York Exports Limited

Consumer Cyclical — Apparel Manufacturing · BSE

₹57.91+₹2.75 (+4.99%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, 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. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:44 pm

Understanding the Business

Company site ↗

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

What does this company do?

York Exports Limited engages in the manufacture and sale of knitwear and readymade garments in India. It also exports its products. York Exports Limited was incorporated in 1983 and is based in New Delhi, India.

IndustryApparel Manufacturing

SectorConsumer Cyclical

Annual revenue₹30 Cr

How does it make money?

Turns over ₹30 Cr a year. Of every ₹100 of sales, about ₹19 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation.

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?Little sign of one

Returns on capital of 6.6% 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.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -13% while net margin moved +643% 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-13%

Margin effect+643%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ 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

45/ 100

Average

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

Valuation

84/ 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

4.7x

3Y Median

15.0x

40 monthly readings · mean 21.9x · range 2.8x–70.1x

Sector Median

69.2x

median of 4 sector peers

🟢Current valuation is approximately 69% below its 3y median of 15.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 93% below the peer median of 69.2x.

vs. its own history

Cheap

15.0x median over 40 months · -69%

vs. sector peers

Cheap

69.2x median of 4 peers · -93%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

14.6x

PEG

0.05

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 9.2% to 15.7% over 3 years.
Return on equity is rising
ROE has improved from 5.8% to 21.7%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 11.9% to 6.6% — often a sign of competition or overexpansion.

Red Flags

7 items require attention · 6 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 255% over 3 years, from ₹14 Cr to ₹50 Cr.
🔴High leverageFinancial
Debt/Equity of 1.89x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.2x — little room if earnings dip.
🔴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 641% against revenue up -13% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 214% against revenue up -13% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹10 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 9.2% to 15.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 69% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 93% 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?

The debt load needs earnings to hold up
Debt is 10.6x 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 641% against revenue up -13%. 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
6 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

1EBITDA margin holds above 14%✓ 15.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 10.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹10 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 1.2x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ 6.6%
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 · 3 neutral · 4 weak

Market Cap

₹19 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

4.7x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹12.33

Profitable

Profitable on a per-share basis

ROE

21.7%

Strong

Strong capital efficiency

ROCE

6.6%

Weak

Low return on total capital employed

Debt/Equity

1.89x

High

High leverage

Revenue Growth (YoY)

-14.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

19.2%

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

-₹10 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.22

Comfortable

Healthy short-term liquidity

52W Range Position

34%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

62.0 / 58.9

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

33.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹34 Cr	₹32 Cr	₹35 Cr	₹30 Cr	-4.6%
EBITDA	₹3 Cr	₹4 Cr	₹4 Cr	₹5 Cr	+14.2%
EBITDA Margin	9.2%	11.1%	11.0%	15.7%	—
PAT (Net Profit)	₹1 Cr	₹0 Cr	₹5 Cr	₹6 Cr	+86.1%
EPS	₹2.79	₹0.99	₹14.43	₹17.28	+83.6%
ROE	5.8%	1.7%	23.3%	21.7%	—
ROCE	11.9%	13.4%	9.3%	6.6%	—
Total Debt	₹14 Cr	₹18 Cr	₹32 Cr	₹50 Cr	+52.6%
Free Cash Flow	₹2 Cr	-₹3 Cr	₹0 Cr	-₹10 Cr	—

🔴 Revenue has shrunk at 4.6% a year over 3 years.

🟢 EBITDA has grown at 14.2% a year over 3 years.

🟢 EBITDA Margin has risen from 9.2% to 15.7% over 3 years (+6.6 pts).

🟢 PAT (Net Profit) has grown at 86.1% a year over 3 years.

🟢 EPS has grown at 83.6% a year over 3 years.

🟢 ROE has risen from 5.8% to 21.7% over 3 years (+15.9 pts).

🔴 ROCE has fallen from 11.9% to 6.6% over 3 years (-5.4 pts).

🔴 Total Debt has grown at 52.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹10 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹82 Cr

Total Liabilities

₹56 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹9 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.6%

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

6 general

Compare with YORK EXPORTS

Equitymaster, 16 Oct

York Exports Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Compare YORK EXPORTS with

Equitymaster, 15 Oct

York Exports confirms AGM venue and e-voting dates for September 30

scanx.trade, 04 Sept

York Exports Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 30 Aug

York Exports Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Watch Items

Revenue growth is negative (-14.8%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongProfitability · Valuation

MiddlingGrowth

WeakBusiness Quality · Financial Health · 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. 6 high-severity red flags sit above this conclusion and should be read first.

4 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑