Integrated Proteins Limited

Consumer Defensive — Farm Products · BSE

₹12.83−₹0.67 (−4.96%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:53 pm

Understanding the Business

Company site ↗

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

What does this company do?

Integrated Proteins Limited engages in the trading and processing of various oil seeds in India.

IndustryFarm Products

SectorConsumer Defensive

Annual revenue₹10 Cr

How does it make money?

Turns over ₹10 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES 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 1.4% 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 ROE51.0%

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 +5853% while net margin moved -88% 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+5853%

Margin effect-88%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 320.8x is demanding — it needs sustained high growth to justify
✗ P/E is 44% above its own historical median of 222.2x — expensive by its own standards
✗ P/B of 11.72x is a steep premium to book

Quality vs. Valuation

Company Quality

56/ 100

Average

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

Valuation

23/ 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.

Historical Valuation

Current P/E

320.8x

3Y Median

222.2x

40 monthly readings · mean 389.6x · range 135.3x–1175.0x

Sector Median

43.3x

median of 4 sector peers

⚠️Current valuation is approximately 44% above its 3y median of 222.2x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 641% above the peer median of 43.3x.

vs. its own history

Expensive

222.2x median over 40 months · +44%

vs. sector peers

Expensive

43.3x median of 4 peers · +641%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

847.3x

PEG

3.42

What's Good / What's Bad

🟢 What's Going Well2

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

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 39.5 points, from 42.3% to 2.9%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 484% over 3 years — each existing share owns a smaller slice of the company.

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 42.3% to 2.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 44% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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

1Revenue growth stays above 218% a year✓ 290.5% CAGR
Latest reported year was -53.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 2.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 1.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 222.2x✗ 320.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

3 / 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

2 good · 3 neutral · 6 weak

Market Cap

₹240 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

320.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

11.72x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.04

Profitable

Profitable on a per-share basis

ROE

1.1%

Weak

Weak capital efficiency

ROCE

1.4%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-53.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-10.0%

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

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

4.4%

Weak

Thin margins leave little room for error

Net Margin

2.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

244.23

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.43

Defensive

Steadier than the market

52W Range Position

75%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.3 / 13.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

44.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹21 Cr	₹10 Cr	+290.5%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+58.9%
EBITDA Margin	42.3%	16.0%	1.2%	2.9%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+93.8%
EPS	₹0.01	₹0.03	₹0.01	₹0.01	+10.1%
ROE	1.2%	3.4%	1.2%	1.1%	—
ROCE	1.5%	3.9%	1.6%	1.4%	—
Total Debt	₹0 Cr	₹0 Cr	₹4 Cr	—	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹24 Cr	₹4 Cr	—

🟢 Revenue has grown at 290.5% a year over 3 years.

🟢 EBITDA has grown at 58.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 42.3% to 2.9% over 3 years (-39.5 pts).

🟢 PAT (Net Profit) has grown at 93.8% a year over 3 years.

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

🟡 ROE has held roughly flat at 1.1% over 3 years.

🟡 ROCE has held roughly flat at 1.4% over 3 years.

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹4 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹21 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

-₹0 Cr

Operating Cash Flow

₹4 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

89.0%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

2 positive4 general

Integrated Proteins Ltd चा अमेरिकेत प्रवेश; न्यू जर्सीमध्ये स्थापन केली नवीन कंपनी

Whalesbook, 15 Oct

Integrated Proteins Board Approves 1:10 Stock Split to Enhance Market Liquidity

Sahi, 09 JulCapital return

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

Integrated Proteins incorporates wholly owned subsidiary in New Jersey

scanx.trade, 15 Oct

Integrated Proteins Lower Circuit Today: Price, Data and Peers

Univest, 09 Oct

Integrated Proteins Ltd. Peer Comparison – Compare with Others

Value Research, 04 Sept

241% Return in One Year: This Multibagger Small-Cap Stock Announces 1:10 Stock Split; Promoter Reclassification Approved

Dalal Street Investment Journal, 10 JulCapital return

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

Watch Items

Revenue growth is negative (-53.8%) 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.

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.

2 of 5 tripwires tripped — ROCE stays above 8%; Valuation vs its own median of 222.2x · see Key things to watch ↑