Ankit Metal & Power Limited

Basic Materials — Steel · BSE

₹2.50−₹0.05 (−1.96%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

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

What does this company do?

Ankit Metal & Power Limited manufactures and sells iron and steel products in India. The company offers sponge iron, M.S. billets, TMT bars, pig iron, silico manganese, power, ferro silicon, wire Rods, and rolled products.

IndustrySteel

SectorBasic Materials

Employees1,016

Annual revenue₹758 Cr

How does it make money?

Turns over ₹758 Cr a year. Of every ₹100 of sales, about ₹-13 reaches shareholders as profit, with ₹-8 left at the operating level before interest, tax and depreciation. Each of its 1,016 employees supports ₹74.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹74.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, JINDAL STEEL LIMITED, STEEL AUTHORITY OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 1 years revenue moved +12% while net margin moved +71% 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+12%

Margin effect+71%

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

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

Valuation

30/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

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

Multiples unreliable — equity base is negative

EV/EBITDA

—

PEG

—

Red Flags

7 items require attention · 5 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -1306.9x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹99 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 7.6 points, from -0.8% to -8.4%.
🔴Receivables growing faster than salesFinancial
Receivables up 73% against revenue up 12% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -9.8x to -1306.9x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.35 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from -0.8% to -8.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 73% against revenue up 12%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 9% a year✓ 12.0% CAGR
Latest reported year was -25.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -10%✓ -8.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✗ -1306.9x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹35 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ 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

1 good · 4 neutral · 6 weak

Market Cap

₹35 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-22.41

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

-25.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-91.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹35 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-51.8%

Weak

Thin margins leave little room for error

Net Margin

-31.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.35

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.08

Defensive

Steadier than the market

52W Range Position

85%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2.2 / 1.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

81.5

Overbought zone

Financial Trend (2-Year)

Metric	FY22	FY23	1Y CAGR
Revenue	₹676 Cr	₹758 Cr	+12.0%
EBITDA	-₹5 Cr	-₹63 Cr	—
EBITDA Margin	-0.8%	-8.4%	—
PAT (Net Profit)	-₹52 Cr	-₹99 Cr	—
EPS	₹-3.66	₹-7	—
Total Debt	₹1,140 Cr	₹1,105 Cr	-3.0%
Free Cash Flow	₹32 Cr	₹35 Cr	+10.9%

🟢 Revenue has grown at 12.0% a year over 1 years.

🔴 EBITDA Margin has fallen from -0.8% to -8.4% over 1 years (-7.6 pts).

🟢 Total Debt has shrunk at 3.0% a year over 1 years.

🟢 Free Cash Flow has grown at 10.9% a year over 1 years.

Balance Sheet & Cash Flow — FY2023

Total Assets

₹1,195 Cr

Total Liabilities

₹2,078 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹54 Cr

Capex

-₹19 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.0%

Corporate Actions

Ex-Dividend Date

16 Sept 2008

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
JINDAL STEEL LIMITED	39.1x	5.3%
STEEL AUTHORITY OF INDIA	16.5x	7.1%

Recent News

2 mixed4 general

Ankit Metal & Power Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 03 Sept

Ankit Metal and Power Share Price Target 2026: Rs 1.91 Analyst Forecast

Univest, 17 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Compare with ANKIT METAL

Equitymaster, 08 Oct

5% Price Band Stocks, June 29, 2026: Aurigrow, MOS in Focus

HDFC Sky, 29 Jun

Ankit Metal & Power Creditors Approve Resolution Plan with 89.79% Majority Vote

scanx.trade, 21 Jan

Why Is Ankit Metal and Power Share Price Falling: Key Reasons and Investor Analysis 2026

Univest, 14 MayPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Revenue growth is negative (-25.5%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Ankit Metal & Power Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 5 high-severity red flags sit above this conclusion and should be read first.

1 of 4 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑