Shashijit Infraprojects Limited

Industrials — Engineering & Construction · BSE

₹2.43−₹0.01 (−0.41%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, 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, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shashijit Infraprojects Limited engages in the construction of residential, industrial, commercial, and institutional buildings in India. The company is involved in the civil project management business.

IndustryEngineering & Construction

SectorIndustrials

Employees32

Annual revenue₹23 Cr

How does it make money?

Turns over ₹23 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 32 employees supports ₹73.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹73.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS 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 7.6% 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 ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -34% while net margin moved +64% 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-34%

Margin effect+64%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ ROE of 3.2% is weak

Quality vs. Valuation

Company Quality

32/ 100

Weak

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

Valuation

44/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

12.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 7.1% to 9.3% over 3 years.
Debt is being paid down
Total debt is down 29% over 3 years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 10.5% to 7.6% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.3x — little room if earnings dip.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 41% 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 7.1% to 9.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 29% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.2x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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 7%✓ 9.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 4.2x
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✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 1.3x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ 7.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

3 good · 2 neutral · 6 weak

Market Cap

₹18 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.14x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.03

Loss-making

Negative earnings per share — the business is losing money

ROE

3.2%

Weak

Weak capital efficiency

ROCE

7.6%

Weak

Low return on total capital employed

Debt/Equity

0.59x

Low

Conservative leverage

Revenue Growth (YoY)

-16.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

115.8%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-3.4%

Weak

Thin margins leave little room for error

Net Margin

-1.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.57

Defensive

Steadier than the market

52W Range Position

15%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2.4 / 2.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹35 Cr	₹27 Cr	₹23 Cr	₹23 Cr	-12.8%
EBITDA	₹3 Cr	₹2 Cr	-₹2 Cr	₹2 Cr	-4.6%
EBITDA Margin	7.1%	8.6%	-9.4%	9.3%	—
PAT (Net Profit)	₹0 Cr	-₹1 Cr	-₹3 Cr	₹0 Cr	+2.8%
EPS	₹0.09	₹-0.12	₹-0.58	₹0.07	-9.7%
ROE	3.8%	-5.5%	-20.8%	3.2%	—
ROCE	10.5%	9.8%	-17.3%	7.6%	—
Total Debt	₹13 Cr	₹12 Cr	₹9 Cr	₹9 Cr	-10.7%
Free Cash Flow	-₹1 Cr	₹1 Cr	-₹4 Cr	-₹0 Cr	—

🔴 Revenue has shrunk at 12.8% a year over 3 years.

🔴 EBITDA has shrunk at 4.6% a year over 3 years.

🟢 EBITDA Margin has risen from 7.1% to 9.3% over 3 years (+2.2 pts).

🟢 PAT (Net Profit) has grown at 2.8% a year over 3 years.

🔴 EPS has shrunk at 9.7% a year over 3 years.

🟡 ROE has held roughly flat at 3.2% over 3 years.

🔴 ROCE has fallen from 10.5% to 7.6% over 3 years (-3.0 pts).

🟢 Total Debt has shrunk at 10.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹37 Cr

Total Liabilities

₹21 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.8%

Corporate Actions

Ex-Dividend Date

20 Sept 2019

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

2 mixed4 general

Shashijit Infraprojects Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 02 Sept

Shashijit Infraprojects appoints two independent directors for five-year term

scanx.trade, 01 Oct

MPDL Ltd. Share Price Surges 9.58% Today

Univest, 28 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Shashijit Infraprojects board opposes removal of chairman Ajit Jain

scanx.trade, 21 Sept

Loyal Textile Mills reports consolidated net loss of Rs 1.50 crore in the June 2026 quarter

Business Standard, 15 AugResults

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

Shashijit Infraprojects litigation adjourned to September 25

scanx.trade, 21 Sept

Watch Items

Revenue growth is negative (-16.4%) 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.

DalalBaazaar Thesis

MiddlingFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

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. 1 high-severity red flag sits above this conclusion and should be read first.

4 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑