Saakshi Medtech and Panels Limited

Sector n/a · NSE

₹271.55+₹12.90 (+4.99%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Reasonable but unspectacular business quality, 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, 7:49 pm

Understanding the Business

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

How does it make money?

Turns over ₹116 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹20 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 14.2% 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.

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -5% while net margin moved +4% 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-5%

Margin effect+4%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 1.7% a year
✗ Profit has declined at 0.2% a year

Quality vs. Valuation

Company Quality

48/ 100

Average

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

Valuation

60/ 100

Fair

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

No P/E available

EV/EBITDA

13.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 16.9% to 19.7% over 3 years.
Very low debt
Debt/Equity of 0.23x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 29.3% to 11.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 34.1% to 14.2% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Debt is increasingFinancial
Total debt is up 27% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 16.9% to 19.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

Returns on shareholder capital are falling
ROE has dropped from 29.3% to 11.1%. 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 18%✓ 19.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 1.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 11%✓ 14.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 9 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 7 neutral · 1 weak

Market Cap

₹282 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

11.1%

Moderate

Moderate capital efficiency

ROCE

14.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.23x

Low

Conservative leverage

Revenue Growth (YoY)

25.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

160.9%

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

-₹8 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

44.4%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

10.6%

Good

Strong bottom-line conversion

Current Ratio

2.06

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

368.3 / 331.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

60.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹122 Cr	₹121 Cr	₹92 Cr	₹116 Cr	-1.7%
EBITDA	₹21 Cr	₹20 Cr	₹11 Cr	₹23 Cr	+3.5%
EBITDA Margin	16.9%	16.8%	11.8%	19.7%	—
PAT (Net Profit)	₹12 Cr	₹11 Cr	₹5 Cr	₹12 Cr	-0.2%
EPS	₹7.01	₹6.4	₹2.67	—	—
ROE	29.3%	12.1%	4.8%	11.1%	—
ROCE	34.1%	15.0%	6.2%	14.2%	—
Total Debt	₹20 Cr	₹18 Cr	₹18 Cr	₹25 Cr	+8.2%
Free Cash Flow	-₹0 Cr	-₹24 Cr	-₹12 Cr	-₹8 Cr	—

🟡 Revenue has been broadly flat over 3 years (-1.7% a year).

🟢 EBITDA has grown at 3.5% a year over 3 years.

🟢 EBITDA Margin has risen from 16.9% to 19.7% over 3 years (+2.8 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-0.2% a year).

🔴 ROE has fallen from 29.3% to 11.1% over 3 years (-18.2 pts).

🔴 ROCE has fallen from 34.1% to 14.2% over 3 years (-20.0 pts).

🔴 Total Debt has grown at 8.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹157 Cr

Total Liabilities

₹47 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹18 Cr

Capex

-₹26 Cr

Recent News

6 general

Saakshi Medtech & Panels Upper Circuit Streak: Day 2 Price and Data

Univest, 14 Oct

Saakshi Medtech & Panels Ltd. Lower Circuit: Price and Key Data

Univest, 28 Sept

Saakshi Medtech shareholders approve capital increase at EGM

scanx.trade, 04 Jun

Saakshi Medtech & Panels Ltd. Upper Circuit: Price and Key Data

Univest, 29 Sept

Saakshi Medtech and Panels IPO allotment finalised: GMP, here's how to check allotment status

Livemint, 29 Sept

Saakshi Medtech and Panels makes a stellar debut, lists at 50% premium

Moneycontrol.com, 03 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingBusiness Quality · Profitability · Valuation

WeakGrowth · 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 4 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑