Gujarat Intrux Limited

Basic Materials — Steel · BSE

₹436.00−₹0.20 (−0.05%)

DalalBaazaar Score

80 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Moderate

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

In simple words: Strong business and financial position, with modest growth. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

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

What does this company do?

Gujarat Intrux Limited manufactures and supplies stainless, non-alloy, and alloy steel castings in India. It also manufactures sand and investment castings. The company exports its products in Germany, Israel, the United States, the United Kingdom, Spain, and Finland.

IndustrySteel

SectorBasic Materials

Employees126

Annual revenue₹68 Cr

How does it make money?

Turns over ₹68 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 126 employees supports ₹54.1 lakh of revenue a year, the signature of a people-led business.

EBITDA margin22.8%

Net margin15.1%

Revenue / employee₹54.1 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, JINDAL STEEL LIMITED, STEEL AUTHORITY OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

TATA STEEL LIMITEDP/E 19.8x · ROE 10.8%

JSW STEEL LIMITEDP/E 12.0x · ROE 24.7%

JINDAL STEEL LIMITEDP/E 39.1x · ROE 5.3%

STEEL AUTHORITY OF INDIAP/E 16.5x · ROE 7.1%

What is its competitive advantage?Some evidence

ROCE of 20.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE20.8%

ROE15.7%

Peer median ROE10.8%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +34% while net margin moved +34% 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+34%

Margin effect+34%

DalalBaazaar Score

80/ 100

Strong

Weighted across six categories. Every point is explained below.

✓ Beta of 0.15 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✓ Profits have been consistent from year to year

Quality vs. Valuation

Company Quality

85/ 100

Excellent

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

Valuation

75/ 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

14.3x

3Y Median

16.5x

40 monthly readings · mean 17.8x · range 12.2x–29.8x

Sector Median

18.2x

median of 4 sector peers

🟢Current valuation is approximately 13% below its 3y median of 16.5x. 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 21% below the peer median of 18.2x.

vs. its own history

Fair

16.5x median over 40 months · -13%

vs. sector peers

Cheap

18.2x median of 4 peers · -21%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

14.3x

P/B

2.33x

EV/EBITDA

9.3x

PEG

0.66

Dividend Yield

5.73%

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 18.1% to 22.8% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 9.9% to 15.7%.
Return on capital is rising
ROCE has improved from 12.8% to 20.8%.
High return on capital employed
ROCE of 20.8% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 61% against revenue growth of 34% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 watch

🟡Receivables growing faster than salesFinancial
Receivables up 61% against revenue up 34% — 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 20.8% 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 18.1% to 22.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 21% 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 61% against revenue up 34%. 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 8% a year✓ 10.1% CAGR
Latest reported year was 8.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 22.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹13 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 18%✓ 20.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 16.5x✓ 14.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

9 / 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

6 good · 5 neutral · 0 weak

Market Cap

₹150 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.3x

Cheap

Cheap against the generic band

P/B Ratio

2.33x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹30.42

Profitable

Profitable on a per-share basis

ROE

15.7%

Strong

Strong capital efficiency

ROCE

20.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

8.0%

Modest

Modest growth

Profit Growth (YoY)

9.7%

Modest

Slow profit growth

Dividend Yield

5.73%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹13 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹436

P/E (Forward)

27.6x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

16.6%

Good

Healthy core-business profitability

Net Margin

15.0%

Good

Strong bottom-line conversion

Current Ratio

11.50

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.15

Defensive

Steadier than the market

52W Range Position

46%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

425.3 / 429.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

68.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹51 Cr	₹57 Cr	₹65 Cr	₹68 Cr	+10.1%
EBITDA	₹9 Cr	₹12 Cr	₹16 Cr	₹16 Cr	+18.9%
EBITDA Margin	18.1%	20.3%	24.0%	22.8%	—
PAT (Net Profit)	₹6 Cr	₹7 Cr	₹11 Cr	₹10 Cr	+21.6%
EPS	₹16.67	₹21.42	₹30.78	₹29.87	+21.5%
ROE	9.9%	12.0%	15.9%	15.7%	—
ROCE	12.8%	16.0%	20.6%	20.8%	—
Free Cash Flow	-₹1 Cr	₹1 Cr	₹4 Cr	₹13 Cr	—

🟢 Revenue has grown at 10.1% a year over 3 years.

🟢 EBITDA has grown at 18.9% a year over 3 years.

🟢 EBITDA Margin has risen from 18.1% to 22.8% over 3 years (+4.7 pts).

🟢 PAT (Net Profit) has grown at 21.6% a year over 3 years.

🟢 EPS has grown at 21.5% a year over 3 years.

🟢 ROE has risen from 9.9% to 15.7% over 3 years (+5.8 pts).

🟢 ROCE has risen from 12.8% to 20.8% over 3 years (+7.9 pts).

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹13 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹72 Cr

Total Liabilities

₹6 Cr

Total Debt

—

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹15 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

68.6%

Corporate Actions

Dividend Rate

₹25

Ex-Dividend Date

18 Sept 2026

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
JINDAL STEEL LIMITED	39.1x	5.3%
STEEL AUTHORITY OF INDIA	16.5x	7.1%

Recent News

3 positive3 general

Gujarat Intrux Limited Announces 75% Interim Dividend for FY 2025-26

scanx.trade, 19 MarCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Ex-date alert: These 4 stocks to remain in spotlight today; check full list

Business Standard, 24 Mar

Gujarat Intrux re-appoints M A A K & Associates as statutory auditors

scanx.trade, 25 Sept

Gujarat Intrux Ltd Upgraded to Hold as Technicals and Financials Improve

MarketsMojo, 08 AprAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Vedanta To Angel One: 4 Stocks To Watch This Week For Dividend Payouts of Up to Rs 11

Goodreturns, 24 MarCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Gujarat Intrux Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Watch Items

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.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟢Financial HealthStrong17.5/20

🟢GrowthStrong16.1/20

🟢ProfitabilityStrong12/15

🟢ValuationAttractive10.7/15

🟡RiskModerate6.2/10

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.

This thesis breaks if

✓Revenue growth stays above 8% a year10.1% CAGR
✓EBITDA margin holds above 21%22.8%
✓Free cash flow remains positive₹13 Cr
✓ROCE stays above 18%20.8%
✓Valuation vs its own median of 16.5x14.3x today