Trans India House Impex Limited

Industrials — Business Equipment & Supplies · BSE

₹2.99₹0.00 (0.00%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, 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, 6:08 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 Trans India House Impex Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Trans India House Impex Limited, together with its subsidiaries, provides export trading services in India and internationally.

IndustryBusiness Equipment & Supplies

SectorIndustrials

Employees10

Annual revenue₹67 Cr

How does it make money?

Turns over ₹67 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 10 employees supports ₹6.70 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin6.3%

Net margin2.9%

Revenue / employee₹6.70 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Little sign of one

Returns on capital of 6.2% 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.

ROCE6.2%

ROE2.7%

Peer median ROE15.2%

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 +106% while net margin moved -68% 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+106%

Margin effect-68%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 6.2% is below 10% — capital is not working hard
✗ ROCE has fallen by 33.8 points — returns are eroding
✗ EBITDA margin of 6.3% is thin — little cushion if costs rise
✗ Net margin of 3.6% is slim
• Revenue has compounded at 27.3% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

41/ 100

Weak

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

Valuation

83/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

13.6x

3Y Median

18.0x

40 monthly readings · mean 18.9x · range 9.7x–57.2x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 24% below its 3y median of 18.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 85% below the peer median of 88.8x.

vs. its own history

Cheap

18.0x median over 40 months · -24%

vs. sector peers

Cheap

88.8x median of 3 peers · -85%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

13.6x

P/B

0.30x

EV/EBITDA

9.1x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Valuation below its historical average
At 13.6x the stock trades 24% below its own median of 18.0x.
Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention6

Debt is rising
Total debt is up 40% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 37.1% to 2.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 40.0% to 6.2% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 582% against revenue growth of 106% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 19446% against revenue growth of 106% — stock may not be moving.

Red Flags

7 items require attention · 3 high · 4 watch

🔴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.
🔴Receivables growing faster than salesFinancial
Receivables up 582% against revenue up 106% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 19446% against revenue up 106% — stock may not be moving.
🟡Debt is increasingFinancial
Total debt is up 40% over 3 years.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹52 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 34% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 313% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 24% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 85% 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?

The debt load needs earnings to hold up
Debt is 4.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 582% against revenue up 106%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 37.1% to 2.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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
3 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 20% a year✓ 27.3% CAGR
Latest reported year was -91.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 6.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.1x
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✗ -₹52 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.5x
How much operating profit can fall before interest stops being comfortably covered.

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

5 good · 2 neutral · 4 weak

Market Cap

₹21 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.6x

Cheap

Cheap against the generic band

P/B Ratio

0.30x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.22

Profitable

Profitable on a per-share basis

ROE

2.7%

Weak

Weak capital efficiency

ROCE

6.2%

Weak

Low return on total capital employed

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

-91.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

88.4%

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

-₹52 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹2.99

Operating Margin

17.2%

Good

Healthy core-business profitability

Net Margin

3.6%

Average

Average bottom-line conversion

Current Ratio

2.08

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.23

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.8 / 3.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

56.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹32 Cr	₹78 Cr	₹43 Cr	₹67 Cr	+27.3%
EBITDA	₹2 Cr	₹5 Cr	₹4 Cr	₹4 Cr	+26.2%
EBITDA Margin	6.5%	6.1%	9.7%	6.3%	—
PAT (Net Profit)	₹3 Cr	₹2 Cr	₹1 Cr	₹2 Cr	-12.9%
EPS	₹1.7	₹0.96	₹0.29	₹0.28	-45.2%
ROE	37.1%	12.5%	4.9%	2.7%	—
ROCE	40.0%	24.1%	20.2%	6.2%	—
Total Debt	₹12 Cr	₹28 Cr	₹33 Cr	₹17 Cr	+11.9%
Free Cash Flow	-₹6 Cr	-₹18 Cr	₹0 Cr	-₹52 Cr	—

🟢 Revenue has grown at 27.3% a year over 3 years.

🟢 EBITDA has grown at 26.2% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 6.3% over 3 years.

🔴 PAT (Net Profit) has shrunk at 12.9% a year over 3 years.

🔴 EPS has shrunk at 45.2% a year over 3 years.

🔴 ROE has fallen from 37.1% to 2.7% over 3 years (-34.4 pts).

🔴 ROCE has fallen from 40.0% to 6.2% over 3 years (-33.8 pts).

🔴 Total Debt has grown at 11.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹139 Cr

Total Liabilities

₹67 Cr

Total Debt

₹17 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹51 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

56.5%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed5 general

Trans India House Impex accepts resignations of two independent directors

scanx.trade, 01 Oct

Trans India House Impex Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 04 Sept

Trans India House Impex Share Price Fall: Key Reasons & Share Price Target

Univest, 01 JanPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Trans India House Impex Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Trans India House Impex schedules 38th AGM for September 25, 2026

scanx.trade, 25 Sept

Trans India House Impex Rights Issue 2025 Date, Price, Allotment, Ratio

IPO Watch, 06 May

Watch Items

Revenue growth is negative (-91.5%) 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.

DalalBaazaar Thesis

🔴Business QualityWeak5.9/20

🟡Financial HealthAdequate10.9/20

🔴GrowthWeak8.9/20

🔴ProfitabilityWeak4.6/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4.4/10

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 20% a year27.3% CAGR
✓EBITDA margin holds above 4%6.3%
✗Debt / EBITDA falls below 3x4.1x
✗Free cash flow remains positive-₹52 Cr
✗Interest cover stays above 3x2.5x