S & T Corporation Limited

Real Estate — Real Estate - Development · BSE

₹4.21+₹0.03 (+0.72%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, the company is currently loss-making.

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, 6:57 pm

Understanding the Business

Company site ↗

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

What does this company do?

S & T Corporation Limited engages in trading in yarn and other textile products in India. The company engages in real estate development business; and leasing properties. It also develops residential and commercial properties.

IndustryReal Estate - Development

SectorReal Estate

Employees8

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹1 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹29.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹29.1 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. 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 0.0% 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 ROE10.3%

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 +277% while net margin moved -100% 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+277%

Margin effect-100%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ ROE of 0.0% is weak

Quality vs. Valuation

Company Quality

33/ 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

No P/E — the company is lossmaking

EV/EBITDA

1008.2x

PEG

—

Red Flags

5 items require attention · 2 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 370% over 3 years, from ₹1 Cr to ₹6 Cr.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 35.0 points, from 35.9% to 0.8%.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 98% over 3 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.69 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 35.9% to 0.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 329.4x 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.
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

1Revenue growth stays above 42% a year✓ 55.6% CAGR
Latest reported year was -12.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -1%✓ 0.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 329.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 0.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 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

2 good · 2 neutral · 7 weak

Market Cap

₹13 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

1.03x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.03

Loss-making

Negative earnings per share — the business is losing money

ROE

0.0%

Weak

Weak capital efficiency

ROCE

0.0%

Weak

Low return on total capital employed

Debt/Equity

0.50x

Low

Conservative leverage

Revenue Growth (YoY)

-12.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

-94.8%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-177.5%

Weak

Thin margins leave little room for error

Net Margin

-3.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.69

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.55

Defensive

Steadier than the market

52W Range Position

24%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

4.2 / 4.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹0 Cr	₹0 Cr	₹2 Cr	+55.6%
EBITDA	₹0 Cr	-₹0 Cr	₹0 Cr	₹0 Cr	-55.4%
EBITDA Margin	35.9%	-1595.3%	33.5%	0.8%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	₹0 Cr	₹0 Cr	-74.7%
EPS	₹0.04	₹-0.05	—	—	—
ROE	1.0%	-1.2%	0.3%	0.0%	—
ROCE	1.6%	-1.2%	0.3%	0.0%	—
Total Debt	₹1 Cr	₹3 Cr	₹7 Cr	₹6 Cr	+67.6%
Free Cash Flow	-₹3 Cr	-₹2 Cr	₹1 Cr	-₹1 Cr	—

🟢 Revenue has grown at 55.6% a year over 3 years.

🔴 EBITDA has shrunk at 55.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 35.9% to 0.8% over 3 years (-35.0 pts).

🔴 PAT (Net Profit) has shrunk at 74.7% a year over 3 years.

🟡 ROE has held roughly flat at 0.0% over 3 years.

🔴 ROCE has fallen from 1.6% to 0.0% over 3 years (-1.5 pts).

🔴 Total Debt has grown at 67.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹20 Cr

Total Liabilities

₹7 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

55.4%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

S&T CORPORATION LTD. Share Price

Upstox, 05 May

Golden Cross Forms in S & T Corporation Ltd — On a Day the Stock Gained 0.72%. What the Mixed Signals Mean

MarketsMojo, 16 Oct

S&T Corporation shareholders approve FY26 financials with 99.98% votes

scanx.trade, 28 Sept

S&T Bancorp (STBA) Could Be a Great Choice

Yahoo Finance, 12 Oct

NVIDIA Corporation $NVDA Shares Sold by B & T Capital Management DBA Alpha Capital Management

MarketBeat, 16 Oct

Mirza International reports consolidated net loss of Rs 13.22 crore in the March 2026 quarter

Business Standard, 30 MayResults

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

Watch Items

Revenue growth is negative (-12.6%) 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

MiddlingValuation

WeakBusiness Quality · Financial Health · 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. 2 high-severity red flags sit above this conclusion and should be read first.

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