Unick Fix-A-Form and Printers Limited

Industrials — Specialty Business Services · BSE

₹38.00+₹0.50 (+1.33%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:06 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Unick Fix-A-Form and Printers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Unick Fix-A-Form and Printers Limited engages in manufacturing and selling of paper based printed materials and labels in India.

IndustrySpecialty Business Services

SectorIndustrials

Employees228

Annual revenue₹59 Cr

How does it make money?

Turns over ₹59 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 228 employees supports ₹25.7 lakh of revenue a year, the signature of a people-led business.

EBITDA margin12.4%

Net margin1.5%

Revenue / employee₹25.7 lakh

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 8.2% 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.

ROCE8.2%

ROE2.4%

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -11% while net margin moved -57% 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-11%

Margin effect-57%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 4.0% a year
✗ Profit has declined at 27.6% a year
✗ Profit fell 1.5% in the latest year

Quality vs. Valuation

Company Quality

35/ 100

Weak

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

Valuation

64/ 100

Fair

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

24.8x

3Y Median

15.6x

40 monthly readings · mean 16.8x · range 8.4x–29.4x

Sector Median

88.8x

median of 3 sector peers

⚠️Current valuation is approximately 59% above its 3y median of 15.6x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 72% below the peer median of 88.8x.

vs. its own history

Expensive

15.6x median over 40 months · +59%

vs. sector peers

Cheap

88.8x median of 3 peers · -72%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

24.8x

P/B

0.59x

EV/EBITDA

5.6x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 12% over 3 years.
Cash generation is improving
Free cash flow is up 60% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 14.0% to 12.4% over 3 years.
Return on equity is falling
ROE has dropped from 7.6% to 2.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 12.8% to 8.2% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 86% against revenue growth of -11% — stock may not be moving.
Valuation above its historical average
At 24.8x the stock trades 59% above its own median of 15.6x.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.5x — little room if earnings dip.
🔴Inventory building faster than salesFinancial
Inventory up 86% against revenue up -11% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 2.7x to 1.5x.
🟡Profit is decliningFinancial
Net profit is down 62% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 72% 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?

Margins are being competed away
EBITDA margin has fallen from 14.0% to 12.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 59% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 7.6% to 2.4%. 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
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

1EBITDA margin holds above 10%✓ 12.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 1.5x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✓ 8.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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

4 good · 5 neutral · 2 weak

Market Cap

₹21 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

24.8x

Fair

Fairly valued against the generic band

P/B Ratio

0.59x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.53

Profitable

Profitable on a per-share basis

ROE

2.4%

Weak

Weak capital efficiency

ROCE

8.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.56x

Low

Conservative leverage

Revenue Growth (YoY)

8.9%

Modest

Modest growth

Profit Growth (YoY)

-1.5%

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

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹38

Operating Margin

10.8%

Average

Average margins

Net Margin

1.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.17

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.21

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

39.4 / 42.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

10.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹66 Cr	₹56 Cr	₹56 Cr	₹59 Cr	-4.0%
EBITDA	₹9 Cr	₹8 Cr	₹9 Cr	₹7 Cr	-7.8%
EBITDA Margin	14.0%	14.9%	16.4%	12.4%	—
PAT (Net Profit)	₹2 Cr	₹2 Cr	₹3 Cr	₹1 Cr	-27.6%
EPS	₹4.09	₹3.57	₹4.76	₹1.55	-27.6%
ROE	7.6%	6.2%	7.6%	2.4%	—
ROCE	12.8%	10.5%	13.0%	8.2%	—
Total Debt	₹23 Cr	₹23 Cr	₹21 Cr	₹20 Cr	-4.4%
Free Cash Flow	₹2 Cr	₹2 Cr	₹3 Cr	₹3 Cr	+16.9%

🔴 Revenue has shrunk at 4.0% a year over 3 years.

🔴 EBITDA has shrunk at 7.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 14.0% to 12.4% over 3 years (-1.6 pts).

🔴 PAT (Net Profit) has shrunk at 27.6% a year over 3 years.

🔴 EPS has shrunk at 27.6% a year over 3 years.

🔴 ROE has fallen from 7.6% to 2.4% over 3 years (-5.2 pts).

🔴 ROCE has fallen from 12.8% to 8.2% over 3 years (-4.6 pts).

🟢 Total Debt has shrunk at 4.4% a year over 3 years.

🟢 Free Cash Flow has grown at 16.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹73 Cr

Total Liabilities

₹38 Cr

Total Debt

₹20 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.4%

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 positive5 general

Unick Fix-A-Form And Printers Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Unick Fix-A-Form re-designates chairman as MD at 34th AGM

scanx.trade, 30 Sept

Unick Fix-A-Form And Printers Limited Approves Redesignation of Hemen Navnit Vasa from Whole-Time Director to Managing Director

marketscreener.com, 01 Oct

Unick Fix-A-Form And Printers Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 03 Sept

Unick Fix-a-form & Printers MD Bhupen Vasa passes away

scanx.trade, 04 Jun

MIC Electronics consolidated net profit rises 27.54% in the June 2026 quarter

Business Standard, 01 AugResults

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

Watch Items

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.
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

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate11.7/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak4.6/15

🟡ValuationFair8.7/15

🟡RiskModerate5.2/10

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.

This thesis breaks if

✓EBITDA margin holds above 10%12.4%
✗Debt / EBITDA stays below 2x2.7x
✗Interest cover stays above 3x1.5x
✓Free cash flow remains positive₹3 Cr
✓ROCE stays above 8%8.2%