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 12.2x earnings against its own median of 12.2x: 0.0 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.
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 ₹-4 cr against trailing net profit ₹34 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 ₹-27 cr, negative in 4 of 4 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Debt rose over 2 years, and most of it (81%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹162 cr largely matched by an asset build of ₹131 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Net margin improved from 3.2% to 6.6% 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 6.6% vs 3.2% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
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 4 of 9 signals testable).
Needs trade receivables, total assets, current assets, net block, other expenses, borrowings.
Free cash flow negative in 4 of 4 years.
cumulative operating cash flow ÷ cumulative net profit
₹-1 cr ÷ ₹69 cr, over 4 years
-0.01×
Below 1.0 and persistent means profit is being recognised before the cash arrives.EBIT ÷ finance cost
₹66 cr ÷ ₹18 cr
3.67×
How many times operating profit covers the interest bill.Needs more balance-sheet detail (only 1 of 6 flags testable).
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.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
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 the same sector (Textile). 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 64.52% to 64.52% across these quarters.
FII held steady from 11.45% to 11.59% across these quarters.
Other held steady from 24.03% to 23.89% 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 | 58 | 42 | 81 |
| Inventory days
How long stock sits before it sells | 129 | 144 | 192 |
| Payable days
How long the company takes to pay suppliers | 67 | 59 | 147 |
| Cash conversion cycle
Debtor + inventory − payable days | 120 | 127 | 126 |
| Working capital days | 29 | 5 | 33 |
| ROCE %
Return on capital employed | — | 17.0% | 18.0% |
What this sector is read on: Stores, Net store additions, Retail area, Same-store sales growth, Revenue per sq ft, Gross margin, Inventory days. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Consumer discretionary and retail framework (from the listed sector). Primary valuation lens: P/E against same-store growth.
Read more closely in this sector: Growth from new stores against same stores · Inventory build against sales.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue from operations | 94 | 121 | 314 | 513 |
| Other income | 0 | 0 | 1 | 1 |
| Depreciation | 4 | 7 | 17 | 19 |
| Finance cost | 3 | 5 | 15 | 18 |
| Profit before tax | 12 | 17 | 26 | 48 |
| Net profit (owners) | 3 | 13 | 19 | 34 |
| EPS (₹) | 8.10 | 42.26 | 11.69 | 7.99 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 |
|---|---|
| Revenue | 104 |
| Other Income | 0 |
| Expenses | 88 |
| Depreciation | 5 |
| Finance cost | 4 |
| Profit before tax | 7 |
| Net Profit | 5 |
| EPS | 3.02 |
| Item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Equity Capital | 3 | 3 | 16 |
| Reserves | 23 | 36 | 54 |
| Borrowings | 45 | 145 | 207 |
| Net block | 49 | 75 | 170 |
| CWIP | 0 | 73 | 10 |
| Investments | 0 | 0 | 0 |
| Total Assets | 88 | 203 | 375 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | -1 | 18 | -14 | -4 |
| Cash from investing | -46 | -108 | -50 | -22 |
| Cash from financing | 47 | 95 | 61 | 26 |
| Free cash flow | -46 | -88 | -64 | -27 |
| Net change in cash | 0 | 4 | -4 | 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.
Sonaselection India reported revenue of ₹104 cr for April to June 2025, — on the year and — on the quarter.
Operating profit (EBITDA) was ₹16.2 cr, a margin of 15.5%, — on the year and — on the quarter.
Net profit was ₹4.8 cr, — on the year and — on the quarter, with earnings per share of ₹3.02.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; 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: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).