Integrated Thermoplastics Limited

Basic Materials — Building Materials · BSE

₹8.37₹0.00 (0.00%)

DalalBaazaar Score

19 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Integrated Thermoplastics Limited manufactures and trades in thermoplastic products in India.

IndustryBuilding Materials

SectorBasic Materials

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹202 reaches shareholders as profit, with ₹235 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are ULTRATECH CEMENT LIMITED, GRASIM INDUSTRIES LTD, AMBUJA CEMENTS LTD, SHREE CEMENT LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -68% while net margin moved -255% 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-68%

Margin effect-255%

DalalBaazaar Score

19/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

18/ 100

Weak

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

Valuation

30/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

1.1x

Sector Median

36.2x

median of 4 sector peers

🟢Against its sector it trades 97% below the peer median of 36.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

36.2x median of 4 peers · -97%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

5.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -119.8% to 234.6% over 3 years.
Debt is being paid down
Total debt is down 23% over 3 years.
Cash generation is improving
Free cash flow is up 241% over 3 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

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.04 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -119.8% to 234.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 23% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 97% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 5.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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

1EBITDA margin holds above 233%✓ 234.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 5.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✓ ₹27 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✓ 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

4 good · 4 neutral · 3 weak

Market Cap

₹5 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

1.1x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹7.94

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

-84.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

181.8%

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

₹27 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-505.0%

Weak

Thin margins leave little room for error

Net Margin

433.0%

Good

Strong bottom-line conversion

Current Ratio

0.04

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.02

Defensive

Steadier than the market

52W Range Position

62%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

8.4 / 8.4

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

48.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹8 Cr	₹4 Cr	₹6 Cr	₹2 Cr	-31.5%
EBITDA	-₹9 Cr	-₹6 Cr	-₹5 Cr	₹6 Cr	—
EBITDA Margin	-119.8%	-172.0%	-84.0%	234.6%	—
PAT (Net Profit)	-₹10 Cr	-₹10 Cr	-₹6 Cr	₹5 Cr	—
EPS	₹-15.86	₹-15.96	₹-9.64	₹7.88	—
Total Debt	₹38 Cr	₹39 Cr	₹41 Cr	₹29 Cr	-8.2%
Free Cash Flow	₹8 Cr	₹1 Cr	-₹2 Cr	₹27 Cr	+50.6%

🔴 Revenue has shrunk at 31.5% a year over 3 years.

🟢 EBITDA has turned positive, from -₹9 Cr to ₹6 Cr.

🟢 EBITDA Margin has risen from -119.8% to 234.6% over 3 years (+354.4 pts).

🟢 PAT (Net Profit) has turned positive, from -₹10 Cr to ₹5 Cr.

🟢 EPS has turned positive, from ₹-15.86 to ₹7.88.

🟢 Total Debt has shrunk at 8.2% a year over 3 years.

🟢 Free Cash Flow has grown at 50.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6 Cr

Total Liabilities

₹59 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹27 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

34.4%

Peer Comparison

Company	P/E	ROE
ULTRATECH CEMENT LIMITED	37.6x	11.1%
GRASIM INDUSTRIES LTD	34.8x	5.5%
AMBUJA CEMENTS LTD	20.4x	7.4%
SHREE CEMENT LIMITED	49.7x	7.0%

Recent News

1 mixed5 general

Hot Melt Thermoplastic Adhesives Market To 2035: Electronics and EV Demand Supports Growth - News and Statistics

IndexBox, 18 Oct

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

Equitymaster, 15 Oct

Integrated Thermoplastics FY26 Results: Net profit turns positive at ₹4.96 crore

scanx.trade, 07 SeptResults

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

Automotive Carbon Fiber Composites Market Size, Share [2034]

Fortune Business Insights, 28 Sept

Thermoplastic-Compatible Breather Market To 2035: Semiconductor and Electronics Demand Drives Growth - News and Statistics

IndexBox, 14 Oct

MANIKA PLASTECH LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 23 Sept

Watch Items

Revenue growth is negative (-84.7%) 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.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Integrated Thermoplastics Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 3 tripwires tripped — Debt / EBITDA falls below 3x · see Key things to watch ↑