ATV Projects India Limited

Industrials — Engineering & Construction · BSE

₹21.89−₹0.05 (−0.23%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:51 pm

Understanding the Business

Company site ↗

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

What does this company do?

ATV Projects India Limited manufactures and trades engineering equipment.

IndustryEngineering & Construction

SectorIndustrials

Annual revenue₹68 Cr

How does it make money?

Turns over ₹68 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS 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 2.8% 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 ROE14.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +42% while net margin moved -0% 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+42%

Margin effect-0%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROE of 3.4% is weak

Quality vs. Valuation

Company Quality

64/ 100

Average

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

Valuation

72/ 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

16.2x

3Y Median

24.9x

40 monthly readings · mean 23.7x · range 13.3x–34.4x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 35% below its 3y median of 24.9x. 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 trades 46% below the peer median of 30.1x.

vs. its own history

Cheap

24.9x median over 40 months · -35%

vs. sector peers

Cheap

30.1x median of 3 peers · -46%

vs. generic bands

Fair

15x–35x

EV/EBITDA

17.6x

PEG

1.34

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 10.4% to 12.3% over 3 years.
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.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 watch

🟡Receivables growing faster than salesFinancial
Receivables up 70% against revenue up 42% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 10.4% to 12.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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 35% 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.
Cheaper than its peers
It trades 46% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹11 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.4x 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 70% against revenue up 42%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 12.3% CAGR
Latest reported year was 35.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 12.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✓ ₹11 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 2.8%
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

5 good · 4 neutral · 2 weak

Market Cap

₹116 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.2x

Fair

Fairly valued against the generic band

P/B Ratio

0.55x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.35

Profitable

Profitable on a per-share basis

ROE

3.4%

Weak

Weak capital efficiency

ROCE

2.8%

Weak

Low return on total capital employed

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

35.2%

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

₹11 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

9.8%

Average

Average margins

Net Margin

9.8%

Average

Average bottom-line conversion

Current Ratio

2.99

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.12

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

22.3 / 24.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

54.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹48 Cr	₹62 Cr	₹71 Cr	₹68 Cr	+12.3%
EBITDA	₹5 Cr	₹8 Cr	₹8 Cr	₹8 Cr	+18.7%
EBITDA Margin	10.4%	12.3%	12.0%	12.3%	—
PAT (Net Profit)	₹5 Cr	₹6 Cr	₹7 Cr	₹7 Cr	+12.1%
EPS	₹0.96	₹1.22	₹1.39	₹1.35	+12.0%
ROE	2.6%	3.3%	3.6%	3.4%	—
ROCE	2.0%	2.6%	2.9%	2.8%	—
Total Debt	₹54 Cr	₹51 Cr	₹43 Cr	₹36 Cr	-12.6%
Free Cash Flow	-₹3 Cr	₹6 Cr	₹5 Cr	₹11 Cr	—

🟢 Revenue has grown at 12.3% a year over 3 years.

🟢 EBITDA has grown at 18.7% a year over 3 years.

🟢 EBITDA Margin has risen from 10.4% to 12.3% over 3 years (+1.9 pts).

🟢 PAT (Net Profit) has grown at 12.1% a year over 3 years.

🟢 EPS has grown at 12.0% a year over 3 years.

🟡 ROE has held roughly flat at 3.4% over 3 years.

🟡 ROCE has held roughly flat at 2.8% over 3 years.

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

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹11 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹270 Cr

Total Liabilities

₹57 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

₹13 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

1.8%

Insider Holding

37.0%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 mixed5 general

ATV Projects India Share Price Near 52-Week Low Analysis

Univest, 25 Sept

ATV Projects India Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Chemtech Industrial Valves (BSE:537326) - Stock Analysis

Simply Wall Street, 13 Oct

ATV Projects India Limited Promoter Group Maintains 26.87% Unencumbered Shareholding

scanx.trade, 07 Apr

ATV Projects India Share Price rise: price action and peers

Univest, 03 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

ITL Stock Price and Chart — NSE:ITL

TradingView, 17 Aug

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.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Risk

WeakProfitability

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 of 5 tripwires tripped — Debt / EBITDA falls below 3x; ROCE stays above 8% · see Key things to watch ↑