Virya Resources Limited

Industrials — Specialty Business Services · BSE

₹697.65₹0.00 (0.00%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

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

What does this company do?

Virya Resources Limited operates as a coal agency company in India. The company was formerly known as Gayatri Tissue and Papers Limited and changed its name to Virya Resources Limited in August 2022.

IndustrySpecialty Business Services

SectorIndustrials

Employees6

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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -4.7% 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 ROE15.2%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking
✗ P/B of 19.89x is a steep premium to book

Quality vs. Valuation

Company Quality

38/ 100

Weak

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

Valuation

21/ 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

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 8.4% to -5.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 9.9% to -4.7% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 1474% over 3 years, from ₹0 Cr to ₹1 Cr.
🔴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.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 8.4% to -5.4%. 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.
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
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

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ -4.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 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
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ 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

1 good · 3 neutral · 7 weak

Market Cap

₹105 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

19.89x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-2.55

Loss-making

Negative earnings per share — the business is losing money

ROE

-5.4%

Weak

Weak capital efficiency

ROCE

-4.7%

Weak

Low return on total capital employed

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-68.1%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-985.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.26

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.46

Defensive

Steadier than the market

52W Range Position

64%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

740.1 / 793.8

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	₹1 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹3.25	₹-1.91	₹-1.12	₹-1.88	—
ROE	8.4%	-5.2%	-3.1%	-5.4%	—
ROCE	9.9%	-2.6%	-3.1%	-4.7%	—
Total Debt	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+150.6%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹1 Cr	-₹0 Cr	—

🔴 EBITDA has turned negative, from ₹1 Cr to -₹0 Cr.

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EPS has turned negative, from ₹3.25 to ₹-1.88.

🔴 ROE has fallen from 8.4% to -5.4% over 3 years (-13.8 pts).

🔴 ROCE has fallen from 9.9% to -4.7% over 3 years (-14.7 pts).

🔴 Total Debt has grown at 150.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7 Cr

Total Liabilities

₹2 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

79.9%

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

6 general

Virya Resources Lower Circuit Streak: Day 2 Price and Data

Univest, 08 Oct

Virya Resources Lower Circuit Today: Price, Data and Peers

Univest, 07 Oct

Compare with

Equitymaster, 10 Oct

Virya Resources Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Virya Resources appoints Krish Amish Shah as CS and Compliance Officer

scanx.trade, 30 Sept

Virya Resources Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Watch Items

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.
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

MiddlingFinancial Health · Growth

WeakBusiness Quality · Profitability · Valuation · 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. 3 high-severity red flags sit above this conclusion and should be read first.

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