Altman Z″
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
This 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.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
Trading at 14.3x earnings against its own median of 18.6x: 1.6 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.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 630% over 3 years, but only about 17% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹636 cr against an asset build of ₹111 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
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 ₹-184 cr, negative in 3 of 5 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 169% over two years while the company also carries ₹7 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 ₹737 cr from ₹274 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
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 2 of 9 signals testable).
Needs trade receivables, total assets, current assets, net block, other expenses, borrowings, operating cash flow.
Free cash flow negative in 3 of 5 years.
cumulative operating cash flow ÷ cumulative net profit
₹-61 cr ÷ ₹482 cr, over 5 years
-0.13×
Below 1.0 and persistent means profit is being recognised before the cash arrives.EBIT ÷ finance cost
₹458 cr ÷ ₹93 cr
4.92×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 0 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.
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 89.90% to 89.90% across these quarters.
FII held steady from 2.27% to 2.27% across these quarters.
MF held steady from 0.11% to 0.11% across these quarters.
Other held steady from 7.72% to 7.72% 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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 109 | 46 | 54 | 25 | 35 |
| Inventory days
How long stock sits before it sells | 78 | 85 | — | 24 | 31 |
| Payable days
How long the company takes to pay suppliers | 265 | 47 | — | 30 | 9 |
| Cash conversion cycle
Debtor + inventory − payable days | -78 | 85 | 54 | 19 | 58 |
| Working capital days | 37 | 31 | 13 | 13 | 22 |
| ROCE %
Return on capital employed | — | 28.0% | 29.0% | 38.0% | 35.0% |
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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 519 | 756 | 1,227 | 2,403 | 2,862 | 3,457 |
| Other income | 4 | 3 | 11 | -20 | 25 | 42 |
| Depreciation | 7 | 7 | 7 | 18 | 26 | 44 |
| Finance cost | 8 | 9 | 28 | 49 | 80 | 93 |
| Profit before tax | 41 | 61 | 92 | 169 | 289 | 365 |
| Net profit (owners) | 30 | 45 | 68 | 119 | 220 | 275 |
| EPS (₹) | 8.79 | 13.34 | 20.09 | 35.05 | 8.08 | 10.12 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 908 | 1,160 | 778 |
| Other Income | 4 | 22 | 9 |
| Expenses | 785 | 1,021 | 667 |
| Depreciation | 8 | 14 | 11 |
| Finance cost | 19 | 26 | 24 |
| Profit before tax | 100 | 122 | 85 |
| Net Profit | 75 | 91 | 61 |
| EPS | 2.76 | 3.36 | 2.25 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Equity Capital | 34 | 34 | 34 | 34 | 136 |
| Reserves | 102 | 170 | 228 | 347 | 464 |
| Borrowings | 50 | 101 | 274 | 413 | 737 |
| Net block | 45 | 65 | 81 | 127 | 142 |
| CWIP | 0 | 0 | 0 | 0 | 34 |
| Investments | 6 | 6 | 7 | 11 | 7 |
| Total Assets | 454 | 486 | 782 | 1,113 | 1,654 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash from operations | 30 | 45 | -50 | 22 | -108 |
| Cash from investing | -7 | -2 | -100 | -130 | -115 |
| Cash from financing | -24 | -20 | 128 | 91 | 252 |
| Free cash flow | 24 | 40 | -73 | -43 | -184 |
| Net change in cash | -1 | 24 | -22 | -17 | 29 |
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.
LCC Projects Limited reported revenue of ₹778 cr for April to June 2026, −14.3% on the year and −32.9% on the quarter.
Operating profit (EBITDA) was ₹111 cr, a margin of 14.3%, +72 bps on the year and +220 bps on the quarter. Operating costs grew −15.0% against revenue growth of −14.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹61.0 cr, −18.7% on the year and −33.0% on the quarter, with earnings per share of ₹2.25. Profit before other income, one-offs and tax fell 20.8%, so the profit growth came from the business itself.
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.
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.
| Q1 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|
| Revenue | ₹908 cr | ₹1,160 cr | ₹778 cr |
| YoY | — | — | −14% |
| EBITDA margin | 13.5% | 12.1% | 14.3% |
| Other income, % of PBT | 4% | 18% | 11% |
| Exceptional items | — | — | — |
| Tax rate | 25% | 25% | 28% |
| Net profit | ₹75.0 cr | ₹91.0 cr | ₹61.0 cr |
| YoY | — | — | −19% |
| Core profit YoY | — | — | −21% |
| EPS | ₹2.76 | ₹3.36 | ₹2.25 |
| Flags | · | · | ✓ |
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.