Mishka Exim Limited

Consumer Cyclical — Luxury Goods · BSE

₹43.00₹0.00 (0.00%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

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

In simple words: Reasonable but unspectacular business quality, 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, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Mishka Exim Limited, a multi-product trading company, engages in trading and distribution of jewelry, ornaments, and textile products in India. It operates through three segments: Fabric, Ornaments, and Share Trading.

IndustryLuxury Goods

SectorConsumer Cyclical

Annual revenue₹22 Cr

How does it make money?

Turns over ₹22 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation.

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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 10.0% 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 +63% while net margin moved -369% 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+63%

Margin effect-369%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.22 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

69/ 100

Good

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

Valuation

70/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

31.9x

2Y Median

173.7x

28 monthly readings · mean 176.7x · range 31.4x–361.1x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 82% below its 2y median of 173.7x. 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 54% below the peer median of 69.2x.

vs. its own history

Cheap

173.7x median over 28 months · -82%

vs. sector peers

Cheap

69.2x median of 4 peers · -54%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from -2.2% to 14.0% over 3 years.
Debt is being paid down
Total debt is down 77% over 3 years.
Return on equity is rising
ROE has improved from -2.1% to 8.2%.
Return on capital is rising
ROCE has improved from -2.4% to 10.0%.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴Receivables growing faster than salesFinancial
Receivables up 590% against revenue up 63% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -2.2% to 14.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 77% 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 82% 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 54% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 590% against revenue up 63%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 13% a year✓ 17.8% CAGR
Latest reported year was 234.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 10.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

3 good · 6 neutral · 2 weak

Market Cap

₹62 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.9x

Fair

Fairly valued against the generic band

P/B Ratio

2.57x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.35

Profitable

Profitable on a per-share basis

ROE

8.2%

Moderate

Moderate capital efficiency

ROCE

10.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.34x

Low

Conservative leverage

Revenue Growth (YoY)

234.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-15.4%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

3.2%

Weak

Thin margins leave little room for error

Net Margin

7.2%

Average

Average bottom-line conversion

Current Ratio

11.72

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.22

Defensive

Steadier than the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

43.1 / 43.2

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

39.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹14 Cr	₹4 Cr	₹5 Cr	₹22 Cr	+17.8%
EBITDA	-₹0 Cr	₹1 Cr	₹1 Cr	₹3 Cr	—
EBITDA Margin	-2.2%	14.3%	13.4%	14.0%	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	—
EPS	₹-0.31	₹0.18	₹0.23	₹1.37	—
ROE	-2.1%	1.2%	1.5%	8.2%	—
ROCE	-2.4%	1.8%	2.0%	10.0%	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-38.6%
Free Cash Flow	₹0 Cr	₹0 Cr	-₹1 Cr	-₹0 Cr	—

🟢 Revenue has grown at 17.8% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹3 Cr.

🟢 EBITDA Margin has risen from -2.2% to 14.0% over 3 years (+16.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-0.31 to ₹1.37.

🟢 ROE has risen from -2.1% to 8.2% over 3 years (+10.3 pts).

🟢 ROCE has risen from -2.4% to 10.0% over 3 years (+12.4 pts).

🟢 Total Debt has shrunk at 38.6% a year over 3 years.

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

Balance Sheet & Cash Flow — FY2026

Total Assets

₹27 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

88.2%

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

6 general

Mishka Exim Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 25 Sept

Mishka Exim appoints Rakesh Aggarwal as Independent Director for 5 years

scanx.trade, 05 Oct

Compare with

Equitymaster, 08 Oct

Standard Industries (BSE:530017) - Stock Analysis

Simply Wall Street, 09 Oct

Mishka Exim Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 14 Sept

Mishka Exim re-appoints Gaur & Associates as auditors for 5 years

scanx.trade, 02 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑