Turner Industries Limited

Consumer Cyclical — Luxury Goods · BSE

₹0.72₹0.00 (0.00%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company is currently losing money. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Turner Industries Limited manufactures and export of cut and polished diamonds in India.

IndustryLuxury Goods

SectorConsumer Cyclical

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

What is its competitive advantage?Little sign of one

Returns on capital of -4.1% 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.

ROCE-4.1%

ROE-18.4%

Peer median ROE25.9%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Debt/Equity of 3.88x is high — earnings must service borrowings before shareholders see anything
✗ Current ratio of 0.08 — short-term liabilities exceed short-term assets
✗ Free cash flow is negative — growth is being funded by borrowing or fresh equity

Quality vs. Valuation

Company Quality

34/ 100

Weak

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

Valuation

29/ 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

P/E (Trailing)

Not meaningful

P/B

2.80x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Return on capital is rising
ROCE has improved from -20.6% to -4.1%.

🔴 What Needs Attention3

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from -13.3% to -19.4% — each rupee of shareholder capital earns less than it did.
Short-term liquidity is tight
Current ratio of 0.08 — near-term obligations exceed near-term assets.

Red Flags

5 items require attention · 4 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 3.88x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.08 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 3.88x. Interest is payable whether or not the business has a good year.
Returns on shareholder capital are falling
ROE has dropped from -13.3% to -19.4%. 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
4 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

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ -4.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ 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 · 4 neutral · 6 weak

Market Cap

₹0 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

2.80x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.05

Loss-making

Negative earnings per share — the business is losing money

ROE

-18.4%

Weak

Weak capital efficiency

ROCE

-4.1%

Weak

Low return on total capital employed

Debt/Equity

3.88x

High

High leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

22.0%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹0.72

ROA

-2.5%

Weak

Assets generate little profit

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.08

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.02

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

0.7 / 0.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.06	₹-0.08	₹-0.07	₹-0.05	—
ROE	-13.3%	-21.8%	-21.3%	-19.4%	—
ROCE	-20.6%	-6.5%	-5.3%	-4.1%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+7.2%
Free Cash Flow	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🔴 ROE has fallen from -13.3% to -19.4% over 3 years (-6.1 pts).

🟢 ROCE has risen from -20.6% to -4.1% over 3 years (+16.5 pts).

🔴 Total Debt has grown at 7.2% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1 Cr

Total Liabilities

₹0 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

11.3%

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 mixed5 general

Supreet Kaur acquires 9.64% stake in Turner Industries

scanx.trade, 18 Oct

Turner Industries board approves ₹1.45 crore loan and new director appointments

scanx.trade, 16 Oct

LASER DIAMONDS LTD. Share Price

Upstox, 07 Sept

6 Best Construction Stocks for 2026 and How to Invest

The Motley Fool, 26 Aug

‘Mr & Mrs’: Dua Lipa stuns as a Chanel bride, shares first wedding photos with Callum Turner

Livemint, 21 Jun

Vivanta Industries closes trading window ahead of Q2FY27 results

scanx.trade, 24 SeptResults

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

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🔴Business QualityWeak7.8/20

🔴Financial HealthStretched4/20

🟡GrowthModest10/20

🔴ProfitabilityWeak3.8/15

🔴ValuationDemanding5.1/15

🔴RiskHigh4.1/10

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. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✗Free cash flow remains positive-₹0 Cr
✗ROCE stays above 8%-4.1%