Antarctica Limited

Consumer Cyclical — Packaging & Containers · NSE

₹0.69+₹0.01 (+1.47%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Antarctica Limited engages in agricultural activities in India.

IndustryPackaging & Containers

SectorConsumer Cyclical

Employees4

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹-51 reaches shareholders as profit, with ₹-40 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹21.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹21.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS 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 -2.2% 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 ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 2 years revenue moved -19% while net margin moved -3599% 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-19%

Margin effect-3599%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 9.8% a year

Quality vs. Valuation

Company Quality

39/ 100

Weak

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

Valuation

36/ 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

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 0.1% to -2.2% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -121.8x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 52.9 points, from 12.5% to -40.5%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -7.3x to -121.8x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 12.5% to -40.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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
4 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

1EBITDA margin holds above -42%✓ -40.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -121.8x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -2.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

3 good · 4 neutral · 4 weak

Market Cap

₹11 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

0.67x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.02

Loss-making

Negative earnings per share — the business is losing money

ROE

12.2%

Moderate

Moderate capital efficiency

ROCE

-2.2%

Weak

Low return on total capital employed

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

710.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

0.0%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

1.5%

Weak

Thin margins leave little room for error

Net Margin

5.1%

Average

Average bottom-line conversion

Current Ratio

81.90

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.69

Defensive

Steadier than the market

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.7 / 0.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

40.0

Neutral momentum

Financial Trend (3-Year)

Metric	FY22	FY23	FY24	2Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹1 Cr	-9.8%
EBITDA	₹0 Cr	₹0 Cr	-₹0 Cr	—
EBITDA Margin	12.5%	3.6%	-40.5%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹0	₹-0	—	—
ROE	0.1%	-0.0%	-2.6%	—
ROCE	0.1%	-0.0%	-2.2%	—
Total Debt	₹3 Cr	₹3 Cr	₹3 Cr	-1.2%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🔴 Revenue has shrunk at 9.8% a year over 2 years.

🔴 EBITDA has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EBITDA Margin has fallen from 12.5% to -40.5% over 2 years (-52.9 pts).

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 ROE has fallen from 0.1% to -2.6% over 2 years (-2.7 pts).

🔴 ROCE has fallen from 0.1% to -2.2% over 2 years (-2.3 pts).

🟡 Total Debt has been broadly flat over 2 years (-1.2% a year).

Balance Sheet & Cash Flow — FY2024

Total Assets

₹19 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹0 Cr

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 general

Antarctica (NSEI:ANTGRAPHIC) - Stock Analysis

Simply Wall Street, 11 Oct

Antarctica Share Price Forecast: 3 Year Outlook to 2030

Univest, 15 Jul

Antarctica Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Antarctica share price: Buy or Sell

Univest, 07 Sept

Antarctica Limited Board Approves Rights Issue of Up to ₹69.00 Crores and Hike in Authorised Share Capital

scanx.trade, 15 May

Cooking Oil-Powered Plane to Fly Tourists to Antarctica

Crude Oil Prices Today | OilPrice.com, 17 Sept

Watch Items

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

DalalBaazaar Thesis

MiddlingFinancial Health · Profitability · Valuation

WeakBusiness Quality · Growth · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

3 of 4 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑