Reported Earnings • Jun 01
Full year 2026 earnings released: EPS: ₹7.73 (vs ₹14.65 in FY 2025) Full year 2026 results: EPS: ₹7.73 (down from ₹14.65 in FY 2025). Revenue: ₹6.69b (up 40% from FY 2025). Net income: ₹121.9m (down 47% from FY 2025). Profit margin: 1.8% (down from 4.8% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • May 27
Ice Make Refrigeration Limited to Report Fiscal Year 2026 Results on May 29, 2026 Ice Make Refrigeration Limited announced that they will report fiscal year 2026 results on May 29, 2026 Reported Earnings • Feb 19
Third quarter 2026 earnings released: EPS: ₹0.93 (vs ₹1.82 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.93 (down from ₹1.82 in 3Q 2025). Revenue: ₹1.53b (up 39% from 3Q 2025). Net income: ₹14.7m (down 49% from 3Q 2025). Profit margin: 1.0% (down from 2.6% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. New Risk • Nov 19
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). High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.8% net profit margin). Upcoming Dividend • Sep 12
Upcoming dividend of ₹2.25 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 27 October 2025. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.9%). Declared Dividend • Aug 09
Dividend increased to ₹2.25 Dividend of ₹2.25 is 13% higher than last year. Ex-date: 19th September 2025 Payment date: 27th October 2025 Dividend yield will be 0.3%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
Ice Make Refrigeration Limited announces Annual dividend, payable on October 27, 2025 Ice Make Refrigeration Limited announced Annual dividend of INR 2.2500 per share payable on October 27, 2025, ex-date on September 19, 2025 and record date on September 20, 2025. Announcement • Aug 07
Ice Make Refrigeration Limited, Annual General Meeting, Sep 27, 2025 Ice Make Refrigeration Limited, Annual General Meeting, Sep 27, 2025. Reported Earnings • May 22
Full year 2025 earnings released: EPS: ₹14.65 (vs ₹16.56 in FY 2024) Full year 2025 results: EPS: ₹14.65 (down from ₹16.56 in FY 2024). Revenue: ₹4.80b (up 27% from FY 2024). Net income: ₹231.1m (down 12% from FY 2024). Profit margin: 4.8% (down from 6.9% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹836, the stock trades at a trailing P/E ratio of 51.3x. Average trailing P/E is 30x in the Machinery industry in India. Total returns to shareholders of 787% over the past three years. New Risk • Apr 17
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 8.6% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹1,013, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 32x in the Machinery industry in India. Total returns to shareholders of 835% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹734, the stock trades at a trailing P/E ratio of 45x. Average trailing P/E is 29x in the Machinery industry in India. Total returns to shareholders of 655% over the past three years. Reported Earnings • Feb 09
Third quarter 2025 earnings released: EPS: ₹1.82 (vs ₹1.28 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.82 (up from ₹1.28 in 3Q 2024). Revenue: ₹1.11b (up 34% from 3Q 2024). Net income: ₹28.7m (up 39% from 3Q 2024). Profit margin: 2.6% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 109% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹3.05 (vs ₹2.85 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.05 (up from ₹2.85 in 2Q 2024). Revenue: ₹1.04b (up 35% from 2Q 2024). Net income: ₹48.2m (up 6.6% from 2Q 2024). Profit margin: 4.7% (down from 5.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 134% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹847, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 41x in the Machinery industry in India. Total returns to shareholders of 1,098% over the past three years. Upcoming Dividend • Sep 13
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 20 September 2024. Payment date: 28 October 2024. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (0.7%). Declared Dividend • Aug 10
Dividend increased to ₹2.00 Dividend of ₹2.00 is 11% higher than last year. Ex-date: 20th September 2024 Payment date: 28th October 2024 Dividend yield will be 0.3%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹2.35 (vs ₹3.40 in 1Q 2024) First quarter 2025 results: EPS: ₹2.35 (down from ₹3.40 in 1Q 2024). Revenue: ₹853.3m (up 7.8% from 1Q 2024). Net income: ₹37.1m (down 31% from 1Q 2024). Profit margin: 4.4% (down from 6.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 08
Ice Make Refrigeration Limited, Annual General Meeting, Sep 28, 2024 Ice Make Refrigeration Limited, Annual General Meeting, Sep 28, 2024, at 15:30 Indian Standard Time. Location: j. b. auditorium, ama house, atira campus, ama complex, dr. vkram sarabhai marg, ahmedabad- 380015., ahmedabad India Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹829, the stock trades at a trailing P/E ratio of 49.8x. Average trailing P/E is 38x in the Machinery industry in India. Total returns to shareholders of 929% over the past three years. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹16.56 (vs ₹13.19 in FY 2023) Full year 2024 results: EPS: ₹16.56 (up from ₹13.19 in FY 2023). Revenue: ₹3.79b (up 21% from FY 2023). Net income: ₹262.5m (up 26% from FY 2023). Profit margin: 6.9% (up from 6.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₹715, the stock trades at a trailing P/E ratio of 54.8x. Average trailing P/E is 40x in the Machinery industry in India. Total returns to shareholders of 863% over the past three years. Announcement • May 30
Ice Make Refrigeration Limited to Report Fiscal Year 2024 Results on May 29, 2024 Ice Make Refrigeration Limited announced that they will report fiscal year 2024 results on May 29, 2024 New Risk • May 29
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 8.5% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹566, the stock trades at a trailing P/E ratio of 43.4x. Average trailing P/E is 39x in the Machinery industry in India. Total returns to shareholders of 726% over the past three years. New Risk • Feb 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.08b (US$97.3m) This is considered a minor 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: Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹8.08b market cap, or US$97.3m). Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: ₹1.28 (vs ₹2.81 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.28 (down from ₹2.81 in 3Q 2023). Revenue: ₹825.2m (up 24% from 3Q 2023). Net income: ₹20.7m (down 53% from 3Q 2023). Profit margin: 2.5% (down from 6.6% 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 91% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 24
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 7.3% 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 High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹2.85 (vs ₹2.94 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.85 (down from ₹2.94 in 2Q 2023). Revenue: ₹770.2m (up 15% from 2Q 2023). Net income: ₹45.2m (down 2.5% from 2Q 2023). Profit margin: 5.9% (down from 6.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹649, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 31x in the Machinery industry in India. Total returns to shareholders of 1,102% over the past three years. Upcoming Dividend • Sep 08
Upcoming dividend of ₹1.80 per share at 0.3% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 23 October 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.7%). Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: ₹3.40 (vs ₹1.96 in 1Q 2023) First quarter 2024 results: EPS: ₹3.40 (up from ₹1.96 in 1Q 2023). Revenue: ₹793.1m (up 22% from 1Q 2023). Net income: ₹53.6m (up 73% from 1Q 2023). Profit margin: 6.8% (up from 4.8% in 1Q 2023). The increase in margin was driven by higher revenue. 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 132% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹545, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 30x in the Machinery industry in India. Total returns to shareholders of 1,233% over the past three years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹465, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 29x in the Machinery industry in India. Total returns to shareholders of 1,110% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹406, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 27x in the Machinery industry in India. Total returns to shareholders of 1,048% over the past three years. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹13.19 (vs ₹4.66 in FY 2022) Full year 2023 results: EPS: ₹13.19 (up from ₹4.66 in FY 2022). Revenue: ₹3.13b (up 52% from FY 2022). Net income: ₹208.0m (up 184% from FY 2022). Profit margin: 6.6% (up from 3.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹317, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 23x in the Machinery industry in India. Total returns to shareholders of 846% over the past three years. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹2.81 (vs ₹0.81 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.81 (up from ₹0.81 in 3Q 2022). Revenue: ₹668.2m (up 37% from 3Q 2022). Net income: ₹44.3m (up 249% from 3Q 2022). Profit margin: 6.6% (up from 2.6% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹304, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 499% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹2.94 (vs ₹0.86 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.94 (up from ₹0.86 in 2Q 2022). Revenue: ₹673.1m (up 40% from 2Q 2022). Net income: ₹46.4m (up 245% from 2Q 2022). Profit margin: 6.9% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Insufficient new directors 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. 3 highly experienced directors. Non-Executive Independent Director Darsha Kikani was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 20% share price gain to ₹300, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 27x in the Machinery industry in India. Total returns to shareholders of 431% over the past three years. Upcoming Dividend • Sep 01
Upcoming dividend of ₹1.20 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 17 October 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). In line with average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 25% share price gain to ₹212, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 25x in the Machinery industry in India. Total returns to shareholders of 257% over the past three years. Reported Earnings • Aug 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₹649.0m (up 61% from 1Q 2022). Net income: ₹31.0m (up ₹28.4m from 1Q 2022). Profit margin: 4.8% (up from 0.6% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₹146, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 26x in the Machinery industry in India. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹108, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 15% share price gain to ₹127, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 79% over the past three years. Reported Earnings • May 25
Full year 2022 earnings released: EPS: ₹4.66 (vs ₹2.31 in FY 2021) Full year 2022 results: EPS: ₹4.66 (up from ₹2.31 in FY 2021). Revenue: ₹2.07b (up 53% from FY 2021). Net income: ₹73.2m (up 103% from FY 2021). Profit margin: 3.5% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors 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. 3 highly experienced directors. Non-Executive Independent Director Darsha Kikani was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 33% share price gain to ₹99.90, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 22x in the Machinery industry in India. Total returns to shareholders of 35% over the past three years. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.81 (up from ₹0.098 in 3Q 2021). Revenue: ₹490.0m (up 47% from 3Q 2021). Net income: ₹12.7m (up ₹11.2m from 3Q 2021). Profit margin: 2.6% (up from 0.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 24% share price gain to ₹77.50, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 15% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹0.86 (vs ₹1.17 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹479.9m (up 57% from 2Q 2021). Net income: ₹13.4m (down 27% from 2Q 2021). Profit margin: 2.8% (down from 6.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 09
Upcoming dividend of ₹1.20 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 25 October 2021. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Reported Earnings • Jul 06
Full year 2021 earnings released: EPS ₹2.31 (vs ₹3.64 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹1.35b (down 2.2% from FY 2020). Net income: ₹36.1m (down 37% from FY 2020). Profit margin: 2.7% (down from 4.1% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 18% share price gain to ₹74.95, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 23x in the Machinery industry in India. Total loss to shareholders of 13% over the past three years. Is New 90 Day High Low • Feb 26
New 90-day low: ₹71.40 The company is down 17% from its price of ₹86.45 on 27 November 2020. The Indian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 26% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS ₹0.10 (vs ₹1.63 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹336.6m (down 16% from 3Q 2020). Net income: ₹1.55m (down 94% from 3Q 2020). Profit margin: 0.5% (down from 6.3% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹75.65, the stock is trading at a trailing P/E ratio of 21.3x, down from the previous P/E ratio of 26.2x. This compares to an average P/E of 23x in the Machinery industry in India. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Dec 16
New 90-day high: ₹115 The company is up 113% from its price of ₹54.30 on 17 September 2020. The Indian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 11% over the same period. Reported Earnings • Dec 16
Second quarter 2021 earnings released: EPS ₹1.17 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹307.5m (up 7.1% from 2Q 2020). Net income: ₹18.4m (up 499% from 2Q 2020). Profit margin: 6.0% (up from 1.1% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 19% share price gain to ₹103, the stock is trading at a trailing P/E ratio of 28.3x, up from the previous P/E ratio of 23.8x. This compares to an average P/E of 22x in the Machinery industry in India. Total returns to shareholders over the past three years are 32%. 