ANI Integrated Services Limited

Sector n/a · NSE

₹147.00₹0.00 (0.00%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, 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. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

The 60-second version of ANI Integrated Services 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 ₹254 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 8.8% 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.

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 +61% while net margin moved +28% 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+61%

Margin effect+28%

DalalBaazaar Score

49/ 100

Moderate

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
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

51/ 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

EV/EBITDA

36.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.21x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

5 items require attention · 3 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 58% over 3 years, from ₹11 Cr to ₹18 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 228% against revenue up 61% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 6.7x to 3.4x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 21% 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?

Sales are being booked faster than collected
Receivables are up 228% against revenue up 61%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
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

1Revenue growth stays above 13% a year✓ 17.3% CAGR
Latest reported year was 11.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 2%✓ 3.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✓ 3.4x
How much operating profit can fall before interest stops being comfortably covered.
5Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

3 / 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

3 good · 5 neutral · 3 weak

Market Cap

₹344 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)

₹4.89

Profitable

Profitable on a per-share basis

ROE

6.5%

Weak

Weak capital efficiency

ROCE

8.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.21x

Low

Conservative leverage

Revenue Growth (YoY)

11.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-50.7%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

21.1%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

2.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.56

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

40.8 / 50.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

22.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹158 Cr	₹188 Cr	₹227 Cr	₹254 Cr	+17.3%
EBITDA	₹4 Cr	₹10 Cr	₹14 Cr	₹10 Cr	+34.3%
EBITDA Margin	2.6%	5.2%	6.3%	3.9%	—
PAT (Net Profit)	₹3 Cr	₹6 Cr	₹11 Cr	₹5 Cr	+27.3%
EPS	₹2.7	₹5.84	₹9.65	₹4.89	+21.9%
ROE	5.6%	11.9%	16.1%	6.5%	—
ROCE	7.9%	16.0%	22.0%	8.8%	—
Total Debt	₹11 Cr	₹26 Cr	₹23 Cr	₹18 Cr	+16.5%
Free Cash Flow	-₹2 Cr	-₹11 Cr	-₹2 Cr	-₹0 Cr	—

🟢 Revenue has grown at 17.3% a year over 3 years.

🟢 EBITDA has grown at 34.3% a year over 3 years.

🟢 EBITDA Margin has risen from 2.6% to 3.9% over 3 years (+1.3 pts).

🟢 PAT (Net Profit) has grown at 27.3% a year over 3 years.

🟢 EPS has grown at 21.9% a year over 3 years.

🟡 ROE has held roughly flat at 6.5% over 3 years.

🟡 ROCE has held roughly flat at 8.8% over 3 years.

🔴 Total Debt has grown at 16.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹135 Cr

Total Liabilities

₹51 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹1 Cr

Recent News

6 general

ANI Integrated Services Ltd is Rated Strong Sell

MarketsMojo, 15 Oct

ANI Integrated Services Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

ANI Integrated Services Ltd (NSE: AISL): Business Signals to Watch

Kalkine India, 14 Sept

ANI Integrated Services Stock Manipulation: SEBI Slaps ₹66 Lakh Penalty on 28 Entities

Moneylife, 13 Feb

Ani Integrated Services wins Rs 2.16 crore work order from ONGC Petro additions Limited

scanx.trade, 01 Sept

IDBI Bank employees, pensioners service conditions protected under deal: DIPAM Secretary

ANI News, 16 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
2 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

StrongGrowth

MiddlingFinancial Health · Valuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

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.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑