Agribio Spirits Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹309.00−₹2.00 (−0.64%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Agribio Spirits Limited engages in the trading of commodities in India. It also exports lather, jute, and handicraft products. The company was formerly known as Beekay Niryat Limited and changed its name to Agribio Spirits Limited in November 2024.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Annual revenue₹45 Cr

How does it make money?

Turns over ₹45 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation.

EBITDA margin7.5%

Net margin6.5%

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 3.9% 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.

ROCE3.9%

ROE4.1%

Peer median ROE25.9%

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 +149% while net margin moved -52% 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+149%

Margin effect-52%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 77.8x is demanding — it needs sustained high growth to justify
✗ P/E is 82% above its own historical median of 42.8x — expensive by its own standards

Quality vs. Valuation

Company Quality

44/ 100

Weak

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

Valuation

32/ 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.

Historical Valuation

Current P/E

77.8x

3Y Median

42.8x

40 monthly readings · mean 55.7x · range 9.8x–124.3x

Sector Median

69.2x

median of 4 sector peers

⚠️Current valuation is approximately 82% above its 3y median of 42.8x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟡Against its sector it is priced broadly in line with the peer median of 69.2x.

vs. its own history

Expensive

42.8x median over 40 months · +82%

vs. sector peers

Fair

69.2x median of 4 peers · +12%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

77.8x

P/B

—

EV/EBITDA

104.6x

PEG

13.51

Dividend Yield

0.10%

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention6

Margins are compressing
EBITDA margin has slipped from 15.4% to 7.5% over 3 years.
Debt is rising
Total debt is up 2630% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 16.0% to 4.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 17.5% to 3.9% — often a sign of competition or overexpansion.
Valuation above its historical average
At 77.8x the stock trades 82% above its own median of 42.8x.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 2630% over 3 years, from ₹1 Cr to ₹17 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 7.9 points, from 15.4% to 7.5%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 42% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 15.4% to 7.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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.
The price already assumes success
The stock trades 82% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 16.0% to 4.1%. 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.
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 27% a year✓ 35.5% CAGR
Latest reported year was 147.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 5%✓ 7.5%
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.
4Free cash flow remains positive✗ -₹3 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 3.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

3 good · 4 neutral · 4 weak

Market Cap

₹336 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

77.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹3.97

Profitable

Profitable on a per-share basis

ROE

4.1%

Weak

Weak capital efficiency

ROCE

3.9%

Weak

Low return on total capital employed

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

147.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

9.7%

Modest

Slow profit growth

Dividend Yield

0.10%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹309

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

3.96

Comfortable

Healthy short-term liquidity

52W Range Position

76%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

310.4 / 318.2

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

49.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹18 Cr	₹21 Cr	₹18 Cr	₹45 Cr	+35.5%
EBITDA	₹3 Cr	₹4 Cr	₹3 Cr	₹3 Cr	+6.6%
EBITDA Margin	15.4%	17.8%	18.3%	7.5%	—
PAT (Net Profit)	₹2 Cr	₹3 Cr	₹3 Cr	₹3 Cr	+5.8%
EPS	₹3.2	₹4.12	₹2.57	₹2.67	-5.9%
ROE	16.0%	6.6%	4.0%	4.1%	—
ROCE	17.5%	7.0%	4.8%	3.9%	—
Total Debt	₹1 Cr	₹2 Cr	₹2 Cr	₹17 Cr	+201.1%
Free Cash Flow	₹0 Cr	-₹12 Cr	-₹14 Cr	-₹3 Cr	—

🟢 Revenue has grown at 35.5% a year over 3 years.

🟢 EBITDA has grown at 6.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 15.4% to 7.5% over 3 years (-7.9 pts).

🟢 PAT (Net Profit) has grown at 5.8% a year over 3 years.

🔴 EPS has shrunk at 5.9% a year over 3 years.

🔴 ROE has fallen from 16.0% to 4.1% over 3 years (-11.9 pts).

🔴 ROCE has fallen from 17.5% to 3.9% over 3 years (-13.6 pts).

🔴 Total Debt has grown at 201.1% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹91 Cr

Total Liabilities

₹20 Cr

Total Debt

₹17 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹3 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.5%

Corporate Actions

Dividend Rate

₹0.3

Ex-Dividend Date

23 Sept 2026

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 positive1 mixed4 general

Agribio Spirits FY26 Results: Revenue surges 129%, net profit rises 10%

scanx.trade, 03 SeptResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Agribio Spirits appoints Priya Rohira as whole time company secretary

scanx.trade, 10 Sept

Alcohol stock hits 5% upper circuit after acquiring Solkit Distillery & Brewery Pvt Ltd for ₹13 Cr

Alice Blue, 03 Apr

BLACKROSE Stock Price and Chart — NSE:BLACKROSE

TradingView, 20 Apr

Q1 Results Today: BPCL, IRCTC, United Spirits, Muthoot Finance, 500+ companies to declare earnings on August 13

Livemint, 13 AugResults

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

EBIX Stock Price and Chart — NSE:EBIX

TradingView, 17 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak4.7/20

🟢Financial HealthStrong13/20

🟡GrowthModest10.9/20

🔴ProfitabilityWeak4.6/15

🔴ValuationDemanding3/15

🔴RiskHigh4.3/10

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. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 27% a year35.5% CAGR
✓EBITDA margin holds above 5%7.5%
✗Debt / EBITDA falls below 3x5.1x
✗Free cash flow remains positive-₹3 Cr
✗ROCE stays above 8%3.9%