Ishaan Infrastructures and Shelters Limited

Industrials — Engineering & Construction · BSE

₹16.43₹0.00 (0.00%)

DalalBaazaar Score

45 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Ishaan Infrastructures and Shelters Limited engages in the real estate business in India. It is also involved in infrastructure business; acts as builders and contractors; and dealing in various infrastructure activities.

IndustryEngineering & Construction

SectorIndustrials

Employees3

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 -3.7% 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%

DalalBaazaar Score

45/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of -3.7% is below 10% — capital is not working hard
✗ ROCE has fallen by 3.4 points — returns are eroding
✗ The business is lossmaking at the net level

Quality vs. Valuation

Company Quality

47/ 100

Average

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

Valuation

29/ 100

Expensive

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.

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

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from -0.1% to -4.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from -0.2% to -3.7% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from -0.1% to -4.0%. 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.
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

1Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ -3.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 9 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)
✗ 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 · 5 neutral · 5 weak

Market Cap

₹11 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

1.69x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.35

Loss-making

Negative earnings per share — the business is losing money

ROE

-4.0%

Weak

Weak capital efficiency

ROCE

-3.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-336.6%

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

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

19.78

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.71

Defensive

Steadier than the market

52W Range Position

75%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

16.4 / 13.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	₹0 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.01	₹-0.13	₹-0.09	₹-0.39	—
ROE	-0.1%	-1.3%	-0.9%	-4.0%	—
ROCE	-0.2%	-1.3%	0.3%	-3.7%	—
Total Debt	₹0 Cr	₹0 Cr	—	—	—
Free Cash Flow	-₹0 Cr	₹0 Cr	-₹0 Cr	₹0 Cr	—

🔴 ROE has fallen from -0.1% to -4.0% over 3 years (-3.9 pts).

🔴 ROCE has fallen from -0.2% to -3.7% over 3 years (-3.4 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

32.7%

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 positive5 general

Ishaan Infrastructures & Shelters Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Ishaan Infrastructure & Shelters open offer filed at ₹14 per share

scanx.trade, 11 Sept

Ishaan Infrastructures & Shelters Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Ishaan Infra shareholders approve ₹70 crore borrowing limit at AGM

scanx.trade, 28 Sept

RUNWAL ENTERPRISES LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 05 Oct

Aeroflex Industries consolidated net profit rises 162.06% in the June 2026 quarter

Business Standard, 28 JulResults

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

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingGrowth

WeakBusiness Quality · Profitability · Valuation · Risk

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

1 of 2 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑