Cybele Industries Ltd

Industrials — Electrical Equipment & Parts · BSE

₹37.40+₹0.15 (+0.40%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, 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, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Cybele Industries Ltd — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Cybele Industries Ltd manufactures, sells, and markets of electric wires and cables in India. The company operates in two segments, Wires and Cables, and Property Development.

IndustryElectrical Equipment & Parts

SectorIndustrials

Annual revenue₹36 Cr

How does it make money?

Turns over ₹36 Cr a year. Of every ₹100 of sales, about ₹98 reaches shareholders as profit, with ₹-8 left at the operating level before interest, tax and depreciation.

EBITDA margin-7.8%

Net margin98.1%

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

What is its competitive advantage?Some evidence

ROCE of 40.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE40.9%

ROE50.4%

Peer median ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -2% while net margin moved +11164% 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-2%

Margin effect+11164%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.09 — 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

70/ 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

1.4x

3Y Median

780.7x

40 monthly readings · mean 782.4x · range 1.3x–1653.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 100% below its 3y median of 780.7x. 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 98% below the peer median of 88.8x.

vs. its own history

Cheap

780.7x median over 40 months · -100%

vs. sector peers

Cheap

88.8x median of 3 peers · -98%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

1.4x

P/B

0.73x

EV/EBITDA

—

PEG

0.00

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Return on equity is rising
ROE has improved from 1.2% to 52.7%.
Return on capital is rising
ROCE has improved from 3.9% to 40.9%.
High return on capital employed
ROCE of 40.9% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 1.4x the stock trades 100% below its own median of 780.7x.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 5.4% to -7.8% over 3 years.
Debt is rising
Total debt is up 54% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 162% against revenue growth of -2% — stock may not be moving.

Red Flags

5 items require attention · 5 high

🔴Debt has risen sharplyFinancial
Total debt is up 54% over 3 years, from ₹17 Cr to ₹26 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴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.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 13.1 points, from 5.4% to -7.8%.
🔴Inventory building faster than salesFinancial
Inventory up 162% against revenue up -2% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 40.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 100% 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 98% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 5.4% to -7.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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
5 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

1EBITDA margin holds above -10%✓ -7.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹16 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 38%✓ 40.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 780.7x✓ 1.4x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

9 / 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

8 good · 2 neutral · 1 weak

Market Cap

₹40 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

1.4x

Cheap

Cheap against the generic band

P/B Ratio

0.73x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹26.24

Profitable

Profitable on a per-share basis

ROE

50.4%

Strong

Strong capital efficiency

ROCE

40.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.41x

Low

Conservative leverage

Revenue Growth (YoY)

96.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

358.2%

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

-₹16 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹37.4

ROA

21.8%

Good

Assets are working hard

Operating Margin

3.9%

Weak

Thin margins leave little room for error

Net Margin

72.4%

Good

Strong bottom-line conversion

Current Ratio

11.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.09

Defensive

Steadier than the market

52W Range Position

29%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

37.2 / 38.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

52.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹37 Cr	₹35 Cr	₹20 Cr	₹36 Cr	-0.8%
EBITDA	₹2 Cr	₹1 Cr	-₹11 Cr	-₹3 Cr	—
EBITDA Margin	5.4%	2.8%	-56.5%	-7.8%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹14 Cr	₹35 Cr	+378.9%
EPS	₹0.03	₹0.05	₹-12.72	₹27.03	+865.8%
ROE	1.2%	-0.1%	-29.7%	52.7%	—
ROCE	3.9%	1.4%	-16.5%	40.9%	—
Total Debt	₹17 Cr	₹19 Cr	₹28 Cr	₹26 Cr	+15.4%
Free Cash Flow	-₹2 Cr	-₹1 Cr	-₹7 Cr	-₹16 Cr	—

🟡 Revenue has been broadly flat over 3 years (-0.8% a year).

🔴 EBITDA has turned negative, from ₹2 Cr to -₹3 Cr.

🔴 EBITDA Margin has fallen from 5.4% to -7.8% over 3 years (-13.1 pts).

🟢 PAT (Net Profit) has grown at 378.9% a year over 3 years.

🟢 EPS has grown at 865.8% a year over 3 years.

🟢 ROE has risen from 1.2% to 52.7% over 3 years (+51.5 pts).

🟢 ROCE has risen from 3.9% to 40.9% over 3 years (+37.0 pts).

🔴 Total Debt has grown at 15.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹96 Cr

Total Liabilities

₹30 Cr

Total Debt

₹26 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹16 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.7%

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

3 mixed3 general

Cybele Industries Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 03 Sept

Cybele Industries Q4 FY26: Rev Rs 74.44 Cr, PAT Rs 34.98 Cr

Univest, 01 JunResults

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

Cybele Industries turns profitable in FY26 with ₹351 crore net profit

scanx.trade, 02 Sept

BONLON Stock Price and Chart — NSE:BONLON

TradingView, 20 Feb

Cybele Industries Q1 FY27 Results: Revenue and PAT Highlights

Univest, 12 AugResults

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

Mrs. Bectors Food declines after muted Q4 performance

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.

Watch Items

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

DalalBaazaar Thesis

🟢Business QualityStrong15.1/20

🟢Financial HealthStrong13/20

🟡GrowthModest10.5/20

🟢ProfitabilityStrong13.5/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4/10

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. 5 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above -10%-7.8%
✗Free cash flow remains positive-₹16 Cr
✓ROCE stays above 38%40.9%
✓Valuation vs its own median of 780.7x1.4x today