Shristi Infrastructure Development Corporation Limited

Industrials — Engineering & Construction · BSE

₹32.80+₹0.55 (+1.71%)

DalalBaazaar Score

19 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, the company is currently loss-making.

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, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shristi Infrastructure Development Corporation Limited, together with its subsidiaries, engages in the construction and real estate business in India.

IndustryEngineering & Construction

SectorIndustrials

Employees47

Annual revenue₹70 Cr

How does it make money?

Turns over ₹70 Cr a year. Of every ₹100 of sales, about ₹-36 reaches shareholders as profit, with ₹-13 left at the operating level before interest, tax and depreciation. Each of its 47 employees supports ₹1.48 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.48 Cr

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 -15.5% 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.

Peer median ROE14.1%

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 -69% while net margin moved -14% 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-69%

Margin effect-14%

DalalBaazaar Score

19/ 100

Poor

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

18/ 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

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 65% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

6 items require attention · 4 high · 2 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 -0.6x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹25 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 15.6 points, from 2.8% to -12.8%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.2x to -0.6x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.60 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 65% 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?

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.
Margins are being competed away
EBITDA margin has fallen from 2.8% to -12.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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.
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 -15%✓ -12.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -0.6x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹33 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 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

1 good · 4 neutral · 6 weak

Market Cap

₹73 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-15.96

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

-15.5%

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)

-61.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-67.2%

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

₹33 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-118.4%

Weak

Thin margins leave little room for error

Net Margin

-62.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.60

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.86

Market-like

Moves roughly in line with the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

31.0 / 29.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

61.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹226 Cr	₹115 Cr	₹87 Cr	₹70 Cr	-32.4%
EBITDA	₹6 Cr	-₹45 Cr	₹0 Cr	-₹9 Cr	—
EBITDA Margin	2.8%	-39.1%	0.1%	-12.8%	—
PAT (Net Profit)	-₹96 Cr	-₹40 Cr	-₹15 Cr	-₹25 Cr	—
EPS	₹-44.02	₹-18.1	₹-6.86	₹-11.46	—
ROCE	-14.9%	-3.2%	1.1%	-15.5%	—
Total Debt	₹1,064 Cr	₹414 Cr	₹382 Cr	₹367 Cr	-29.8%
Free Cash Flow	₹68 Cr	₹71 Cr	₹90 Cr	₹33 Cr	-21.7%

🔴 Revenue has shrunk at 32.4% a year over 3 years.

🔴 EBITDA has turned negative, from ₹6 Cr to -₹9 Cr.

🔴 EBITDA Margin has fallen from 2.8% to -12.8% over 3 years (-15.6 pts).

🟡 ROCE has held roughly flat at -15.5% over 3 years.

🟢 Total Debt has shrunk at 29.8% a year over 3 years.

🔴 Free Cash Flow has shrunk at 21.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹425 Cr

Total Liabilities

₹580 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹33 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

95.7%

Corporate Actions

Ex-Dividend Date

16 Dec 2020

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

1 mixed5 general

Shristi Infra closes trading window from Oct 1 for Q2FY27 results

scanx.trade, 26 SeptResults

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

Shristi Infrastructure Development Corporation Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Shristi Infrastructure board approves demerger of realty project into new entity

scanx.trade, 06 Oct

Shristi Infrastructure Development Corporation Ltd

Equitypandit, 04 Apr

Shristi Infrastructure Development Corporation Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Shristi Infrastructure passes all resolutions at 36th AGM held September 29

scanx.trade, 29 Sept

Watch Items

Revenue growth is negative (-61.5%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Shristi Infrastructure Development Corporation 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.

1 of 3 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑