Anmol India Limited

Energy — Thermal Coal · NSE

₹11.98+₹0.27 (+2.31%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Debt is 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 Anmol India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Anmol India Limited trades in coal and related products in India. The company offers sponge iron pellets and lumps, steel billets, and steam coal, as well as pet coke. It serves the brick kiln industry, coal traders and dealers, and other industries.

IndustryThermal Coal

SectorEnergy

Annual revenue₹1,416 Cr

How does it make money?

Turns over ₹1,416 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹1 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP 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?Little sign of one

Returns on capital of 10.6% 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 ROE15.4%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +0% while net margin moved -40% 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+0%

Margin effect-40%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 0.1% — barely ahead of inflation
✗ Profit has declined at 15.4% a year
✗ Latest-year revenue growth of -21.1% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

43/ 100

Weak

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

Valuation

78/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

5.9x

3Y Median

9.6x

40 monthly readings · mean 27.1x · range 3.8x–99.7x

Sector Median

6.9x

median of 4 sector peers

🟢Current valuation is approximately 38% below its 3y median of 9.6x. 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 is priced broadly in line with the peer median of 6.9x.

vs. its own history

Cheap

9.6x median over 40 months · -38%

vs. sector peers

Fair

6.9x median of 4 peers · -14%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.8x

PEG

1.48

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 33% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 23.6% to 9.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 26.5% to 10.6% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 1 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 1.66x — earnings must service borrowings before shareholders see anything.
🟡Profit is decliningFinancial
Net profit is down 39% over 3 years.
🟡Receivables growing faster than salesFinancial
Receivables up 39% against revenue up 0% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 33% 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 38% 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?

The debt load needs earnings to hold up
Debt is 11.2x 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 39% against revenue up 0%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 0.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 23.6% to 9.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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

1EBITDA margin holds above -1%✓ 1.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 11.2x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Revenue growth stays above 4% a year✗ 0.1% CAGR
Latest reported year was -21.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Free cash flow remains positive✓ ₹15 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✓ 10.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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 · 5 neutral · 2 weak

Market Cap

₹68 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.9x

Cheap

Cheap against the generic band

P/B Ratio

0.57x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.02

Profitable

Profitable on a per-share basis

ROE

9.5%

Moderate

Moderate capital efficiency

ROCE

10.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.66x

High

High leverage

Revenue Growth (YoY)

-21.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

4.0%

Modest

Slow profit growth

Dividend Yield

None

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

Free Cash Flow

₹15 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

2.1%

Weak

Thin margins leave little room for error

Net Margin

0.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.84

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.53

Defensive

Steadier than the market

52W Range Position

35%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.1 / 11.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

28.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,410 Cr	₹1,500 Cr	₹1,274 Cr	₹1,416 Cr	+0.1%
EBITDA	₹32 Cr	₹32 Cr	₹16 Cr	₹18 Cr	-18.0%
EBITDA Margin	2.3%	2.1%	1.2%	1.2%	—
PAT (Net Profit)	₹19 Cr	₹21 Cr	₹7 Cr	₹11 Cr	-15.4%
EPS	₹0.66	₹3.73	₹1.23	₹1.99	+44.8%
ROE	23.6%	20.8%	6.5%	9.5%	—
ROCE	26.5%	23.9%	10.2%	10.6%	—
Total Debt	₹295 Cr	₹85 Cr	₹220 Cr	₹197 Cr	-12.6%
Free Cash Flow	-₹44 Cr	₹190 Cr	-₹141 Cr	₹15 Cr	—

🟡 Revenue has been broadly flat over 3 years (0.1% a year).

🔴 EBITDA has shrunk at 18.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 2.3% to 1.2% over 3 years (-1.0 pts).

🔴 PAT (Net Profit) has shrunk at 15.4% a year over 3 years.

🟢 EPS has grown at 44.8% a year over 3 years.

🔴 ROE has fallen from 23.6% to 9.5% over 3 years (-14.1 pts).

🔴 ROCE has fallen from 26.5% to 10.6% over 3 years (-15.8 pts).

🟢 Total Debt has shrunk at 12.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹44 Cr to ₹15 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹344 Cr

Total Liabilities

₹225 Cr

Cash & Equivalents

₹127 Cr

Operating Cash Flow

₹16 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

57.1%

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.4%

Recent News

1 positive5 general

Why Investors Shouldn't Be Surprised By Anmol India Limited's (NSE:ANMOL) Low P/E

Simply Wall Street, 14 Feb

Compare with

Equitymaster, 15 Oct

Anmol India Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 09 Sept

Tilak Raj sells 34.4 lakh shares, reduces Anmol India stake

scanx.trade, 17 Jun

Golden Cross Forms in Anmol India Ltd — On a Day the Stock Gained 0.17%. What the Mixed Signals Mean

MarketsMojo, 12 Oct

Anmol India standalone net profit rises 4.90% in the June 2026 quarter

Business Standard, 10 AugResults

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

Watch Items

Revenue growth is negative (-21.1%) 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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Revenue growth stays above 4% a year · see Key things to watch ↑