Womancart Limited

Sector n/a · NSE

₹276.00+₹9.20 (+3.45%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. 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

The 60-second version of Womancart 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 ₹59 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Little sign of one

Returns on capital of 13.8% 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.

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 +1296% while net margin moved +148% 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+1296%

Margin effect+148%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✗ 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

66/ 100

Good

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

Valuation

35/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

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

16.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 8.0% to 18.6% over 3 years.
Very low debt
Debt/Equity of 0.22x leaves the balance sheet with plenty of headroom.
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

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1715% over 3 years, from ₹1 Cr to ₹14 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.
🔴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.
🔴Inventory building faster than salesFinancial
Inventory up 2278% against revenue up 1296% — stock may not be moving.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 44% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 8.0% to 18.6%. 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
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

1Revenue growth stays above 106% a year✓ 140.8% CAGR
Latest reported year was 101.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 17%✓ 18.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹40 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 13.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

4 good · 6 neutral · 1 weak

Market Cap

₹174 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)

₹14.03

Profitable

Profitable on a per-share basis

ROE

10.8%

Moderate

Moderate capital efficiency

ROCE

13.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.22x

Low

Conservative leverage

Revenue Growth (YoY)

101.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

152.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹40 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

42.4%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

12.2%

Good

Strong bottom-line conversion

Current Ratio

3.39

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

94.3 / 101.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

19.8

Oversold zone

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹4 Cr	₹10 Cr	₹29 Cr	₹59 Cr	+140.8%
EBITDA	₹0 Cr	₹1 Cr	₹4 Cr	₹11 Cr	+219.1%
EBITDA Margin	8.0%	8.7%	13.9%	18.6%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	₹3 Cr	₹7 Cr	+225.9%
EPS	₹0.49	₹1.22	₹8.78	₹14.03	+205.3%
ROE	7.9%	16.3%	17.2%	10.8%	—
ROCE	11.9%	19.1%	22.0%	13.8%	—
Total Debt	₹1 Cr	₹1 Cr	₹7 Cr	₹14 Cr	+162.8%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹12 Cr	-₹40 Cr	—

🟢 Revenue has grown at 140.8% a year over 3 years.

🟢 EBITDA has grown at 219.1% a year over 3 years.

🟢 EBITDA Margin has risen from 8.0% to 18.6% over 3 years (+10.6 pts).

🟢 PAT (Net Profit) has grown at 225.9% a year over 3 years.

🟢 EPS has grown at 205.3% a year over 3 years.

🟢 ROE has risen from 7.9% to 10.8% over 3 years (+2.9 pts).

🟢 ROCE has risen from 11.9% to 13.8% over 3 years (+1.9 pts).

🔴 Total Debt has grown at 162.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹91 Cr

Total Liabilities

₹22 Cr

Cash & Equivalents

₹11 Cr

Operating Cash Flow

-₹27 Cr

Capex

-₹14 Cr

Recent News

1 mixed5 general

Womancart (NSE:WOMANCART) May Have Issues Allocating Its Capital

Simply Wall Street, 04 Feb

WOMANCART Stock Price and Chart — NSE:WOMANCART

TradingView, 10 Nov

WomanCart IPO listing: WomanCart share price debuts at 36% premium at ₹117 on NSE SME

Livemint, 27 Oct

Womancart (NSEI:WOMANCART) - Stock Analysis

Simply Wall Street, 27 Oct

Womancart to hold analyst and institutional investor meet on June 23

scanx.trade, 04 JunAnalyst view

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

WomanCart Limited IPO opens on Monday, issue price set at ₹86. Check GMP, review, other details

Livemint, 13 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
2 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

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality · Valuation

WeakRisk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑