Aluwind Infra-Tech Limited

Sector n/a · NSE

₹62.90+₹0.10 (+0.16%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 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 Aluwind Infra-Tech 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 ₹139 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation.

EBITDA margin12.6%

Net margin7.6%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.5%. Returns that high normally get competed away; when they persist, something is protecting them. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE21.5%

ROE14.9%

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 +184% while net margin moved +37% 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+184%

Margin effect+37%

DalalBaazaar Score

58/ 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

64/ 100

Average

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

Valuation

60/ 100

Fair

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

P/E (Trailing)

—

P/B

—

EV/EBITDA

11.3x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 9.7% to 12.6% over 3 years.
High return on capital employed
ROCE of 21.5% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 484% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 513% against revenue growth of 184% — stock may not be moving.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 484% over 3 years, from ₹7 Cr to ₹41 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.
🔴Inventory building faster than salesFinancial
Inventory up 513% against revenue up 184% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.5% 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 9.7% to 12.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

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 31% a year✓ 41.5% CAGR
Latest reported year was 26.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 12.6%
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.
4Free cash flow remains positive✗ -₹21 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 19%✓ 21.5%
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 · 5 neutral · 1 weak

Market Cap

₹156 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)

₹4.2

Profitable

Profitable on a per-share basis

ROE

14.9%

Moderate

Moderate capital efficiency

ROCE

21.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.59x

Low

Conservative leverage

Revenue Growth (YoY)

26.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

29.0%

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

-₹21 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹62.9

Gross Margin

30.4%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

7.6%

Average

Average bottom-line conversion

Current Ratio

1.55

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

48.7 / 48.7

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

33.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹49 Cr	₹83 Cr	₹109 Cr	₹139 Cr	+41.5%
EBITDA	₹5 Cr	₹12 Cr	₹13 Cr	₹17 Cr	+54.1%
EBITDA Margin	9.7%	14.2%	11.8%	12.6%	—
PAT (Net Profit)	₹3 Cr	₹8 Cr	₹8 Cr	₹10 Cr	+57.1%
EPS	₹1.09	₹3.04	₹3.27	₹4.2	+56.9%
ROE	15.9%	30.7%	13.6%	14.9%	—
ROCE	21.9%	42.9%	19.3%	21.5%	—
Total Debt	₹7 Cr	₹12 Cr	₹13 Cr	₹41 Cr	+80.1%
Free Cash Flow	-₹0 Cr	-₹4 Cr	-₹20 Cr	-₹21 Cr	—

🟢 Revenue has grown at 41.5% a year over 3 years.

🟢 EBITDA has grown at 54.1% a year over 3 years.

🟢 EBITDA Margin has risen from 9.7% to 12.6% over 3 years (+2.8 pts).

🟢 PAT (Net Profit) has grown at 57.1% a year over 3 years.

🟢 EPS has grown at 56.9% a year over 3 years.

🟡 ROE has held roughly flat at 14.9% over 3 years.

🟡 ROCE has held roughly flat at 21.5% over 3 years.

🔴 Total Debt has grown at 80.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹160 Cr

Total Liabilities

₹90 Cr

Total Debt

₹41 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹16 Cr

Capex

-₹4 Cr

Recent News

1 negative5 general

ALUWIND INFRA-TECH LTD Share Price

Upstox, 05 May

Aluwind Infra-Tech Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Aluwind Infra-Tech CFO resigns effective July 31

scanx.trade, 06 JulManagement

🔴Potentially negativeA senior departure, and an auditor's resignation especially, is worth understanding before anything else in this report.

Construction Penny Stocks in India 2027: 5 Picks

Univest, 17 Sept

Aluwind Infra-Tech Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

IKOMA Stock Price and Chart — BSE:IKOMA

TradingView, 21 Nov

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.

DalalBaazaar Thesis

🟡Business QualityAdequate12.6/20

🟡Financial HealthAdequate12/20

🟢GrowthStrong14.9/20

🟡ProfitabilityModerate8.3/15

🟡ValuationFair7.5/15

🔴RiskHigh2.5/10

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.

This thesis breaks if

✓Revenue growth stays above 31% a year41.5% CAGR
✓EBITDA margin holds above 11%12.6%
✗Debt / EBITDA stays below 2x2.4x
✗Free cash flow remains positive-₹21 Cr
✓ROCE stays above 19%21.5%