Shree Tirupati Balajee FIBC Limited

Sector n/a · NSE

₹748.00+₹17.00 (+2.33%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by moderate debt load, 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, 7:03 pm

Understanding the Business

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

How does it make money?

Turns over ₹199 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 10.6% 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.

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +13% while net margin moved -72% 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+13%

Margin effect-72%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

35/ 100

Weak

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

Valuation

18/ 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

No P/E available

EV/EBITDA

55.5x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 14.2% to 3.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 17.0% to 10.6% — often a sign of competition or overexpansion.

Red Flags

7 items require attention · 4 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 115% over 3 years, from ₹49 Cr to ₹105 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.5x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 140% against revenue up 13% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 4.0x to 1.5x.
🟡Profit is decliningFinancial
Net profit is down 68% over 3 years.
🟡Inventory building faster than salesFinancial
Inventory up 63% against revenue up 13% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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 6.7x 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 140% against revenue up 13%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 4.0% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 14.2% to 3.0%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 6%✓ 7.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 6.7x
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✗ -₹7 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 1.5x
How much operating profit can fall before interest stops being comfortably covered.
5Revenue growth stays above 4% a year✓ 4.0% CAGR
Latest reported year was -4.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

1 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

0 good · 7 neutral · 4 weak

Market Cap

₹758 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

3.0%

Weak

Weak capital efficiency

ROCE

10.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.10x

Moderate

Moderate leverage

Revenue Growth (YoY)

-4.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-80.2%

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

-₹7 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

22.7%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

1.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.74

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

285.3 / 308.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹176 Cr	₹161 Cr	₹208 Cr	₹199 Cr	+4.0%
EBITDA	₹15 Cr	₹25 Cr	₹28 Cr	₹16 Cr	+0.7%
EBITDA Margin	8.6%	15.5%	13.3%	7.8%	—
PAT (Net Profit)	₹9 Cr	₹14 Cr	₹14 Cr	₹3 Cr	-31.8%
EPS	₹8.86	₹13.92	₹14.16	—	—
ROE	14.2%	18.2%	15.6%	3.0%	—
ROCE	17.0%	24.0%	22.2%	10.6%	—
Total Debt	₹49 Cr	₹74 Cr	₹90 Cr	₹105 Cr	+29.1%
Free Cash Flow	₹2 Cr	-₹20 Cr	-₹10 Cr	-₹7 Cr	—

🟢 Revenue has grown at 4.0% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (0.7% a year).

🟡 EBITDA Margin has held roughly flat at 7.8% over 3 years.

🔴 PAT (Net Profit) has shrunk at 31.8% a year over 3 years.

🔴 ROE has fallen from 14.2% to 3.0% over 3 years (-11.2 pts).

🔴 ROCE has fallen from 17.0% to 10.6% over 3 years (-6.4 pts).

🔴 Total Debt has grown at 29.1% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹7 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹210 Cr

Total Liabilities

₹115 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹3 Cr

Capex

-₹4 Cr

Recent News

2 mixed4 general

Shree Tirupati Balajee FIBC Ltd. Lower Circuit: Price and Key Data

Univest, 29 Sept

Shree Tirupati Balajee files AGM minutes, confirms voting results

scanx.trade, 06 OctResults

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

Shree Tirupati Balajee Agro Trading Company Share: Bull Case vs Bear Case for 2026

Univest, 24 Sept

Shree Tirupati Balajee Agro Trading Company Promoter Declares No Share Encumbrance for FY26

scanx.trade, 06 May

Shree Tirupati Balajee Agro Trading Share Price Target 2026: Rs 35.1 Analyst Forecast

Univest, 05 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Market Debut: Shree Tirupati Balajee lists at ₹90 on NSE, a premium of 8.4% from IPO price

Livemint, 12 Sept

Watch Items

Revenue growth is negative (-4.7%) 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.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

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. 4 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; Interest cover stays above 3x · see Key things to watch ↑