Oriental Trimex Limited

Industrials — Building Products & Equipment · NSE

₹4.80+₹0.01 (+0.21%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, 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. Debt is 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 Oriental Trimex Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Oriental Trimex Limited engages in importing and processing of natural stones in India. The company offers marble, granite, quartzite, travertine, quartz, tiles, onyx, and marble artifact products.

IndustryBuilding Products & Equipment

SectorIndustrials

Employees22

Annual revenue₹21 Cr

How does it make money?

Turns over ₹21 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 22 employees supports ₹96.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹96.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA 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 3.0% 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 ROE15.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +143% while net margin moved -117% 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+143%

Margin effect-117%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 1.07 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ 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

67/ 100

Good

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

Valuation

72/ 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

11.4x

1.3Y Median

7.4x

16 monthly readings · mean 9.8x · range 3.9x–20.6x

Sector Median

88.8x

median of 3 sector peers

⚠️Current valuation is approximately 55% above its 1.3y median of 7.4x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 87% below the peer median of 88.8x.

vs. its own history

Expensive

7.4x median over 16 months · +55%

vs. sector peers

Cheap

88.8x median of 3 peers · -87%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.6x

PEG

0.31

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from -23.3% to 23.1% over 3 years.
Debt is being paid down
Total debt is down 90% over 3 years.
Return on equity is rising
ROE has improved from -6.3% to 1.8%.
Return on capital is rising
ROCE has improved from -5.2% to 3.0%.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 1 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 2.87x — earnings must service borrowings before shareholders see anything.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹4 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 94% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -23.3% to 23.1%. 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 90% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 87% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.87x. Interest is payable whether or not the business has a good year.
The price already assumes success
The stock trades 55% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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 26% a year✓ 34.4% CAGR
Latest reported year was 363.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 21%✓ 23.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹4 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 3.0%
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

5 good · 2 neutral · 4 weak

Market Cap

₹35 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.4x

Cheap

Cheap against the generic band

P/B Ratio

0.22x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.42

Profitable

Profitable on a per-share basis

ROE

1.8%

Weak

Weak capital efficiency

ROCE

3.0%

Weak

Low return on total capital employed

Debt/Equity

2.87x

High

High leverage

Revenue Growth (YoY)

363.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

36.4%

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 burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

13.0%

Average

Average margins

Net Margin

7.4%

Average

Average bottom-line conversion

Current Ratio

3.05

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.07

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.9 / 5.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

30.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹9 Cr	₹4 Cr	₹21 Cr	₹21 Cr	+34.4%
EBITDA	-₹2 Cr	-₹5 Cr	-₹4 Cr	₹5 Cr	—
EBITDA Margin	-23.3%	-124.0%	-18.6%	23.1%	—
PAT (Net Profit)	-₹4 Cr	-₹7 Cr	₹9 Cr	₹2 Cr	—
EPS	₹-1.28	₹-2.21	₹1.17	₹0.24	—
ROE	-6.3%	-10.6%	8.7%	1.8%	—
ROCE	-5.2%	-8.4%	12.3%	3.0%	—
Total Debt	₹30 Cr	₹29 Cr	₹2 Cr	₹3 Cr	-54.2%
Free Cash Flow	-₹1 Cr	₹0 Cr	-₹74 Cr	-₹4 Cr	—

🟢 Revenue has grown at 34.4% a year over 3 years.

🟢 EBITDA has turned positive, from -₹2 Cr to ₹5 Cr.

🟢 EBITDA Margin has risen from -23.3% to 23.1% over 3 years (+46.5 pts).

🟢 PAT (Net Profit) has turned positive, from -₹4 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-1.28 to ₹0.24.

🟢 ROE has risen from -6.3% to 1.8% over 3 years (+8.1 pts).

🟢 ROCE has risen from -5.2% to 3.0% over 3 years (+8.1 pts).

🟢 Total Debt has shrunk at 54.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹138 Cr

Total Liabilities

₹38 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

36.3%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 mixed4 general

Oriental Trimex Share Price Target 2026: Bull Case Rs 10.00, Bear

Univest, 03 JulAnalyst view

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

Oriental Trimex Holds Ground at ₹5.11: ORIENTALTL.NS Stuck Between Support and Resistance - NHNL Divergence

siam.in, 08 Sept

Oriental Trimex Share: Bull Case vs Bear Case for 2026

Univest, 17 Sept

Oriental Trimex appoints Naveen Joshi as independent director

scanx.trade, 01 Sept

Why Is Oriental Trimex Share Price Falling Key Reasons 2026

Univest, 22 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Oriental Trimex Limited Receives INR 1.15 Crore Penalty from SEBI for Regulatory Violations

scanx.trade, 19 Feb

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

StrongGrowth · Valuation

MiddlingBusiness Quality · Financial Health · Profitability

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.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑