Alphageo (India) Limited

Energy — Oil & Gas Equipment & Services · NSE

₹257.80+₹1.15 (+0.45%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, 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, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Alphageo (India) Limited provides geophysical seismic data acquisition, processing, and interpretation services for exploration of hydrocarbons and minerals in India.

IndustryOil & Gas Equipment & Services

SectorEnergy

Employees127

Annual revenue₹112 Cr

How does it make money?

Turns over ₹112 Cr a year. Of every ₹100 of sales, about ₹-12 reaches shareholders as profit, with ₹-1 left at the operating level before interest, tax and depreciation. Each of its 127 employees supports ₹88.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹88.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP 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 -7.4% 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 ROE15.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +70% while net margin moved -163% 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+70%

Margin effect-163%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 10.1 points over the period

Quality vs. Valuation

Company Quality

51/ 100

Average

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

Valuation

36/ 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

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 4.6% to -5.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 6.4% to -7.4% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -4089.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹14 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 20.2 points, from 18.8% to -1.4%.
🔴Inventory building faster than salesFinancial
Inventory up 198% against revenue up 70% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -84.1x to -4089.6x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 18.8% to -1.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 4.6% to -5.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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
4 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 15% a year✓ 19.4% CAGR
Latest reported year was 101.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -3%✓ -1.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✗ -4089.6x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹16 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ -7.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ 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

4 good · 3 neutral · 4 weak

Market Cap

₹164 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.65x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.7

Loss-making

Negative earnings per share — the business is losing money

ROE

-5.5%

Weak

Weak capital efficiency

ROCE

-7.4%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

101.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

1663.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.94%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹16 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

20.2%

Good

Healthy core-business profitability

Net Margin

-0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.81

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.60

Defensive

Steadier than the market

52W Range Position

46%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

266.4 / 290.0

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

28.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹66 Cr	₹99 Cr	₹126 Cr	₹112 Cr	+19.4%
EBITDA	₹12 Cr	₹20 Cr	₹11 Cr	-₹2 Cr	—
EBITDA Margin	18.8%	20.8%	9.1%	-1.4%	—
PAT (Net Profit)	₹13 Cr	₹0 Cr	-₹6 Cr	-₹14 Cr	—
EPS	₹20.43	₹0.6	₹-9.6	₹-21.83	—
ROE	4.6%	0.1%	-2.3%	-5.5%	—
ROCE	6.4%	1.7%	-2.9%	-7.4%	—
Free Cash Flow	-₹4 Cr	-₹16 Cr	-₹39 Cr	₹16 Cr	—

🟢 Revenue has grown at 19.4% a year over 3 years.

🔴 EBITDA has turned negative, from ₹12 Cr to -₹2 Cr.

🔴 EBITDA Margin has fallen from 18.8% to -1.4% over 3 years (-20.2 pts).

🔴 PAT (Net Profit) has turned negative, from ₹13 Cr to -₹14 Cr.

🔴 EPS has turned negative, from ₹20.43 to ₹-21.83.

🔴 ROE has fallen from 4.6% to -5.5% over 3 years (-10.1 pts).

🔴 ROCE has fallen from 6.4% to -7.4% over 3 years (-13.7 pts).

🟢 Free Cash Flow has turned positive, from -₹4 Cr to ₹16 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹296 Cr

Total Liabilities

₹40 Cr

Total Debt

—

Cash & Equivalents

₹74 Cr

Operating Cash Flow

₹18 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

52.7%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

11 Sept 2026

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.4%

Recent News

6 general

Alphageo (India) Share Price

Upstox, 16 Oct

Alphageo (India) Ltd. Lower Circuit Today: Price, Data and Peers

Univest, 28 Sept

Insufficient Growth At Alphageo (India) Limited (NSE:ALPHAGEO) Hampers Share Price

Simply Wall Street, 03 Feb

Alphageo (India) Limited Responds to BSE Surveillance Query on Share Price Movement

scanx.trade, 08 Apr

Aarti Surfactants Ltd leads gainers in 'B' group

Business Standard, 03 Aug

Compare with ALPHAGEO (INDIA)

Equitymaster, 21 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric 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. 4 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑