IST 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.

IST Ltd trades at ₹682, in a downtrend and 16 weeks into that stage. That is −15.9% against its own 200-day average. It sits at 0% of a 52-week range of ₹682 to ₹937. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (25 weeks and counting).

Today the stock is in a downtrend — week 16 of stage 4, confirmed. At ₹682 it trades −15.9% versus its 200-day average and sits at 0% of its 52-week range (₹682–₹937).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +103% while the NIFTY 500 moved +260% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (25 weeks and counting; last ahead the week of 2025-09-12) — 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 19th 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.

IST Ltd trades at 4.4× P/E, near the bottom of its own range — cheaper only 19% of the time. Its long-run median P/E is 6.4×, measured across 10.0 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 4.4× is near the bottom of its own range — cheaper only 19% of the time, against a long-run median of 6.4× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +11.0% against a −17.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +11.6%/yr price move, ~+16.3%/yr came from earnings growth and ~−4.7 pp from the multiple (compressing); over 10y, of the +7.4%/yr price move, ~+12.1%/yr came from earnings growth and ~−4.7 pp from the multiple (compressing). 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 low 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: No read 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).

IST Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

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

4-Factor Sector Score

No sector-relative score — IST Ltd is not present in the sector comparison for Auto Ancillaries - Spare Parts Accessories.

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.

IST Ltd reported ₹34.0 Cr of revenue in the Dec 25 quarter, +25.9% year on year. Over 10 years it has compounded at 4.2% a year. The last full year, FY25, came in at ₹115 Cr. The last four reported quarters add to ₹120 Cr.

IST Ltd reported ₹34.0 Cr of revenue in the Dec 25 quarter, +25.9% year on year. Over 10 years it has compounded at 4.2% a year. The last full year, FY25, came in at ₹115 Cr. The last four reported quarters add to ₹120 Cr.

FY25 revenue came in at ₹115 Cr (+4.5% on the year), capping 10 years at 4.2% compound. The latest quarter (Dec 25) printed ₹34.0 Cr, +25.9% year on year.

Pace check: the last four quarters averaged +4.0% growth against the decade's 4.2% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +3.4% over the last 4 quarters against +0.8%/yr over the last 8 — stabilising; TTM profit +21.6% vs +22.5%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 60.0% this quarter (−12.0 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.

IST Ltd's operating margin is 60.0% in the Dec 25 quarter, −12.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 63.0% to 79.0%. The current quarter is running below every full year in that window.

IST Ltd's operating margin is 60.0% in the Dec 25 quarter, −12.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 63.0% to 79.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 60.0%, −12.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 63.0%–79.0%.

🚨 Why the margin moved: operating margin went −12.3 pp year on year while gross margin went −8.0 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +169.6% 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.

IST Ltd earned ₹62.0 Cr of net profit in the Dec 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. Full-year FY25 profit was ₹140 Cr. The 10-year compound rate is 9.2%. That is 182.4% of the quarter's revenue.

IST Ltd earned ₹62.0 Cr of net profit in the Dec 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. Full-year FY25 profit was ₹140 Cr. The 10-year compound rate is 9.2%. That is 182.4% of the quarter's revenue.

Dec 25 profit was ₹62.0 Cr, +169.6% year on year. On the full year, FY25 printed ₹140 Cr (+11.1%), and the 10-year compound rate is 9.2%.

🚨 Read this profit with care: at ₹62.0 Cr it is larger than the whole quarter's revenue of ₹34.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at 60.0% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

→ Profit rose — but did the cash follow? Next: 46% 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 46% of IST Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹42.0 Cr of operating cash against ₹140 Cr of profit. After ₹27.0 Cr of capital spending, ₹15.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹42.0 Cr against reported profit of ₹140 Cr, leaving free cash of ₹15.0 Cr after ₹27.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 46% 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 46%: the cash cycle held roughly steady between FY20 and FY25 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 2.7× 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: ₹41.0 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).

IST Ltd's cash conversion cycle runs 24 days in FY25, down from 27 days in FY20. Capital spending ran ₹41.0 Cr over the last 3 years. At FY25 sales of ₹115 Cr each day of that cycle holds about ₹0.3 Cr, so roughly ₹8.0 Cr sits inside the business at any moment.

FY25: debtors at 24 days (an asset-light business — no inventory to speak of) — for a full cycle of 24 days, tighter than FY20's 27.

In money terms: at FY25 sales of ₹115 Cr, each day of the cycle holds about ₹0.3 Cr — so the 24-day loop keeps roughly ₹8.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹41.0 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 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 13%.

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.

IST Ltd earns a ROCE of 13% in FY25. That is up from a trough of 10% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 121.7% net margin on 0.07× asset turns.

FY25 ROCE is 13%, recovered from a FY23 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 121.7% net margin × 0.07× asset turns × 1.06× balance-sheet leverage ≈ 9.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

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.

IST Ltd carries ₹6.0 Cr of borrowings against ₹1,473 Cr of equity in FY25, a debt-to-equity of 0.00. Operating profit covers the interest bill 14×. Over 5 years borrowings went from ₹0.0 Cr to ₹6.0 Cr. Capital spending ran ₹41.0 Cr across the last 3 of those years.

FY25: borrowings of ₹6.0 Cr against equity of ₹1,473 Cr — a debt-to-equity of 0.00. Operating profit covers the interest bill 14×. Over 5 years borrowings went from ₹0.0 Cr to ₹6.0 Cr while capital spending ran ₹41.0 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: Domestic institutions added 1.1 points over 8 quarters.

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.

Domestic institutions added 1.1 points of IST Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 1.1% of the company. Promoters moved +0.0 points over the same window, to 75.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.1 points over 8 quarters to 1.1%; Promoters: +0.0 points over 8 quarters to 75.0%.

Why the register moved: domestic institutions drove it (+1.1 points) — steady accumulation by institutions reading the same numbers this page reads.

→ 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.

IST 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.

Frequently asked questions