Supertech EV Limited

Consumer Cyclical — Auto Manufacturers · BSE

₹32.33₹0.00 (0.00%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Supertech EV Limited engages in the design, development, manufacture, and distribution of passenger and commercial electronic vehicles in India. It offers electric two-wheelers scooters and E-rickshaws.

IndustryAuto Manufacturers

SectorConsumer Cyclical

Employees132

Annual revenue₹77 Cr

How does it make money?

Turns over ₹77 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 132 employees supports ₹58.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹58.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TATA MOTORS LIMITED, TATA MOTORS PASS VEH LTD, MAHINDRA & MAHINDRA 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 12.0% 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 ROE19.7%

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 +3146% while net margin moved +91% 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+3146%

Margin effect+91%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✗ 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

64/ 100

Average

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

Valuation

81/ 100

Cheap

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.

Historical Valuation

Current P/E

9.7x

1.4Y Median

8.7x

17 monthly readings · mean 9.5x · range 6.5x–14.5x

Sector Median

25.2x

median of 3 sector peers

⚠️Current valuation is approximately 12% above its 1.4y median of 8.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 61% below the peer median of 25.2x.

vs. its own history

Fair

8.7x median over 17 months · +12%

vs. sector peers

Cheap

25.2x median of 3 peers · -61%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.5x

PEG

0.03

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 4.0% to 9.4% over 3 years.
Return on capital is rising
ROCE has improved from 8.6% to 12.0%.
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 high

🔴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.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 4.0% to 9.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 61% 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?

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 164% a year✓ 219.0% CAGR
Latest reported year was -10.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 7%✓ 9.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹24 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 9%✓ 12.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 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

₹40 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.7x

Cheap

Cheap against the generic band

P/B Ratio

0.79x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.32

Profitable

Profitable on a per-share basis

ROE

11.7%

Moderate

Moderate capital efficiency

ROCE

12.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

-10.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-77.1%

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

-₹23 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

6.8%

Average

Average asset productivity

Operating Margin

2.5%

Weak

Thin margins leave little room for error

Net Margin

5.0%

Average

Average bottom-line conversion

Current Ratio

3.33

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

34.7 / 35.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

23.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹65 Cr	₹74 Cr	₹77 Cr	+219.0%
EBITDA	₹0 Cr	₹7 Cr	₹10 Cr	₹7 Cr	+322.4%
EBITDA Margin	4.0%	11.4%	12.9%	9.4%	—
PAT (Net Profit)	₹0 Cr	₹5 Cr	₹6 Cr	₹4 Cr	+295.6%
EPS	₹0.05	₹4.06	₹4.99	—	—
ROE	5.9%	51.8%	36.7%	7.8%	—
ROCE	8.6%	71.4%	48.6%	12.0%	—
Total Debt	—	₹6 Cr	₹12 Cr	₹7 Cr	—
Free Cash Flow	-₹1 Cr	-₹3 Cr	-₹7 Cr	-₹24 Cr	—

🟢 Revenue has grown at 219.0% a year over 3 years.

🟢 EBITDA has grown at 322.4% a year over 3 years.

🟢 EBITDA Margin has risen from 4.0% to 9.4% over 3 years (+5.3 pts).

🟢 PAT (Net Profit) has grown at 295.6% a year over 3 years.

🟢 ROE has risen from 5.9% to 7.8% over 3 years (+1.8 pts).

🟢 ROCE has risen from 8.6% to 12.0% over 3 years (+3.3 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹71 Cr

Total Liabilities

₹21 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹24 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.5%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TATA MOTORS LIMITED	37.1x	32.8%
TATA MOTORS PASS VEH LTD	—	-3.0%
MAHINDRA & MAHINDRA LTD	17.8x	19.7%

Recent News

1 mixed1 negative4 general

Supertech EV Ltd Peer Comparison – Compare with Others

Value Research, 31 Aug

SUPERTECH EV LIMITED Share Price

Upstox, 05 May

Supertech EV closes trading window from Oct 1 for H1FY27 results

scanx.trade, 23 SeptResults

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

Supertech EV FY26 results: Net profit falls 36% to ₹3.93 crore

scanx.trade, 25 SeptResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Supertech EV Ltd Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 01 Sept

Victory Electric Vehicles International (NSEI:VICTORYEV) - Stock Analysis

Simply Wall Street, 14 Jan

Watch Items

Revenue growth is negative (-10.8%) on the latest reported period — check if this is one-off or a trend.
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

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability

WeakRisk

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