All E Technologies Limited

Sector n/a · NSE

₹344.25−₹0.45 (−0.13%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 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 All E Technologies 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 ₹138 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation.

EBITDA margin26.2%

Net margin18.7%

What is its competitive advantage?Some evidence

ROCE of 19.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE19.2%

ROE15.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +57% while net margin moved +41% 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+57%

Margin effect+41%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

83/ 100

Excellent

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

Valuation

35/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

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

15.1x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 18.7% to 26.2% over 3 years.
Return on equity is rising
ROE has improved from 11.5% to 15.2%.
Return on capital is rising
ROCE has improved from 14.8% to 19.2%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 90% against revenue growth of 57% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 watch

🟡Receivables growing faster than salesFinancial
Receivables up 90% against revenue up 57% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 18.7% to 26.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹11 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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 90% against revenue up 57%. 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 12% a year✓ 16.3% CAGR
Latest reported year was -1.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 24%✓ 26.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹11 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 16%✓ 19.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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

5 good · 4 neutral · 2 weak

Market Cap

₹695 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)

₹12.74

Profitable

Profitable on a per-share basis

ROE

15.2%

Strong

Strong capital efficiency

ROCE

19.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.30x

Low

Conservative leverage

Revenue Growth (YoY)

-1.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-14.7%

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

₹11 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹344.25

Gross Margin

27.2%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

18.7%

Good

Strong bottom-line conversion

Current Ratio

5.31

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

122.1 / 126.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹88 Cr	₹116 Cr	₹140 Cr	₹138 Cr	+16.3%
EBITDA	₹16 Cr	₹28 Cr	₹40 Cr	₹36 Cr	+30.2%
EBITDA Margin	18.7%	24.2%	28.8%	26.2%	—
PAT (Net Profit)	₹12 Cr	₹20 Cr	₹30 Cr	₹26 Cr	+30.4%
EPS	₹7.24	₹9.75	₹14.93	₹12.74	+20.7%
ROE	11.5%	16.6%	20.9%	15.2%	—
ROCE	14.8%	21.5%	26.8%	19.2%	—
Total Debt	—	—	₹1 Cr	₹1 Cr	—
Free Cash Flow	₹11 Cr	₹15 Cr	₹19 Cr	₹11 Cr	+1.2%

🟢 Revenue has grown at 16.3% a year over 3 years.

🟢 EBITDA has grown at 30.2% a year over 3 years.

🟢 EBITDA Margin has risen from 18.7% to 26.2% over 3 years (+7.5 pts).

🟢 PAT (Net Profit) has grown at 30.4% a year over 3 years.

🟢 EPS has grown at 20.7% a year over 3 years.

🟢 ROE has risen from 11.5% to 15.2% over 3 years (+3.7 pts).

🟢 ROCE has risen from 14.8% to 19.2% over 3 years (+4.5 pts).

🟡 Free Cash Flow has been broadly flat over 3 years (1.2% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹210 Cr

Total Liabilities

₹41 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹149 Cr

Operating Cash Flow

₹17 Cr

Capex

-₹6 Cr

Recent News

1 positive1 negative4 general

Compare with

Equitymaster, 18 Oct

Is Now The Time To Put All E Technologies (NSE:ALLETEC) On Your Watchlist?

Simply Wall Street, 25 May

All E Technologies Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 22 Sept

All e Technologies reports FY26 revenue, declares dividend

scanx.trade, 28 MayCapital return

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

All E Technologies Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

All E Technologies consolidated net profit declines 19.94% in the June 2026 quarter

Business Standard, 15 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

Revenue growth is negative (-1.5%) 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.
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.

DalalBaazaar Thesis

🟢Business QualityStrong17.1/20

🟢Financial HealthStrong17.8/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong12.6/15

🟡ValuationFair7.5/15

🔴RiskHigh1.8/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

This thesis breaks if

✓Revenue growth stays above 12% a year16.3% CAGR
✓EBITDA margin holds above 24%26.2%
✓Free cash flow remains positive₹11 Cr
✓Debt / EBITDA stays below 2x0.0x
✓ROCE stays above 16%19.2%