Yasons Chemex Care Limited

Sector n/a · NSE

₹25.00₹0.00 (0.00%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by 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, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of Yasons Chemex Care 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 ₹37 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation.

EBITDA margin12.7%

Net margin9.3%

What is its competitive advantage?Some evidence

ROCE of 21.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE21.3%

ROE16.6%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 1 years revenue moved +47% while net margin moved +20% 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+47%

Margin effect+20%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

77/ 100

Good

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

Valuation

60/ 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.

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

P/E (Trailing)

—

P/B

—

EV/EBITDA

11.0x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Return on equity is rising
ROE has improved from 11.3% to 16.6%.
Return on capital is rising
ROCE has improved from 15.7% to 21.3%.
High return on capital employed
ROCE of 21.3% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 96% against revenue growth of 47% — stock may not be moving.

Red Flags

3 items require attention · 1 high · 2 watch

🔴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.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Inventory building faster than salesFinancial
Inventory up 96% against revenue up 47% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.3% 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.

🔴 Bear CaseWhat could go wrong?

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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 35% a year✓ 46.8% CAGR
Latest reported year was 46.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 12.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 18%✓ 21.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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

5 good · 5 neutral · 1 weak

Market Cap

₹48 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)

Not available

No data

Source didn't return this field

ROE

16.6%

Strong

Strong capital efficiency

ROCE

21.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

46.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

75.6%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹25

Gross Margin

3.4%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

9.3%

Average

Average bottom-line conversion

Current Ratio

3.33

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

8.3 / 8.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

43.5

Neutral momentum

Financial Trend (2-Year)

Metric	FY22	FY23	1Y CAGR
Revenue	₹25 Cr	₹37 Cr	+46.8%
EBITDA	₹3 Cr	₹5 Cr	+58.7%
EBITDA Margin	11.8%	12.7%	—
PAT (Net Profit)	₹2 Cr	₹3 Cr	+75.6%
ROE	11.3%	16.6%	—
ROCE	15.7%	21.3%	—
Total Debt	₹3 Cr	₹3 Cr	+23.1%
Free Cash Flow	-₹0 Cr	-₹0 Cr	—

🟢 Revenue has grown at 46.8% a year over 1 years.

🟢 EBITDA has grown at 58.7% a year over 1 years.

🟡 EBITDA Margin has held roughly flat at 12.7% over 1 years.

🟢 PAT (Net Profit) has grown at 75.6% a year over 1 years.

🟢 ROE has risen from 11.3% to 16.6% over 1 years (+5.3 pts).

🟢 ROCE has risen from 15.7% to 21.3% over 1 years (+5.6 pts).

🔴 Total Debt has grown at 23.1% a year over 1 years.

Balance Sheet & Cash Flow — FY2023

Total Assets

₹28 Cr

Total Liabilities

₹7 Cr

Total Debt

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

-₹0 Cr

Recent News

1 positive5 general

Yasons Chemex Care reports revenue rise in FY26

scanx.trade, 27 JunResults

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

Yasons Chemex Care (NSEI:YCCL) - Stock Analysis

Simply Wall Street, 03 Aug

YASONS CHEMEX CARE LTD Share Price

Upstox, 19 Mar

Yash Chemex 20th AGM: all 7 resolutions passed unanimously

scanx.trade, 30 Sept

Resourceful Automobile, the SME IPO subscribed 419 times, lists at issue price

CNBC TV18, 29 Aug

Yash Chemex (BSE:539939) - Stock Analysis

Simply Wall Street, 01 Dec

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟢Business QualityStrong15.4/20

🟢Financial HealthStrong13/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong10.9/15

🟡ValuationFair7.5/15

🔴RiskHigh2.4/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 35% a year46.8% CAGR
✓EBITDA margin holds above 11%12.7%
✗Free cash flow remains positive-₹0 Cr
✓Debt / EBITDA stays below 2x0.7x
✓ROCE stays above 18%21.3%