Chordia Food Products Limited

Real Estate — Real Estate Services · BSE

₹90.25−₹4.75 (−5.00%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Very High

Driven by high debt relative to equity, 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, though profits are falling even as sales grow. Debt is 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 Chordia Food Products Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Chordia Food Products Limited engages in the food infrastructure and food business in India. It develops and leases infrastructure facilities, such as factories, processing unit, cold storages, warehouses, agri tech center, offices, etc.

IndustryReal Estate Services

SectorReal Estate

Employees22

Annual revenue₹5 Cr

How does it make money?

Turns over ₹5 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹42 left at the operating level before interest, tax and depreciation. Each of its 22 employees supports ₹21.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹21.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY 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 6.3% 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 ROE10.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +67% while net margin moved +144% 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+67%

Margin effect+144%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.21 — 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

Quality vs. Valuation

Company Quality

69/ 100

Good

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

Valuation

47/ 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

54.0x

3Y Median

53.5x

40 monthly readings · mean 92.0x · range 36.0x–218.9x

Sector Median

30.2x

median of 3 sector peers

🟡Currently trading close to its 3y median of 53.5x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 79% above the peer median of 30.2x.

vs. its own history

Fair

53.5x median over 40 months · +1%

vs. sector peers

Expensive

30.2x median of 3 peers · +79%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

17.2x

PEG

0.91

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 53% over 3 years.
Return on equity is rising
ROE has improved from 1.4% to 4.9%.
Return on capital is rising
ROCE has improved from 2.8% to 6.3%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 2.60x — earnings must service borrowings before shareholders see anything.
🟡Margins are compressingFinancial
EBITDA margin is down 2.9 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 53% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
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 44.5% to 41.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 2.60x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 79% 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 14% a year✓ 18.6% CAGR
Latest reported year was 0.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 40%✓ 41.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹2 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 6.3%
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

2 good · 4 neutral · 5 weak

Market Cap

₹36 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

54.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

2.29x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.67

Profitable

Profitable on a per-share basis

ROE

4.9%

Weak

Weak capital efficiency

ROCE

6.3%

Weak

Low return on total capital employed

Debt/Equity

2.60x

High

High leverage

Revenue Growth (YoY)

0.5%

Modest

Modest growth

Profit Growth (YoY)

-51.0%

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

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

7.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

12.9%

Average

Average margins

Net Margin

14.1%

Good

Strong bottom-line conversion

Current Ratio

6.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.21

Defensive

Steadier than the market

52W Range Position

50%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

100.7 / 89.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

19.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹3 Cr	₹3 Cr	₹5 Cr	+18.6%
EBITDA	₹1 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+15.9%
EBITDA Margin	44.5%	59.9%	53.2%	41.5%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+59.6%
EPS	₹0.47	₹1.98	₹1.35	₹1.92	+59.9%
ROE	1.4%	5.5%	3.6%	4.9%	—
ROCE	2.8%	7.0%	4.9%	6.3%	—
Total Debt	₹1 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-22.4%
Free Cash Flow	₹2 Cr	₹1 Cr	₹0 Cr	₹2 Cr	-0.7%

🟢 Revenue has grown at 18.6% a year over 3 years.

🟢 EBITDA has grown at 15.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 44.5% to 41.5% over 3 years (-2.9 pts).

🟢 PAT (Net Profit) has grown at 59.6% a year over 3 years.

🟢 EPS has grown at 59.9% a year over 3 years.

🟢 ROE has risen from 1.4% to 4.9% over 3 years (+3.5 pts).

🟢 ROCE has risen from 2.8% to 6.3% over 3 years (+3.5 pts).

🟢 Total Debt has shrunk at 22.4% a year over 3 years.

🟡 Free Cash Flow has been broadly flat over 3 years (-0.7% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹18 Cr

Total Liabilities

₹2 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.0%

Corporate Actions

Ex-Dividend Date

19 Sept 2008

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

Ameetsingh Rajpal raises Chordia Food Products stake to 8.41%

scanx.trade, 01 Aug

Pradhin (BSE:530095) - Stock Analysis

Simply Wall Street, 07 Jun

SSMD Stock Price and Chart — BSE:SSMD

TradingView, 02 Dec

Virat Crane Industries reports standalone net loss of Rs 0.78 crore in the March 2026 quarter

Business Standard, 29 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Chordia Food Products Limited Confirms No Promoter Share Encumbrance for FY26 Under SEBI SAST Regulations

scanx.trade, 06 Apr

CIAN Agro Industries & Infrastructure Limited (CIANAGRO.BO) stock price, news, quote and history

Yahoo Finance UK, 31 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
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

StrongBusiness Quality · Financial Health · Growth

MiddlingProfitability · Valuation

WeakRisk

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

1 of 5 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑