Altman Z″
Needs withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
Concall notes and the half-year checks appear once the filing read is in.
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
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 40.2x earnings against its own median of 24.3x: 0.6 standard deviations above 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.
Over the last year profit declined 35.2% even as revenue grew 11.3% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹49,963 cr (up 11.3%) but trailing profit ₹776 cr (down 35.2%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Other income is 108% of pre-tax profit — a large share of the profit comes from outside the core operating business.
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.
Trailing other income ₹718 cr against pre-tax profit ₹662 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
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 withheld for this sector: Built on manufacturers' working capital and asset turnover; a lender always looks distressed on it..
Needs withheld for this sector: Five of its nine tests (cash flow, accruals, current ratio, leverage, asset turnover) mislead on a lending balance sheet..
Needs withheld for this sector: Its receivable, margin and accrual terms do not describe a lender's accounts..
Accruals are 5.4% of assets.
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
₹-24,482 cr ÷ ₹14,136 cr, over 12 years
-1.73×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹1,417 − ₹-4,532) cr ÷ average assets
5.4%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
2.8% × 0.45 × 3.87
5.0%
Splits ROE into whether returns come from operations or from borrowing.borrowings ÷ net worth
₹0 cr ÷ ₹28,531 cr
0.00×
Read against the sector — infrastructure carries more than software.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.
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 85.44% to 85.44% across these quarters.
FII held steady from 1.00% to 0.91% across these quarters.
MF held steady from 0.08% to 0.12% across these quarters.
Other held steady from 13.48% to 13.53% across these quarters.
What this sector is read on: AUM, AUM growth YoY, Disbursements, NIM or spread, Cost of funds, Stage 2, Gross Stage 3, Net Stage 3. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the NBFCs and housing finance framework (from the listed sector). Primary valuation lens: P/B against RoA and growth.
Read more closely in this sector: Stage 2 movement against Stage 3 · ALM gap within one year · Write-offs against slippages · Lending to group companies · Unsecured or microfinance growth against the total book.
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 | 33,066 | 35,821 | 41,007 | 43,285 | 43,541 | 49,758 |
| Other income | 27 | 87 | 60 | 203 | 84 | 888 |
| Depreciation | 103 | 87 | 82 | 59 | 51 | 81 |
| Finance cost | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2,060 | 178 | 1,256 | 1,412 | 1,022 | 1,233 |
| Net profit (owners) | 1,645 | 198 | 1,050 | 1,120 | 1,038 | 1,417 |
| EPS (₹) | 9.95 | 1.18 | 6.36 | 6.77 | 6.29 | 8.57 |
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 | 10,567 | 11,366 | 11,686 | 10,418 | 10,786 | 10,703 | 11,664 | 11,719 | 13,450 | 12,069 | 12,544 | 11,900 |
| Other Income | 4 | 0 | 36 | 2 | 1 | 9 | 77 | 202 | 98 | 166 | 427 | 27 |
| Expenses | 10,813 | 10,500 | 11,252 | 10,148 | 10,646 | 10,605 | 11,239 | 11,530 | 13,524 | 11,863 | 12,525 | 12,105 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finance cost | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -242 | 866 | 470 | 272 | 141 | 107 | 502 | 391 | 23 | 372 | 446 | -179 |
| Net Profit | -175 | 722 | 313 | 243 | 91 | 349 | 356 | 402 | 55 | 380 | 580 | -239 |
| EPS | -1.07 | 4.38 | 1.89 | 1.45 | 0.54 | 2.12 | 2.18 | 2.43 | 0.33 | 2.31 | 3.51 | -1.47 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 824 | 824 | 824 | 824 | 824 | 824 |
| Reserves | 24,732 | 24,981 | 25,040 | 27,472 | 28,171 | 27,707 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Net block | 547 | 563 | 564 | 471 | 533 | 520 |
| CWIP | 16 | 18 | 14 | 20 | 6 | 13 |
| Investments | 67,025 | 71,319 | 74,360 | 82,069 | 80,942 | 78,160 |
| Total Assets | 92,470 | 96,496 | 98,223 | 107,446 | 109,771 | 110,349 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 777 | -4,052 | -5,855 | -4,672 | -3,390 | -4,532 |
| Cash from investing | -334 | 4,900 | 5,701 | 7,203 | 3,285 | 2,050 |
| Cash from financing | 77 | -6 | -65 | -326 | -343 | -297 |
| Free cash flow | 728 | -4,148 | -5,928 | -4,723 | -3,496 | -4,597 |
| Net change in cash | 520 | 842 | -219 | 2,206 | -448 | -2,778 |
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.
The same read, applied to the companies this one competes with.
The New India Assurance Company Ltd. reported total income of ₹13,721 cr for July to September 2026, +2.0% on the year and +15.3% on the quarter. That is slower than this quarter has grown in recent years (+13.4% on average). It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹50,234 cr, +5.7% on the four before.
The company swung to a net loss of ₹1,249 cr from a profit of ₹55.0 cr a year earlier, with earnings per share of −₹7.59. Profit over the last four quarters totals −₹528 cr, −145.4% on the four before.
Of the 48 companies in NBFCs and housing finance that have reported Q2 FY27 so far, The New India Assurance Company Ltd. ranks 48th on profit growth; the sector median is +25.2%.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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, Asset quality (lenders), Net interest margin (lenders), Net interest income against profit (lenders). 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹11,366 cr | ₹11,686 cr | ₹10,418 cr | ₹10,786 cr | ₹10,703 cr | ₹11,664 cr | ₹11,719 cr | ₹13,450 cr | ₹12,069 cr | ₹12,544 cr | ₹11,900 cr | ₹13,721 cr |
| YoY | — | — | +5% | +2% | −6% | −0% | +12% | +25% | +13% | +8% | +2% | +2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 18% | 34% | 14% | 48% | — | 36% | 0% | 14% | −1% | −26% | — | — |
| Net profit | ₹722 cr | ₹313 cr | ₹243 cr | ₹91.0 cr | ₹349 cr | ₹356 cr | ₹402 cr | ₹55.0 cr | ₹380 cr | ₹580 cr | −₹239 cr | −₹1,249 cr |
| YoY | — | — | −7% | — | −52% | +14% | +65% | −40% | +9% | +63% | −159% | −2,371% |
| EPS | ₹4.38 | ₹1.89 | ₹1.45 | ₹0.54 | ₹2.12 | ₹2.18 | ₹2.43 | ₹0.33 | ₹2.31 | ₹3.51 | −₹1.47 | −₹7.59 |
| Flags | · | · | · | · | · | · | 1 | 1 | 1 | 1 | 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.