Olympia Industries Limited

Consumer Cyclical — Internet Retail · BSE

₹22.20−₹1.35 (−5.73%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

NEUTRAL

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. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Olympia Industries Limited engages in the e-commerce business in India.

IndustryInternet Retail

SectorConsumer Cyclical

Employees145

Annual revenue₹314 Cr

How does it make money?

Turns over ₹314 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 145 employees supports ₹2.17 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.17 Cr

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 11.9% 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.

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 -17% while net margin moved +120% 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-17%

Margin effect+120%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 3.3% is weak

Quality vs. Valuation

Company Quality

49/ 100

Average

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

Valuation

88/ 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

6.6x

3Y Median

31.1x

40 monthly readings · mean 27.3x · range 7.4x–52.4x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 79% below its 3y median of 31.1x. 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 90% below the peer median of 69.2x.

vs. its own history

Cheap

31.1x median over 40 months · -79%

vs. sector peers

Cheap

69.2x median of 4 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.9x

PEG

0.30

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 8.1% to 11.9%.
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

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.5x — little room if earnings dip.
🔴Receivables growing faster than salesFinancial
Receivables up 43% against revenue up -17% — sales are being booked faster than they are collected.
🟡Inventory building faster than salesFinancial
Inventory up 20% against revenue up -17% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 79% 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 90% 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 5.2x 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 43% against revenue up -17%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 1%✓ 2.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 5.2x
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✗ 1.5x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹19 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 9%✓ 11.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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

6 good · 4 neutral · 1 weak

Market Cap

₹13 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.6x

Cheap

Cheap against the generic band

P/B Ratio

0.24x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.36

Profitable

Profitable on a per-share basis

ROE

3.3%

Weak

Weak capital efficiency

ROCE

11.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.76x

Moderate

Moderate leverage

Revenue Growth (YoY)

32.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

56.1%

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

₹19 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

1.9%

Weak

Thin margins leave little room for error

Net Margin

0.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.47

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.56

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

23.6 / 25.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

42.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹378 Cr	₹185 Cr	₹282 Cr	₹314 Cr	-5.9%
EBITDA	₹6 Cr	₹7 Cr	₹8 Cr	₹8 Cr	+12.5%
EBITDA Margin	1.5%	3.7%	2.8%	2.5%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹2 Cr	+22.3%
EPS	₹1.64	₹1.31	₹2.15	₹2.99	+22.2%
ROE	1.9%	1.5%	2.4%	3.3%	—
ROCE	8.1%	10.7%	12.7%	11.9%	—
Total Debt	₹42 Cr	₹50 Cr	₹57 Cr	₹42 Cr	-0.2%
Free Cash Flow	-₹12 Cr	-₹4 Cr	-₹1 Cr	₹19 Cr	—

🔴 Revenue has shrunk at 5.9% a year over 3 years.

🟢 EBITDA has grown at 12.5% a year over 3 years.

🟢 EBITDA Margin has risen from 1.5% to 2.5% over 3 years (+1.1 pts).

🟢 PAT (Net Profit) has grown at 22.3% a year over 3 years.

🟢 EPS has grown at 22.2% a year over 3 years.

🟢 ROE has risen from 1.9% to 3.3% over 3 years (+1.4 pts).

🟢 ROCE has risen from 8.1% to 11.9% over 3 years (+3.9 pts).

🟡 Total Debt has been broadly flat over 3 years (-0.2% a year).

🟢 Free Cash Flow has turned positive, from -₹12 Cr to ₹19 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹148 Cr

Total Liabilities

₹93 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹21 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.9%

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

1 negative5 general

Olympia Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 28 Aug

Olympia Industries promoter releases 1.51 lakh pledged shares

scanx.trade, 13 OctOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Olympia Industries Berhad Renews MYR 30 Million Loan Facilities from Sea Resorts Development Sdn Bhd

www.marketscreener.com, 07 Oct

AUDROC Stock Price and Chart — BSE:AUDROC

TradingView, 08 Jun

ACEVECTOR LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 09 Oct

JHS Svendgaard Retail Ventures Ltd. Share Price: 16.13% Gain

Univest, 27 Jul

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.

DalalBaazaar Thesis

StrongValuation

MiddlingBusiness Quality · Financial Health · Growth · Risk

WeakProfitability

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.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑