Alfa Ica (India) Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · BSE

₹70.10−₹3.55 (−4.82%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Alfa Ica (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Alfa Ica (India) Limited manufactures and sells high pressure laminated sheets and compacts in India and internationally.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Employees48

Annual revenue₹84 Cr

How does it make money?

Turns over ₹84 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 48 employees supports ₹1.75 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.75 Cr

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY 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 13.9% 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.

Peer median ROE17.1%

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 +34% while net margin moved -3% 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+34%

Margin effect-3%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 7.6% is weak

Quality vs. Valuation

Company Quality

53/ 100

Average

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

Valuation

85/ 100

Cheap

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.

Historical Valuation

Current P/E

13.0x

3Y Median

20.4x

40 monthly readings · mean 19.8x · range 14.1x–25.3x

Sector Median

68.5x

median of 3 sector peers

🟢Current valuation is approximately 36% below its 3y median of 20.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 81% below the peer median of 68.5x.

vs. its own history

Cheap

20.4x median over 40 months · -36%

vs. sector peers

Cheap

68.5x median of 3 peers · -81%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.4x

PEG

1.41

What's Good / What's Bad

🟢 What's Going Well1

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

1 item require attention · 1 watch

🟡Receivables growing faster than salesFinancial
Receivables up 81% against revenue up 34% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 36% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 81% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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 81% against revenue up 34%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 8% a year✓ 10.2% CAGR
Latest reported year was 51.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 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 · 4 neutral · 1 weak

Market Cap

₹28 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.0x

Cheap

Cheap against the generic band

P/B Ratio

1.11x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹5.38

Profitable

Profitable on a per-share basis

ROE

7.6%

Weak

Weak capital efficiency

ROCE

13.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.67x

Moderate

Moderate leverage

Revenue Growth (YoY)

51.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

54.5%

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

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

3.8%

Weak

Thin margins leave little room for error

Net Margin

2.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.58

Comfortable

Healthy 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

74.6 / 81.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹63 Cr	₹67 Cr	₹77 Cr	₹84 Cr	+10.2%
EBITDA	₹5 Cr	₹5 Cr	₹7 Cr	₹7 Cr	+15.6%
EBITDA Margin	7.2%	7.1%	8.8%	8.3%	—
PAT (Net Profit)	₹1 Cr	₹2 Cr	₹1 Cr	₹2 Cr	+9.2%
EPS	₹3.61	₹4.16	₹3.56	₹4.7	+9.2%
ROE	7.3%	7.7%	6.2%	7.6%	—
ROCE	13.2%	13.3%	12.2%	13.9%	—
Total Debt	₹15 Cr	₹14 Cr	₹19 Cr	₹17 Cr	+4.0%
Free Cash Flow	₹4 Cr	₹3 Cr	-₹3 Cr	₹4 Cr	-0.4%

🟢 Revenue has grown at 10.2% a year over 3 years.

🟢 EBITDA has grown at 15.6% a year over 3 years.

🟢 EBITDA Margin has risen from 7.2% to 8.3% over 3 years (+1.1 pts).

🟢 PAT (Net Profit) has grown at 9.2% a year over 3 years.

🟢 EPS has grown at 9.2% a year over 3 years.

🟡 ROE has held roughly flat at 7.6% over 3 years.

🟡 ROCE has held roughly flat at 13.9% over 3 years.

🔴 Total Debt has grown at 4.0% a year over 3 years.

🟡 Free Cash Flow has been broadly flat over 3 years (-0.4% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹53 Cr

Total Liabilities

₹27 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹6 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

82.3%

Corporate Actions

Ex-Dividend Date

28 Aug 2019

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

3 mixed3 general

Alfa Ica appoints Himadri Shah as Company Secretary after Mistry resignation

scanx.trade, 03 Oct

Alfa Ica AGM voting results show 99% support for remuneration hikes

scanx.trade, 21 SeptResults

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

TVS Electronics reports standalone net loss of Rs 6.62 crore in the June 2026 quarter

Business Standard, 08 AugResults

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

ALFA ICA (INDIA) LTD. Share Price

Upstox, 04 Apr

Q3 results today: Tata Steel, Kalyan Jewellers, BEML among 200 companies to declare Q3 earnings 2026 today

Livemint, 06 FebResults

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

Alfa Ica board to approve CS resignation and new appointment on Oct 3

scanx.trade, 24 Sept

Watch Items

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

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Risk

WeakProfitability

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.

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