CIAN Agro Industries & Infrastructure Limited

Consumer Defensive — Packaged Foods · BSE

₹992.00−₹1.00 (−0.10%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity, a beta above 1.3, so it swings harder than the index.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

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

What does this company do?

CIAN Agro Industries & Infrastructure Limited engages in the agro, healthcare, and infrastructure businesses in India and internationally. It operates through Agro, Healthcare, and Infrastructure segments.

IndustryPackaged Foods

SectorConsumer Defensive

Employees190

Annual revenue₹2,232 Cr

How does it make money?

Turns over ₹2,232 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹25 left at the operating level before interest, tax and depreciation. Each of its 190 employees supports ₹11.75 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin25.2%

Net margin10.0%

Revenue / employee₹11.75 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.

NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%

BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%

TATA CONSUMER PRODUCT LTDP/E 59.3x · ROE 7.5%

DABUR INDIA LTDP/E 34.7x · ROE 17.2%

What is its competitive advantage?Little sign of one

Returns on capital of 13.2% 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.

ROCE13.2%

ROE10.3%

Peer median ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +670% while net margin moved +10441% 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+670%

Margin effect+10441%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Beta of 1.99 — amplifies market moves in both directions
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

66/ 100

Good

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

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

8.7x

3Y Median

211.9x

40 monthly readings · mean 218.6x · range 12.5x–513.3x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 96% below its 3y median of 211.9x. 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 83% below the peer median of 51.7x.

vs. its own history

Cheap

211.9x median over 40 months · -96%

vs. sector peers

Cheap

51.7x median of 4 peers · -83%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

8.7x

P/B

1.29x

EV/EBITDA

7.0x

PEG

0.01

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 9.2% to 25.2% over 3 years.
Cash generation is improving
Free cash flow is up 1162% over 3 years.
Return on equity is rising
ROE has improved from 0.3% to 10.3%.
Return on capital is rising
ROCE has improved from 8.4% to 13.2%.
Valuation below its historical average
At 8.7x the stock trades 96% below its own median of 211.9x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 640% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 858% against revenue growth of 670% — customers are taking longer to pay.
Short-term liquidity is tight
Current ratio of 0.92 — near-term obligations exceed near-term assets.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 640% over 3 years, from ₹163 Cr to ₹1,205 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 858% against revenue up 670% — sales are being booked faster than they are collected.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.92 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 9.2% to 25.2%. 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 96% 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 83% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

Sales are being booked faster than collected
Receivables are up 858% against revenue up 670%. 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
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 73% a year✓ 97.4% CAGR
Latest reported year was 34.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 23%✓ 25.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✗ 2.4x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹340 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

7 / 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

7 good · 4 neutral · 0 weak

Market Cap

₹2,776 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.7x

Cheap

Cheap against the generic band

P/B Ratio

1.29x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹114.4

Profitable

Profitable on a per-share basis

ROE

10.3%

Moderate

Moderate capital efficiency

ROCE

13.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.54x

Low

Conservative leverage

Revenue Growth (YoY)

34.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

186.7%

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

₹340 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹992

Operating Margin

25.4%

Good

Healthy core-business profitability

Net Margin

13.3%

Good

Strong bottom-line conversion

Current Ratio

0.92

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

1.99

High swing

Swings more than the market in both directions

52W Range Position

15%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1077.6 / 1262.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

20.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹290 Cr	₹171 Cr	₹1,029 Cr	₹2,232 Cr	+97.4%
EBITDA	₹27 Cr	₹25 Cr	₹184 Cr	₹562 Cr	+176.2%
EBITDA Margin	9.2%	14.8%	17.9%	25.2%	—
PAT (Net Profit)	₹0 Cr	₹5 Cr	₹41 Cr	₹223 Cr	+832.7%
EPS	₹0.1	₹1.75	₹14.71	₹79.57	+832.6%
ROE	0.3%	5.5%	2.1%	10.3%	—
ROCE	8.4%	15.1%	4.0%	13.2%	—
Total Debt	₹163 Cr	₹107 Cr	₹1,301 Cr	₹1,205 Cr	+94.8%
Free Cash Flow	₹27 Cr	₹65 Cr	₹136 Cr	₹340 Cr	+132.8%

🟢 Revenue has grown at 97.4% a year over 3 years.

🟢 EBITDA has grown at 176.2% a year over 3 years.

🟢 EBITDA Margin has risen from 9.2% to 25.2% over 3 years (+16.0 pts).

🟢 PAT (Net Profit) has grown at 832.7% a year over 3 years.

🟢 EPS has grown at 832.6% a year over 3 years.

🟢 ROE has risen from 0.3% to 10.3% over 3 years (+10.0 pts).

🟢 ROCE has risen from 8.4% to 13.2% over 3 years (+4.8 pts).

🔴 Total Debt has grown at 94.8% a year over 3 years.

🟢 Free Cash Flow has grown at 132.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,245 Cr

Total Liabilities

₹2,018 Cr

Total Debt

₹1,205 Cr

Cash & Equivalents

₹23 Cr

Operating Cash Flow

₹375 Cr

Capex

-₹35 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.4%

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

1 positive2 mixed3 general

CIAN Agro Industries & Infrastructure Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 16 Oct

Yashhtej Industries (India) Ltd Share Price

Business Today, 16 Oct

CIAN Agro Industries & Infrastructure Ltd. Lower Circuit: Price and Key Data

Univest, 01 Oct

CIAN Agro Industries & Infrastructure - Multibaggers: 15 stocks with 25%+ sales and profit growth in Q4 March 2026

The Economic Times, 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.

CIAN Agro Industries & Infrastructure consolidated net profit rises 186.73% in the June 2026 quarter

Business Standard, 15 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Cian Agro files Q1FY27 standalone and consolidated results with BSE

scanx.trade, 15 AugResults

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

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

🟢Business QualityStrong14.5/20

🟡Financial HealthAdequate9.2/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong10.7/15

🟢ValuationAttractive13.2/15

🔴RiskHigh2.6/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 73% a year97.4% CAGR
✓EBITDA margin holds above 23%25.2%
✗Debt / EBITDA stays below 2x2.1x
✗Interest cover stays above 3x2.4x
✓Free cash flow remains positive₹340 Cr