Nagreeka Exports Limited

Consumer Cyclical — Textile Manufacturing · NSE

₹21.80−₹0.53 (−2.37%)

DalalBaazaar Score

47 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, 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 both sales and profits growing well. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Nagreeka Exports Limited engages in the manufacturing and export of cotton yarn and other various merchandise in India and internationally. The company offers cotton yarn, knitted fabrics, bleached cotton, fine cotton, and waste products.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees663

Annual revenue₹502 Cr

How does it make money?

Turns over ₹502 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation. Each of its 663 employees supports ₹75.8 lakh of revenue a year, the signature of a people-led business.

EBITDA margin3.8%

Net margin0.6%

Revenue / employee₹75.8 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.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 7.9% 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.

ROCE7.9%

ROE1.9%

Peer median ROE25.9%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +32% while net margin moved -23% 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-23%

DalalBaazaar Score

47/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 1.9% is weak

Quality vs. Valuation

Company Quality

44/ 100

Weak

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

Valuation

62/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

21.4x

3Y Median

19.5x

40 monthly readings · mean 19.3x · range 9.0x–33.3x

Sector Median

69.2x

median of 4 sector peers

🟡Currently trading close to its 3y median of 19.5x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 69% below the peer median of 69.2x.

vs. its own history

Fair

19.5x median over 40 months · +10%

vs. sector peers

Cheap

69.2x median of 4 peers · -69%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

21.4x

P/B

0.42x

EV/EBITDA

12.5x

PEG

70.96

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Return on capital is rising
ROCE has improved from 4.5% to 7.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 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

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.4x — little room if earnings dip.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 37% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 69% 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?

The debt load needs earnings to hold up
Debt is 9.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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 2%✓ 3.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 9.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 1.4x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 7% a year✓ 9.6% CAGR
Latest reported year was 92.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 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

5 good · 4 neutral · 2 weak

Market Cap

₹68 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.4x

Fair

Fairly valued against the generic band

P/B Ratio

0.42x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.02

Profitable

Profitable on a per-share basis

ROE

1.9%

Weak

Weak capital efficiency

ROCE

7.9%

Weak

Low return on total capital employed

Debt/Equity

1.09x

Moderate

Moderate leverage

Revenue Growth (YoY)

92.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

13.8%

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

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹21.8

Operating Margin

2.5%

Weak

Thin margins leave little room for error

Net Margin

0.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.38

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.15

Market-like

Moves roughly in line with the market

52W Range Position

32%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

22.0 / 22.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹381 Cr	₹544 Cr	₹513 Cr	₹502 Cr	+9.6%
EBITDA	₹16 Cr	₹26 Cr	₹23 Cr	₹19 Cr	+6.8%
EBITDA Margin	4.1%	4.8%	4.5%	3.8%	—
PAT (Net Profit)	₹3 Cr	₹6 Cr	₹3 Cr	₹3 Cr	+0.3%
EPS	₹1.75	₹2.7	₹1.01	₹0.98	-17.6%
ROE	2.7%	4.1%	2.1%	1.9%	—
ROCE	4.5%	10.1%	8.8%	7.9%	—
Total Debt	₹178 Cr	₹166 Cr	₹165 Cr	₹173 Cr	-1.0%
Free Cash Flow	₹18 Cr	-₹4 Cr	₹13 Cr	₹4 Cr	-37.6%

🟢 Revenue has grown at 9.6% a year over 3 years.

🟢 EBITDA has grown at 6.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 3.8% over 3 years.

🟡 PAT (Net Profit) has been broadly flat over 3 years (0.3% a year).

🔴 EPS has shrunk at 17.6% a year over 3 years.

🟡 ROE has held roughly flat at 1.9% over 3 years.

🟢 ROCE has risen from 4.5% to 7.9% over 3 years (+3.3 pts).

🟡 Total Debt has been broadly flat over 3 years (-1.0% a year).

🔴 Free Cash Flow has shrunk at 37.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹382 Cr

Total Liabilities

₹223 Cr

Total Debt

₹173 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹17 Cr

Capex

-₹13 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.2%

Corporate Actions

Ex-Dividend Date

02 Sept 2014

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

1 mixed5 general

Nagreeka Exports (NAGREEKEXP) Share/Stock Price Live, NSE

TechGraph, 09 Oct

Nagreeka Exports Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 23 Sept

Nagreeka Exports Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 11 Sept

Is Nagreeka Exports the Best Stock in Its Sector? A Look at the Numbers

Univest, 01 Oct

Nagreeka Exports Share Price Target 2026: Bull Case Rs 35.00, Bea

Univest, 01 JulAnalyst view

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

Nagreeka Exports Bolsters Senior Management with Strategic Role Expansions

scanx.trade, 01 Oct

Watch Items

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

DalalBaazaar Thesis

🔴Business QualityWeak8.7/20

🟡Financial HealthAdequate10.3/20

🟡GrowthModest9.3/20

🔴ProfitabilityWeak4.5/15

🟢ValuationAttractive10.6/15

🔴RiskHigh4/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 2%3.8%
✗Debt / EBITDA falls below 3x9.0x
✗Interest cover stays above 3x1.4x
✓Revenue growth stays above 7% a year9.6% CAGR
✓Free cash flow remains positive₹4 Cr