Amanaya Ventures Limited

Basic Materials — Other Precious Metals & Mining · BSE

₹18.00₹0.00 (0.00%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by 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, 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, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Amanaya Ventures Limited engages in the buying and selling of physical gold and silver bars in India. It operates in two segments, Trading of Commodities and Securities; and Corporate Advisory Services.

IndustryOther Precious Metals & Mining

SectorBasic Materials

Employees6

Annual revenue₹85 Cr

How does it make money?

Turns over ₹85 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹0 left at the operating level before interest, tax and depreciation. Each of its 6 employees supports ₹14.13 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹14.13 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, HINDALCO INDUSTRIES LTD, VEDANTA 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 5.2% 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 ROE18.7%

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 +664% while net margin moved -64% 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+664%

Margin effect-64%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 3.9% is weak

Quality vs. Valuation

Company Quality

56/ 100

Average

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

Valuation

61/ 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.

Historical Valuation

Current P/E

31.6x

3Y Median

48.3x

39 monthly readings · mean 45.2x · range 19.0x–82.5x

Sector Median

12.2x

median of 4 sector peers

🟢Current valuation is approximately 35% below its 3y median of 48.3x. 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 160% above the peer median of 12.2x.

vs. its own history

Cheap

48.3x median over 39 months · -35%

vs. sector peers

Expensive

12.2x median of 4 peers · +160%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.8x

PEG

0.80

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 95% over 3 years.
Return on capital is rising
ROCE has improved from 2.2% to 5.2%.
Very low debt
Debt/Equity of 0.05x leaves the balance sheet with plenty of headroom.
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

2 items require attention · 1 high · 1 watch

🔴Receivables growing faster than salesFinancial
Receivables up 2985% against revenue up 664% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 95% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 35% 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.
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 2985% against revenue up 664%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 160% above the peer median. That premium needs a reason that persists, or it closes.
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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 73% a year✓ 97.0% CAGR
Latest reported year was 248.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -2%✓ 0.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹1 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 8%✗ 5.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

5 good · 3 neutral · 3 weak

Market Cap

₹7 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.6x

Fair

Fairly valued against the generic band

P/B Ratio

1.22x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.57

Profitable

Profitable on a per-share basis

ROE

3.9%

Weak

Weak capital efficiency

ROCE

5.2%

Weak

Low return on total capital employed

Debt/Equity

0.05x

Low

Conservative leverage

Revenue Growth (YoY)

248.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

77.1%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

3.3%

Average

Average asset productivity

Operating Margin

0.1%

Weak

Thin margins leave little room for error

Net Margin

0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

51.10

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.34

Defensive

Steadier than the market

52W Range Position

56%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

17.6 / 16.0

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹11 Cr	₹31 Cr	₹40 Cr	₹85 Cr	+97.0%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+32.3%
EBITDA Margin	1.2%	0.7%	1.2%	0.4%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+39.5%
EPS	₹0.3	₹0.26	₹0.78	—	—
ROE	1.6%	1.9%	5.5%	3.8%	—
ROCE	2.2%	2.6%	7.6%	5.2%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-64.2%
Free Cash Flow	-₹1 Cr	-₹2 Cr	₹0 Cr	-₹1 Cr	—

🟢 Revenue has grown at 97.0% a year over 3 years.

🟢 EBITDA has grown at 32.3% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 0.4% over 3 years.

🟢 PAT (Net Profit) has grown at 39.5% a year over 3 years.

🟢 ROE has risen from 1.6% to 3.8% over 3 years (+2.3 pts).

🟢 ROCE has risen from 2.2% to 5.2% over 3 years (+3.0 pts).

🟢 Total Debt has shrunk at 64.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

55.4%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%

Recent News

1 positive5 general

Amanaya Ventures appoints first franchisee for Aurel brand in Chamba

scanx.trade, 12 Oct

Amanaya Ventures promoter group raises stake to 5.30%

scanx.trade, 03 Jun

Amanaya Ventures Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 04 Sept

AMANAYA VENTURES LIMITED Share Price

Upstox, 11 Apr

Amanaya Ventures FY26 net profit falls 27% as revenue surges

scanx.trade, 25 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Amanaya Ventures Ltd Share Price

Business Today, 01 Apr

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health · Growth · 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. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑