PVV Infra Limited

Basic Materials — Steel · BSE

₹2.11+₹0.03 (+1.44%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

PVV Infra Limited engages in the steel trading and infrastructure development business. It provides services across renewable energy, real estate, and wayside amenities. The company was formerly known as Thirthankar Infra Limited in October 2014.

IndustrySteel

SectorBasic Materials

Annual revenue₹56 Cr

How does it make money?

Turns over ₹56 Cr a year. Of every ₹100 of sales, about ₹13 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 TATA STEEL LIMITED, JSW STEEL LIMITED, JINDAL STEEL LIMITED, STEEL AUTHORITY OF INDIA. 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 11.2% 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 ROE10.8%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +50% while net margin moved +23811% 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+50%

Margin effect+23811%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.26 — 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

Quality vs. Valuation

Company Quality

69/ 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

3.4x

3Y Median

5.0x

40 monthly readings · mean 237.8x · range 3.1x–1404.6x

Sector Median

18.2x

median of 4 sector peers

🟢Current valuation is approximately 32% below its 3y median of 5.0x. 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 81% below the peer median of 18.2x.

vs. its own history

Cheap

5.0x median over 40 months · -32%

vs. sector peers

Cheap

18.2x median of 4 peers · -81%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.2x

PEG

0.01

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 0.1% to 16.2% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 0.1% to 9.2%.
Return on capital is rising
ROCE has improved from 0.1% to 11.2%.
Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.
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

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 823% 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 0.1% to 16.2%. 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 32% 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 81% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹29 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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?

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 11% a year✓ 14.4% CAGR
Latest reported year was 8.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 14%✓ 16.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹29 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 11.2%
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

5 good · 5 neutral · 1 weak

Market Cap

₹45 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

3.4x

Cheap

Cheap against the generic band

P/B Ratio

0.58x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.62

Profitable

Profitable on a per-share basis

ROE

9.2%

Moderate

Moderate capital efficiency

ROCE

11.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

8.9%

Modest

Modest growth

Profit Growth (YoY)

-7.7%

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

₹29 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

10.6%

Average

Average margins

Net Margin

12.5%

Good

Strong bottom-line conversion

Current Ratio

1.34

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.2 / 2.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

17.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹38 Cr	₹88 Cr	₹40 Cr	₹56 Cr	+14.4%
EBITDA	₹0 Cr	₹4 Cr	₹8 Cr	₹9 Cr	+624.2%
EBITDA Margin	0.1%	4.1%	19.1%	16.2%	—
PAT (Net Profit)	₹0 Cr	₹3 Cr	₹5 Cr	₹7 Cr	+610.2%
EPS	₹0.01	₹0.67	₹0.95	₹0.58	+353.8%
ROE	0.1%	6.0%	9.4%	9.2%	—
ROCE	0.1%	6.7%	11.9%	11.2%	—
Total Debt	—	₹3 Cr	₹6 Cr	₹12 Cr	—
Free Cash Flow	-₹0 Cr	-₹8 Cr	-₹31 Cr	₹29 Cr	—

🟢 Revenue has grown at 14.4% a year over 3 years.

🟢 EBITDA has grown at 624.2% a year over 3 years.

🟢 EBITDA Margin has risen from 0.1% to 16.2% over 3 years (+16.1 pts).

🟢 PAT (Net Profit) has grown at 610.2% a year over 3 years.

🟢 EPS has grown at 353.8% a year over 3 years.

🟢 ROE has risen from 0.1% to 9.2% over 3 years (+9.1 pts).

🟢 ROCE has risen from 0.1% to 11.2% over 3 years (+11.1 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹29 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹119 Cr

Total Liabilities

₹41 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹38 Cr

Capex

-₹10 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

23.8%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
JINDAL STEEL LIMITED	39.1x	5.3%
STEEL AUTHORITY OF INDIA	16.5x	7.1%

Recent News

1 mixed5 general

PVV Infra Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Penny Stock Below Rs 5: Micro-Cap Infra Stock Jumps 13% After Receiving Two LOAs from NHAI SPV for Highway Wayside Amenities Projects

Dalal Street Investment Journal, 31 Jul

PVV Infra Limited Publishes First and Final Call Money Notice in Newspapers

scanx.trade, 30 Apr

PVV Infra - 15 penny stocks crash up to 50% in 3 months: Are you holding any?

The Economic Times, 23 Aug

PVV Infra Rights Issue 2026 Date, Price, Allotment, Ratio

IPO Watch, 02 Feb

PVV Infra signs tech partnership with Taiwan’s ITC Services Company

The Hindu, 11 FebPartnership

🟡Mixed / dependsA partnership, whose value depends entirely on terms that a headline will not carry. Worth reading the filing before assuming either way.

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

StrongBusiness Quality · Financial Health · Growth · Valuation

MiddlingProfitability

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.

All 5 tripwires holding · see Key things to watch ↑