Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.
In simple words: The company is currently losing money, but sales are shrinking. Debt is the main factor to watch.
Decision support, not a buy or sell call.
As of 18 Oct 2026, 6:07 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.
The 60-second version of Uniroyal Marine Exports Limited — what it does, how it earns, and who it competes with, before any of the numbers below.
What does this company do?
Uniroyal Marine Exports Limited engages in manufacturing, processing, curing, canning, freezing, purchasing, selling, exporting, and dealing in marine products in India. It offers shrimps, squids, cuttlefish, octapus, and seafood mix. The company also exports its products.
IndustryFarm Products
SectorConsumer Defensive
Employees43
Annual revenue₹27 Cr
How does it make money?
Turns over ₹27 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 43 employees supports ₹63.2 lakh of revenue a year, the signature of a people-led business.
EBITDA margin6.2%
Net margin1.0%
Revenue / employee₹63.2 lakh
Who are its competitors?
The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD. These are the companies its valuation and returns are measured against elsewhere in this report.
HINDUSTAN UNILEVER LTD.P/E 42.5x · ROE 21.5%
ITC LTDP/E 16.6x · ROE 27.4%
NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%
BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%
What is its competitive advantage?Some evidence
ROCE of 68.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.
ROCE68.2%
ROE32.2%
Peer median ROE51.0%
What has been driving growth?
Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -1% while net margin moved -151% 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-1%
Margin effect-151%
DalalBaazaar Score
38/ 100
Weak
Weighted across six categories. Every point is explained below.
✗ No meaningful P/E — the company is lossmaking
✗ P/B of 12.29x is a steep premium to book
Quality vs. Valuation
Company Quality
42/ 100
Weak
How good the business is, ignoring the share price entirely.
vs
Valuation
26/ 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
P/E (Trailing)
Not meaningful
P/B
12.29x
EV/EBITDA
15.8x
PEG
—
Dividend Yield
None
What's Good / What's Bad
🟢 What's Going Well3
Return on equity is rising
ROE has improved from -16.8% to 32.2%.
Return on capital is rising
ROCE has improved from 19.1% to 68.2%.
High return on capital employed
ROCE of 68.2% is the mark of a business that converts capital into profit efficiently.
🔴 What Needs Attention3
Debt is rising
Total debt is up 30% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 485% against revenue growth of -1% — customers are taking longer to pay.
Red Flags
6 items require attention · 4 high · 2 watch
🔴High leverageFinancial
Debt/Equity of 19.92x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.2x — little room if earnings dip.
🔴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 485% against revenue up -1% — sales are being booked faster than they are collected.
🟡Debt is increasingFinancial
Total debt is up 30% over 3 years.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
Investment Thesis
🟢 Bull CaseWhat could make this work?
Capital compounds at a high rate
ROCE of 68.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
🔴 Bear CaseWhat could go wrong?
The debt load needs earnings to hold up
Debt is 9.8x 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 485% against revenue up -1%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
4 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 4%✓ 6.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 9.8x
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✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 1.2x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 65%✓ 68.2%
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
3 good · 2 neutral · 6 weak
Market Cap
₹10 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
12.29x
Rich
Steep premium to book — needs high, durable returns to justify
EPS (TTM)
₹-1.64
Loss-making
Negative earnings per share — the business is losing money
ROE
32.2%
Strong
Strong capital efficiency
ROCE
68.2%
Strong
Earns comfortably above its likely cost of capital
Debt/Equity
19.92x
High
High leverage
Revenue Growth (YoY)
-29.8%
Shrinking
Sales are contracting
Profit Growth (YoY)
284.7%
Healthy
Profits growing at a healthy clip
Dividend Yield
None
None
No dividend yield reported — usually means no payout, but verify if one was recently initiated
Free Cash Flow
-₹0 Cr
Cash burning
Spending more cash than the operations bring in
More Metrics
CMP
₹15.68
Operating Margin
-47.3%
Weak
Thin margins leave little room for error
Net Margin
-4.0%
Weak
Very little revenue reaches the bottom line
Current Ratio
1.04
Adequate
Adequate, but no real cushion
Beta (vs Nifty)
-0.86
Defensive
Steadier than the market
52W Range Position
55%
Mid-range
Mid-range
Technical Snapshot
SMA 20 / SMA 50
16.5 / 17.1
Bearish alignment (short < long)
Price vs SMA 200
Above
Long-term uptrend
RSI (14)
40.6
Neutral momentum
Financial Trend (4-Year)
Metric
FY23
FY24
FY25
FY26
3Y CAGR
Revenue
₹27 Cr
₹17 Cr
₹25 Cr
₹27 Cr
-0.3%
EBITDA
₹2 Cr
-₹1 Cr
₹2 Cr
₹2 Cr
-0.4%
EBITDA Margin
6.2%
-4.9%
7.3%
6.2%
—
PAT (Net Profit)
-₹1 Cr
-₹3 Cr
₹0 Cr
₹0 Cr
—
EPS
₹-0.74
₹-4.25
₹0.11
₹0.41
—
ROE
-16.8%
-766.2%
13.0%
32.2%
—
ROCE
19.1%
-32.9%
71.6%
68.2%
—
Total Debt
₹13 Cr
₹15 Cr
₹15 Cr
₹17 Cr
+9.0%
Free Cash Flow
₹0 Cr
-₹0 Cr
₹1 Cr
-₹0 Cr
—
🟡 Revenue has been broadly flat over 3 years (-0.3% a year).
🟡 EBITDA has been broadly flat over 3 years (-0.4% a year).
🟡 EBITDA Margin has held roughly flat at 6.2% over 3 years.
🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹0 Cr.
🟢 EPS has turned positive, from ₹-0.74 to ₹0.41.
🟢 ROE has risen from -16.8% to 32.2% over 3 years (+48.9 pts).
🟢 ROCE has risen from 19.1% to 68.2% over 3 years (+49.0 pts).
🔴 Total Debt has grown at 9.0% a year over 3 years.
🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹0 Cr.
Revenue growth is negative (-29.8%) 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
🟡Business QualityAdequate11.1/20
🔴Financial HealthStretched5.8/20
🔴GrowthWeak5/20
🟡ProfitabilityModerate9.4/15
🔴ValuationDemanding2.6/15
🔴RiskHigh3.7/10
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. 4 high-severity red flags sit above this conclusion and should be read first.
