Integra Engineering India Limited

Industrials — Specialty Industrial Machinery · BSE

₹153.90−₹9.40 (−5.76%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Strong business and financial position, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Integra Engineering India Limited manufactures machineries and components in India and internationally.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees254

Annual revenue₹163 Cr

How does it make money?

Turns over ₹163 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹17 left at the operating level before interest, tax and depreciation. Each of its 254 employees supports ₹64.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin17.3%

Net margin9.5%

Revenue / employee₹64.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 20.2%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 13.9% against a peer median of 17.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE20.2%

ROE13.9%

Peer median ROE17.1%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +28% 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+28%

Margin effect-34%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 8.5% is steady
✗ Profit has declined at 5.3% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of -3.1% is below the longer-term trend — momentum is fading
✗ Profit fell 11.5% in the latest year

Quality vs. Valuation

Company Quality

57/ 100

Average

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

Valuation

65/ 100

Fair

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

35.6x

3Y Median

46.7x

40 monthly readings · mean 45.7x · range 22.1x–62.9x

Sector Median

66.2x

median of 4 sector peers

🟢Current valuation is approximately 24% below its 3y median of 46.7x. 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 46% below the peer median of 66.2x.

vs. its own history

Cheap

46.7x median over 40 months · -24%

vs. sector peers

Cheap

66.2x median of 4 peers · -46%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

35.6x

P/B

4.77x

EV/EBITDA

19.5x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Cash generation is improving
Free cash flow is up 624% over 3 years.
High return on capital employed
ROCE of 20.2% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 35.6x the stock trades 24% below its own median of 46.7x.
Very low debt
Debt/Equity of 0.20x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 192% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 29.2% to 13.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 25.2% to 20.2% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 192% over 3 years, from ₹7 Cr to ₹22 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 20.2% 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.
Priced below its own history
The stock trades 24% 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 46% 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 ₹10 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?

Returns on shareholder capital are falling
ROE has dropped from 29.2% to 13.9%. 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.

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

1EBITDA margin holds above 15%✓ 17.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 6% a year✓ 8.5% CAGR
Latest reported year was -3.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹10 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 20.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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 · 5 neutral · 2 weak

Market Cap

₹530 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

35.6x

Fair

Fairly valued against the generic band

P/B Ratio

4.77x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹4.32

Profitable

Profitable on a per-share basis

ROE

13.9%

Moderate

Moderate capital efficiency

ROCE

20.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.20x

Low

Conservative leverage

Revenue Growth (YoY)

-3.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

-11.5%

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

₹10 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹153.9

Operating Margin

13.7%

Average

Average margins

Net Margin

8.9%

Average

Average bottom-line conversion

Current Ratio

2.45

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.01

Market-like

Moves roughly in line with the market

52W Range Position

27%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

173.9 / 168.8

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

32.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹128 Cr	₹141 Cr	₹159 Cr	₹163 Cr	+8.5%
EBITDA	₹21 Cr	₹24 Cr	₹31 Cr	₹28 Cr	+10.1%
EBITDA Margin	16.5%	17.0%	19.4%	17.3%	—
PAT (Net Profit)	₹18 Cr	₹15 Cr	₹18 Cr	₹15 Cr	-5.3%
EPS	₹5.3	₹4.23	₹5.38	₹4.48	-5.4%
ROE	29.2%	18.9%	19.4%	13.9%	—
ROCE	25.2%	27.4%	26.9%	20.2%	—
Total Debt	₹7 Cr	₹12 Cr	₹39 Cr	₹22 Cr	+43.0%
Free Cash Flow	₹1 Cr	₹1 Cr	₹1 Cr	₹10 Cr	+93.5%

🟢 Revenue has grown at 8.5% a year over 3 years.

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

🟡 EBITDA Margin has held roughly flat at 17.3% over 3 years.

🔴 PAT (Net Profit) has shrunk at 5.3% a year over 3 years.

🔴 EPS has shrunk at 5.4% a year over 3 years.

🔴 ROE has fallen from 29.2% to 13.9% over 3 years (-15.3 pts).

🔴 ROCE has fallen from 25.2% to 20.2% over 3 years (-5.1 pts).

🔴 Total Debt has grown at 43.0% a year over 3 years.

🟢 Free Cash Flow has grown at 93.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹152 Cr

Total Liabilities

₹41 Cr

Total Debt

₹22 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹15 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.4%

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

3 mixed1 negative2 general

Integra Engineering India Share Price rises 8.74% today

Univest, 07 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.

Integra Engineering closes trading window from Oct 1 ahead of Q2FY27 results

scanx.trade, 28 SeptResults

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

Integra Engineering India Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Integra Engineering India consolidated net profit declines 11.22% in the June 2026 quarter

Business Standard, 17 JulResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Integra Engineering India Ltd Faces Technical Momentum Shift Amid Bearish Signals

MarketsMojo, 15 JulAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Integra Engineering India Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Watch Items

Revenue growth is negative (-3.1%) 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.

DalalBaazaar Thesis

🟡Business QualityAdequate12.6/20

🟢Financial HealthStrong15.6/20

🔴GrowthWeak7.7/20

🟡ProfitabilityModerate7.1/15

🟡ValuationFair9.5/15

🟡RiskModerate5.4/10

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.

This thesis breaks if

✓EBITDA margin holds above 15%17.3%
✓Revenue growth stays above 6% a year8.5% CAGR
✓Free cash flow remains positive₹10 Cr
✓Debt / EBITDA stays below 2x0.8x
✓ROCE stays above 17%20.2%