Yash Innoventures Limited

Real Estate — Real Estate Services · BSE

₹39.85−₹0.82 (−2.02%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, with both sales and profits growing well. Debt is 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 Yash Innoventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Yash Innoventures Limited engages in the construction and infrastructure businesses in India. It offers fire extinguishers.

IndustryReal Estate Services

SectorReal Estate

Employees15

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹128 reaches shareholders as profit, with ₹-222 left at the operating level before interest, tax and depreciation. Each of its 15 employees supports ₹9.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin-221.9%

Net margin128.3%

Revenue / employee₹9.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 7.7% 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.

ROCE7.7%

ROE12.9%

Peer median ROE10.3%

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 +18549% while net margin moved -101% 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+18549%

Margin effect-101%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

52/ 100

Average

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

Valuation

29/ 100

Expensive

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.

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

P/E (Trailing)

Not meaningful

P/B

4.65x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -10223.0% to -221.9% over 3 years.
Return on equity is rising
ROE has improved from -6.0% to 12.9%.
Return on capital is rising
ROCE has improved from -6.0% to 7.7%.

🔴 What Needs Attention2

Debt is rising
Total debt is up 745% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 745% over 3 years, from ₹4 Cr to ₹37 Cr.
🔴High leverageFinancial
Debt/Equity of 2.68x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 3 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.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 139% 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 -10223.0% to -221.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.68x. Interest is payable whether or not the business has a good year.
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 353% a year✓ 471.3% CAGR
Latest reported year was 404.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -224%✓ -221.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹32 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 7.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 6.5x
How much operating profit can fall before interest stops being comfortably covered.

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

2 good · 4 neutral · 5 weak

Market Cap

₹64 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

4.65x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-2.5

Loss-making

Negative earnings per share — the business is losing money

ROE

12.9%

Moderate

Moderate capital efficiency

ROCE

7.7%

Weak

Low return on total capital employed

Debt/Equity

2.68x

High

High leverage

Revenue Growth (YoY)

404.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

139.7%

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

-₹32 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹39.85

Operating Margin

-838.2%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.68

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-1.02

Defensive

Steadier than the market

52W Range Position

52%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

42.3 / 40.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

29.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹3 Cr	₹0 Cr	₹1 Cr	+471.3%
EBITDA	-₹1 Cr	₹0 Cr	-₹3 Cr	-₹3 Cr	—
EBITDA Margin	-10223.0%	11.4%	-954.1%	-221.9%	—
PAT (Net Profit)	-₹1 Cr	₹1 Cr	-₹4 Cr	₹2 Cr	—
EPS	₹-1.18	₹1.14	₹-2.78	₹1.1	—
ROE	-6.0%	5.5%	-56.1%	12.9%	—
ROCE	-6.0%	2.5%	-25.0%	7.7%	—
Total Debt	₹4 Cr	₹5 Cr	₹11 Cr	₹37 Cr	+103.7%
Free Cash Flow	₹6 Cr	-₹1 Cr	-₹12 Cr	-₹32 Cr	—

🟢 Revenue has grown at 471.3% a year over 3 years.

🟢 EBITDA Margin has risen from -10223.0% to -221.9% over 3 years (+10001.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-1.18 to ₹1.1.

🟢 ROE has risen from -6.0% to 12.9% over 3 years (+18.9 pts).

🟢 ROCE has risen from -6.0% to 7.7% over 3 years (+13.7 pts).

🔴 Total Debt has grown at 103.7% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹6 Cr to -₹32 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹63 Cr

Total Liabilities

₹49 Cr

Total Debt

₹37 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹31 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

67.3%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

3 mixed1 negative2 general

Yash Innoventures AGM adopts FY26 results and director appointments

scanx.trade, 28 SeptResults

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

Yash Innoventures Files SEBI Regulation 74(5) Certificate with BSE for Q4 FY26

scanx.trade, 04 AprResults

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

YASH INNOVENTURES LIMITED Share Price

Upstox, 18 Aug

Yash Innoventures Limited Board Approves Q3 FY26 Unaudited Financial Results

scanx.trade, 04 FebResults

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

High Energy Batteries (India) standalone net profit declines 24.02% in the March 2026 quarter

Business Standard, 13 MayResults

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

Yash Innovertures Limited Receives NA Permission for ₹120 Crore Real Estate Development Project

scanx.trade, 23 Feb

Watch Items

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

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate9.9/20

🟢GrowthStrong13/20

🟡ProfitabilityModerate8.5/15

🔴ValuationDemanding5.1/15

🔴RiskHigh3.7/10

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. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 353% a year471.3% CAGR
✓EBITDA margin holds above -224%-221.9%
✗Free cash flow remains positive-₹32 Cr
✗ROCE stays above 8%7.7%
✓Interest cover stays above 4x6.5x