Lloyds Luxuries Limited

Sector n/a · NSE

₹107.00−₹0.90 (−0.83%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

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

How does it make money?

Turns over ₹61 Cr a year. Of every ₹100 of sales, about ₹-57 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of -101.3% 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.

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +80% while net margin moved +344% 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+80%

Margin effect+344%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 95.8 points over the period

Quality vs. Valuation

Company Quality

49/ 100

Average

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

Valuation

18/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

175.5x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -3.7% to 2.4% over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from -6.2% to -102.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from -5.1% to -101.3% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹34 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -3.7% to 2.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from -6.2% to -102.0%. 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.
Several serious flags at once
2 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

1Revenue growth stays above 16% a year✓ 21.7% CAGR
Latest reported year was 31.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 0%✓ 2.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -101.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

2 / 8 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 6 neutral · 4 weak

Market Cap

₹258 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

-102.0%

Weak

Weak capital efficiency

ROCE

-101.3%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

31.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-416.1%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

78.6%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

-56.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.52

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

59.0 / 60.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹34 Cr	₹40 Cr	₹46 Cr	₹61 Cr	+21.7%
EBITDA	-₹1 Cr	-₹3 Cr	-₹2 Cr	₹1 Cr	—
EBITDA Margin	-3.7%	-6.4%	-3.8%	2.4%	—
PAT (Net Profit)	-₹4 Cr	-₹8 Cr	-₹7 Cr	-₹34 Cr	—
EPS	₹-22.22	₹-35.57	₹-28.35	—	—
ROE	-6.2%	-12.8%	-9.9%	-102.0%	—
ROCE	-5.1%	-12.5%	-10.0%	-101.3%	—
Free Cash Flow	-₹5 Cr	-₹11 Cr	-₹7 Cr	-₹2 Cr	—

🟢 Revenue has grown at 21.7% a year over 3 years.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -3.7% to 2.4% over 3 years (+6.1 pts).

🔴 ROE has fallen from -6.2% to -102.0% over 3 years (-95.8 pts).

🔴 ROCE has fallen from -5.1% to -101.3% over 3 years (-96.2 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹42 Cr

Total Liabilities

₹9 Cr

Total Debt

—

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹4 Cr

Capex

-₹6 Cr

Recent News

2 mixed4 general

Lloyds Luxuries Upper Circuit Today: Price, Data and Peers

Univest, 15 Oct

Lloyds Luxuries Upper Circuit Streak: Day 2 Price and Data

Univest, 16 Oct

Compare with

Equitymaster, 28 Jun

Lloyds Luxuries (NSEI:LLOYDS) Stock Forecast & Analyst Predictions

Simply Wall Street, 12 OctAnalyst view

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

Lloyds Luxuries Nine Monthly Results, Nine Monthly Earnings for Lloyds Luxuries

The Economic Times, 27 SeptResults

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

September 2022 stocks: 12 IPOs of small Indian companies will hit the market before Sep 30

Dailyo, 27 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
4 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health · Valuation

WeakBusiness Quality · Profitability · 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. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑