Yajur Fibres Limited

Consumer Cyclical — Textile Manufacturing · BSE

₹34.20−₹1.80 (−5.00%)

DalalBaazaar Score

54 / 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: 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, 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.

Understanding the Business

Company site ↗

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

What does this company do?

Yajur Fibres Limited manufactures, sells, and trades in textile goods in India.

IndustryTextile Manufacturing

SectorConsumer Cyclical

Employees367

Annual revenue₹101 Cr

How does it make money?

Turns over ₹101 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation. Each of its 367 employees supports ₹27.5 lakh of revenue a year, the signature of a people-led business.

EBITDA margin16.0%

Net margin7.4%

Revenue / employee₹27.5 lakh

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.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of 7.6% 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.

ROCE7.6%

ROE7.1%

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 +64% while net margin moved +29% 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+64%

Margin effect+29%

DalalBaazaar Score

54/ 100

Moderate

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

51/ 100

Average

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

Valuation

88/ 100

Cheap

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

7.8x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 89% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -89%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

7.8x

P/B

0.48x

EV/EBITDA

7.7x

PEG

0.28

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 12.4% to 16.0% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention6

Debt is rising
Total debt is up 34% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 10.7% to 4.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 10.8% to 7.6% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 271% against revenue growth of 64% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 174% against revenue growth of 64% — stock may not be moving.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Receivables growing faster than salesFinancial
Receivables up 271% against revenue up 64% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 174% against revenue up 64% — stock may not be moving.
🟡Debt is increasingFinancial
Total debt is up 34% over 3 years.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 5.9x to 3.3x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹54 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 12.4% to 16.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 89% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

Sales are being booked faster than collected
Receivables are up 271% against revenue up 64%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 10.7% to 4.6%. 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
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 13% a year✓ 17.9% CAGR
Latest reported year was -28.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 14%✓ 16.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹54 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.3x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 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 · 3 neutral · 5 weak

Market Cap

₹78 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.8x

Cheap

Cheap against the generic band

P/B Ratio

0.48x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹4.36

Profitable

Profitable on a per-share basis

ROE

7.1%

Weak

Weak capital efficiency

ROCE

7.6%

Weak

Low return on total capital employed

Debt/Equity

1.33x

Moderate

Moderate leverage

Revenue Growth (YoY)

-28.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

-35.6%

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

-₹29 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹34.2

ROA

4.4%

Average

Average asset productivity

Operating Margin

5.4%

Average

Average margins

Net Margin

7.4%

Average

Average bottom-line conversion

Current Ratio

4.12

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

38.0 / 37.7

Bullish alignment (short > long)

RSI (14)

31.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹62 Cr	₹84 Cr	₹141 Cr	₹101 Cr	+17.9%
EBITDA	₹8 Cr	₹9 Cr	₹20 Cr	₹16 Cr	+28.3%
EBITDA Margin	12.4%	10.1%	14.2%	16.0%	—
PAT (Net Profit)	₹4 Cr	₹4 Cr	₹12 Cr	₹8 Cr	+28.4%
EPS	₹1.57	₹1.88	₹5.15	—	—
ROE	10.7%	11.4%	23.7%	4.6%	—
ROCE	10.8%	13.4%	25.8%	7.6%	—
Total Debt	₹35 Cr	₹26 Cr	₹66 Cr	₹46 Cr	+10.1%
Free Cash Flow	-₹13 Cr	₹8 Cr	-₹42 Cr	-₹54 Cr	—

🟢 Revenue has grown at 17.9% a year over 3 years.

🟢 EBITDA has grown at 28.3% a year over 3 years.

🟢 EBITDA Margin has risen from 12.4% to 16.0% over 3 years (+3.6 pts).

🟢 PAT (Net Profit) has grown at 28.4% a year over 3 years.

🔴 ROE has fallen from 10.7% to 4.6% over 3 years (-6.1 pts).

🔴 ROCE has fallen from 10.8% to 7.6% over 3 years (-3.2 pts).

🔴 Total Debt has grown at 10.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹232 Cr

Total Liabilities

₹69 Cr

Total Debt

₹46 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹48 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.8%

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

1 negative5 general

Yajur Fibres FY26 Results: Net profit falls 35% to ₹7.5 crore

scanx.trade, 14 OctResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Yajur Fibres shares list at 20% discount to IPO price on BSE SME platform

The Economic Times, 14 Jan

Weak listing: Yajur Fibres shares list at 20% discount to SME IPO price

Moneycontrol.com, 14 Jan

Yajur Fibres IPO Day 1: Check live subscription status, price band, lot size, key dates and more

Upstox, 07 Jan

Yajur Fibres IPO 2026 – Dates, GMP, Price Band & Issue Details

IndiaIPO, 03 Jan

Yajur Fibres IPO Date, Review, Price, Allotment Details

IPO Watch, 01 Jan

Watch Items

Revenue growth is negative (-28.2%) 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.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate10.4/20

🟢GrowthStrong14.9/20

🔴ProfitabilityWeak5.8/15

🟢ValuationAttractive13/15

🔴RiskHigh2.5/10

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.

This thesis breaks if

✓Revenue growth stays above 13% a year17.9% CAGR
✓EBITDA margin holds above 14%16.0%
✗Debt / EBITDA stays below 2x2.9x
✗Free cash flow remains positive-₹54 Cr
✓Interest cover stays above 3x3.3x