Interiors & More Limited

Sector n/a · NSE

₹277.50+₹7.50 (+2.78%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

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

How does it make money?

Turns over ₹84 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Some evidence

ROCE of 17.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

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 +237% 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+237%

Margin effect-33%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

65/ 100

Good

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

Valuation

35/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

20.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 60.7% to 16.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 72.9% to 17.8% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 291% over 3 years, from ₹14 Cr to ₹56 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 12.2 points, from 38.4% to 26.1%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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 38.4% to 26.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 60.7% to 16.9%. 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.
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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 37% a year✓ 49.9% CAGR
Latest reported year was 42.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 24%✓ 26.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹21 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 15%✓ 17.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹388 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

16.9%

Strong

Strong capital efficiency

ROCE

17.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.70x

Moderate

Moderate leverage

Revenue Growth (YoY)

42.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

13.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹21 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

49.4%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

16.2%

Good

Strong bottom-line conversion

Current Ratio

2.34

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

141.1 / 152.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹25 Cr	₹32 Cr	₹59 Cr	₹84 Cr	+49.9%
EBITDA	₹10 Cr	₹12 Cr	₹18 Cr	₹22 Cr	+31.9%
EBITDA Margin	38.4%	37.3%	30.0%	26.1%	—
PAT (Net Profit)	₹6 Cr	₹7 Cr	₹12 Cr	₹14 Cr	+30.8%
EPS	₹4.32	₹6.6	₹8.56	—	—
ROE	60.7%	12.8%	17.8%	16.9%	—
ROCE	72.9%	20.2%	18.9%	17.8%	—
Total Debt	₹14 Cr	₹1 Cr	₹30 Cr	₹56 Cr	+57.6%
Free Cash Flow	-₹0 Cr	-₹12 Cr	-₹38 Cr	-₹21 Cr	—

🟢 Revenue has grown at 49.9% a year over 3 years.

🟢 EBITDA has grown at 31.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 38.4% to 26.1% over 3 years (-12.2 pts).

🟢 PAT (Net Profit) has grown at 30.8% a year over 3 years.

🔴 ROE has fallen from 60.7% to 16.9% over 3 years (-43.8 pts).

🔴 ROCE has fallen from 72.9% to 17.8% over 3 years (-55.1 pts).

🔴 Total Debt has grown at 57.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹152 Cr

Total Liabilities

₹72 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹7 Cr

Capex

-₹27 Cr

Recent News

1 mixed5 general

Interiors & More Ltd. Share Price rises 10.29% to Rs 150

Univest, 29 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Interiors & More's (NSE:INM) Profits Appear To Have Quality Issues

Simply Wall Street, 03 Jun

FORVIA to Sell its Interiors Business Group to Apollo Funds

Forvia, 27 Apr

Interiors and More lists at 19% premium to IPO price on NSE SME

Moneycontrol.com, 23 Feb

INTERIORS & MORE LIMITED Share Price

Upstox, 21 Mar

Hyundai Introduces Exter Facelift At Rs 5.80 Lakh; Now Gets New Variants, New Exterior And Interior Colours And More

CarDekho, 20 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality

MiddlingFinancial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑