New Risk • Jul 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₹4.42b market cap, or US$46.5m). Reported Earnings • Jul 06
Full year 2026 earnings released: EPS: ₹0.98 (vs ₹0.96 in FY 2025) Full year 2026 results: EPS: ₹0.98 (up from ₹0.96 in FY 2025). Revenue: ₹570.6m (up 60% from FY 2025). Net income: ₹14.7m (up 3.9% from FY 2025). Profit margin: 2.6% (down from 4.0% 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 37% per year but the company’s share price has increased by 76% per year, which means it is well ahead of earnings. Duyuru • May 05
Gretex Industries Limited, Annual General Meeting, Jul 27, 2026 Gretex Industries Limited, Annual General Meeting, Jul 27, 2026, at 16:00 Indian Standard Time. Location: 90, phears lane, 5th floor, kolkata-700012., kolkata India Duyuru • Apr 28
Gretex Industries Limited to Report Q4, 2026 Results on May 04, 2026 Gretex Industries Limited announced that they will report Q4, 2026 results on May 04, 2026 Reported Earnings • Jan 11
Third quarter 2026 earnings released: EPS: ₹1.09 (vs ₹0.37 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.09 (up from ₹0.37 in 3Q 2025). Revenue: ₹171.2m (up 96% from 3Q 2025). Net income: ₹11.6m (up 138% from 3Q 2025). Profit margin: 6.8% (up from 5.6% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 122% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹0.52 (vs ₹1.25 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.52. Revenue: ₹159.5m (up 64% from 2Q 2025). Net income: ₹10.1m (up 126% from 2Q 2025). Profit margin: 6.3% (up from 4.6% in 2Q 2025). The increase in margin was driven by higher revenue. Duyuru • Nov 06
Gretex Industries Limited to Report First Half, 2026 Results on Nov 11, 2025 Gretex Industries Limited announced that they will report first half, 2026 results on Nov 11, 2025 Duyuru • Jul 28
Gretex Industries Limited, Annual General Meeting, Aug 19, 2025 Gretex Industries Limited, Annual General Meeting, Aug 19, 2025, at 11:00 Indian Standard Time. Location: floor 20, 1858, acropolis mall, rajdanga main road, kolkata - 700107., kolkata India New Risk • Jul 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 29% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (252% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Revenue is less than US$5m (₹358m revenue, or US$4.2m). Market cap is less than US$100m (₹3.45b market cap, or US$40.3m). New Risk • May 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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 Risks Shares are highly illiquid. High level of non-cash earnings (104% accrual ratio). Shareholders have been substantially diluted in the past year (252% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Revenue is less than US$5m (₹353m revenue, or US$4.2m). Market cap is less than US$100m (₹3.55b market cap, or US$41.8m). New Risk • Jan 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 252% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (104% accrual ratio). Shareholders have been substantially diluted in the past year (252% increase in shares outstanding). Minor Risks Revenue is less than US$5m (₹353m revenue, or US$4.1m). Market cap is less than US$100m (₹3.16b market cap, or US$36.5m). Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹276, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 46x in the Retail Distributors industry in India. Total returns to shareholders of 2,367% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹176, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 39x in the Retail Distributors industry in India. Total returns to shareholders of 1,545% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹160, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 45x in the Retail Distributors industry in India. Total returns to shareholders of 1,624% over the past three years. Recent Insider Transactions • Jul 21
Chief Financial Officer recently bought ₹32m worth of stock On the 15th of July, Pradeep Mertia bought around 249k shares on-market at roughly ₹128 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Pradeep's only on-market trade for the last 12 months. Reported Earnings • Jul 10
Full year 2024 earnings released: EPS: ₹23.62 (vs ₹1.53 in FY 2023) Full year 2024 results: EPS: ₹23.62 (up from ₹1.53 in FY 2023). Revenue: ₹347.5m (up 38% from FY 2023). Net income: ₹99.5m (up ₹93.1m from FY 2023). Profit margin: 29% (up from 2.5% in FY 2023). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 08
Gretex Industries Limited, Annual General Meeting, Jul 27, 2024 Gretex Industries Limited, Annual General Meeting, Jul 27, 2024, at 16:00 Indian Standard Time. Location: floor 20, 1858, acropolis mall, rajdanga main road, kolkata - 700107., kolkata India Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹82.45, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 39x in the Retail Distributors industry in India. Total returns to shareholders of 663% over the past three years. New Risk • May 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 106% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (106% accrual ratio). Market cap is less than US$10m (₹300.3m market cap, or US$3.60m). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹61.70, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 41x in the Retail Distributors industry in India. Total returns to shareholders of 496% over the past three years. Board Change • Sep 11
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. 1 highly experienced director. Non Executive & Additional Independent Director Sujata Rao was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Sep 06
Gretex Industries Limited, Annual General Meeting, Sep 29, 2023 Gretex Industries Limited, Annual General Meeting, Sep 29, 2023, at 16:00 Indian Standard Time. Location: 90, Phears Lane, 5 th Floor, Kolkata700012, West Bengal Kolkata India Agenda: To consider and adopt the Annual Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended on March 31, 2023 together with the Reports of the Board of Directors and the Auditors thereon; to approve designation of Mr. Arvind Harlalka who was appointed as Managing Director of the Company for period of five years w.e.f. June 29, 2020 to June 28, 2025 be and is hereby changed from Managing Director to Executive Director and the consent of the Members of the Company be and is hereby accorded for the same; and to consider other matters. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹39.40, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 37x in the Retail Distributors industry in India. New Risk • Jun 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.9% 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 (8.9% operating cash flow to total debt). Shares are highly illiquid. Market cap is less than US$10m (₹229.7m market cap, or US$2.79m). Minor Risks Profit margins are more than 30% lower than last year (2.8% net profit margin). Revenue is less than US$5m (₹228m revenue, or US$2.8m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₹39.10, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 28x in the Retail Distributors industry in India. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹23.15, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 32x in the Retail Distributors industry in India. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₹13.00, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 47x in the Retail Distributors industry in India. Duyuru • Sep 07
Gretex Industries Limited, Annual General Meeting, Sep 29, 2022 Gretex Industries Limited, Annual General Meeting, Sep 29, 2022, at 16:00 Indian Standard Time. Location: 90, Phears Lane, 5th Floor Kolkata West Bengal India Agenda: To receive, consider and adopt the Annual Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended March 31, 2022 together with the Reports of the Board of Directors and the Auditors thereon; to re-appoint Mr. Alok Harlalka (DIN: 02486575) who retires by rotation and being eligible, offers himself for re-appointment; to approve and increase in the limit of managerial remuneration payable to managing director in excess of 5% of the net profits of the company to Arvind Harlalka; and to discuss other business matters. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₹10.70, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 52x in the Retail Distributors industry in India. Total returns to shareholders of 88% over the past year. Duyuru • Sep 19
Gretex Industries Limited Announces Resignation of Rahul Kumar from Directorship Gretex Industries Limited announces resignation of Rahul Kumar from Directorship of the company with effect from August 6, 2020. Duyuru • Jul 10
Gretex Industries Limited to Report Second Half, 2020 Results on Jul 06, 2020 Gretex Industries Limited announced that they will report second half, 2020 results on Jul 06, 2020 
