Integra Engineering India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Integra Engineering India Ltd trades at ₹156, in a downtrend and 15 weeks into that stage. That is −23.0% against its own 200-day average. It sits at 0% of a 52-week range of ₹156 to ₹269. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (21 weeks and counting).

Today the stock is in a downtrend — week 15 of stage 4, confirmed. At ₹156 it trades −23.0% versus its 200-day average and sits at 0% of its 52-week range (₹156–₹269).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +607% while the NIFTY 500 moved +260% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (21 weeks and counting; last ahead the week of 2025-10-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 41st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Integra Engineering India Ltd trades at 33.2× P/E, mid-range by its own standards (41st percentile). Its long-run median P/E is 38.0×, measured across 9.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 33.2× is mid-range by its own standards (41st percentile), against a long-run median of 38.0× measured over 9.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +27.2% against a −29.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +38.6%/yr price move, ~+27.5%/yr came from earnings growth and ~+11.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Integra Engineering India Ltd reads as mixed on its fundamental arc. Mixed — revenue and profit growth are shrinking while ROCE is still lifting at 24.0% — falling growth against firm returns, so no single stage word fits yet. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — Integra Engineering India Ltd is not present in the sector comparison for Capital Goods - Engineering Heavy.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Integra Engineering India Ltd reported ₹42.2 Cr of revenue in the Dec 25 quarter, −9.7% year on year. Over 10 years it has compounded at 19.5% a year. The last full year, FY25, came in at ₹166 Cr. The last four reported quarters add to ₹171 Cr.

Integra Engineering India Ltd reported ₹42.2 Cr of revenue in the Dec 25 quarter, −9.7% year on year. Over 10 years it has compounded at 19.5% a year. The last full year, FY25, came in at ₹166 Cr. The last four reported quarters add to ₹171 Cr.

FY25 revenue came in at ₹166 Cr (+12.9% on the year), capping 10 years at 19.5% compound. The latest quarter (Dec 25) printed ₹42.2 Cr, −9.7% year on year.

Pace check: the last four quarters averaged +11.3% growth against the decade's 19.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.1% over the last 4 quarters against +7.1%/yr over the last 8 — stabilising; TTM profit −5.4% vs −1.4%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 15.7% this quarter (−5.8 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Integra Engineering India Ltd's operating margin is 15.7% in the Dec 25 quarter, −5.8 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 0.0% to 19.0%. The current quarter sits inside that band.

Integra Engineering India Ltd's operating margin is 15.7% in the Dec 25 quarter, −5.8 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 0.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.7%, −5.8 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 0.0%–19.0%, and FY25's 19.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −5.8 pp year on year while gross margin went −0.3 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins slipped — did that reach the bottom line? Next: profit −43.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Integra Engineering India Ltd earned ₹3.5 Cr of net profit in the Dec 25 quarter, −43.4% year on year. Full-year FY25 profit was ₹18.0 Cr. That is 8.2% of the quarter's revenue. The same quarter a year earlier earned ₹6.1 Cr.

Integra Engineering India Ltd earned ₹3.5 Cr of net profit in the Dec 25 quarter, −43.4% year on year. Full-year FY25 profit was ₹18.0 Cr. That is 8.2% of the quarter's revenue. The same quarter a year earlier earned ₹6.1 Cr.

Dec 25 profit was ₹3.5 Cr, −43.4% year on year. On the full year, FY25 printed ₹18.0 Cr (+20.0%).

🚨 Why profit moved: revenue contributed −9.7% and the margin −5.8 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +11.9% vs revenue +11.3%. Profit and revenue are moving roughly in step.

→ Profit rose — but did the cash follow? Next: 104% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 104% of Integra Engineering India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹27.0 Cr of operating cash against ₹18.0 Cr of profit. After ₹26.0 Cr of capital spending, ₹1.0 Cr was left as free cash.

FY25: operating cash of ₹27.0 Cr against reported profit of ₹18.0 Cr, leaving free cash of ₹1.0 Cr after ₹26.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 104% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 104%: the cash cycle held roughly steady between FY20 and FY25 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 5.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹51.0 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Integra Engineering India Ltd's cash conversion cycle runs 199 days in FY25, up from 192 days in FY20. Capital spending ran ₹51.0 Cr over the last 3 years. At FY25 sales of ₹166 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹91.0 Cr sits inside the business at any moment.

FY25: debtors at 108 days, inventory at 164 days — roughly 5.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 199 days, looser than FY20's 192.

The full loop: cash goes out to suppliers and production on day 0; stock waits 164 days to sell; customers pay about 108 days after that; and suppliers themselves are paid at 72 days — netting out to the 199-day cycle.

In money terms: at FY25 sales of ₹166 Cr, each day of the cycle holds about ₹0.5 Cr — so the 199-day loop keeps roughly ₹91.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹51.0 Cr over the last 3 fiscal years against ₹9.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹3.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 24%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Integra Engineering India Ltd earns a ROCE of 24% in FY25. That is up from a trough of 6% in FY16. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 10.8% net margin on 1.06× asset turns.

FY25 ROCE is 24%, recovered from a FY16 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 10.8% net margin × 1.06× asset turns × 1.65× balance-sheet leverage ≈ 18.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.41.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Integra Engineering India Ltd carries ₹39.0 Cr of borrowings against ₹95.0 Cr of equity in FY25, a debt-to-equity of 0.41. Operating profit covers the interest bill 16×. Over 5 years borrowings went from ₹19.0 Cr to ₹39.0 Cr. Capital spending ran ₹51.0 Cr across the last 3 of those years.

FY25: borrowings of ₹39.0 Cr against equity of ₹95.0 Cr — a debt-to-equity of 0.41. Operating profit covers the interest bill 16×. Over 5 years borrowings went from ₹19.0 Cr to ₹39.0 Cr while capital spending ran ₹51.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Integra Engineering India Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved −0.1 points over the same window, to 54.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +0.4 points over 8 quarters to 0.4%; Promoters: −0.1 points over 8 quarters to 54.4%; Domestic institutions: +0.1 points over 8 quarters to 0.4%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Integra Engineering India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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