Amrapali Industries Limited

Financial Services — Capital Markets · BSE

₹35.87+₹1.70 (+4.98%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:49 pm

Understanding the Business

Company site ↗

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

What does this company do?

Amrapali Industries Limited engages in the bullion and share trading business in India. It is involved in the trading of precious metals, such as gold and silver; and the business of entertainment recreational activities.

IndustryCapital Markets

SectorFinancial Services

Employees38

Annual revenue₹48,418 Cr

How does it make money?

Turns over ₹48,418 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 38 employees supports ₹1274.16 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1274.16 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO 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?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +66% while net margin moved +938% 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+66%

Margin effect+938%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.12 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

75/ 100

Good

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

Valuation

81/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.2x

3Y Median

88.5x

40 monthly readings · mean 77.8x · range 13.4x–125.4x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 86% below its 3y median of 88.5x. 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 79% below the peer median of 58.4x.

vs. its own history

Cheap

88.5x median over 40 months · -86%

vs. sector peers

Cheap

58.4x median of 3 peers · -79%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

11.3x

PEG

0.08

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from 2.4% to 27.4%.
Return on capital is rising
ROCE has improved from 20.3% to 63.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Receivables growing faster than sales
Receivables are up 276% against revenue growth of 66% — customers are taking longer to pay.
Short-term liquidity is tight
Current ratio of 0.77 — near-term obligations exceed near-term assets.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 86% 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 79% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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.

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

1Revenue growth stays above 14% a year✓ 18.5% CAGR
Latest reported year was 78.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -2%✓ 0.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 25%✓ 27.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 88.5x✓ 12.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

7 good · 3 neutral · 1 weak

Market Cap

₹184 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.2x

Cheap

Cheap against the generic band

P/B Ratio

3.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.95

Profitable

Profitable on a per-share basis

ROE

27.4%

Strong

Strong capital efficiency

ROCE

63.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

3.82x

High

High leverage

Revenue Growth (YoY)

78.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

928.6%

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

₹72 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

0.1%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.77

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.12

Defensive

Steadier than the market

52W Range Position

72%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

35.4 / 35.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

43.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹29,080 Cr	₹27,286 Cr	₹25,678 Cr	₹48,418 Cr	+18.5%
EBITDA	₹9 Cr	₹8 Cr	₹8 Cr	₹32 Cr	+54.9%
EBITDA Margin	0.0%	0.0%	0.0%	0.1%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹2 Cr	₹12 Cr	+158.5%
EPS	₹0.14	₹0.18	₹0.31	₹2.45	+159.6%
ROE	2.4%	2.9%	5.0%	27.4%	—
ROCE	20.3%	16.7%	16.2%	63.9%	—
Total Debt	₹94 Cr	₹63 Cr	₹38 Cr	₹174 Cr	+22.6%
Free Cash Flow	-₹15 Cr	₹4 Cr	-₹6 Cr	₹72 Cr	—

🟢 Revenue has grown at 18.5% a year over 3 years.

🟢 EBITDA has grown at 54.9% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 0.1% over 3 years.

🟢 PAT (Net Profit) has grown at 158.5% a year over 3 years.

🟢 EPS has grown at 159.6% a year over 3 years.

🟢 ROE has risen from 2.4% to 27.4% over 3 years (+25.0 pts).

🟢 ROCE has risen from 20.3% to 63.9% over 3 years (+43.6 pts).

🔴 Total Debt has grown at 22.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹15 Cr to ₹72 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹271 Cr

Total Liabilities

₹225 Cr

Cash & Equivalents

-₹3 Cr

Operating Cash Flow

₹77 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.1%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

6 general

Compare with AMRAPALI INDUSTRIES

Equitymaster, 16 Oct

Amrapali Industries Upper Circuit Today: Price, Data and Peers

Univest, 14 Oct

Amrapali Industries Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Multibagger stock under ₹50 jumps another 5%, surges 140% in 2026. Do you own it?

Livemint, 12 Jun

Amrapali Industries shareholders approve all resolutions at 38th AGM

scanx.trade, 03 Oct

Amrapali Industries Ltd. Lower Circuit Today: Price, Data and Peers

Univest, 05 Oct

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability · Valuation

MiddlingBusiness Quality

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

1 of 5 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑