate compliance background?
The issuer operated as a partnership firm (Infrax International) from April 2019 until its conversion into a public limited company on September 23, 2024. As a result, its operating history as a corporate entity is under two years. Trademark registration for 'INFRAX' under Class 35 remains objected to by the Trademark Registry.
p.2, 72, 151
What are the trading lot size, minimum retail commitment, market maker terms, and exit constraints for public investors?
The issue is listed on BSE SME with a minimum retail application requirement of 2 lots. Because trading occurs strictly in standardized market lots and lots are indivisible, partial exit or trading of fractional lots is impossible. The market maker obligation runs for a mandatory period of 3 years, and standard 5% price bands apply.
p.2, 6, 54, 292
What the issue priced at, on the figures in the document.
Pe basis: Based on basic & diluted EPS of Rs. 10.86 for FY 2025-26
The company states on p.45 that it has no exact comparable Indian peer. However, on p.103-104 it compares itself to Acme Solar Holdings Limited (a mainboard listed entity) along with SME listed peers Alpex Solar Limited and Solarium Green Energy Limited.
Source: p.45, 102, 103, 104
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2024-09-23 | Initial Subscribers to MOA / Partnership Firm Partners | 1000000 | 10 | promoter | initial | p.72, 73 |
| 2025-07-21 | Aditya Joshi, Chittorgarh Infotech Ltd, Yash Hitesh Patel & Others | 250000 | 160 | other | preferential | p.72, 73 |
| 2026-05-05 | Existing Shareholders | 8750000 | 0 | promoter | bonus | p.72, 73 |
| 2026-06-05 | Ami Niraj Shah, Aparna Misra, Avnish Chhabria & Others | 985111 | 72 | other | preferential | p.72, 74 |
Ceo: Bhargv Ashvinbhai Vachhani
Criminal cases against company: NIL. Civil cases against company: NIL. Tax demands/notices: NIL. Trademark objections: Trademark INFRAX under Class 35 objected by Trademark Registry, Gujarat.
Auditor name: Mundra & Co., Chartered Accountants
Skin in game: Promoter pre-issue shareholding is 67.73%.
Auditor changed last 3y: No
Source: p.151, 181, 188, 268
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Infrax Solar LLP | 7.6568 | sale | group company | yes | p.188, 202 |
| Infrax Solar LLP | 3.7392 | purchase | group company | yes | p.188, 202 |
| Bhargv Ashvinbhai Vachhani | 0.148 | remuneration | director | yes | p.188, 202 |
| Gandhi Bhavik Tarunkumar | 0.148 | remuneration | director | yes | p.188, 202 |
| Bhargv Ashvinbhai Vachhani | 1.1641 | loan taken | director | no | p.188, 239 |
| Gandhi Bhavik Tarunkumar | 0.422 | loan taken | director | no | p.188, 239 |
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 ₹-3 cr against trailing net profit ₹10 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 ₹-7 cr, negative in 1 of 3 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.
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 65.0% of assets. Free cash flow negative in 1 of 3 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.
cumulative operating cash flow ÷ cumulative net profit
₹-3 cr ÷ ₹13 cr, over 2 years
-0.23×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹10 − ₹-3) cr ÷ average assets
65.0%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
10.8% × 2.91 × 2.00
62.5%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹15 cr ÷ ₹1 cr
15.00×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹7 cr ÷ ₹16 cr
0.44×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 2 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.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 49.73% to 49.73% across these quarters.
Other held steady from 50.27% to 50.27% 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 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Debtor days
How long customers take to pay | 9 | 3 | 45 |
| Inventory days
How long stock sits before it sells | 153 | 87 | 69 |
| Payable days
How long the company takes to pay suppliers | 68 | 11 | 11 |
| Cash conversion cycle
Debtor + inventory − payable days | 95 | 78 | 102 |
| Working capital days | 12 | 2 | 49 |
| ROCE %
Return on capital employed | — | 142.0% | 105.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2025 | FY2026 |
|---|---|---|
| Revenue from operations | 30 | 93 |
| Other income | 0 | 0 |
| Depreciation | 0 | 0 |
| Finance cost | 0 | 1 |
| Profit before tax | 4 | 14 |
| Net profit (owners) | 3 | 10 |
| EPS (₹) | 28.50 | 81.60 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Mar 2024 6m |
|---|---|
| Revenue | 10 |
| Other Income | 0 |
| Expenses | 8 |
| Depreciation | 0 |
| Finance cost | 0 |
| Profit before tax | 2 |
| Net Profit | 1 |
| Item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Equity Capital | 0 | 1 | 1 |
| Reserves | 1 | 1 | 15 |
| Borrowings | 0 | 3 | 7 |
| Net block | 0 | 0 | 5 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Total Assets | 4 | 8 | 32 |
| Line | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Cash from operations | 2 | 0 | -3 |
| Cash from investing | 0 | 0 | -5 |
| Cash from financing | -1 | 0 | 7 |
| Free cash flow | 2 | 0 | -7 |
| Net change in cash | 0 | 0 | 0 |
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.