Altman Z″
Needs current assets and current liabilities, reserves, EBIT, net worth and total liabilities.
MALA · Textile · INE1N3Y01016
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.
Shree Balaji (Mala) Textiles Limited is a contract manufacturer and wholesaler of cotton sarees in India's B2B cotton sarees wholesale segment. The company shifted from trading to pure play manufacturing of cotton sarees on a job work basis, getting manufacturing done at designated job work units. It also started a manufacturing facility in Jetpur under the name Shree Brindavan Chandra Prints. Approximately 95% of its products are manufactured through job workers, allowing the company to strategically leverage the advantages of job work arrangements without incurring substantial capital expenditure. Its product catalogue consists of multiple design options catering to all genres under the brand name 'Mala Saree'. The company operates a B2B business model, selling products through a network of approximately 105 brokers, 13 dealers, 69 wholesalers, and 3000 retailers spread across the Central, East, North, Northeast, South, and West parts of India.
Approximately 95% of products are manufactured through job workers, allowing the company to optimize operational efficiency and manage costs effectively without substantial capital expenditure. It relies on a strong distribution network of brokers, dealers, wholesalers, and retailers.
Shree Balaji (Mala) Textiles Limited is a contract manufacturer and wholesaler of cotton sarees in India's B2B cotton sarees wholesale segment.
Source: p. 130
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| N R Vandana Tex Industries Limited | 15.03 | 14.43 | p. 103 | ||
| Saraswati Saree Depot Ltd | 9.32 | 12.02 | p. 103 | ||
| Shree Balaji (Mala) Textiles Limited (Our company) | 21.28 | p. 103 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0.3217 | 5.8542 | 15.501 | 2.76% | 211.9718 | yes |
| standalone | FY25 | 0.5722 | 4.9461 | 13.2029 | 2.56% | 193.0437 | yes |
| standalone | FY24 | 0.2337 | 2.4564 | 10.2269 | 1.26% | 195.5407 | yes |
Written before listing, answered from the document itself.
How are the IPO funds being deployed?
The fresh issue proceeds will be utilized primarily for working capital requirements (Rs 16.50 Cr), with the remainder designated for general corporate purposes.
p. 93
Who are the promoters and what is their holding?
The promoters are Binod Kumar Kedia, Anita Kedia, and Mrityunjay Commosales Private Limited, who collectively hold 96.46% pre-IPO. Their holding base was significantly expanded by a 9:1 bonus issue in September 2025.
p. 80, 86, 90
Are there material related party transactions extracting value?
The company routinely takes and repays unsecured loans with its directors (Binod Kumar Kedia, Anita Kedia, Shresth Kedia, Hemlata Kedia, and Rishika Kedia) and engages in minor purchase/sale transactions with promoter-owned entities like M/s Shree Savya and M/s Shreejay Creations.
p. 471, 472, 476, 477
Does the company's cash flow match its reported profits?
No. Despite reporting a PAT of Rs 5.85 Cr in FY26, operating cash flow collapsed to a negative Rs -13.26 Cr. This was primarily caused by trade receivables ballooning to Rs 104.26 Cr.
p. 183-186, 195-207
What structural market risks apply to this issue?
As an SME IPO, this issue carries standing market risks including a strictly mandated minimum investment lot size, mandatory 5% circuit filters, high dependence on the designated market maker (Mansi Share and Stock Broking Private Limited) for liquidity, and an inherently thin free float.
p. 2, 7, 8, 10, 56, 228
What the issue priced at, on the figures in the document.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2005-09-30 | Binod Kumar Kedia | 5000 | 10 | promoter | initial | p. 78, 84 |
| 2005-09-30 | Anita Kedia | 2500 | 10 | promoter | initial | p. 78, 85 |
| 2005-09-30 | Hemlata Kedia | 2500 | 10 | promoter group | initial | p. 78 |
| 2006-03-30 | Anita Kedia | 10000 | 10 | promoter | initial | p. 78, 85 |
| 2006-03-30 | Sulochana Devi Kedia | 10000 | 10 | promoter group | initial | p. 78 |
| 2006-03-30 | Hanuman Prasad Kedia | 10000 | 10 | other | initial | p. 78 |
| 2006-03-30 | Hemlata Kedia | 10000 | 10 | promoter group | initial | p. 78 |
| 2006-03-30 | Manoj Kumar Kedia | 100000 | 10 | promoter group | initial | p. 78 |
| 2006-03-30 | Shresth Kedia | 100000 | 10 | promoter group | initial | p. 78 |
| 2006-03-30 | Santosh Kumar Kedia | 10000 | 50 | other | initial | p. 78 |
| 2006-03-30 | R.B. Rungta | 10000 | 50 | other | initial | p. 78 |
| 2006-03-30 | Manoj Kumar Jajodia | 10000 | 50 | other | initial | p. 78 |
| 2006-03-30 | Sarika Bajaj | 10000 | 50 | promoter group | initial | p. 78 |
| 2006-03-31 | Vireswar Export Pvt. Ltd. | 10000 | 50 | other | initial | p. 78 |
Litigation: Criminal proceedings by Company: 2.6310 Crore. Direct and indirect tax proceedings against Company: 0.0041 Crore.
Auditor name: M/s D Banka & Co.
Skin in game: 96.46%
Massive discrepancies noted between quarterly stock and book debt statements submitted to banks and the books of accounts (differences up to Rs 25.18 Crore in Q3 FY26) due to non-completion of bank and book entries.
Auditor changed last 3y: No
Source: p. 210-213, 222, 515-524
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.
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 ₹-13 cr, negative in 1 of 5 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, reserves, EBIT, net worth and total liabilities.
Needs more balance-sheet detail (only 1 of 9 signals testable).
Needs trade receivables, revenue, total assets, current assets, net block, depreciation, other expenses, borrowings, net profit.
Free cash flow negative in 1 of 5 years.
cumulative operating cash flow ÷ cumulative net profit
₹20 cr ÷ ₹22 cr, over 3 years
0.91×
Below 1.0 and persistent means profit is being recognised before the cash arrives.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 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 72.74% to 72.74% across these quarters.
FII held steady from 3.86% to 3.86% across these quarters.
Other held steady from 23.40% to 23.40% 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 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Debtor days
How long customers take to pay | 91 | 107 | 170 |
| Inventory days
How long stock sits before it sells | 84 | 591 | — |
| Payable days
How long the company takes to pay suppliers | 44 | 1,182 | — |
| Cash conversion cycle
Debtor + inventory − payable days | 131 | -484 | 170 |
| Working capital days | -42 | 4 | 35 |
| ROCE %
Return on capital employed | — | 28.0% | 59.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from operations | 48 | 138 | 142 |
| Other income | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 1 |
| Finance cost | 2 | 1 | 3 |
| Profit before tax | 1 | 7 | 22 |
| Net profit (owners) | 1 | 5 | 16 |
| EPS (₹) | 1.61 | 13.71 | 43.98 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Equity Capital | 4 | 4 | 4 |
| Reserves | 2 | 7 | 22 |
| Borrowings | 19 | 24 | 27 |
| Net block | 1 | 1 | 5 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Total Assets | 33 | 84 | 94 |
| Line | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash from operations | 6 | 7 | 4 | 9 | -13 |
| Cash from investing | 0 | 0 | 0 | 0 | 0 |
| Cash from financing | -7 | -8 | -3 | -9 | 13 |
| Free cash flow | 6 | 7 | 4 | 8 | -13 |
| Net change in cash | -1 | 0 | 1 | 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.