Altman Z″
Needs current assets and current liabilities, EBIT.
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.
What the numbers mean when read together — computed from the filings, not a score.
Net margin improved from 2.9% to 13.3% 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 13.3% vs 2.9% 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 ₹7 cr. Negative in only 1 of 4 years. A self-funding business needs less external capital and dilutes less.
Borrowings have fallen 57% 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 ₹13 cr from ₹30 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, EBIT.
Needs more balance-sheet detail (only 3 of 9 signals testable).
Needs trade receivables, revenue, current assets, depreciation, other expenses, net profit.
Free cash flow negative in 1 of 4 years.
cumulative operating cash flow ÷ cumulative net profit
₹30 cr ÷ ₹15 cr, over 3 years
2.00×
Above 1.0 means cash exceeds reported profit — the healthier reading.borrowings ÷ net worth
₹13 cr ÷ ₹46 cr
0.28×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 1 of 6 flags testable).
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.
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 related sectors (Telecommunication - Service Provider). 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 57.97% to 57.97% across these quarters.
FII trimmed from 4.57% to 3.63% across these quarters.
MF held steady from 0.52% to 0.52% across these quarters.
Other rose from 36.94% to 38.40% 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 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 97 | 77 | 58 | 57 | 80 | 96 |
| Inventory days
How long stock sits before it sells | 83 | 112 | 106 | 89 | 157 | 248 |
| Payable days
How long the company takes to pay suppliers | 3 | 31 | 16 | 4 | 69 | 19 |
| Cash conversion cycle
Debtor + inventory − payable days | 177 | 158 | 148 | 142 | 169 | 325 |
| Working capital days | 131 | 103 | 60 | 56 | 90 | 138 |
| ROCE %
Return on capital employed | — | 13.0% | 13.0% | 14.0% | 30.0% | 39.0% |
What this sector is read on: ARPU, Subscribers, Churn, Data per user, Capex, Net debt. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Telecom framework (from the listed sector). Primary valuation lens: EV/EBITDA, ARPU-led.
Read more closely in this sector: Spectrum and AGR dues · Capex against EBITDA.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from operations | 56 | 68 | 92 | 101 | 103 |
| Other income | 0 | 0 | 0 | 1 | 0 |
| Depreciation | 8 | 6 | 8 | 6 | 4 |
| Finance cost | 3 | 3 | 4 | 3 | 2 |
| Profit before tax | 3 | 3 | 3 | 5 | 13 |
| Net profit (owners) | 2 | 2 | 2 | 3 | 10 |
| EPS (₹) | 6.18 | 7.82 | 7.45 | 11.72 | 31.07 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Feb 2026 11m |
|---|---|
| Revenue | 105 |
| Other Income | 0 |
| Expenses | 81 |
| Depreciation | 3 |
| Finance cost | 3 |
| Profit before tax | 18 |
| Net Profit | 14 |
| EPS | 9.92 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 14 |
| Reserves | 8 | 10 | 12 | 16 | 29 | 32 |
| Borrowings | 36 | 34 | 40 | 30 | 17 | 13 |
| Net block | 23 | 22 | 23 | 16 | 12 | 9 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 51 | 53 | 60 | 54 | 67 | 70 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | 7 | 12 | 11 | 7 |
| Cash from investing | -9 | 1 | 0 | 0 |
| Cash from financing | 2 | -13 | -11 | -7 |
| Free cash flow | -1 | 13 | 11 | 7 |
| Net change in cash | 0 | 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.