Uniphos Enterprises Limited

Basic Materials — Chemicals · NSE

₹86.59+₹0.39 (+0.45%)

DalalBaazaar Score

56 / 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, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Uniphos Enterprises Limited engages in trading of agro commodities, chemicals, and other products in India. It also invests in securities and mutual funds. The company was incorporated in 1969 and is based in Mumbai, India.

IndustryChemicals

SectorBasic Materials

Annual revenue₹32 Cr

How does it make money?

Turns over ₹32 Cr a year. Of every ₹100 of sales, about ₹65 reaches shareholders as profit, with ₹66 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are PIDILITE INDUSTRIES LTD, SRF LTD, UPL 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 0.8% 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 ROE15.4%

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 +2074% while net margin moved -98% 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+2074%

Margin effect-98%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.28 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

55/ 100

Average

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

Valuation

56/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

29.8x

3Y Median

29.3x

40 monthly readings · mean 937.1x · range 23.7x–3803.7x

Sector Median

33.8x

median of 3 sector peers

🟡Currently trading close to its 3y median of 29.3x — the market is paying about what it usually pays for this company.

🟡Against its sector it is priced broadly in line with the peer median of 33.8x.

vs. its own history

Fair

29.3x median over 40 months · +1%

vs. sector peers

Fair

33.8x median of 3 peers · -12%

vs. generic bands

Fair

15x–35x

EV/EBITDA

56.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -276.8% to 65.7% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 2 high · 1 watch

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴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.
🟡Profit is decliningFinancial
Net profit is down 47% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -276.8% to 65.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

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 134% a year✓ 179.1% CAGR
Latest reported year was -97.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 64%✓ 65.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹3 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 0.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 29.3x✓ 29.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ 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

4 good · 3 neutral · 4 weak

Market Cap

₹1,204 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

29.8x

Fair

Fairly valued against the generic band

P/B Ratio

0.25x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.91

Profitable

Profitable on a per-share basis

ROE

0.8%

Weak

Weak capital efficiency

ROCE

0.8%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-97.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

7341.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

4.04%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-822.8%

Weak

Thin margins leave little room for error

Net Margin

77.5%

Good

Strong bottom-line conversion

Current Ratio

1.68

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.28

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

88.4 / 92.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹51 Cr	₹112 Cr	₹32 Cr	+179.1%
EBITDA	-₹4 Cr	-₹4 Cr	₹3 Cr	₹21 Cr	—
EBITDA Margin	-276.8%	-8.4%	3.0%	65.7%	—
PAT (Net Profit)	₹39 Cr	₹39 Cr	₹0 Cr	₹21 Cr	-19.2%
EPS	₹5.64	₹5.55	₹0.04	₹2.98	-19.2%
ROE	1.3%	1.9%	0.0%	0.8%	—
ROCE	-0.1%	-0.2%	0.1%	0.8%	—
Free Cash Flow	-₹1 Cr	-₹3 Cr	-₹3 Cr	-₹3 Cr	—

🟢 Revenue has grown at 179.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹4 Cr to ₹21 Cr.

🟢 EBITDA Margin has risen from -276.8% to 65.7% over 3 years (+342.5 pts).

🔴 PAT (Net Profit) has shrunk at 19.2% a year over 3 years.

🔴 EPS has shrunk at 19.2% a year over 3 years.

🟡 ROE has held roughly flat at 0.8% over 3 years.

🟡 ROCE has held roughly flat at 0.8% over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,619 Cr

Total Liabilities

₹172 Cr

Total Debt

—

Cash & Equivalents

₹15 Cr

Operating Cash Flow

-₹3 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

10.6%

Insider Holding

79.3%

Corporate Actions

Dividend Rate

₹3.5

Ex-Dividend Date

17 Jul 2026

Peer Comparison

Company	P/E	ROE
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

1 positive1 mixed4 general

Uniphos Enterprises Share: Bull Case vs Bear Case for 2026

Univest, 28 Sept

Demuric consolidates 73.28% stake in Uniphos via amalgamation

scanx.trade, 22 Jul

Uniphos Enterprises Share Price Target 2027 to 2030: Analyst Outlook

Univest, 18 AugAnalyst view

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

Compare UNIPHOS ENT with

Equitymaster, 11 Oct

Uniphos Enterprises fixes July 17 record date for ₹3.50 dividend

scanx.trade, 01 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Uniphos Enterprises Share Price - Live NSE: UNIENTER Stock Price & Chart

Upstox, 20 Jan

Watch Items

Revenue growth is negative (-97.2%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Valuation

MiddlingFinancial Health · Profitability

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑