Alfavision Overseas (India) Limited

Consumer Defensive — Farm Products · BSE

₹11.34+₹0.06 (+0.53%)

DalalBaazaar Score

37 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Alfavision Overseas (India) Limited engages in agriculture activities in India. It is involved in the organic farming, cultivation, and herbal medicinal farming, as well as real estate and hospitality business. The company was incorporated in 1994 and is based in Indore, India.

IndustryFarm Products

SectorConsumer Defensive

Employees9

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 9 employees supports ₹22.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹22.1 lakh

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?Little sign of one

Returns on capital of 0.1% 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 ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -94% while net margin moved +220% 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-94%

Margin effect+220%

DalalBaazaar Score

37/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 59.9% a year
✗ Profit has declined at 40.9% a year
✗ Profit fell 66.7% in the latest year

Quality vs. Valuation

Company Quality

36/ 100

Weak

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

Valuation

29/ 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

378.0x

3Y Median

148.7x

40 monthly readings · mean 158.3x · range 54.5x–366.5x

Sector Median

43.3x

median of 4 sector peers

⚠️Current valuation is approximately 154% above its 3y median of 148.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 774% above the peer median of 43.3x.

vs. its own history

Expensive

148.7x median over 40 months · +154%

vs. sector peers

Expensive

43.3x median of 4 peers · +774%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

897.3x

PEG

—

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

5 items require attention · 3 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 3.21x — earnings must service borrowings before shareholders see anything.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 61% against revenue up -94% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 79% over 3 years.

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?

The debt load needs earnings to hold up
Debt is 697.2x 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 61% against revenue up -94%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
The price already assumes success
The stock trades 154% 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.
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 7%✓ 9.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 697.2x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 0.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 148.7x✗ 378.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

2 / 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

2 good · 2 neutral · 7 weak

Market Cap

₹36 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

378.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.85x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.03

Profitable

Profitable on a per-share basis

ROE

0.3%

Weak

Weak capital efficiency

ROCE

0.1%

Weak

Low return on total capital employed

Debt/Equity

3.21x

High

High leverage

Revenue Growth (YoY)

-56.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-66.7%

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

Operating Margin

7.0%

Average

Average margins

Net Margin

7.5%

Average

Average bottom-line conversion

Current Ratio

9.38

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-2.23

Defensive

Steadier than the market

52W Range Position

57%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

12.2 / 12.4

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

21.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹31 Cr	₹3 Cr	₹2 Cr	₹2 Cr	-59.9%
EBITDA	₹2 Cr	₹1 Cr	₹0 Cr	₹0 Cr	-57.5%
EBITDA Margin	7.6%	32.5%	8.3%	9.0%	—
PAT (Net Profit)	₹1 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-40.9%
EPS	₹0.22	₹0.09	₹0.04	₹0.04	-43.3%
ROE	1.6%	0.7%	0.3%	0.3%	—
ROCE	1.3%	0.6%	0.1%	0.1%	—
Total Debt	₹125 Cr	₹124 Cr	₹124 Cr	₹124 Cr	-0.2%
Free Cash Flow	₹1 Cr	-₹10 Cr	₹0 Cr	-₹0 Cr	—

🔴 Revenue has shrunk at 59.9% a year over 3 years.

🔴 EBITDA has shrunk at 57.5% a year over 3 years.

🟢 EBITDA Margin has risen from 7.6% to 9.0% over 3 years (+1.4 pts).

🔴 PAT (Net Profit) has shrunk at 40.9% a year over 3 years.

🔴 EPS has shrunk at 43.3% a year over 3 years.

🔴 ROE has fallen from 1.6% to 0.3% over 3 years (-1.3 pts).

🔴 ROCE has fallen from 1.3% to 0.1% over 3 years (-1.2 pts).

🟡 Total Debt has been broadly flat over 3 years (-0.2% a year).

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹181 Cr

Total Liabilities

₹139 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.2%

Corporate Actions

Ex-Dividend Date

29 Sept 2022

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

6 general

Alfavision Overseas (India) Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 01 Sept

Alfavision Overseas shareholders approve all 8 resolutions at 32nd AGM

scanx.trade, 01 Oct

Alfavision Overseas hits 20% upper circuit on signing term sheet for 220-acre resort project in MP

Alice Blue, 09 Mar

Alfavision Overseas (India) Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

Alfavision Overseas publishes AGM notice; e-voting opens Sep 27

scanx.trade, 05 Sept

FERMENTA Stock Price and Chart — NSE:FERMENTA

TradingView, 20 Apr

Watch Items

Revenue growth is negative (-56.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
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

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

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.

4 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; ROCE stays above 8%; Valuation vs its own median of 148.7x · see Key things to watch ↑