Ekansh Concepts Limited

Industrials — Engineering & Construction · BSE

₹178.50−₹2.70 (−1.49%)

DalalBaazaar Score

26 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, 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, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Ekansh Concepts Limited provides engineering, procurement, and construction (EPC) services for infrastructure projects in India.

IndustryEngineering & Construction

SectorIndustrials

Annual revenue₹27 Cr

How does it make money?

Turns over ₹27 Cr a year. Of every ₹100 of sales, about ₹-11 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation.

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 2.1% 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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -60% while net margin moved -201% 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-60%

Margin effect-201%

DalalBaazaar Score

26/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 26.3% a year
✗ Profit fell 54.5% in the latest year

Quality vs. Valuation

Company Quality

27/ 100

Weak

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

Valuation

20/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

165.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 40% over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 21.2% to -6.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 43.8% to 2.1% — often a sign of competition or overexpansion.

Red Flags

6 items require attention · 4 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 0.2x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹3 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 49.0 points, from 55.6% to 6.6%.
🔴Receivables growing faster than salesFinancial
Receivables up 54% against revenue up -60% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1.5x to 0.2x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹15 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 40% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 55.6% to 6.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 14.6x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 54% against revenue up -60%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 21.2% to -6.7%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 5%✓ 6.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 14.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹15 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 0.2x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ 2.1%
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

1 good · 2 neutral · 8 weak

Market Cap

₹270 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

5.62x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-2.26

Loss-making

Negative earnings per share — the business is losing money

ROE

-6.7%

Weak

Weak capital efficiency

ROCE

2.1%

Weak

Low return on total capital employed

Debt/Equity

0.57x

Low

Conservative leverage

Revenue Growth (YoY)

-26.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

-54.5%

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

-₹15 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

22.7%

Good

Healthy core-business profitability

Net Margin

-13.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.37

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.59

Defensive

Steadier than the market

52W Range Position

28%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

194.3 / 208.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

23.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹67 Cr	₹42 Cr	₹39 Cr	₹27 Cr	-26.3%
EBITDA	₹37 Cr	₹5 Cr	₹4 Cr	₹2 Cr	-63.7%
EBITDA Margin	55.6%	11.2%	10.6%	6.6%	—
PAT (Net Profit)	₹8 Cr	-₹3 Cr	₹2 Cr	-₹3 Cr	—
EPS	₹4.96	₹-2.18	₹1.27	₹-2.01	—
ROE	21.2%	-7.2%	4.0%	-6.7%	—
ROCE	43.8%	9.1%	14.2%	2.1%	—
Total Debt	₹43 Cr	₹54 Cr	₹11 Cr	₹26 Cr	-15.6%
Free Cash Flow	-₹44 Cr	-₹37 Cr	₹25 Cr	-₹15 Cr	—

🔴 Revenue has shrunk at 26.3% a year over 3 years.

🔴 EBITDA has shrunk at 63.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 55.6% to 6.6% over 3 years (-49.0 pts).

🔴 PAT (Net Profit) has turned negative, from ₹8 Cr to -₹3 Cr.

🔴 EPS has turned negative, from ₹4.96 to ₹-2.01.

🔴 ROE has fallen from 21.2% to -6.7% over 3 years (-27.9 pts).

🔴 ROCE has fallen from 43.8% to 2.1% over 3 years (-41.7 pts).

🟢 Total Debt has shrunk at 15.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹115 Cr

Total Liabilities

₹69 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹13 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.6%

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

1 positive2 mixed3 general

Ekansh Concepts closes trading window ahead of Q2FY27 results

scanx.trade, 01 OctResults

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

Ekansh Concepts approves merger with Sankalp Industrial Infratech

scanx.trade, 29 JunM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Ekansh Concepts Limited Share Price

Upstox, 06 May

MARKOLINES Stock Price and Chart — NSE:MARKOLINES

TradingView, 14 Oct

GRM Overseas consolidated net profit rises 10.21% in the June 2026 quarter

Business Standard, 13 AugResults

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

SAVY Stock Price and Chart — NSE:SAVY

TradingView, 28 Jul

Watch Items

Revenue growth is negative (-26.1%) 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.
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

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

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