Ampvolts Limited

Industrials — Electrical Equipment & Parts · BSE

₹24.13+₹0.74 (+3.16%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, 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, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Ampvolts Limited engages in the sale and service of electric vehicle (EV) chargers and charging stations in India. The company offers AC chargers, including residential EV chargers and commercial EV charger, as well as DC fast charger products.

IndustryElectrical Equipment & Parts

SectorIndustrials

Employees11

Annual revenue₹16 Cr

How does it make money?

Turns over ₹16 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹37 left at the operating level before interest, tax and depreciation. Each of its 11 employees supports ₹1.42 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.42 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA 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 5.7% 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 ROE17.1%

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 +59607% while net margin moved -101% 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+59607%

Margin effect-101%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Debt/Equity of 1.03x is on the heavy side
✓ Current ratio of 2.13 — short-term bills are well covered
✗ Free cash flow is negative — growth is being funded by borrowing or fresh equity
✗ Interest cover of only 1.9x — little room if profits dip
✗ Debt has grown 130.0% a year — worth checking what it bought

Quality vs. Valuation

Company Quality

64/ 100

Average

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

Valuation

73/ 100

Cheap

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

21.0x

1.3Y Median

92.4x

16 monthly readings · mean 89.7x · range 40.2x–174.3x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 77% below its 1.3y median of 92.4x. 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 76% below the peer median of 88.8x.

vs. its own history

Cheap

92.4x median over 16 months · -77%

vs. sector peers

Cheap

88.8x median of 3 peers · -76%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -1301.5% to 36.8% over 3 years.
Return on equity is rising
ROE has improved from -10.7% to 3.1%.
Return on capital is rising
ROCE has improved from -4.4% to 5.7%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

6 items require attention · 5 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1117% over 3 years, from ₹4 Cr to ₹52 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.9x — little room if earnings dip.
🔴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.
🔴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 71030% against revenue up 59607% — sales are being booked faster than they are collected.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 50% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -1301.5% to 36.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 77% 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.
Cheaper than its peers
It trades 76% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 9.1x 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 71030% against revenue up 59607%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
5 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 557% a year✓ 742.1% CAGR
Latest reported year was 1173.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 35%✓ 36.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 9.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹47 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 1.9x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 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

4 good · 4 neutral · 3 weak

Market Cap

₹62 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.0x

Fair

Fairly valued against the generic band

P/B Ratio

1.24x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.15

Profitable

Profitable on a per-share basis

ROE

3.1%

Weak

Weak capital efficiency

ROCE

5.7%

Weak

Low return on total capital employed

Debt/Equity

1.03x

Moderate

Moderate leverage

Revenue Growth (YoY)

1173.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

235.4%

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

-₹47 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

17.8%

Good

Healthy core-business profitability

Net Margin

9.1%

Average

Average bottom-line conversion

Current Ratio

2.13

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.07

Defensive

Steadier than the market

52W Range Position

28%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

24.6 / 26.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

46.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹1 Cr	₹1 Cr	₹16 Cr	+742.1%
EBITDA	-₹0 Cr	-₹2 Cr	₹0 Cr	₹6 Cr	—
EBITDA Margin	-1301.5%	-148.0%	3.0%	36.8%	—
PAT (Net Profit)	-₹0 Cr	-₹2 Cr	₹0 Cr	₹2 Cr	—
EPS	₹-0.21	₹-1.18	₹0.25	₹0.6	—
ROE	-10.7%	-12.2%	0.9%	3.1%	—
ROCE	-4.4%	-9.6%	-0.8%	5.7%	—
Total Debt	₹4 Cr	₹0 Cr	₹11 Cr	₹52 Cr	+130.0%
Free Cash Flow	-₹4 Cr	-₹5 Cr	-₹25 Cr	-₹47 Cr	—

🟢 Revenue has grown at 742.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹6 Cr.

🟢 EBITDA Margin has risen from -1301.5% to 36.8% over 3 years (+1338.4 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-0.21 to ₹0.6.

🟢 ROE has risen from -10.7% to 3.1% over 3 years (+13.8 pts).

🟢 ROCE has risen from -4.4% to 5.7% over 3 years (+10.1 pts).

🔴 Total Debt has grown at 130.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹105 Cr

Total Liabilities

₹54 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹22 Cr

Capex

-₹25 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

59.2%

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 negative5 general

Ampvolts promoter pledges 37 lakh shares to Cholamandalam Securities

scanx.trade, 01 SeptOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Ampvolts Limited Partners with Cholamandalam Leasing to Establish 17 EV Charging Hubs Across Western India

scanx.trade, 25 Apr

AMPVOLTS LIMITED Share Price

Upstox, 26 Oct

Ampvolts Ltd

Equitypandit, 21 Mar

Ampvolts (BSE:535719) - Stock Analysis

Simply Wall Street, 25 Jun

Ampvolts files FY26 annual report, schedules 27th AGM

scanx.trade, 08 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Valuation

MiddlingProfitability

WeakFinancial Health · 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. 5 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑