Shreyas Intermediates Limited

Basic Materials — Specialty Chemicals · BSE

₹7.30−₹0.47 (−6.05%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Shreyas Intermediates Limited engages in the manufacture and sale of pigments in India. The company offers phthalocyanine blue crude and its downstream products; and commodity chemicals. Its products are used for paints, inks, plastics, textiles, and other industry applications.

IndustrySpecialty Chemicals

SectorBasic Materials

Annual revenue₹17 Cr

How does it make money?

Turns over ₹17 Cr a year. Of every ₹100 of sales, about ₹-8 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation.

EBITDA margin2.7%

Net margin-7.6%

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

PIDILITE INDUSTRIES LTDP/E 57.8x · ROE 24.4%

SRF LTDP/E 33.8x · ROE 15.4%

UPL LIMITEDP/E 21.5x · ROE 6.1%

What is its competitive advantage?Little sign of one

Returns on capital of -5.5% 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.

ROCE-5.5%

Peer median ROE22.3%

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

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

Valuation

30/ 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

Multiples unreliable — equity base is negative

P/E (Trailing)

Not meaningful

P/B

3.38x

EV/EBITDA

133.7x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention1

Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -1400.8x — little room if earnings dip.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -118.2x to -1400.8x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 17.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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
4 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%✓ 2.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 17.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ -1400.8x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ 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

2 good · 4 neutral · 5 weak

Market Cap

₹52 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

3.38x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.15

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

-5.5%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

-98.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

20.4%

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

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹7.3

Operating Margin

-133.3%

Weak

Thin margins leave little room for error

Net Margin

-10.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.45

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.89

Defensive

Steadier than the market

52W Range Position

28%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

7.1 / 7.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

58.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+34.5%
PAT (Net Profit)	-₹2 Cr	-₹2 Cr	-₹2 Cr	-₹1 Cr	—
EPS	₹-0.22	₹-0.22	₹-0.22	₹-0.18	—
ROCE	-5.6%	-6.2%	-6.5%	-5.5%	—
Total Debt	₹8 Cr	₹8 Cr	₹8 Cr	₹8 Cr	+0.0%
Free Cash Flow	-₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	—

🟢 EBITDA has grown at 34.5% a year over 3 years.

🟡 ROCE has held roughly flat at -5.5% over 3 years.

🟡 Total Debt has been broadly flat over 3 years (0.0% a year).

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹25 Cr

Total Liabilities

₹70 Cr

Total Debt

₹8 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

24.7%

Insider Holding

63.4%

Corporate Actions

Ex-Dividend Date

14 Sept 1994

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive1 mixed4 general

Shreyas Intermediates resubmits Q1FY27 report to fix name typo

scanx.trade, 14 Oct

Shreyas Intermediates Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 09 Sept

Shreyas Intermediates files AGM voting results; resolutions pass with near-unanimity

scanx.trade, 28 SeptResults

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

SPEB Stock Price and Chart — NSE:SPEB

TradingView, 08 Dec

SHREYAS INTERMEDIATES LTD. Share Price - Live SHREYASI Stock Price & Chart

Upstox, 02 Apr

Shreyas Intermediates FY26 Results: Net loss narrows to ₹126.16 lacs as revenue surges

scanx.trade, 05 SeptResults

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

Watch Items

Revenue growth is negative (-98.1%) 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

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟡GrowthModest10/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Shreyas Intermediates Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 1%2.7%
✗Debt / EBITDA falls below 3x17.4x
✗Interest cover stays above 3x-1400.8x
✓Free cash flow remains positive₹1 Cr