Yashhtej Industries (India) Limited

Consumer Defensive — Packaged Foods · BSE

₹49.60+₹3.04 (+6.53%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

NEUTRAL

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, 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, 6:58 pm

Understanding the Business

Company site ↗

The 60-second version of Yashhtej Industries (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Yashhtej Industries (India) Limited manufactures and processes soybean crude oil, soybean de-oiled cake, and allied products India. The company was formerly known as Yashhtej Solvent Limited and changed its name to Yashhtej Industries (India) Limited in February 2025.

IndustryPackaged Foods

SectorConsumer Defensive

Employees92

Annual revenue₹269 Cr

How does it make money?

Turns over ₹269 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 92 employees supports ₹2.93 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.93 Cr

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA LTD. 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 14.4% 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 ROE51.0%

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 +2144% while net margin moved -197% 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+2144%

Margin effect-197%

DalalBaazaar Score

58/ 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

57/ 100

Average

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

Valuation

82/ 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

6.2x

Sector Median

51.7x

median of 4 sector peers

🟢Against its sector it trades 88% below the peer median of 51.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

51.7x median of 4 peers · -88%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

9.2x

PEG

0.35

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -4.8% to 8.3% over 3 years.
Return on equity is rising
ROE has improved from -8.3% to 11.1%.
Return on capital is rising
ROCE has improved from -3.5% to 14.4%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 4 high

🔴Debt has risen sharplyFinancial
Total debt is up 478% over 3 years, from ₹17 Cr to ₹96 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 31665% against revenue up 2144% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -4.8% to 8.3%. 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 88% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.3x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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 137% a year✓ 182.1% CAGR
Latest reported year was -16.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 8.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.3x
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✗ -₹73 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 11%✓ 14.4%
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

5 good · 4 neutral · 2 weak

Market Cap

₹114 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.2x

Cheap

Cheap against the generic band

P/B Ratio

1.01x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹7.94

Profitable

Profitable on a per-share basis

ROE

18.9%

Strong

Strong capital efficiency

ROCE

14.4%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.85x

Moderate

Moderate leverage

Revenue Growth (YoY)

-16.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

17.9%

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

-₹84 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

6.6%

Average

Average asset productivity

Operating Margin

6.0%

Average

Average margins

Net Margin

4.7%

Average

Average bottom-line conversion

Current Ratio

1.35

Comfortable

Healthy short-term liquidity

52W Range Position

24%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

50.8 / 53.8

Bearish alignment (short < long)

RSI (14)

40.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹12 Cr	₹58 Cr	₹323 Cr	₹269 Cr	+182.1%
EBITDA	-₹1 Cr	₹3 Cr	₹22 Cr	₹22 Cr	—
EBITDA Margin	-4.8%	4.5%	6.7%	8.3%	—
PAT (Net Profit)	-₹1 Cr	₹1 Cr	₹11 Cr	₹13 Cr	—
EPS	₹-0.25	₹0.49	₹4.6	—	—
ROE	-8.3%	14.0%	54.2%	11.1%	—
ROCE	-3.5%	13.4%	60.6%	14.4%	—
Total Debt	₹17 Cr	₹34 Cr	₹40 Cr	₹96 Cr	+79.5%
Free Cash Flow	-₹14 Cr	-₹23 Cr	-₹4 Cr	-₹73 Cr	—

🟢 Revenue has grown at 182.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹22 Cr.

🟢 EBITDA Margin has risen from -4.8% to 8.3% over 3 years (+13.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹13 Cr.

🟢 ROE has risen from -8.3% to 11.1% over 3 years (+19.4 pts).

🟢 ROCE has risen from -3.5% to 14.4% over 3 years (+17.9 pts).

🔴 Total Debt has grown at 79.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹233 Cr

Total Liabilities

₹120 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

-₹53 Cr

Capex

-₹20 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

65.0%

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

1 mixed5 general

Yashhtej Industries (India) Ltd. Share Price Live Today

CNBC TV18, 13 Oct

Yashhtej Industries (India) Ltd Share Price

Business Today, 16 Oct

Yashhtej Industries (India) Li Share Price

Upstox, 05 May

Yashhtej Industries (India) Ltd Q4 Results

Livemint, 01 JunResults

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

Yashhtej Industries shares list at 20% discount to IPO price on BSE SME platform

The Economic Times, 25 Feb

Yashhtej Industries (India) IPO Date, Price, GMP, Details

IndiaIPO, 18 Feb

Watch Items

Revenue growth is negative (-16.6%) 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

StrongGrowth · Profitability · Valuation

MiddlingBusiness Quality · Financial Health

WeakRisk

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. 4 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 ↑