Sakuma Exports Limited

Consumer Defensive — Farm Products · NSE

₹1.49−₹0.01 (−0.67%)

DalalBaazaar Score

44 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by moderate debt load, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Whether sales start growing again 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 Sakuma Exports Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Sakuma Exports Limited engages in the trading of agro commodities in India and internationally.

IndustryFarm Products

SectorConsumer Defensive

Employees42

Annual revenue₹1,708 Cr

How does it make money?

Turns over ₹1,708 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹1 left at the operating level before interest, tax and depreciation. Each of its 42 employees supports ₹40.67 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹40.67 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. 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 1.7% 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 ROE51.0%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -46% while net margin moved -38% 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-46%

Margin effect-38%

DalalBaazaar Score

44/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 18.6% a year
✗ Profit has declined at 30.6% a year

Quality vs. Valuation

Company Quality

38/ 100

Weak

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

Valuation

65/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

21.3x

3Y Median

20.5x

40 monthly readings · mean 19.6x · range 8.8x–32.0x

Sector Median

43.3x

median of 4 sector peers

🟡Currently trading close to its 3y median of 20.5x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 51% below the peer median of 43.3x.

vs. its own history

Fair

20.5x median over 40 months · +4%

vs. sector peers

Cheap

43.3x median of 4 peers · -51%

vs. generic bands

Fair

15x–35x

EV/EBITDA

22.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 49% over 3 years.
Cash generation is improving
Free cash flow is up 144% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 6.9% to 1.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 9.5% to 1.7% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Receivables growing faster than salesFinancial
Receivables up 43% against revenue up -46% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 43% against revenue up -46% — stock may not be moving.
🟡Profit is decliningFinancial
Net profit is down 67% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 33% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 49% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 51% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

Sales are being booked faster than collected
Receivables are up 43% against revenue up -46%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 6.9% to 1.3%. 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.
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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above -1%✓ 0.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹222 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 1.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 20.5x✓ 21.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

4 good · 4 neutral · 3 weak

Market Cap

₹234 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.3x

Fair

Fairly valued against the generic band

P/B Ratio

0.31x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.07

Profitable

Profitable on a per-share basis

ROE

1.3%

Weak

Weak capital efficiency

ROCE

1.7%

Weak

Low return on total capital employed

Debt/Equity

1.18x

Moderate

Moderate leverage

Revenue Growth (YoY)

-11.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

70.5%

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

₹222 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

1.3x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

0.1%

Weak

Thin margins leave little room for error

Net Margin

0.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.65

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1.5 / 1.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

21.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3,167 Cr	₹2,121 Cr	₹2,289 Cr	₹1,708 Cr	-18.6%
EBITDA	₹46 Cr	₹37 Cr	₹17 Cr	₹9 Cr	-41.8%
EBITDA Margin	1.4%	1.7%	0.7%	0.5%	—
PAT (Net Profit)	₹28 Cr	₹40 Cr	₹15 Cr	₹10 Cr	-30.6%
EPS	₹0.24	₹0.27	₹0.09	₹0.06	-37.3%
ROE	6.9%	8.3%	2.1%	1.3%	—
ROCE	9.5%	10.2%	3.2%	1.7%	—
Total Debt	₹17 Cr	₹99 Cr	₹106 Cr	₹9 Cr	-20.2%
Free Cash Flow	₹91 Cr	-₹85 Cr	-₹205 Cr	₹222 Cr	+34.7%

🔴 Revenue has shrunk at 18.6% a year over 3 years.

🔴 EBITDA has shrunk at 41.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 0.5% over 3 years.

🔴 PAT (Net Profit) has shrunk at 30.6% a year over 3 years.

🔴 EPS has shrunk at 37.3% a year over 3 years.

🔴 ROE has fallen from 6.9% to 1.3% over 3 years (-5.6 pts).

🔴 ROCE has fallen from 9.5% to 1.7% over 3 years (-7.8 pts).

🟢 Total Debt has shrunk at 20.2% a year over 3 years.

🟢 Free Cash Flow has grown at 34.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹941 Cr

Total Liabilities

₹192 Cr

Cash & Equivalents

₹39 Cr

Operating Cash Flow

₹269 Cr

Capex

-₹47 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

47.7%

Corporate Actions

Ex-Dividend Date

16 Jul 2024

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

6 general

Sakuma Exports Share Price Forecast to 2030

Univest, 27 Jul

Sakuma Exports (SAKUMA.NS) Eases to ₹1.49 as Stock Hovers Near Lower Support Band - Rounding Bottom

https://www.siam.in/, 08 Oct

Compare DEVIKA FINST with SAKUMA EXPORTS

Equitymaster, 14 Oct

87 Best Penny Stocks Under 5 Rs In India For October 2026

Samco, 14 Oct

Sakuma Exports cancels Sept 30 board meeting on fund raising plan

scanx.trade, 24 Sept

We Think Sakuma Exports (NSE:SAKUMA) Can Stay On Top Of Its Debt

Simply Wall Street, 10 Feb

Watch Items

Revenue growth is negative (-11.3%) 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.
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

StrongFinancial Health · Valuation

MiddlingRisk

WeakBusiness Quality · Growth · Profitability

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑