Centuple Global Limited

Consumer Defensive — Packaged Foods · BSE

₹32.71+₹0.48 (+1.49%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, 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 both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Centuple Global Limited engages in the trading business in India. The company operates in two segments: Tobacco Products and Agro Commodities. It also offers FMCG products, as well as provides consultancy services.

IndustryPackaged Foods

SectorConsumer Defensive

Employees4

Annual revenue₹574 Cr

How does it make money?

Turns over ₹574 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹0 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹143.45 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹143.45 Cr

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA 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 9.8% 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 ROE51.0%

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 +49360% while net margin moved -104% 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+49360%

Margin effect-104%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.34 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

60/ 100

Average

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

Valuation

83/ 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

9.8x

2Y Median

462.7x

28 monthly readings · mean 673.2x · range 11.4x–2382.0x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 98% below its 2y median of 462.7x. 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 81% below the peer median of 51.7x.

vs. its own history

Cheap

462.7x median over 28 months · -98%

vs. sector peers

Cheap

51.7x median of 4 peers · -81%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from -6.8% to 0.4% over 3 years.
Return on equity is rising
ROE has improved from -15.6% to 6.5%.
Return on capital is rising
ROCE has improved from -16.3% to 9.8%.
Very low debt
Debt/Equity of 0.29x 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

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 4470% over 3 years, from ₹0 Cr to ₹7 Cr.
🔴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.
🔴Receivables growing faster than salesFinancial
Receivables up 78397% against revenue up 49360% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹28 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -6.8% to 0.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 98% 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 81% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 78397% against revenue up 49360%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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.
Several serious flags at once
3 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 518% a year✓ 690.8% CAGR
Latest reported year was 114661.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -2%✓ 0.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹28 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✓ 9.8%
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

6 good · 3 neutral · 2 weak

Market Cap

₹18 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.8x

Cheap

Cheap against the generic band

P/B Ratio

0.77x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.34

Profitable

Profitable on a per-share basis

ROE

6.5%

Weak

Weak capital efficiency

ROCE

9.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.29x

Low

Conservative leverage

Revenue Growth (YoY)

114661.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

5833.9%

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

-₹28 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.4%

Weak

Thin margins leave little room for error

Net Margin

0.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.07

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.34

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

31.8 / 36.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

49.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹1 Cr	₹574 Cr	+690.8%
EBITDA	-₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	—
EBITDA Margin	-6.8%	2.5%	20.0%	0.4%	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	—
EPS	₹-0.14	₹0.06	₹0.05	₹2.76	—
ROE	-15.6%	5.7%	4.6%	6.5%	—
ROCE	-16.3%	4.1%	8.5%	9.8%	—
Total Debt	₹0 Cr	—	—	₹7 Cr	+257.5%
Free Cash Flow	₹0 Cr	-₹0 Cr	₹0 Cr	-₹28 Cr	—

🟢 Revenue has grown at 690.8% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹2 Cr.

🟢 EBITDA Margin has risen from -6.8% to 0.4% over 3 years (+7.2 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-0.14 to ₹2.76.

🟢 ROE has risen from -15.6% to 6.5% over 3 years (+22.1 pts).

🟢 ROCE has risen from -16.3% to 9.8% over 3 years (+26.2 pts).

🔴 Total Debt has grown at 257.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹28 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹343 Cr

Total Liabilities

₹320 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹28 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

53.1%

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

6 general

Centuple Global (BSE:531099) - Stock Analysis

Simply Wall Street, 29 May

Centuple Global board meets Oct 12 to appoint auditor, change director role

scanx.trade, 08 Oct

Centuple Global appoints Ajay Agarwal as additional whole time director

scanx.trade, 24 Sept

Centuple Global Ltd

Equitypandit, 13 Aug

Centuple Global Limited Approves Change in Designation of Mr. Ajay Kumar Agarwal from Additional Director to Whole-Time Director, Effective on September 24, 2026

www.marketscreener.com, 12 Oct

Checkpoint Trends Limited Shareholders Approve Rs 500 Crore QIP and Convertible Warrants Issuance

scanx.trade, 28 Oct

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

StrongGrowth · Valuation

MiddlingFinancial Health · Profitability

WeakBusiness Quality · 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. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑