Bohra Industries Limited

Basic Materials — Agricultural Inputs · NSE

₹13.80+₹0.33 (+2.45%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Bohra Industries Limited manufactures and trades in phosphate fertilizers in India. The company offers single super phosphate, granulated single super phosphate, and triple super phosphate.

IndustryAgricultural Inputs

SectorBasic Materials

Employees3

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, ULTRATECH CEMENT LIMITED, ASIAN PAINTS 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 -4.2% 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 ROE22.3%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

37/ 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

—

Red Flags

7 items require attention · 5 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 125% over 3 years, from ₹1 Cr to ₹1 Cr.
🔴High leverageFinancial
Debt/Equity of 1.60x — 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.
🔴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 -₹3 Cr in the latest reported year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 106% over 3 years — each existing share owns a smaller slice of the company.
🟡Low reported insider holdingOwnership
Reported insider holding is 0.0%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 1.60x. Interest is payable whether or not the business has a good year.
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
5 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

1Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ -4.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

2 good · 3 neutral · 6 weak

Market Cap

₹29 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

0.39x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-1.34

Loss-making

Negative earnings per share — the business is losing money

ROE

-4.0%

Weak

Weak capital efficiency

ROCE

-4.2%

Weak

Low return on total capital employed

Debt/Equity

1.60x

High

High leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

19.4%

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

-₹8 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-152820.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

11.98

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-1.45

Defensive

Steadier than the market

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

14.1 / 13.9

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

27.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹2 Cr	-₹1 Cr	-₹3 Cr	-₹2 Cr	—
PAT (Net Profit)	-₹3 Cr	-₹3 Cr	-₹4 Cr	-₹3 Cr	—
EPS	₹-2.06	₹-1.8	₹-2.58	₹-1.4	—
ROE	-4.9%	-4.5%	-6.9%	-4.0%	—
ROCE	-5.2%	-4.8%	-7.2%	-4.2%	—
Total Debt	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+31.0%
Free Cash Flow	-₹2 Cr	-₹0 Cr	-₹0 Cr	-₹8 Cr	—

🟡 ROE has held roughly flat at -4.0% over 3 years.

🟡 ROCE has held roughly flat at -4.2% over 3 years.

🔴 Total Debt has grown at 31.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹80 Cr

Total Liabilities

₹6 Cr

Cash & Equivalents

₹16 Cr

Operating Cash Flow

-₹7 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

27.5%

Insider Holding

0.0%

Corporate Actions

Ex-Dividend Date

19 Sept 2018

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
ULTRATECH CEMENT LIMITED	37.6x	11.1%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 mixed5 general

Bohra Industries Share Price: Buy or Sell

Univest, 09 Sept

Bohra Industries reclassifies promoter to public post open offer

scanx.trade, 20 Jul

Why Is Bohra Industries Share Price Falling Key Reasons 2026

Univest, 10 JunPrice 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.

List of Fertilizers Sector Stocks Listed on NSE & BSE

HDFC Sky, 29 Jul

Stocks To Buy: Check Kush Bohra's Top Picks Of The Day | July 22, 2026

NDTV Profit, 22 Jul

Momentum Stocks: Phoenix Mills, Mangalam Organics, Viceroy Hotels under pressure; Nestle at new high

Moneycontrol.com, 29 Jul

Watch Items

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.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.
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 · Valuation · Risk

WeakBusiness Quality · Financial Health · Profitability

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. 5 high-severity red flags sit above this conclusion and should be read first.

2 of 2 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑