Aurique Limited

Industrials — Electrical Equipment & Parts · BSE

₹63.72+₹3.03 (+4.99%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

CAUTION

Risk

Very High

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

In simple words: Strong business and financial position. Debt is 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 Aurique Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aurique Limited engages in the sale and service of lead storage batteries, power backup systems, and automotive parts in India. The company was formerly known as PAE Limited and changed its name to Aurique Limited in May 2026.

IndustryElectrical Equipment & Parts

SectorIndustrials

Employees3

Annual revenue₹3 Cr

How does it make money?

Turns over ₹3 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹32 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹84.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹84.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA 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?Some evidence

ROCE of 43.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE17.1%

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 +1265550% while net margin moved -100% 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+1265550%

Margin effect-100%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.12 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

65/ 100

Good

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

Valuation

59/ 100

Fair

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

27.8x

3Y Median

0.9x

40 monthly readings · mean 58.6x · range 0.7x–356.6x

Sector Median

88.8x

median of 3 sector peers

⚠️Current valuation is approximately 2993% above its 3y median of 0.9x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 69% below the peer median of 88.8x.

vs. its own history

Expensive

0.9x median over 40 months · +2993%

vs. sector peers

Cheap

88.8x median of 3 peers · -69%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

High return on capital employed
ROCE of 43.0% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention0

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

Red Flags

5 items require attention · 3 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 3.13x — earnings must service borrowings before shareholders see anything.
🔴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.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 109467.7 points, from 109500.0% to 32.3%.
🟡Profit is decliningFinancial
Net profit is down 95% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 860% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 43.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Cheaper than its peers
It trades 69% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 109500.0% to 32.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 3.13x. Interest is payable whether or not the business has a good year.
The price already assumes success
The stock trades 2993% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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.

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

1Revenue growth stays above 1673% a year✓ 2230.4% CAGR
Set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 30%✓ 32.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹16 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 40%✓ 43.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 0.9x✗ 27.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 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

4 good · 4 neutral · 3 weak

Market Cap

₹8 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

27.8x

Fair

Fairly valued against the generic band

P/B Ratio

0.92x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.29

Profitable

Profitable on a per-share basis

ROE

40.4%

Strong

Strong capital efficiency

ROCE

43.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

3.13x

High

High leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-97.5%

Falling

Profits are shrinking

Dividend Yield

0.05%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹9 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

9.3%

Good

Assets are working hard

Operating Margin

9.7%

Average

Average margins

Net Margin

16.8%

Good

Strong bottom-line conversion

Current Ratio

6.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.12

Defensive

Steadier than the market

52W Range Position

97%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

41.7 / 25.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	—	₹3 Cr	+2230.4%
EBITDA	₹0 Cr	-₹0 Cr	-₹1 Cr	₹1 Cr	+55.2%
EBITDA Margin	109500.0%	-2337.8%	—	32.3%	—
PAT (Net Profit)	₹6 Cr	-₹1 Cr	₹13 Cr	₹0 Cr	-62.8%
EPS	₹88.14	₹-0.01	₹0.18	₹0.47	-82.5%
Total Debt	₹11 Cr	₹13 Cr	—	—	—
Free Cash Flow	-₹7 Cr	-₹1 Cr	-₹2 Cr	-₹16 Cr	—

🟢 Revenue has grown at 2230.4% a year over 3 years.

🟢 EBITDA has grown at 55.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 109500.0% to 32.3% over 3 years (-109467.7 pts).

🔴 PAT (Net Profit) has shrunk at 62.8% a year over 3 years.

🔴 EPS has shrunk at 82.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3 Cr

Total Liabilities

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹16 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

77.9%

Corporate Actions

Dividend Rate

₹0.03

Ex-Dividend Date

11 May 2026

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 positive5 general

AURIQUE LIMITED Share Price

Upstox, 01 May

Aurique (BSE:517230) - Stock Analysis

Simply Wall Street, 21 May

PAEL Historical Data

Equitypandit, 31 Mar

Aurique Limited Approves Dividend, Bonus Shares at 76th AGM

scanx.trade, 19 MayCapital return

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

PAE Limited Officially Renamed Aurique Limited with Effect from May 11, 2026

scanx.trade, 12 May

SVPGLOB Stock Price and Chart — NSE:SVPGLOB

TradingView, 14 Jul

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongBusiness Quality · Profitability

MiddlingGrowth · Valuation

WeakFinancial Health · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; Valuation vs its own median of 0.9x · see Key things to watch ↑