Amir Chand Jagdish Kumar (Exports) Limited

Consumer Defensive — Farm Products · NSE

₹235.50+₹3.35 (+1.44%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

The 60-second version of Amir Chand Jagdish Kumar (Exports) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Amir Chand Jagdish Kumar (Exports) Limited engages in the procurement, storage, processing, producing, marketing, exports, and sale of rice and other FMCG products in India. Its products are categorized into two segments: Rice and FMCG.

IndustryFarm Products

SectorConsumer Defensive

Employees226

Annual revenue₹1,984 Cr

How does it make money?

Turns over ₹1,984 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 226 employees supports ₹8.78 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹8.78 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 38.8%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 16.0% against a peer median of 51.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 2 years revenue moved +52% while net margin moved +128% 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+52%

Margin effect+128%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk

Quality vs. Valuation

Company Quality

70/ 100

Good

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

Valuation

69/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

19.7x

Sector Median

43.3x

median of 4 sector peers

🟢Against its sector it trades 55% below the peer median of 43.3x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

43.3x median of 4 peers · -55%

vs. generic bands

Fair

15x–35x

EV/EBITDA

20.7x

PEG

0.23

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 5.6% to 7.8% over 2 years.
Cash generation is improving
Free cash flow is up 30% over 2 years.
Return on equity is rising
ROE has improved from 6.2% to 16.0%.
Return on capital is rising
ROCE has improved from 22.0% to 38.8%.
High return on capital employed
ROCE of 38.8% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 38.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 5.6% to 7.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 55% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 5.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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.

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

1Revenue growth stays above 18% a year✓ 23.4% CAGR
Latest reported year was 55.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 7.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 5.1x
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✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹93 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

9 / 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

6 good · 5 neutral · 0 weak

Market Cap

₹2,439 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

19.7x

Fair

Fairly valued against the generic band

P/B Ratio

2.16x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹11.97

Profitable

Profitable on a per-share basis

ROE

16.0%

Strong

Strong capital efficiency

ROCE

38.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.82x

Moderate

Moderate leverage

Revenue Growth (YoY)

55.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

81.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹93 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

9.1%

Average

Average margins

Net Margin

4.9%

Average

Average bottom-line conversion

Current Ratio

1.25

Comfortable

Healthy short-term liquidity

52W Range Position

95%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

212.1 / 197.2

Bullish alignment (short > long)

RSI (14)

73.1

Overbought zone

Financial Trend (3-Year)

Metric	FY23	FY24	FY25	2Y CAGR
Revenue	₹1,302 Cr	₹1,524 Cr	₹1,984 Cr	+23.4%
EBITDA	₹73 Cr	₹104 Cr	₹155 Cr	+46.2%
EBITDA Margin	5.6%	6.8%	7.8%	—
PAT (Net Profit)	₹17 Cr	₹30 Cr	₹61 Cr	+86.4%
EPS	₹1.69	₹2.94	₹5.87	+86.4%
ROE	6.2%	9.8%	16.0%	—
ROCE	22.0%	30.1%	38.8%	—
Total Debt	₹668 Cr	₹778 Cr	₹784 Cr	+8.4%
Free Cash Flow	₹72 Cr	-₹8 Cr	₹93 Cr	+13.9%

🟢 Revenue has grown at 23.4% a year over 2 years.

🟢 EBITDA has grown at 46.2% a year over 2 years.

🟢 EBITDA Margin has risen from 5.6% to 7.8% over 2 years (+2.2 pts).

🟢 PAT (Net Profit) has grown at 86.4% a year over 2 years.

🟢 EPS has grown at 86.4% a year over 2 years.

🟢 ROE has risen from 6.2% to 16.0% over 2 years (+9.8 pts).

🟢 ROCE has risen from 22.0% to 38.8% over 2 years (+16.8 pts).

🔴 Total Debt has grown at 8.4% a year over 2 years.

🟢 Free Cash Flow has grown at 13.9% a year over 2 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹1,549 Cr

Total Liabilities

₹1,170 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹95 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

5.0%

Insider Holding

82.7%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

1 mixed5 general

Amir Chand Jagdish Kumar symbol changes to AEROPLANE

scanx.trade, 14 Oct

Amir Chand Jagdish Kumar (Exports) (AEROPLANE) Share Price Near Record High as Stock Trades at Rs 221.50

Univest, 15 Oct

Amir Chand Jagdish Kumar Exports IPO lists at discount, shares hit lower circuit on BSE and NSE

Goodreturns, 12 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Strong Momentum Meets Stretched Valuations as Amir Chand Jagdish Kumar (Exports) Ltd Reaches All-Time High

MarketsMojo, 15 Oct

Amir Chand Jagdish Kumar IPO fully subscribed on Day 1: Check price band, lot size and key dates

Upstox, 03 Jul

Amir Chand Jagdish Kumar (Exports) Ltd | Stock Share Price Live

MarketSmith India, 31 Jul

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongGrowth · Profitability

MiddlingBusiness Quality · Financial Health · Valuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

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