Milestone Global Limited

Consumer Cyclical — Leisure · BSE

₹20.40₹0.00 (0.00%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Milestone Global Limited manufactures and sells polished granite monuments and memorials in India, the United States, Europe, Canada, and internationally.

IndustryLeisure

SectorConsumer Cyclical

Employees14

Annual revenue₹14 Cr

How does it make money?

Turns over ₹14 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 14 employees supports ₹99.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹99.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS 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 4.6% 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 ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -10% while net margin moved +32% 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-10%

Margin effect+32%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 3.4% a year
✗ Profit CAGR of only 5.9%

Quality vs. Valuation

Company Quality

35/ 100

Weak

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

Valuation

69/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

15.3x

3Y Median

24.0x

40 monthly readings · mean 33.4x · range 11.6x–77.4x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 36% below its 3y median of 24.0x. 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 78% below the peer median of 69.2x.

vs. its own history

Cheap

24.0x median over 40 months · -36%

vs. sector peers

Cheap

69.2x median of 4 peers · -78%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.2x

PEG

2.58

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 capital is falling
ROCE has declined from 10.1% to 4.6% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 2 high · 2 watch

🔴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.
🔴Inventory building faster than salesFinancial
Inventory up 131% against revenue up -10% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Receivables growing faster than salesFinancial
Receivables up 27% against revenue up -10% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 36% 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 78% 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?

Sales are being booked faster than collected
Receivables are up 27% against revenue up -10%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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

1EBITDA margin holds above 4%✓ 6.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 4.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 24.0x✓ 15.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 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
✓ 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

3 good · 5 neutral · 3 weak

Market Cap

₹10 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.3x

Fair

Fairly valued against the generic band

P/B Ratio

1.01x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.33

Profitable

Profitable on a per-share basis

ROE

7.4%

Weak

Weak capital efficiency

ROCE

4.6%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

9.5%

Modest

Modest growth

Profit Growth (YoY)

285.9%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-1.5%

Weak

Thin margins leave little room for error

Net Margin

2.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

5.33

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.01

Defensive

Steadier than the market

52W Range Position

29%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

20.5 / 18.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹16 Cr	₹16 Cr	₹12 Cr	₹14 Cr	-3.4%
EBITDA	₹1 Cr	₹1 Cr	₹0 Cr	₹1 Cr	-9.7%
EBITDA Margin	7.4%	8.3%	2.5%	6.0%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹0 Cr	₹1 Cr	+5.9%
EPS	₹1.26	₹1.46	₹0.39	—	—
ROE	7.4%	7.9%	2.1%	7.4%	—
ROCE	10.1%	10.1%	0.2%	4.6%	—
Free Cash Flow	₹0 Cr	-₹0 Cr	₹0 Cr	-₹0 Cr	—

🔴 Revenue has shrunk at 3.4% a year over 3 years.

🔴 EBITDA has shrunk at 9.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 7.4% to 6.0% over 3 years (-1.4 pts).

🟢 PAT (Net Profit) has grown at 5.9% a year over 3 years.

🟡 ROE has held roughly flat at 7.4% over 3 years.

🔴 ROCE has fallen from 10.1% to 4.6% over 3 years (-5.5 pts).

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

Balance Sheet & Cash Flow — FY2026

Total Assets

₹12 Cr

Total Liabilities

₹2 Cr

Total Debt

—

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

4.0%

Insider Holding

80.9%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 mixed4 general

Milestone Global Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 07 Sept

Compare with

Equitymaster, 08 Oct

Cupid Breweries Reports Q2 Loss; Srilab Distilleries Set for Commercial Launch

Whalesbook, 17 OctResults

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

Astellas and Vir Biotechnology Announce Global Strategic Collaboration to Advance PSMA-targeting PRO-XTEN® Dual-masked T-Cell Engager VIR-5500 for the Treatment of Prostate Cancer

Vir Biotechnology, 23 FebPartnership

🟡Mixed / dependsA partnership, whose value depends entirely on terms that a headline will not carry. Worth reading the filing before assuming either way.

Sajja Heart Foundation & STAR Hospitals Reach Global Milestone as Dr. Lokeswara Rao Sajja Elected Fellow of European Society of Cardiology

Business Standard, 07 Oct

Compare MURUDESHWAR CERAMICS with

Equitymaster, 01 Oct

Watch Items

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 oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongValuation

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 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 ↑