Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1.26, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 29x in the Machinery industry in India. Total loss to shareholders of 84% over the past three years. Reported Earnings • May 28
Full year 2026 earnings released: EPS: ₹1.80 (vs ₹0.34 in FY 2025) Full year 2026 results: EPS: ₹1.80. Revenue: ₹1.32b (flat on FY 2025). Net income: ₹19.0m (down 74% from FY 2025). Profit margin: 1.4% (down from 5.5% in FY 2025). Ankündigung • May 19
Sprayking Limited to Report Q4, 2026 Results on May 26, 2026 Sprayking Limited announced that they will report Q4, 2026 results on May 26, 2026 Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₹1.48, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 26x in the Machinery industry in India. Total loss to shareholders of 63% over the past three years. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₹291.7m market cap, or US$3.14m). Minor Risks High level of debt (92% net debt to equity). Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹1.07, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 23x in the Machinery industry in India. Total loss to shareholders of 70% over the past three years. Reported Earnings • Feb 16
Third quarter 2026 earnings released: ₹0.02 loss per share (vs ₹0.045 profit in 3Q 2025) Third quarter 2026 results: ₹0.02 loss per share (down from ₹0.045 profit in 3Q 2025). Revenue: ₹431.4m (up 21% from 3Q 2025). Net loss: ₹4.28m (down 136% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 05
Sprayking Limited to Report Q3, 2026 Results on Feb 14, 2026 Sprayking Limited announced that they will report Q3, 2026 results on Feb 14, 2026 New Risk • Oct 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$10m (₹416.4m market cap, or US$4.74m). Minor Risk High level of debt (92% net debt to equity). Reported Earnings • Oct 17
Second quarter 2026 earnings released Second quarter 2026 results: EPS: ₹0.78. Revenue: ₹206.4m (down 27% from 2Q 2025). Net income: ₹41.0m (up ₹35.5m from 2Q 2025). Profit margin: 20% (up from 1.9% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Ankündigung • Oct 13
Sprayking Limited to Report Q2, 2026 Results on Oct 16, 2025 Sprayking Limited announced that they will report Q2, 2026 results on Oct 16, 2025 Ankündigung • Aug 28
Sprayking Limited, Annual General Meeting, Sep 18, 2025 Sprayking Limited, Annual General Meeting, Sep 18, 2025, at 12:30 Indian Standard Time. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹0.06 (vs ₹0.11 in 1Q 2025) First quarter 2026 results: EPS: ₹0.06 (down from ₹0.11 in 1Q 2025). Revenue: ₹224.2m (down 37% from 1Q 2025). Net income: ₹4.99m (down 65% from 1Q 2025). Profit margin: 2.2% (down from 4.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 43% per year. New Risk • Aug 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (30% accrual ratio). Market cap is less than US$10m (₹587.6m market cap, or US$6.70m). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Ankündigung • Aug 09
Sprayking Limited to Report Q1, 2026 Results on Aug 13, 2025 Sprayking Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Ankündigung • May 22
Sprayking Limited to Report Q4, 2025 Results on May 27, 2025 Sprayking Limited announced that they will report Q4, 2025 results on May 27, 2025 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹7.27, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 32x in the Machinery industry in India. Total loss to shareholders of 67% over the past year. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (₹693.3m market cap, or US$8.17m). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (5.8% net profit margin). Reported Earnings • Feb 19
Third quarter 2025 earnings released: EPS: ₹1.48 (vs ₹0.32 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.48. Revenue: ₹355.7m (up 9.0% from 3Q 2024). Net income: ₹19.4m (down 42% from 3Q 2024). Profit margin: 5.5% (down from 10% in 3Q 2024). The decrease in margin was driven by higher expenses. New Risk • Feb 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹866.6m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (47% accrual ratio). Market cap is less than US$10m (₹866.6m market cap, or US$9.97m). Ankündigung • Feb 10
Sprayking Limited to Report Q3, 2025 Results on Feb 13, 2025 Sprayking Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Reported Earnings • Nov 18
Second quarter 2025 earnings released: EPS: ₹0.17 (vs ₹0.26 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.17 (down from ₹0.26 in 2Q 2024). Revenue: ₹283.7m (down 13% from 2Q 2024). Net income: ₹5.50m (down 80% from 2Q 2024). Profit margin: 1.9% (down from 8.4% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Nov 09
Sprayking Limited to Report Q2, 2025 Results on Nov 13, 2024 Sprayking Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹14.03, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 40x in the Machinery industry in India. Total loss to shareholders of 24% over the past year. Ankündigung • Sep 12
Sprayking Limited, Annual General Meeting, Sep 30, 2024 Sprayking Limited, Annual General Meeting, Sep 30, 2024, at 16:30 Indian Standard Time. New Risk • Aug 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (₹2.04b market cap, or US$24.4m). Ankündigung • Aug 04
Sprayking Limited to Report Q1, 2025 Results on Aug 13, 2024 Sprayking Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Ankündigung • May 18
Sprayking Limited to Report Q4, 2024 Results on May 28, 2024 Sprayking Limited announced that they will report Q4, 2024 results on May 28, 2024 Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₹45.78, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 39x in the Machinery industry in India. Total returns to shareholders of 2,093% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorates as stock falls 82% After last week's 82% share price decline to ₹40.40, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 37x in the Machinery industry in India. Total returns to shareholders of 210% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₹270, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 33x in the Machinery industry in India. Total returns to shareholders of 2,390% over the past three years. Reported Earnings • Feb 07
Third quarter 2024 earnings released: EPS: ₹3.19 (vs ₹0.76 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.19 (up from ₹0.76 in 3Q 2023). Revenue: ₹327.2m (up 389% from 3Q 2023). Net income: ₹33.7m (up 318% from 3Q 2023). Profit margin: 10% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 185% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Jan 31
Sprayking Agro Equipment Limited to Report Q3, 2024 Results on Feb 06, 2024 Sprayking Agro Equipment Limited announced that they will report Q3, 2024 results on Feb 06, 2024 Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹232, the stock trades at a trailing P/E ratio of 54x. Average trailing P/E is 31x in the Machinery industry in India. Total returns to shareholders of 2,814% over the past three years. New Risk • Nov 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₹2.07b market cap, or US$24.9m). Ankündigung • Nov 11
Sprayking Agro Equipment Limited Appoints Arvind Trivedi as Additional Director The board of directors of Sprayking Agro Equipment Limited in its meeting held on 10th November 2023, approved the appointment of Mr. Arvind Trivedi as an additional (Non-Executive Independent) director. Date of appointment: November 10, 2023. He has completed his Bachelor's degree in Commerce and has more than 20 years of experience in the field of accounts and Finance and has outstanding experience in technical aspects relating to melting and moulding alloys and scrap valuation. He has been instrumental in assigning labour task force, the work related to testing and quality analysis. He has played a pivotal role in fulfilling the dynamic requirement of different customers globally. He has notable experience in Business-Identing agent. Ankündigung • Nov 04
Sprayking Agro Equipment Limited to Report Q2, 2024 Results on Nov 10, 2023 Sprayking Agro Equipment Limited announced that they will report Q2, 2024 results on Nov 10, 2023 Ankündigung • Sep 22
Sprayking Agro Equipment Limited announced a financing transaction Sprayking Agro Equipment Limited announced a private placement of 8,40,000 convertible equity pre-paid warrants on a preferential basis on September 21, 2023. The transaction has been approved in the 19" Annual General Meeting of the company. Ankündigung • Aug 29
Sprayking Agro Equipment Limited, Annual General Meeting, Sep 21, 2023 Sprayking Agro Equipment Limited, Annual General Meeting, Sep 21, 2023, at 11:00 Indian Standard Time. Location: Plot No 237/B, Shop No. 4, GIDC, Dared, Jamnagar Gujrat 361005 Jamnagar Gujarat India Agenda: To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2023, together with the Reports of the Board of Directors and Auditors thereon; to appoint a director in place of Mr. Hitesh Dudhagara Chairman and Managing Director of the Company, who retires by rotation and, being eligible, offers himself for reappointment; and to discuss other matters. Ankündigung • Aug 24
Sprayking Agro Equipment Limited announced a financing transaction Sprayking Agro Equipment Limited announced a private placement of convertible warrants on a preferential basis on August 23, 2023. The transaction has been approved by the board of directors of the company. Ankündigung • Aug 09
Sprayking Agro Equipment Limited Announces Board Changes Sprayking Agro Equipment Limited announced that at its board meeting held on August 08, 2023, the board approved the appointment of Mr. Jignesh Sanghani as an Additional (Non-Executive Independent) Director. The board also approved the acceptance of Resignation of Mr. Kaushik Dudhagara as (Non-Executive Independent) Director. Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: ₹1.64 (vs ₹0.081 in 1Q 2023) First quarter 2024 results: EPS: ₹1.64 (up from ₹0.081 in 1Q 2023). Revenue: ₹163.4m (up 450% from 1Q 2023). Net income: ₹10.4m (up ₹9.94m from 1Q 2023). Profit margin: 6.4% (up from 1.5% in 1Q 2023). The increase in margin was driven by higher revenue. Ankündigung • Aug 01
Sprayking Agro Equipment Limited to Report Q1, 2024 Results on Aug 08, 2023 Sprayking Agro Equipment Limited announced that they will report Q1, 2024 results on Aug 08, 2023 Ankündigung • Jul 27
Sprayking Agro Equipment Limited Announces Board Changes Sprayking Agro Equipment Limited announced resignation of Mr. Sandip Pandya (Non-Executive Independent Director) (DIN: 06783003) and appointment of Ms. Dhruvik Bhanderi (DIN: 10019613) as Additional (Non-Executive Independent) Director Director of the Company, the Committees of the Company has been reconstituted effective from conclusion of the meeting of Board of Directors held on July 19, 2023 as under: Audit Committee: Dhruvik Bhanderi as Chairperson and Pragjibhai Meghjibhai Patel and Kaushik K Dudhagara as Member. Stakeholders Relationship Committee: Kaushik K Dudhagara as Chairperson and Ronak Hitesh Dudhagara and Dhruvik Bhanderi as Member. Nomination and Remuneration Committee: Dhruvik Bhanderi as Chairperson and Kaushik K Dudhagara and Hitesh Pragajibhai Dudhagara as Member. Ankündigung • Jul 22
Sprayking Agro Equipment Limited Announces Resignation of Sandip Bhaskerrai Pandya as Non-Executive Independent Director Sprayking Agro Equipment Limited announced that Mr. Sandip Bhaskerrai Pandya, Non-Executive Independent Director has vide their resignation letter dated July 18, 2023 resigned from the Board of the Company with immediate effect, on account of personal reason and other professional commitments. Ankündigung • Jun 12
Sprayking Agro Equipment Limited (BSE:540079) agreed to acquire 51% stake in Narmada Brass Industries for INR 51 million. Sprayking Agro Equipment Limited (BSE:540079) agreed to acquire 51% stake in Narmada Brass Industries for INR 51 million on June 10, 2023. Sprayking Agro Equipment has received an approval by Audit Committee Members for acquisition. Reported Earnings • May 25
Full year 2023 earnings released: EPS: ₹4.24 (vs ₹0.66 in FY 2022) Full year 2023 results: EPS: ₹4.24 (up from ₹0.66 in FY 2022). Revenue: ₹193.3m (up 24% from FY 2022). Net income: ₹17.0m (up 390% from FY 2022). Profit margin: 8.8% (up from 2.2% in FY 2022). The increase in margin was driven by higher revenue. Ankündigung • May 19
Sprayking Agro Equipment Limited to Report Second Half, 2023 Results on May 23, 2023 Sprayking Agro Equipment Limited announced that they will report second half, 2023 results on May 23, 2023 Board Change • Feb 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Additional Non- Executive Independent Director Sandip Pandya was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Additional Non- Executive Independent Director Sandip Pandya was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 20% share price gain to ₹31.10, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 27x in the Machinery industry in India. Board Change • Sep 08
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Ankündigung • Sep 01
Sprayking Agro Equipment Limited, Annual General Meeting, Sep 22, 2022 Sprayking Agro Equipment Limited, Annual General Meeting, Sep 22, 2022, at 16:00 Indian Standard Time. Agenda: To consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended March 31, 2022, together with the Reports of the Board of Directors and Auditors thereon; to appoint a director in place of Mr. Hitesh Dudhagara Chairman and Managing Director of the Company, who retires by rotation and, being eligible, offers himself for reappointment; to Increase in Authorised Share Capital of Company; and to consider other matter. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 20% share price gain to ₹25.80, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 24x in the Machinery industry in India. Board Change • Aug 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹20.10, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 5.8% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 19% share price gain to ₹26.40, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 25x in the Machinery industry in India. Total returns to shareholders of 47% over the past three years. Board Change • Jun 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₹38.70, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 22x in the Machinery industry in India. Total returns to shareholders of 94% over the past three years. Board Change • Feb 17
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹29.65, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 26x in the Machinery industry in India. Total returns to shareholders of 19% over the past three years. Board Change • Jan 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₹23.05, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 24x in the Machinery industry in India. Total loss to shareholders of 18% over the past three years. Board Change • Dec 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 18% share price gain to ₹28.60, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 23x in the Machinery industry in India. Total returns to shareholders of 33% over the past three years. Board Change • Sep 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non Executive Independent Director Kaushik Dudhagara was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Jun 16
Chief Financial Officer Rajnik Vasoya has left the company During their tenure, earnings grew by 63% annually compared to the industry average of 9.2%. On the 6th of June, Rajnik Vasoya left the company after 5.3 in the role. We don't have any record of a personal shareholding under Rajnik's name. Rajnik is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 20% share price gain to ₹20.85, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 24x in the Machinery industry in India. Total loss to shareholders of 9.3% over the past three years. Reported Earnings • Jun 05
Full year 2021 earnings released: EPS ₹1.96 (vs ₹0.091 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹205.0m (down 22% from FY 2020). Net income: ₹6.20m (up ₹5.91m from FY 2020). Profit margin: 3.0% (up from 0.1% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. 
