ANS Industries Limited

Consumer Defensive — Packaged Foods · BSE

₹18.94+₹0.90 (+4.99%)

DalalBaazaar Score

51 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by short-term liabilities exceed short-term assets, 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. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

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

What does this company do?

ANS Industries Limited processes, manufactures, and sells frozen fruits and vegetables in India. The company's products papayas, potatoes, red cherries, mushrooms, spinach, mangoes, sweet corn, green choliya, french beans, and cauliflowers.

IndustryPackaged Foods

SectorConsumer Defensive

Employees7

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA 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 -12.2% 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 ROE51.0%

DalalBaazaar Score

51/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of -12.2% is below 10% — capital is not working hard
✓ ROCE has improved by 12.4 points over the period — returns are strengthening
✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

48/ 100

Average

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

Valuation

82/ 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

12.1x

Sector Median

51.7x

median of 4 sector peers

🟢Against its sector it trades 77% below the peer median of 51.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

51.7x median of 4 peers · -77%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from -29.5% to 43.1%.
Return on capital is rising
ROCE has improved from -24.7% to -12.2%.
Very low debt
Debt/Equity of 0.29x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

4 items require attention · 2 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -370.5x — 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.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -444.1x to -370.5x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.05 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 77% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 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.
Several serious flags at once
2 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

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2Interest cover stays above 3x✗ -370.5x
How much operating profit can fall before interest stops being comfortably covered.
3ROCE stays above 8%✗ -12.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 10 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)
✓ 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 · 4 neutral · 2 weak

Market Cap

₹18 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.1x

Cheap

Cheap against the generic band

P/B Ratio

3.32x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.57

Profitable

Profitable on a per-share basis

ROE

43.1%

Strong

Strong capital efficiency

ROCE

-12.2%

Weak

Low return on total capital employed

Debt/Equity

0.29x

Low

Conservative leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

203.5%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.05

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.20

Defensive

Steadier than the market

52W Range Position

35%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

20.0 / 21.6

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

32.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹1 Cr	-₹0 Cr	-₹2 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹2 Cr	-₹0 Cr	-₹2 Cr	₹2 Cr	—
EPS	₹-2	—	₹-0.02	₹0.02	—
ROE	-29.5%	-7.2%	-73.3%	43.1%	—
ROCE	-24.7%	-5.8%	-74.2%	-12.2%	—
Total Debt	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	-2.1%
Free Cash Flow	-₹1 Cr	-₹1 Cr	-₹1 Cr	-₹0 Cr	—

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

🟢 EPS has turned positive, from ₹-2 to ₹0.02.

🟢 ROE has risen from -29.5% to 43.1% over 3 years (+72.7 pts).

🟢 ROCE has risen from -24.7% to -12.2% over 3 years (+12.4 pts).

🟢 Total Debt has shrunk at 2.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹9 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.2%

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

1 positive1 mixed4 general

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

Value Research, 27 Aug

ANS Industries 32nd AGM: All resolutions passed including FY26 accounts adoption

scanx.trade, 03 Oct

Almondz Global Securities: सब्सिडियरी को मिला बड़ा कॉन्ट्रैक्ट, ऑर्डर्स में **214%** का जबरदस्त उछाल

Whalesbook, 12 Oct

Enbee Trade & Finance standalone net profit rises 63.97% in the June 2026 quarter

Business Standard, 14 AugResults

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

ANS Industries Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

ANS Industries FY26 Results: Net profit ₹227.94 lakh on tax reversal

scanx.trade, 03 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongProfitability · Valuation

MiddlingGrowth

WeakBusiness Quality · Financial 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. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 3 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑