Panth Infinity Limited

Consumer Cyclical — Luxury Goods · BSE

₹10.37−₹0.02 (−0.19%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently 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 Panth Infinity Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Panth Infinity Limited engages in the trading of precious metals, stones, and jewellery in India. The company also provides engineering, infrastructure, custom software development, web development, digital marketing, devops, mobile development, and graphic design services.

IndustryLuxury Goods

SectorConsumer Cyclical

Employees3

Annual revenue₹282 Cr

How does it make money?

Turns over ₹282 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹94.03 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹94.03 Cr

Who are its competitors?

The closest listed comparisons in its industry are TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED, ASIAN PAINTS 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?Some evidence

ROCE of 24.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1693% while net margin moved -197% 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+1693%

Margin effect-197%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.48 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ 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

75/ 100

Good

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 good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

0.8x

1.3Y Median

18.9x

16 monthly readings · mean 16.4x · range 1.4x–28.8x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 96% below its 1.3y median of 18.9x. 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 99% below the peer median of 69.2x.

vs. its own history

Cheap

18.9x median over 16 months · -96%

vs. sector peers

Cheap

69.2x median of 4 peers · -99%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

3.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 5.6% to 14.9% over 3 years.
Return on equity is rising
ROE has improved from -11.6% to 39.5%.
Return on capital is rising
ROCE has improved from -11.6% to 24.2%.
High return on capital employed
ROCE of 24.2% is the mark of a business that converts capital into profit efficiently.

🔴 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

🔴Inventory building faster than salesFinancial
Inventory up 48106% against revenue up 1693% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹52 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 198% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 24.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 5.6% to 14.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 96% 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 99% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

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 121% a year✓ 161.7% CAGR
Latest reported year was 77.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 14.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹52 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 21%✓ 24.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 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

7 good · 3 neutral · 1 weak

Market Cap

₹57 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

0.8x

Cheap

Cheap against the generic band

P/B Ratio

0.58x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹12.73

Profitable

Profitable on a per-share basis

ROE

39.5%

Strong

Strong capital efficiency

ROCE

24.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.76x

Moderate

Moderate leverage

Revenue Growth (YoY)

77.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

2735.5%

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

-₹52 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

23.6%

Good

Healthy core-business profitability

Net Margin

16.1%

Good

Strong bottom-line conversion

Current Ratio

4.73

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.48

Defensive

Steadier than the market

52W Range Position

48%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

10.5 / 10.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

27.1

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹16 Cr	₹5 Cr	₹30 Cr	₹282 Cr	+161.7%
EBITDA	₹1 Cr	-₹0 Cr	₹2 Cr	₹42 Cr	+263.3%
EBITDA Margin	5.6%	-4.2%	6.6%	14.9%	—
PAT (Net Profit)	-₹2 Cr	-₹1 Cr	₹1 Cr	₹39 Cr	—
EPS	₹-1.21	₹-0.3	₹0.41	₹7.08	—
ROE	-11.6%	-2.9%	5.1%	39.5%	—
ROCE	-11.6%	-2.9%	2.4%	24.2%	—
Total Debt	—	—	₹55 Cr	₹75 Cr	—
Free Cash Flow	-₹3 Cr	₹0 Cr	-₹62 Cr	-₹52 Cr	—

🟢 Revenue has grown at 161.7% a year over 3 years.

🟢 EBITDA has grown at 263.3% a year over 3 years.

🟢 EBITDA Margin has risen from 5.6% to 14.9% over 3 years (+9.4 pts).

🟢 PAT (Net Profit) has turned positive, from -₹2 Cr to ₹39 Cr.

🟢 EPS has turned positive, from ₹-1.21 to ₹7.08.

🟢 ROE has risen from -11.6% to 39.5% over 3 years (+51.2 pts).

🟢 ROCE has risen from -11.6% to 24.2% over 3 years (+35.9 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹199 Cr

Total Liabilities

₹100 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹52 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

32.1%

Peer Comparison

Company	P/E	ROE
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%
ASIAN PAINTS LIMITED	46.9x	22.3%

Recent News

1 positive1 negative4 general

Panth Infinity Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 21 Sept

Panth Infinity Ltd EGM scheduled on July 7, 2026

scanx.trade, 12 Jun

Panth Infinity Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 01 Sept

Panth Infinity Ltd Downgraded to Sell Amid Mixed Technicals and Weak Fundamentals

MarketsMojo, 06 OctAnalyst view

🔴Potentially negativeAn analyst opinion changing, which moves the price without changing the business.

Panth Infinity consolidated net profit rises 308.45% in the June 2026 quarter

Business Standard, 01 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Panth Infinity shifts registered office to new Ahmedabad address

scanx.trade, 28 Jul

Watch Items

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

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

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.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑