Abhishek Integrations Limited

Sector n/a · NSE

₹94.00₹0.00 (0.00%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

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

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

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

How does it make money?

Turns over ₹28 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.

EBITDA margin7.7%

Net margin2.8%

What is its competitive advantage?Some evidence

ROCE of 17.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE17.1%

ROE7.3%

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 +25% while net margin moved -5% 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+25%

Margin effect-5%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 7.3% is weak

Quality vs. Valuation

Company Quality

47/ 100

Average

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

Valuation

18/ 100

Expensive

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

56.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 5.6% to 7.7% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 12.0% to 17.1%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 155% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 146% against revenue growth of 25% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 110% against revenue growth of 25% — stock may not be moving.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 155% over 3 years, from ₹4 Cr to ₹10 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 146% against revenue up 25% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 110% against revenue up 25% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 5.6% to 7.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

The debt load needs earnings to hold up
Debt is 4.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 146% against revenue up 25%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 7.8% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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
3 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

1EBITDA margin holds above 6%✓ 7.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 4.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 6% a year✓ 7.8% CAGR
Latest reported year was 7.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 7 neutral · 2 weak

Market Cap

₹113 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

7.3%

Weak

Weak capital efficiency

ROCE

17.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.94x

Moderate

Moderate leverage

Revenue Growth (YoY)

7.2%

Modest

Modest growth

Profit Growth (YoY)

-21.8%

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

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹94

Gross Margin

92.9%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

2.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.63

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

14.7 / 18.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

18.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹23 Cr	₹25 Cr	₹26 Cr	₹28 Cr	+7.8%
EBITDA	₹1 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+20.1%
EBITDA Margin	5.6%	7.0%	8.7%	7.7%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+6.1%
EPS	₹2.23	₹1.5	₹1.7	—	—
ROE	7.9%	8.3%	10.0%	7.3%	—
ROCE	12.0%	15.2%	18.7%	17.1%	—
Total Debt	₹4 Cr	₹6 Cr	₹8 Cr	₹10 Cr	+36.6%
Free Cash Flow	-₹2 Cr	₹0 Cr	₹1 Cr	₹1 Cr	—

🟢 Revenue has grown at 7.8% a year over 3 years.

🟢 EBITDA has grown at 20.1% a year over 3 years.

🟢 EBITDA Margin has risen from 5.6% to 7.7% over 3 years (+2.1 pts).

🟢 PAT (Net Profit) has grown at 6.1% a year over 3 years.

🟡 ROE has held roughly flat at 7.3% over 3 years.

🟢 ROCE has risen from 12.0% to 17.1% over 3 years (+5.1 pts).

🔴 Total Debt has grown at 36.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹2 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹24 Cr

Total Liabilities

₹13 Cr

Total Debt

₹10 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Recent News

1 positive2 mixed3 general

Abhishek Integrations approves 1:1 bonus issue

scanx.trade, 04 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Abhishek Integrations Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 31 Aug

Abhishek Integrations Limited Reports Earnings Results for the Half Year Ended September 30, 2026

www.marketscreener.com, 11 OctResults

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

Penny Stock Below Rs 20: This Small-Cap Civil Construction Stock Announces 1:1 Bonus Shares; Promoter Stake Rises

Dalal Street Investment Journal, 25 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Abhishek Integrations sets EGM on June 11 for preferential issue

scanx.trade, 03 Oct

Momentum Stocks: PNB, Ashima, Abhishek Integrations gains 4% on sheer momentum

Moneycontrol.com, 20 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate11.5/20

🟡Financial HealthAdequate11.8/20

🔴GrowthWeak7.4/20

🔴ProfitabilityWeak4.5/15

🟡ValuationFair7.5/15

🟡RiskModerate5/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 6%7.7%
✗Debt / EBITDA falls below 3x4.8x
✗Interest cover stays above 3x2.2x
✓Revenue growth stays above 6% a year7.8% CAGR
✓Free cash flow remains positive₹1 Cr