Constronics Infra Limited

Industrials — Engineering & Construction · BSE

₹45.00+₹0.39 (+0.87%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:44 pm

Understanding the Business

Company site ↗

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

What does this company do?

Constronics Infra Limited engages in the trading of construction and building materials, blue metals, m-sand, crushed stone and other allied products in India. The company offers manufactured sand, plastering sand, ready-mixed concrete, crushed stone, and solid blocks.

IndustryEngineering & Construction

SectorIndustrials

Employees24

Annual revenue₹49 Cr

How does it make money?

Turns over ₹49 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 24 employees supports ₹2.03 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.03 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS 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 6.8% 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 ROE14.1%

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 +14061% while net margin moved -65% 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+14061%

Margin effect-65%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Beta of 0.88 — moves roughly with the market
✗ 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

52/ 100

Average

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

Valuation

73/ 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

27.1x

3Y Median

71.0x

40 monthly readings · mean 170.6x · range 18.0x–970.0x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 62% below its 3y median of 71.0x. 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 is priced broadly in line with the peer median of 30.1x.

vs. its own history

Cheap

71.0x median over 40 months · -62%

vs. sector peers

Fair

30.1x median of 3 peers · -10%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.7x

PEG

0.10

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 22.8% to 6.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 11.6% to 6.8% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 2278% over 3 years, from ₹1 Cr to ₹17 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 28.1 points, from 41.0% to 12.8%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 74% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 62% 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.
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 41.0% to 12.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 22.8% to 6.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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 316% a year✓ 421.2% CAGR
Latest reported year was -24.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 12.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹24 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 6.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 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

3 good · 3 neutral · 5 weak

Market Cap

₹56 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

27.1x

Fair

Fairly valued against the generic band

P/B Ratio

1.33x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.66

Profitable

Profitable on a per-share basis

ROE

6.8%

Weak

Weak capital efficiency

ROCE

6.8%

Weak

Low return on total capital employed

Debt/Equity

0.42x

Low

Conservative leverage

Revenue Growth (YoY)

-24.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-9.9%

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

-₹24 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

7.1%

Average

Average margins

Net Margin

5.5%

Average

Average bottom-line conversion

Current Ratio

3.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.88

Market-like

Moves roughly in line with the market

52W Range Position

23%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

47.4 / 48.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

33.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹49 Cr	₹49 Cr	+421.2%
EBITDA	₹0 Cr	₹1 Cr	₹5 Cr	₹6 Cr	+254.0%
EBITDA Margin	41.0%	1613.3%	9.5%	12.8%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	₹3 Cr	₹3 Cr	+268.0%
EPS	₹0.08	₹0.99	₹2.39	₹1.81	+182.8%
ROE	22.8%	74.2%	8.1%	6.8%	—
ROCE	11.6%	12.1%	11.5%	6.8%	—
Total Debt	₹1 Cr	₹6 Cr	₹1 Cr	₹17 Cr	+187.6%
Free Cash Flow	₹0 Cr	-₹0 Cr	-₹27 Cr	-₹24 Cr	—

🟢 Revenue has grown at 421.2% a year over 3 years.

🟢 EBITDA has grown at 254.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 41.0% to 12.8% over 3 years (-28.1 pts).

🟢 PAT (Net Profit) has grown at 268.0% a year over 3 years.

🟢 EPS has grown at 182.8% a year over 3 years.

🔴 ROE has fallen from 22.8% to 6.8% over 3 years (-16.0 pts).

🔴 ROCE has fallen from 11.6% to 6.8% over 3 years (-4.8 pts).

🔴 Total Debt has grown at 187.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹24 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹66 Cr

Total Liabilities

₹24 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹27 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.2%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 mixed4 general

Constronics Infra Ltd Falls to 52-Week Low of Rs 39 as Sell-Off Deepens

MarketsMojo, 15 Oct

Constronics Infra submits voting results of 34th AGM

scanx.trade, 03 OctResults

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

Constronics Infra Limited Approves Change of Address

www.marketscreener.com, 07 Oct

Constronics Infra Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 01 Sept

MYSORPETRO Stock Price and Chart — NSE:MYSORPETRO

TradingView, 17 Aug

Mirza International reports consolidated net loss of Rs 13.22 crore in the March 2026 quarter

Business Standard, 30 MayResults

🟡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

Revenue growth is negative (-24.9%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingGrowth

WeakBusiness Quality · Profitability · 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.

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