La Opala RG Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · NSE

₹155.71+₹0.10 (+0.06%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Reasonable but unspectacular business quality, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

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

What does this company do?

La Opala RG Limited manufactures, markets, and sells glass and glassware products in India and internationally.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Employees727

Annual revenue₹305 Cr

How does it make money?

Turns over ₹305 Cr a year. Of every ₹100 of sales, about ₹30 reaches shareholders as profit, with ₹37 left at the operating level before interest, tax and depreciation. Each of its 727 employees supports ₹42.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹42.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY 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 14.1% 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.

Peer median ROE17.1%

What is the outlook?

1 analysts covering the stock expect revenue to grow about 12.5% and earnings to grow about 17.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+12.5%

Est. earnings growth+17.9%

Analysts1

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 -32% while net margin moved +11% 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-32%

Margin effect+11%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 12.1% a year
✗ Profit has declined at 9.1% a year

Quality vs. Valuation

Company Quality

53/ 100

Average

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

Valuation

64/ 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

18.6x

3Y Median

26.5x

40 monthly readings · mean 26.0x · range 17.6x–39.6x

Sector Median

68.5x

median of 3 sector peers

🟢Current valuation is approximately 30% below its 3y median of 26.5x. 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 73% below the peer median of 68.5x.

vs. its own history

Cheap

26.5x median over 40 months · -30%

vs. sector peers

Cheap

68.5x median of 3 peers · -73%

vs. generic bands

Fair

15x–35x

EV/EBITDA

15.3x

PEG

5.30

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 31% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 38.6% to 37.1% over 3 years.
Return on equity is falling
ROE has dropped from 15.9% to 11.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 19.9% to 14.1% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Profit is decliningFinancial
Net profit is down 25% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 31% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 30% 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 73% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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 38.6% to 37.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 15.9% to 11.3%. 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 35%✓ 37.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹66 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 11%✓ 14.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 26.5x✓ 18.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 12 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
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 8 neutral · 0 weak

Market Cap

₹1,728 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

18.6x

Fair

Fairly valued against the generic band

P/B Ratio

2.11x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹8.39

Profitable

Profitable on a per-share basis

ROE

11.3%

Moderate

Moderate capital efficiency

ROCE

14.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.08x

Moderate

Moderate leverage

Revenue Growth (YoY)

9.3%

Modest

Modest growth

Profit Growth (YoY)

3.5%

Modest

Slow profit growth

Dividend Yield

3.21%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹66 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

13.9x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

28.8%

Good

Healthy core-business profitability

Net Margin

29.6%

Good

Strong bottom-line conversion

Current Ratio

19.69

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.37

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

157.4 / 168.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹450 Cr	₹363 Cr	₹324 Cr	₹305 Cr	-12.1%
EBITDA	₹174 Cr	₹138 Cr	₹107 Cr	₹113 Cr	-13.3%
EBITDA Margin	38.6%	38.0%	33.1%	37.1%	—
PAT (Net Profit)	₹123 Cr	₹128 Cr	₹97 Cr	₹92 Cr	-9.1%
EPS	₹11.08	₹11.51	₹8.7	₹8.32	-9.1%
ROE	15.9%	15.0%	11.7%	11.3%	—
ROCE	19.9%	17.0%	15.4%	14.1%	—
Total Debt	₹13 Cr	₹9 Cr	₹11 Cr	₹9 Cr	-11.5%
Free Cash Flow	₹87 Cr	₹60 Cr	₹97 Cr	₹66 Cr	-8.7%

🔴 Revenue has shrunk at 12.1% a year over 3 years.

🔴 EBITDA has shrunk at 13.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 38.6% to 37.1% over 3 years (-1.5 pts).

🔴 PAT (Net Profit) has shrunk at 9.1% a year over 3 years.

🔴 EPS has shrunk at 9.1% a year over 3 years.

🔴 ROE has fallen from 15.9% to 11.3% over 3 years (-4.6 pts).

🔴 ROCE has fallen from 19.9% to 14.1% over 3 years (-5.9 pts).

🟢 Total Debt has shrunk at 11.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 8.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹895 Cr

Total Liabilities

₹74 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹68 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

17.7%

Insider Holding

67.0%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

20 Aug 2026

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹269.5

+73.1% vs CMP

Target Range

₹260 – ₹279

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

2 positive1 mixed3 general

Interested In La Opala RG's (NSE:LAOPALA) Upcoming ₹5.00 Dividend? You Have Two Days Left

Simply Wall Street, 17 AugCapital return

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

La Opala RG vs Nifty 50: Share Price Performance Compared

Univest, 01 Oct

La Opala RG FY26 net profit falls 4.4%; dividend declared

scanx.trade, 30 MayCapital return

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

Mid-cap stocks to buy: Centrum bullish on CCL Products, Mold-Tek Packaging, La Opala ahead of Q4 results

Livemint, 10 AprAnalyst view

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

La Opala RG Ltd. 52 Week Low Streak: Weakness Continues

Univest, 12 Oct

Five Consecutive Losses Push La Opala RG Ltd to a New 52-Week Low

MarketsMojo, 10 Sept

Watch Items

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

StrongBusiness Quality · Financial Health · Valuation

MiddlingProfitability · Risk

WeakGrowth

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.

All 5 tripwires holding · see Key things to watch ↑