Pasura Industries Limited

Industrials — Specialty Business Services · BSE

₹4.30+₹0.05 (+1.18%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:55 pm

Understanding the Business

Company site ↗

The 60-second version of Pasura Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Pasura Industries Limited provides co-packing services in India. It serves beverage and non-carbonated water industries. The company was formerly known as Arunjyoti Bio Ventures Limited and changed its name to Pasura Industries Limited in September 2026.

IndustrySpecialty Business Services

SectorIndustrials

Employees168

Annual revenue₹28 Cr

How does it make money?

Turns over ₹28 Cr a year. Of every ₹100 of sales, about ₹-16 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 168 employees supports ₹16.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹16.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -7.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1499% while net margin moved -343% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+1499%

Margin effect-343%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 21.3 points over the period

Quality vs. Valuation

Company Quality

42/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

25/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

32.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 9.5% to 11.4% over 3 years.
Debt is being paid down
Total debt is down 31% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 5.5% to -15.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 0.5% to -7.7% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -1.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹5 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.9x to -1.6x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 65% over 3 years — each existing share owns a smaller slice of the company.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.43 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 9.5% to 11.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 31% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 7.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Returns on shareholder capital are falling
ROE has dropped from 5.5% to -15.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 114% a year✓ 152.0% CAGR
Latest reported year was -5.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 11.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 7.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ -1.6x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹7 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 4 neutral · 6 weak

Market Cap

₹80 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

2.79x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.33

Loss-making

Negative earnings per share — the business is losing money

ROE

-15.8%

Weak

Weak capital efficiency

ROCE

-7.7%

Weak

Low return on total capital employed

Debt/Equity

0.78x

Moderate

Moderate leverage

Revenue Growth (YoY)

-5.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-76.9%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

15.1%

Good

Healthy core-business profitability

Net Margin

-21.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.43

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.05

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.2 / 4.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

55.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹20 Cr	₹28 Cr	₹28 Cr	+152.0%
EBITDA	₹0 Cr	₹3 Cr	₹5 Cr	₹3 Cr	+167.5%
EBITDA Margin	9.5%	13.7%	18.9%	11.4%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹5 Cr	—
EPS	₹0.01	₹-0.03	₹-0.01	₹-0.24	—
ROE	5.5%	-19.7%	-0.8%	-15.8%	—
ROCE	0.5%	1.6%	4.5%	-7.7%	—
Total Debt	₹32 Cr	₹51 Cr	₹26 Cr	₹22 Cr	-11.6%
Free Cash Flow	-₹32 Cr	-₹16 Cr	-₹4 Cr	₹7 Cr	—

🟢 Revenue has grown at 152.0% a year over 3 years.

🟢 EBITDA has grown at 167.5% a year over 3 years.

🟢 EBITDA Margin has risen from 9.5% to 11.4% over 3 years (+1.9 pts).

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹5 Cr.

🔴 EPS has turned negative, from ₹0.01 to ₹-0.24.

🔴 ROE has fallen from 5.5% to -15.8% over 3 years (-21.3 pts).

🔴 ROCE has fallen from 0.5% to -7.7% over 3 years (-8.2 pts).

🟢 Total Debt has shrunk at 11.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹32 Cr to ₹7 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹54 Cr

Total Liabilities

₹25 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹10 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

67.6%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 mixed3 general

Pasura Industries (BSE:530881) - Stock Analysis

Simply Wall Street, 08 Sept

Pasura Industries (BSE:530881) Stock Forecast & Analyst Predictions

Simply Wall Street, 08 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Pasura Industries Limited (530881) Company Information

Simply Wall Street, 08 Sept

Pasura Industries Limited Announces Change in Registered Office Address, Effective from November 1, 2026

www.marketscreener.com, 06 Oct

Arunjyothi Bio Ventures Limited Announces Unaudited Earnings Results for the First Quarter Ended June 30, 2018

www.marketscreener.com, 17 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Revenue growth is negative (-5.9%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑