OK Play India Limited

Consumer Cyclical — Leisure · BSE

₹2.97−₹0.01 (−0.34%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by 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. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

OK Play India Limited engages in the manufacture and sale of plastic molded products in India.

IndustryLeisure

SectorConsumer Cyclical

Annual revenue₹198 Cr

How does it make money?

Turns over ₹198 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation.

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 5.4% 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 +9% while net margin moved -237% 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+9%

Margin effect-237%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 5.4% is below 10% — capital is not working hard
✗ ROCE has fallen by 11.8 points — returns are eroding
• EBITDA margin of 16.2% is respectable
✗ Net margin of 1.2% is slim
• Revenue has compounded at 2.9% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

46/ 100

Average

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

Valuation

77/ 100

Cheap

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.

Historical Valuation

Current P/E

49.5x

2Y Median

259.7x

28 monthly readings · mean 262.8x · range 37.1x–548.6x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 81% below its 2y median of 259.7x. 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 28% below the peer median of 69.2x.

vs. its own history

Cheap

259.7x median over 28 months · -81%

vs. sector peers

Cheap

69.2x median of 4 peers · -28%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

6.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 23% over 3 years.
Cash generation is improving
Free cash flow is up 30% over 3 years.
Return on equity is rising
ROE has improved from -5.4% to 1.8%.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 17.2% to 5.4% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🔴Receivables growing faster than salesFinancial
Receivables up 70% against revenue up 9% — sales are being booked faster than they are collected.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 89% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 23% 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 81% 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 28% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 70% against revenue up 9%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 2.9% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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

1EBITDA margin holds above 14%✓ 16.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.4x
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✗ 1.1x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 2.9% CAGR
Latest reported year was 11.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹15 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 · 3 neutral · 3 weak

Market Cap

₹108 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

49.5x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.64x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.06

Profitable

Profitable on a per-share basis

ROE

1.8%

Weak

Weak capital efficiency

ROCE

5.4%

Weak

Low return on total capital employed

Debt/Equity

0.66x

Moderate

Moderate leverage

Revenue Growth (YoY)

11.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

451.2%

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

₹15 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.4%

Average

Average margins

Net Margin

1.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.41

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.57

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3.1 / 3.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

28.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹181 Cr	₹185 Cr	₹168 Cr	₹198 Cr	+2.9%
EBITDA	₹31 Cr	₹36 Cr	₹35 Cr	₹32 Cr	+0.9%
EBITDA Margin	17.2%	19.4%	20.9%	16.2%	—
PAT (Net Profit)	-₹2 Cr	₹1 Cr	-₹1 Cr	₹3 Cr	—
EPS	₹-0.1	₹0.03	₹-0.02	₹0.08	—
ROE	-5.4%	0.9%	-0.5%	1.8%	—
ROCE	17.2%	11.0%	8.3%	5.4%	—
Total Debt	₹143 Cr	₹111 Cr	₹150 Cr	₹110 Cr	-8.2%
Free Cash Flow	₹12 Cr	-₹22 Cr	-₹54 Cr	₹15 Cr	+9.2%

🟢 Revenue has grown at 2.9% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (0.9% a year).

🟡 EBITDA Margin has held roughly flat at 16.2% over 3 years.

🟢 PAT (Net Profit) has turned positive, from -₹2 Cr to ₹3 Cr.

🟢 EPS has turned positive, from ₹-0.1 to ₹0.08.

🟢 ROE has risen from -5.4% to 1.8% over 3 years (+7.1 pts).

🔴 ROCE has fallen from 17.2% to 5.4% over 3 years (-11.8 pts).

🟢 Total Debt has shrunk at 8.2% a year over 3 years.

🟢 Free Cash Flow has grown at 9.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹368 Cr

Total Liabilities

₹201 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹31 Cr

Capex

-₹16 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.7%

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 negative5 general

OK Play India applies to reclassify promoters to public category

scanx.trade, 16 Jun

OK Play India Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 29 Aug

Markets Rally, But OK Play India Ltd Sinks to 52-Week Low in Stock-Specific Sell-Off

MarketsMojo, 10 Oct

OK Play India - 13 penny stocks plunge up to 55% in a month — Are you affected?

The Economic Times, 15 Feb

OK Play India consolidated net profit declines 86.15% in the June 2026 quarter

Business Standard, 14 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

OK Play India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
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

MiddlingFinancial Health · Profitability · Valuation

WeakBusiness Quality · Growth · 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.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x; Revenue growth stays above 4% a year · see Key things to watch ↑