Yaan Enterprises Limited

Consumer Cyclical — Travel Services · BSE

₹160.00−₹4.00 (−2.44%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

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

In simple words: Strong business and financial position, 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, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Yaan Enterprises Limited engages in the provision of construction services in India and internationally. The company operates through Travel and Tourism Operations, Sales of Precious and Semi-Precious Stones, and Works Contract Services segments.

IndustryTravel Services

SectorConsumer Cyclical

Employees4

Annual revenue₹24 Cr

How does it make money?

Turns over ₹24 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹6.11 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹6.11 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS 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?Some evidence

ROCE of 19.4% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE25.9%

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 +896% while net margin moved +25% 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+896%

Margin effect+25%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 61.3x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 64.2x
✗ P/B of 9.31x is a steep premium to book

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

51/ 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

61.3x

3Y Median

64.2x

40 monthly readings · mean 112.6x · range 40.4x–479.5x

Sector Median

69.2x

median of 4 sector peers

🟡Currently trading close to its 3y median of 64.2x — 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 69.2x.

vs. its own history

Fair

64.2x median over 40 months · -4%

vs. sector peers

Fair

69.2x median of 4 peers · -11%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

42.7x

PEG

0.47

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from 1.7% to 14.6%.
Return on capital is rising
ROCE has improved from 2.0% to 19.4%.
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

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 3249% over 3 years, from ₹0 Cr to ₹6 Cr.
🔴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 2787% against revenue up 896% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹5 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.4% 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.
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?

The debt load needs earnings to hold up
Debt is 4.5x 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 2787% against revenue up 896%. 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
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

1Revenue growth stays above 86% a year✓ 115.2% CAGR
Latest reported year was 60.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 5.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹5 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 16%✓ 19.4%
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 · 4 neutral · 3 weak

Market Cap

₹50 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

61.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

9.31x

Rich

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

EPS (TTM)

₹2.61

Profitable

Profitable on a per-share basis

ROE

14.6%

Moderate

Moderate capital efficiency

ROCE

19.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.09x

Moderate

Moderate leverage

Revenue Growth (YoY)

60.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

16.7%

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

-₹5 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

11.5%

Average

Average margins

Net Margin

3.2%

Average

Average bottom-line conversion

Current Ratio

1.53

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.06

Defensive

Steadier than the market

52W Range Position

87%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

154.6 / 134.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

51.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹5 Cr	₹5 Cr	₹24 Cr	+115.2%
EBITDA	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+139.1%
EBITDA Margin	3.9%	15.0%	10.0%	5.3%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+131.5%
EPS	₹0.2	₹1.58	₹1.48	₹2.52	+132.7%
ROE	1.7%	11.9%	10.0%	14.6%	—
ROCE	2.0%	14.1%	8.3%	19.4%	—
Total Debt	₹0 Cr	₹1 Cr	₹1 Cr	₹6 Cr	+222.3%
Free Cash Flow	₹0 Cr	₹1 Cr	₹0 Cr	-₹5 Cr	—

🟢 Revenue has grown at 115.2% a year over 3 years.

🟢 EBITDA has grown at 139.1% a year over 3 years.

🟢 EBITDA Margin has risen from 3.9% to 5.3% over 3 years (+1.4 pts).

🟢 PAT (Net Profit) has grown at 131.5% a year over 3 years.

🟢 EPS has grown at 132.7% a year over 3 years.

🟢 ROE has risen from 1.7% to 14.6% over 3 years (+12.9 pts).

🟢 ROCE has risen from 2.0% to 19.4% over 3 years (+17.3 pts).

🔴 Total Debt has grown at 222.3% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹5 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹18 Cr

Total Liabilities

₹12 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹5 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.0%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

2 positive2 mixed2 general

Yaan Enterprises AGM voting results: All resolutions pass with high majority

scanx.trade, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Yaan Enterprises Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Yaan Enterprises Ltd accepts resignation of Priyanka Goyal

scanx.trade, 11 Jul

Hinduja Leyland Finance standalone net profit rises 37.15% in the June 2026 quarter

Business Standard, 11 AugResults

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

Yaan Enterprises revenue up 351% in FY26; sets Sep 30 AGM

scanx.trade, 07 SeptResults

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

Q4 results 2026: BHEL to Paytm among companies to declare Q4 earnings next week; check full list here

Livemint, 03 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Financial Health · Profitability

WeakValuation · 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. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive · see Key things to watch ↑