Julien Agro Infratech Limited

Industrials — Engineering & Construction · BSE

₹1.13−₹0.04 (−3.42%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Julien Agro Infratech Limited engages in the trading of agricultural products in India. The company provides land development, construction, and other related services for civil and structural construction, and infrastructure sector projects.

IndustryEngineering & Construction

SectorIndustrials

Employees7

Annual revenue₹228 Cr

How does it make money?

Turns over ₹228 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹0 left at the operating level before interest, tax and depreciation. Each of its 7 employees supports ₹32.53 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹32.53 Cr

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 0.9% 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%

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 +11296% while net margin moved -100% 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+11296%

Margin effect-100%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.6% is weak
✗ ROE has fallen by 101.5 points over the period

Quality vs. Valuation

Company Quality

40/ 100

Weak

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

Valuation

36/ 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.

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

20.2x

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 Attention1

Return on equity is falling
ROE has dropped from 102.0% to 0.6% — each rupee of shareholder capital earns less than it did.

Red Flags

6 items require attention · 1 high · 5 watch

🔴Receivables growing faster than salesFinancial
Receivables up 14135% against revenue up 11296% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 12.2x to 5.2x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹86 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 99% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 3.3 points over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 201% 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 3.6% to 0.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 14135% against revenue up 11296%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 102.0% to 0.6%. 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

1Revenue growth stays above 289% a year✓ 384.8% CAGR
Latest reported year was -53.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -2%✓ 0.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹86 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 0.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 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

1 good · 3 neutral · 7 weak

Market Cap

₹14 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

0.13x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.6

Loss-making

Negative earnings per share — the business is losing money

ROE

0.6%

Weak

Weak capital efficiency

ROCE

0.9%

Weak

Low return on total capital employed

Debt/Equity

1.26x

Moderate

Moderate leverage

Revenue Growth (YoY)

-53.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-39.0%

Falling

Profits are shrinking

Dividend Yield

0.88%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹86 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

7.7%

Average

Average margins

Net Margin

-0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.72

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.06

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1.2 / 1.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹16 Cr	₹113 Cr	₹228 Cr	+384.8%
EBITDA	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+108.5%
EBITDA Margin	3.6%	0.5%	1.2%	0.3%	—
PAT (Net Profit)	₹42 Cr	₹0 Cr	₹1 Cr	₹0 Cr	-79.1%
EPS	₹5.36	₹0.01	₹0.16	₹0.01	-87.7%
ROE	102.0%	0.1%	2.1%	0.6%	—
ROCE	0.2%	0.2%	3.1%	0.9%	—
Total Debt	—	—	₹1 Cr	₹1 Cr	—
Free Cash Flow	₹31 Cr	₹8 Cr	₹23 Cr	-₹86 Cr	—

🟢 Revenue has grown at 384.8% a year over 3 years.

🟢 EBITDA has grown at 108.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 3.6% to 0.3% over 3 years (-3.3 pts).

🔴 PAT (Net Profit) has shrunk at 79.1% a year over 3 years.

🔴 EPS has shrunk at 87.7% a year over 3 years.

🔴 ROE has fallen from 102.0% to 0.6% over 3 years (-101.5 pts).

🟡 ROCE has held roughly flat at 0.9% over 3 years.

🔴 Free Cash Flow has turned negative, from ₹31 Cr to -₹86 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹166 Cr

Total Liabilities

₹97 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹86 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

62.7%

Corporate Actions

Dividend Rate

₹0.01

Ex-Dividend Date

31 Oct 2025

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

2 positive4 general

Compare with

Equitymaster, 15 Oct

Julien Agro Infratech files FY26 annual report, schedules AGM for September 18

scanx.trade, 10 Oct

Julien Agro Infratech applies for promoter reclassification to public

scanx.trade, 23 Jul

Penny stock below ₹10 jumps 4% as company declares date to consider dividend, Q2 results

Livemint, 29 SeptCapital return

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

JULIEN Stock Price and Chart — BSE:JULIEN

TradingView, 22 Sept

Julien Agro net profit rises 48% YoY to ₹97.50 lakh in Q1FY26

scanx.trade, 13 AugResults

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

Watch Items

Revenue growth is negative (-53.9%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑