Bombay Metrics Supply Chain Limited

Sector n/a · NSE

₹124.00−₹2.95 (−2.32%)

DalalBaazaar Score

43 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

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

How does it make money?

Turns over ₹91 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation.

EBITDA margin5.0%

Net margin1.8%

What is its competitive advantage?Some evidence

ROCE of 15.6% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE15.6%

ROE7.7%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +46% while net margin moved -59% 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+46%

Margin effect-59%

DalalBaazaar Score

43/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

45/ 100

Average

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

Valuation

18/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

35.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 7.6% to 5.0% over 3 years.
Debt is rising
Total debt is up 329% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 23.1% to 7.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 29.5% to 15.6% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 181% against revenue growth of 46% — stock may not be moving.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 329% over 3 years, from ₹3 Cr to ₹11 Cr.
🔴Inventory building faster than salesFinancial
Inventory up 181% against revenue up 46% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 8.2x to 3.0x.
🟡Profit is decliningFinancial
Net profit is down 40% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 2.6 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 7.6% to 5.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 23.1% to 7.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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

1Revenue growth stays above 10% a year✓ 13.5% CAGR
Latest reported year was -4.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 5.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✓ 3.0x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 9 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 5 neutral · 3 weak

Market Cap

₹153 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

7.7%

Weak

Weak capital efficiency

ROCE

15.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.52x

Low

Conservative leverage

Revenue Growth (YoY)

-4.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

-63.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹124

Gross Margin

19.9%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

1.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.28

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

37.7 / 36.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

43.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹63 Cr	₹84 Cr	₹96 Cr	₹91 Cr	+13.5%
EBITDA	₹5 Cr	₹5 Cr	₹9 Cr	₹5 Cr	-1.3%
EBITDA Margin	7.6%	6.5%	9.6%	5.0%	—
PAT (Net Profit)	₹3 Cr	₹3 Cr	₹5 Cr	₹2 Cr	-15.5%
EPS	₹2.23	₹2.72	₹3.66	—	—
ROE	23.1%	22.4%	23.5%	7.7%	—
ROCE	29.5%	27.7%	35.3%	15.6%	—
Total Debt	₹3 Cr	₹3 Cr	₹11 Cr	₹11 Cr	+62.5%
Free Cash Flow	-₹1 Cr	-₹1 Cr	-₹7 Cr	₹1 Cr	—

🟢 Revenue has grown at 13.5% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (-1.3% a year).

🔴 EBITDA Margin has fallen from 7.6% to 5.0% over 3 years (-2.6 pts).

🔴 PAT (Net Profit) has shrunk at 15.5% a year over 3 years.

🔴 ROE has fallen from 23.1% to 7.7% over 3 years (-15.4 pts).

🔴 ROCE has fallen from 29.5% to 15.6% over 3 years (-13.8 pts).

🔴 Total Debt has grown at 62.5% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹51 Cr

Total Liabilities

₹30 Cr

Total Debt

₹11 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹5 Cr

Capex

-₹4 Cr

Recent News

1 positive1 mixed4 general

Bombay Metrics Supply Chain Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

Top 15 Low-Price Stocks In India To Buy In October 2026

Samco, 17 Oct

RAJVI LOGITRADE LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 12 Oct

Bombay Metrics Supply Chain Ltd. Share Price Live Today

CNBC TV18, 05 Aug

Why Is Bombay Burmah Trading Share Price Falling: Key Reasons and Investor Analysis 2026

Univest, 07 MayPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Re 0.45/Sh Dividend, 1:1 Bonus Share: NSE-Listed Stock Fixes Aug 30 As Record Date

Goodreturns, 17 AugCapital return

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

Watch Items

Revenue growth is negative (-4.4%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak8.8/20

🟡Financial HealthAdequate12.4/20

🔴GrowthWeak7.7/20

🔴ProfitabilityWeak4.6/15

🟡ValuationFair7.5/15

🔴RiskHigh1.8/10

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.

This thesis breaks if

✓Revenue growth stays above 10% a year13.5% CAGR
✓EBITDA margin holds above 3%5.0%
✗Debt / EBITDA stays below 2x2.4x
✓Interest cover stays above 3x3.0x
✓Free cash flow remains positive₹1 Cr