Landsmill Green Limited

Industrials — Conglomerates · NSE

₹0.84+₹0.04 (+5.00%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

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

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, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Landsmill Green Limited engages in the IT-enabled BPO, infrastructure, and general trading businesses in India. The company provides customer care services, as well as handles the business relations of clients on their behalf. It also develops infrastructure facilities.

IndustryConglomerates

SectorIndustrials

Employees6

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹35 left at the operating level before interest, tax and depreciation. Each of its 6 employees supports ₹1.22 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.22 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. 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 0.6% 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 ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +11% while net margin moved -352% 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+11%

Margin effect-352%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 3.6% — barely ahead of inflation
✗ Latest-year revenue growth of -46.4% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

60/ 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

42.0x

2Y Median

91.0x

28 monthly readings · mean 102.2x · range 68.0x–177.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 54% below its 2y median of 91.0x. 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 53% below the peer median of 88.8x.

vs. its own history

Cheap

91.0x median over 28 months · -54%

vs. sector peers

Cheap

88.8x median of 3 peers · -53%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

45.6x

PEG

1.17

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -34.2% to 34.8% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 648% over 3 years, from ₹0 Cr to ₹1 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -34.2% to 34.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 54% 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 53% 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 ₹4 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 3.6% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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 33%✓ 34.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 3.6% CAGR
Latest reported year was -46.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 0.6%
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

5 good · 2 neutral · 4 weak

Market Cap

₹118 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

42.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.58x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.02

Profitable

Profitable on a per-share basis

ROE

0.5%

Weak

Weak capital efficiency

ROCE

0.6%

Weak

Low return on total capital employed

Debt/Equity

0.44x

Low

Conservative leverage

Revenue Growth (YoY)

-46.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

35.9%

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

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-213.0%

Weak

Thin margins leave little room for error

Net Margin

117.2%

Good

Strong bottom-line conversion

Current Ratio

54.99

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.79

Defensive

Steadier than the market

52W Range Position

28%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.8 / 0.7

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

63.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹7 Cr	₹3 Cr	₹14 Cr	₹7 Cr	+3.6%
EBITDA	-₹2 Cr	₹2 Cr	₹2 Cr	₹3 Cr	—
EBITDA Margin	-34.2%	59.8%	17.9%	34.8%	—
PAT (Net Profit)	-₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	—
EPS	₹-0.01	₹0.01	₹0.01	₹0.01	—
ROE	-0.2%	0.6%	0.4%	0.5%	—
ROCE	-0.1%	0.7%	0.4%	0.6%	—
Total Debt	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+95.5%
Free Cash Flow	₹46 Cr	-₹7 Cr	-₹7 Cr	₹4 Cr	-55.2%

🟢 Revenue has grown at 3.6% a year over 3 years.

🟢 EBITDA has turned positive, from -₹2 Cr to ₹3 Cr.

🟢 EBITDA Margin has risen from -34.2% to 34.8% over 3 years (+68.9 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-0.01 to ₹0.01.

🟡 ROE has held roughly flat at 0.5% over 3 years.

🟡 ROCE has held roughly flat at 0.6% over 3 years.

🔴 Total Debt has grown at 95.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 55.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹178 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹4 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

20.2%

Corporate Actions

Ex-Dividend Date

02 Sept 2010

Peer Comparison

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

Recent News

6 general

Landsmill Green promoter declares no share encumbrance in FY26

scanx.trade, 14 Oct

EXCEL REALTY N INFRA Share Price - Live NSE: LANDSMILL Stock Price & Chart

Upstox, 05 May

Landsmill Green (NSEI:LANDSMILL) - Stock Analysis

Simply Wall Street, 02 Apr

LANDSMILL Stock Price and Chart — NSE:LANDSMILL

TradingView, 02 Apr

Landsmill Green - 14 penny stocks plunge up to 85% in 6 months. Are you holding any?

The Economic Times, 09 Aug

Landsmill Green Limited Locks at Lower Circuit With 8.74% Loss — Sellers Queue, No Buyers in Sight

MarketsMojo, 06 Oct

Watch Items

Revenue growth is negative (-46.4%) 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

StrongBusiness Quality · Financial Health

MiddlingProfitability · Valuation

WeakGrowth · 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 — Revenue growth stays above 4% a year; ROCE stays above 8% · see Key things to watch ↑