Moxsh Overseas Educon Limited

Sector n/a · NSE

₹165.00−₹3.00 (−1.79%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation 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

The 60-second version of Moxsh Overseas Educon 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 ₹11 Cr a year. Of every ₹100 of sales, about ₹21 reaches shareholders as profit, with ₹46 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Some evidence

ROCE of 21.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -14% while net margin moved +165% 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-14%

Margin effect+165%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ 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

72/ 100

Good

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 good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

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

32.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 15.7% to 45.7% over 3 years.
Return on equity is rising
ROE has improved from 8.1% to 15.1%.
Return on capital is rising
ROCE has improved from 11.8% to 21.9%.
High return on capital employed
ROCE of 21.9% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.23x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 112% over 3 years, from ₹2 Cr to ₹4 Cr.
🔴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.
🟡Receivables growing faster than salesFinancial
Receivables up 35% against revenue up -14% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 15.7% to 45.7%. 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?

Sales are being booked faster than collected
Receivables are up 35% against revenue up -14%. 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 44%✓ 45.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 19%✓ 21.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 5.6x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

7 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹154 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

15.1%

Strong

Strong capital efficiency

ROCE

21.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.23x

Low

Conservative leverage

Revenue Growth (YoY)

11.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

553.1%

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

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

78.4%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

21.5%

Good

Strong bottom-line conversion

Current Ratio

1.56

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

97.0 / 100.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

79.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹12 Cr	₹11 Cr	₹10 Cr	₹11 Cr	-4.8%
EBITDA	₹2 Cr	-₹2 Cr	₹1 Cr	₹5 Cr	+36.1%
EBITDA Margin	15.7%	-19.4%	7.7%	45.7%	—
PAT (Net Profit)	₹1 Cr	-₹2 Cr	-₹1 Cr	₹2 Cr	+31.8%
EPS	₹1.62	₹-2.6	₹-0.94	—	—
ROE	8.1%	-23.1%	-5.3%	15.1%	—
ROCE	11.8%	-26.5%	0.1%	21.9%	—
Total Debt	₹2 Cr	₹3 Cr	₹5 Cr	₹4 Cr	+28.4%
Free Cash Flow	-₹9 Cr	-₹3 Cr	-₹2 Cr	-₹2 Cr	—

🔴 Revenue has shrunk at 4.8% a year over 3 years.

🟢 EBITDA has grown at 36.1% a year over 3 years.

🟢 EBITDA Margin has risen from 15.7% to 45.7% over 3 years (+30.0 pts).

🟢 PAT (Net Profit) has grown at 31.8% a year over 3 years.

🟢 ROE has risen from 8.1% to 15.1% over 3 years (+7.0 pts).

🟢 ROCE has risen from 11.8% to 21.9% over 3 years (+10.1 pts).

🔴 Total Debt has grown at 28.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹23 Cr

Total Liabilities

₹8 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹5 Cr

Capex

-₹7 Cr

Recent News

6 general

Moxsh Overseas Educon Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

LISTING CEREMONY OF MOXSH OVERSEAS EDUCON LIMITED

NSE India, 30 Dec

Moxsh Overseas Educon Ltd (MOXSH) Share Price

Business Today, 31 Jan

3:1 Bonus Shares: October 9 Record Date; Buy To Get 3 New Shares For 1 Held?

Goodreturns, 08 Oct

CENTURY BUSINESS MEDIA LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 21 Sept

SRI ADHIKARI BROS. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 19 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.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability

MiddlingGrowth · Valuation

WeakRisk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 2 high-severity red flags sit above this conclusion and should be read first.

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