Fluidomat Limited

Industrials — Tools & Accessories · BSE

₹665.00+₹33.05 (+5.23%)

DalalBaazaar Score

79 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:02 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 Fluidomat Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Fluidomat Limited manufactures and sells a range of fixed speed and variable speed fluid couplings for industrial and automotive drives in India.

IndustryTools & Accessories

SectorIndustrials

Employees200

Annual revenue₹72 Cr

How does it make money?

Turns over ₹72 Cr a year. Of every ₹100 of sales, about ₹28 reaches shareholders as profit, with ₹39 left at the operating level before interest, tax and depreciation. Each of its 200 employees supports ₹36.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin39.4%

Net margin27.7%

Revenue / employee₹36.2 lakh

Who are its competitors?

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

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 27.5%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 20.8% against a peer median of 15.2% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE27.5%

ROE20.8%

Peer median ROE15.2%

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 +57% while net margin moved +33% 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+57%

Margin effect+33%

DalalBaazaar Score

79/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.70 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

84/ 100

Excellent

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

Valuation

77/ 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

16.7x

3Y Median

22.4x

40 monthly readings · mean 24.6x · range 12.3x–43.6x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 25% below its 3y median of 22.4x. 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 81% below the peer median of 88.8x.

vs. its own history

Cheap

22.4x median over 40 months · -25%

vs. sector peers

Cheap

88.8x median of 3 peers · -81%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

16.7x

P/B

3.40x

EV/EBITDA

11.5x

PEG

0.60

Dividend Yield

1.13%

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 30.0% to 39.4% over 3 years.
Cash generation is improving
Free cash flow is up 56% over 3 years.
High return on capital employed
ROCE of 27.5% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 16.7x the stock trades 25% below its own median of 22.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 117% against revenue growth of 57% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 high

🔴Receivables growing faster than salesFinancial
Receivables up 117% against revenue up 57% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 27.5% 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.
Margin expansion has further to run
EBITDA margin has risen from 30.0% to 39.4%. 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 25% 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 81% 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 117% against revenue up 57%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 12% a year✓ 16.2% CAGR
Latest reported year was -4.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 37%✓ 39.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹7 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 24%✓ 27.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 22.4x✓ 16.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ 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

4 good · 5 neutral · 2 weak

Market Cap

₹328 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.7x

Fair

Fairly valued against the generic band

P/B Ratio

3.40x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹39.8

Profitable

Profitable on a per-share basis

ROE

20.8%

Strong

Strong capital efficiency

ROCE

27.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-4.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

-38.7%

Falling

Profits are shrinking

Dividend Yield

1.13%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹665

Operating Margin

18.1%

Good

Healthy core-business profitability

Net Margin

27.3%

Good

Strong bottom-line conversion

Current Ratio

7.73

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.70

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

703.3 / 754.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

25.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹46 Cr	₹55 Cr	₹72 Cr	₹72 Cr	+16.2%
EBITDA	₹14 Cr	₹19 Cr	₹31 Cr	₹28 Cr	+27.2%
EBITDA Margin	30.0%	33.8%	43.3%	39.4%	—
PAT (Net Profit)	₹10 Cr	₹13 Cr	₹22 Cr	₹20 Cr	+27.8%
EPS	₹19.53	₹26.5	₹45.15	₹40.72	+27.8%
ROE	19.5%	21.4%	27.6%	20.8%	—
ROCE	25.5%	28.2%	36.4%	27.5%	—
Free Cash Flow	₹5 Cr	₹9 Cr	₹8 Cr	₹7 Cr	+16.1%

🟢 Revenue has grown at 16.2% a year over 3 years.

🟢 EBITDA has grown at 27.2% a year over 3 years.

🟢 EBITDA Margin has risen from 30.0% to 39.4% over 3 years (+9.4 pts).

🟢 PAT (Net Profit) has grown at 27.8% a year over 3 years.

🟢 EPS has grown at 27.8% a year over 3 years.

🟢 ROE has risen from 19.5% to 20.8% over 3 years (+1.3 pts).

🟢 ROCE has risen from 25.5% to 27.5% over 3 years (+2.0 pts).

🟢 Free Cash Flow has grown at 16.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹110 Cr

Total Liabilities

₹14 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹11 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

61.1%

Corporate Actions

Dividend Rate

₹7.5

Ex-Dividend Date

18 Sept 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 negative4 general

Fluidomat Chairman and MD Ashok Jain dies on Oct 9, 2026

scanx.trade, 09 Oct

Fluidomat standalone net profit declines 16.79% in the June 2026 quarter

Business Standard, 14 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Fluidomat cancels shed purchase agreement due to delays

scanx.trade, 20 Jul

Fluidomat Q1 Results: Net profit falls 17% YoY to ₹22.3 crore

scanx.trade, 17 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

FLUIDOMAT LTD. Share Price

Upstox, 29 Apr

BSE, CDSL among 10 Indian stocks that align with William J. O'Neil's winning investment strategy - Market Mantra

The Economic Times, 15 Dec

Watch Items

Revenue growth is negative (-4.3%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
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 QualityStrong16.7/20

🟢Financial HealthStrong17.3/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong14.1/15

🟢ValuationAttractive10.7/15

🟡RiskModerate5.2/10

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

This thesis breaks if

✓Revenue growth stays above 12% a year16.2% CAGR
✓EBITDA margin holds above 37%39.4%
✓Free cash flow remains positive₹7 Cr
✓ROCE stays above 24%27.5%
✓Valuation vs its own median of 22.4x16.7x today