Blue Pearl Agriventures Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹6.73+₹0.32 (+4.99%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

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

What does this company do?

Blue Pearl Agriventures Limited engages in the processing, marketing, trading, import, export, selling, and dealing in various kinds of agro/agri/food products.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Annual revenue₹50 Cr

How does it make money?

Turns over ₹50 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS 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 2.2% 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 ROE25.9%

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 +22276% while net margin moved -164% 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+22276%

Margin effect-164%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 2.2% is below 10% — capital is not working hard
✗ EBITDA margin of 2.7% is thin — little cushion if costs rise
✗ Net margin of 2.2% is slim
• Revenue has compounded at 507.1% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

55/ 100

Average

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

Valuation

42/ 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.

Historical Valuation

Current P/E

673.0x

1.3Y Median

2703.0x

16 monthly readings · mean 4178.3x · range 336.0x–11232.0x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 75% below its 1.3y median of 2703.0x. 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 873% above the peer median of 69.2x.

vs. its own history

Cheap

2703.0x median over 16 months · -75%

vs. sector peers

Expensive

69.2x median of 4 peers · +873%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

294.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -3.2% to 2.7% over 3 years.
Debt is being paid down
Total debt is down 88% over 3 years.
Very low debt
Debt/Equity of 0.06x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 1 high · 2 watch

🔴Receivables growing faster than salesFinancial
Receivables up 89064% against revenue up 22276% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 23438% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -3.2% to 2.7%. 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 88% 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 75% 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.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 89064% against revenue up 22276%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 873% above the peer median. That premium needs a reason that persists, or it closes.
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 380% a year✓ 507.1% CAGR
Latest reported year was -12.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 2.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 2.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

4 good · 2 neutral · 5 weak

Market Cap

₹406 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

673.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

6.59x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.01

Profitable

Profitable on a per-share basis

ROE

1.7%

Weak

Weak capital efficiency

ROCE

2.2%

Weak

Low return on total capital employed

Debt/Equity

0.06x

Low

Conservative leverage

Revenue Growth (YoY)

-12.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

60.2%

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

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

1.3%

Weak

Assets generate little profit

Operating Margin

3.3%

Weak

Thin margins leave little room for error

Net Margin

2.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

13.13

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.24

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

6.6 / 7.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

49.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹35 Cr	₹50 Cr	+507.1%
EBITDA	-₹0 Cr	-₹0 Cr	₹1 Cr	₹1 Cr	—
EBITDA Margin	-3.2%	-26.0%	2.2%	2.7%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹1 Cr	₹1 Cr	—
EPS	₹-0.03	₹-2.68	₹0.01	₹0.02	—
ROE	—	—	1.1%	1.7%	—
ROCE	—	—	1.3%	2.2%	—
Total Debt	₹0 Cr	₹0 Cr	—	₹0 Cr	-50.3%
Free Cash Flow	-₹0 Cr	₹0 Cr	-₹60 Cr	-₹0 Cr	—

🟢 Revenue has grown at 507.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -3.2% to 2.7% over 3 years (+6.0 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-0.03 to ₹0.02.

🟡 ROE has held roughly flat at 1.7% over 3 years.

🟡 ROCE has held roughly flat at 2.2% over 3 years.

🟢 Total Debt has shrunk at 50.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹83 Cr

Total Liabilities

₹22 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.0%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 general

Blue Pearl Agriventures - 10 penny stocks plunge up to 75% in six months

The Economic Times, 18 Oct

Five Consecutive Losses Push Blue Pearl Agriventures Ltd to a New 52-Week Low

MarketsMojo, 15 Oct

Blue Pearl Agriventures appoints Neeraj Yadav as company secretary

scanx.trade, 07 Oct

Blue Pearl Agriventures Ltd Opens 9.61% Lower in Sharp Gap Down as Technicals Point to Further Weakness

MarketsMojo, 12 Oct

Blue Pearl Agriventures submits scrutinizer report for 34th AGM

scanx.trade, 30 Sept

Blue Pearl Agriventures - BPCL, IDBI Bank, among 10 stocks that crashed up to 54% since Iran-US war began

The Economic Times, 27 Mar

Watch Items

Revenue growth is negative (-12.5%) on the latest reported period — check if this is one-off or a trend.
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

WeakBusiness Quality · Profitability · Valuation · Risk

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. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑