Repro India Limited

Industrials — Specialty Business Services · NSE

₹302.60−₹8.80 (−2.83%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

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

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Repro India Limited provides printing solutions in India and internationally.

IndustrySpecialty Business Services

SectorIndustrials

Employees345

Annual revenue₹479 Cr

How does it make money?

Turns over ₹479 Cr a year. Of every ₹100 of sales, about ₹-7 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 345 employees supports ₹1.39 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.39 Cr

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 -2.9% 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 ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +19% while net margin moved -421% 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+19%

Margin effect-421%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 5.9% — barely ahead of inflation
✗ Profit fell 1516.5% in the latest year

Quality vs. Valuation

Company Quality

42/ 100

Weak

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

Valuation

78/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

4.5x

3Y Median

62.8x

40 monthly readings · mean 71.6x · range 35.9x–128.7x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 93% below its 3y median of 62.8x. 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 95% below the peer median of 88.8x.

vs. its own history

Cheap

62.8x median over 40 months · -93%

vs. sector peers

Cheap

88.8x median of 3 peers · -95%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

15.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 3.0% to -9.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 5.4% to -2.9% — often a sign of competition or overexpansion.

Red Flags

6 items require attention · 4 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 93% over 3 years, from ₹96 Cr to ₹186 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only -1.4x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹33 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.8x to -1.4x.
🟡Margins are compressingFinancial
EBITDA margin is down 4.1 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 93% 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 95% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 12.3% to 8.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 4.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Growth barely outpaces inflation
Revenue compounding at 5.9% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 3.0% to -9.5%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 8.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 4.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹69 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ -1.4x
How much operating profit can fall before interest stops being comfortably covered.
5Revenue growth stays above 4% a year✓ 5.9% CAGR
Latest reported year was 20.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

6 / 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

₹434 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

4.5x

Cheap

Cheap against the generic band

P/B Ratio

1.24x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹67.98

Profitable

Profitable on a per-share basis

ROE

-9.5%

Weak

Weak capital efficiency

ROCE

-2.9%

Weak

Low return on total capital employed

Debt/Equity

0.53x

Low

Conservative leverage

Revenue Growth (YoY)

20.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-1516.5%

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

-₹69 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-3.6%

Weak

Thin margins leave little room for error

Net Margin

18.9%

Good

Strong bottom-line conversion

Current Ratio

1.46

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.30

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

303.6 / 314.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

55.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹403 Cr	₹466 Cr	₹453 Cr	₹479 Cr	+5.9%
EBITDA	₹50 Cr	₹53 Cr	₹36 Cr	₹39 Cr	-7.5%
EBITDA Margin	12.3%	11.4%	7.9%	8.2%	—
PAT (Net Profit)	₹9 Cr	₹12 Cr	-₹2 Cr	-₹33 Cr	—
EPS	₹6.84	₹8.4	₹-1.44	₹-23.21	—
ROE	3.0%	3.1%	-0.5%	-9.5%	—
ROCE	5.4%	5.8%	1.5%	-2.9%	—
Total Debt	₹96 Cr	₹49 Cr	₹99 Cr	₹186 Cr	+24.5%
Free Cash Flow	₹2 Cr	-₹21 Cr	-₹21 Cr	-₹69 Cr	—

🟢 Revenue has grown at 5.9% a year over 3 years.

🔴 EBITDA has shrunk at 7.5% a year over 3 years.

🔴 EBITDA Margin has fallen from 12.3% to 8.2% over 3 years (-4.1 pts).

🔴 PAT (Net Profit) has turned negative, from ₹9 Cr to -₹33 Cr.

🔴 EPS has turned negative, from ₹6.84 to ₹-23.21.

🔴 ROE has fallen from 3.0% to -9.5% over 3 years (-12.5 pts).

🔴 ROCE has fallen from 5.4% to -2.9% over 3 years (-8.3 pts).

🔴 Total Debt has grown at 24.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹69 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹626 Cr

Total Liabilities

₹276 Cr

Cash & Equivalents

₹17 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹72 Cr

Shareholding (proxy)

Institutional Holding

6.8%

Insider Holding

64.8%

Corporate Actions

Ex-Dividend Date

28 Jul 2016

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

1 positive1 mixed4 general

REPRO Share Price Near Low: Technical and Fundamental View

Univest, 25 Sept

Repro India Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 27 Aug

Repro India - Madhusudan Kela’s portfolio: 5 stocks rally up to 135%; 4 new Q4 bets revealed

The Economic Times, 02 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Even though Repro India (NSE:REPRO) has lost ₹1.2b market cap in last 7 days, shareholders are still up 40% over 5 years

Simply Wall Street, 24 Nov

Repro India Q4 Revenue Rises 13% to ₹140 Cr as EBITDA Margin Hits 8.06%

Sahi, 29 MayResults

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

Repro India reports record Q1FY27 revenue of ₹13,991 lakh

scanx.trade, 04 Aug

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

WeakBusiness Quality · Financial Health · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 4 high-severity red flags sit above this conclusion and should be read first.

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