Advance Syntex Limited

Basic Materials — Specialty Chemicals · BSE

₹4.50₹0.00 (0.00%)

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. 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, 6:56 pm

Understanding the Business

Company site ↗

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

What does this company do?

Advance Syntex Limited engages in the manufacture and trading of metallic yarn, lacquer coated aluminum metalized polyester film, glitter powder, and allied other products in India. Advance Syntex Limited was founded in 1974 and is based in Vadodara, India.

IndustrySpecialty Chemicals

SectorBasic Materials

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

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

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 32% over 3 years.

🔴 What Needs Attention0

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

Red Flags

5 items require attention · 4 high · 1 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 -602.4x — little room if earnings dip.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.54 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 32% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 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.
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

1Interest cover stays above 3x✗ -602.4x
How much operating profit can fall before interest stops being comfortably covered.
2Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 8 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)
✓ 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

2 good · 5 neutral · 4 weak

Market Cap

₹5 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)

₹-0.55

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)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

96.7%

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 generative

Generates cash even after funding its capex

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

0.54

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.19

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.6 / 5.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹19 Cr	₹1 Cr	—	—	—
EBITDA	-₹3 Cr	-₹1 Cr	-₹0 Cr	-₹1 Cr	—
EBITDA Margin	-15.3%	-140.7%	—	—	—
PAT (Net Profit)	-₹2 Cr	-₹6 Cr	-₹18 Cr	-₹1 Cr	—
EPS	₹-1.55	₹-5.61	₹-16.59	₹-0.54	—
ROE	-14.1%	-103.8%	—	—	—
ROCE	-7.9%	-35.4%	—	—	—
Total Debt	₹35 Cr	₹33 Cr	₹24 Cr	₹24 Cr	-12.0%
Free Cash Flow	₹2 Cr	₹7 Cr	₹2 Cr	₹0 Cr	-45.9%

🟢 Total Debt has shrunk at 12.0% a year over 3 years.

🔴 Free Cash Flow has shrunk at 45.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹13 Cr

Total Liabilities

₹26 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.8%

Corporate Actions

Ex-Dividend Date

03 Aug 2017

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive2 mixed3 general

Advance Syntex Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 01 Sept

Advance Syntex logs ₹1 lakh Q1FY27 loss; AGM set for Sept 30

scanx.trade, 21 Aug

EMMBI INDUSTRIES Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 15 Oct

Advance Syntex reports standalone net loss of Rs 0.01 crore in the June 2026 quarter

Business Standard, 24 AugResults

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

Advanced Enzyme Technologies Buyback 2026 Record Date, Price & Ratio Details

IPO Watch, 10 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Leading Leasing Finance & Investment Company reports standalone net loss of Rs 20.36 crore in the June 2026 quarter

Business Standard, 24 AugResults

🟡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

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
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

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Advance Syntex 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. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑