Oswal Agro Mills Limited

Real Estate — Real Estate - Development · NSE

₹36.52+₹4.20 (+13.00%)

DalalBaazaar Score

47 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Oswal Agro Mills Limited engages in the development and trading of real estate properties in India. It operates through Trading, Real Estate, and Investment segments. It also trades in goods and commodities.

IndustryReal Estate - Development

SectorReal Estate

Employees19

Annual revenue₹19 Cr

How does it make money?

Turns over ₹19 Cr a year. Of every ₹100 of sales, about ₹-116 reaches shareholders as profit, with ₹97 left at the operating level before interest, tax and depreciation. Each of its 19 employees supports ₹1.00 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.00 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY 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 1.5% 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 ROE10.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -32% while net margin moved -235% 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-235%

DalalBaazaar Score

47/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 12.0% a year
✗ Latest-year revenue growth of -76.9% is below the longer-term trend — momentum is fading
✗ Profit fell 70.8% in the latest year

Quality vs. Valuation

Company Quality

47/ 100

Average

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

Valuation

36/ 100

Expensive

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

22.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 58.2% to 97.4% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention1

Return on equity is falling
ROE has dropped from 2.9% to -2.5% — each rupee of shareholder capital earns less than it did.

Red Flags

1 item require attention · 1 high

🔴The company is lossmakingFinancial
Net profit of -₹22 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 58.2% to 97.4%. 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?

Returns on shareholder capital are falling
ROE has dropped from 2.9% to -2.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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 95%✓ 97.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹51 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 1.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ 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

2 good · 3 neutral · 6 weak

Market Cap

₹491 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.55x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-2.57

Loss-making

Negative earnings per share — the business is losing money

ROE

-2.5%

Weak

Weak capital efficiency

ROCE

1.5%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-76.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-70.8%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹51 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-64.8%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

52.82

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.12

Defensive

Steadier than the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

33.4 / 35.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

63.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹28 Cr	₹0 Cr	₹160 Cr	₹19 Cr	-12.0%
EBITDA	₹16 Cr	₹1 Cr	₹143 Cr	₹19 Cr	+4.5%
EBITDA Margin	58.2%	842.6%	89.5%	97.4%	—
PAT (Net Profit)	₹24 Cr	₹5 Cr	₹113 Cr	-₹22 Cr	—
EPS	₹1.78	₹0.34	₹8.41	₹-1.64	—
ROE	2.9%	0.5%	11.9%	-2.5%	—
ROCE	1.9%	0.5%	15.3%	1.5%	—
Total Debt	₹0 Cr	₹0 Cr	—	—	—
Free Cash Flow	-₹16 Cr	-₹82 Cr	₹56 Cr	₹51 Cr	—

🔴 Revenue has shrunk at 12.0% a year over 3 years.

🟢 EBITDA has grown at 4.5% a year over 3 years.

🟢 EBITDA Margin has risen from 58.2% to 97.4% over 3 years (+39.2 pts).

🔴 PAT (Net Profit) has turned negative, from ₹24 Cr to -₹22 Cr.

🔴 EPS has turned negative, from ₹1.78 to ₹-1.64.

🔴 ROE has fallen from 2.9% to -2.5% over 3 years (-5.3 pts).

🟡 ROCE has held roughly flat at 1.5% over 3 years.

🟢 Free Cash Flow has turned positive, from -₹16 Cr to ₹51 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹902 Cr

Total Liabilities

₹5 Cr

Cash & Equivalents

₹67 Cr

Operating Cash Flow

₹51 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

58.8%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

Oswal Agro Mills Share Price: price action and valuation

Univest, 16 Oct

Here's Why We Think Oswal Agro Mills (NSE:OSWALAGRO) Might Deserve Your Attention Today

Simply Wall Street, 15 Jan

Oswal Agro Mills confirms no encumbrance on promoter shares in FY 2025-26

scanx.trade, 22 Jun

Oswal Agro Mills Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Oswal Agro Mills Share Price Falls 14.61% After Breakdown

Kalkine India, 31 MarPrice 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.

Oswal Agro Mills Share Price near 52-week low; analysis

Univest, 06 Oct

Watch Items

Revenue growth is negative (-76.9%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingBusiness Quality · Valuation

WeakGrowth · Profitability · 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. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 3 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑