Goblin India Limited

Consumer Cyclical — Footwear & Accessories · BSE

₹11.44−₹0.55 (−4.59%)

DalalBaazaar Score

57 / 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, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Goblin India Limited engages in the import and trading of luggage bags, travel accessories, and corporate gifts in India.

IndustryFootwear & Accessories

SectorConsumer Cyclical

Employees154

Annual revenue₹55 Cr

How does it make money?

Turns over ₹55 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 154 employees supports ₹36.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹36.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. 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 8.2% 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.

Peer median ROE25.9%

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 +53% while net margin moved -11% 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+53%

Margin effect-11%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 5.2% is weak

Quality vs. Valuation

Company Quality

52/ 100

Average

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 reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

6.9x

3Y Median

12.8x

40 monthly readings · mean 19.1x · range 3.4x–54.6x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 47% below its 3y median of 12.8x. 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 90% below the peer median of 69.2x.

vs. its own history

Cheap

12.8x median over 40 months · -47%

vs. sector peers

Cheap

69.2x median of 4 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.5x

PEG

0.62

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 48% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Margins are compressingFinancial
EBITDA margin is down 2.8 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 48% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 47% 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 90% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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 12.2% to 9.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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 11% a year✓ 15.2% CAGR
Latest reported year was 0.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 7%✓ 9.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Interest cover stays above 3x✓ 3.1x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 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

4 good · 4 neutral · 3 weak

Market Cap

₹16 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.9x

Cheap

Cheap against the generic band

P/B Ratio

0.34x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.67

Profitable

Profitable on a per-share basis

ROE

5.2%

Weak

Weak capital efficiency

ROCE

8.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.30x

Low

Conservative leverage

Revenue Growth (YoY)

0.3%

Modest

Modest growth

Profit Growth (YoY)

-4.7%

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

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

2.2%

Weak

Assets generate little profit

Operating Margin

3.7%

Weak

Thin margins leave little room for error

Net Margin

4.2%

Average

Average bottom-line conversion

Current Ratio

2.53

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.14

Defensive

Steadier than the market

52W Range Position

46%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.9 / 11.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

29.3

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹36 Cr	₹44 Cr	₹55 Cr	₹55 Cr	+15.2%
EBITDA	₹4 Cr	₹5 Cr	₹5 Cr	₹5 Cr	+5.5%
EBITDA Margin	12.2%	11.7%	9.5%	9.4%	—
PAT (Net Profit)	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+11.0%
EPS	₹1.3	₹1.79	₹1.75	—	—
ROE	5.4%	6.1%	5.6%	5.0%	—
ROCE	8.8%	8.7%	10.3%	8.2%	—
Total Debt	₹27 Cr	₹22 Cr	₹13 Cr	₹14 Cr	-19.5%
Free Cash Flow	-₹2 Cr	₹1 Cr	₹8 Cr	₹1 Cr	—

🟢 Revenue has grown at 15.2% a year over 3 years.

🟢 EBITDA has grown at 5.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 12.2% to 9.4% over 3 years (-2.8 pts).

🟢 PAT (Net Profit) has grown at 11.0% a year over 3 years.

🟡 ROE has held roughly flat at 5.0% over 3 years.

🟡 ROCE has held roughly flat at 8.2% over 3 years.

🟢 Total Debt has shrunk at 19.5% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹2 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹88 Cr

Total Liabilities

₹42 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

53.9%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Goblin India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 27 Aug

Compare with

Equitymaster, 08 Oct

Goblin India board to approve FY26 results, hike authorized capital

scanx.trade, 30 JulResults

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

Goblin India seeks ₹46 crore capital hike amid audit qualifications

scanx.trade, 08 Aug

Goblin Mine Game Price Today in India | GMG to INR Live Price & Chart

Binance, 31 Aug

Do Safari Industries (India)'s (NSE:SAFARI) Earnings Warrant Your Attention?

Simply Wall Street, 12 FebResults

🟡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

StrongFinancial Health · Growth · Valuation

MiddlingRisk

WeakBusiness Quality · Profitability

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.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑