RattanIndia Enterprises 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.

RattanIndia Enterprises Ltd trades at ₹31.8, in a downtrend and 42 weeks into that stage. That is −17.3% against its own 200-day average. It sits at 17% of a 52-week range of ₹26 to ₹62. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is in a downtrend — week 42 of stage 4, confirmed. At ₹31.8 it trades −17.3% versus its 200-day average and sits at 17% of its 52-week range (₹26–₹62).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +864% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-19) — 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 96th 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.

RattanIndia Enterprises Ltd trades at 84.5× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 17.6×, measured across 4.9 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 84.5× is at the pricey end of its own range (96th percentile), against a long-run median of 17.6× measured over 4.9 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 −296.7% against a −48.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the −9.6%/yr price move, ~+14.5%/yr came from earnings growth and ~−24.1 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 full 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: Deteriorating 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).

RattanIndia Enterprises Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −308.8% latest against +905.5% at its 12-quarter best), ROCE lifting at -9.6%. The read is built from 12 quarters across 4 curves, on full evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

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

4-Factor Sector Score

29.9/100 — rank 26 of 36 in Miscellaneous · 62% evidence confidence

RattanIndia Enterprises Ltd scores 29.9 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 26. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.8 + 2.6 + 10 + 3.5 = 29.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

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

RattanIndia Enterprises Ltd reported ₹1,697 Cr of revenue in the Mar 26 quarter, +12.8% year on year. That is the 3rd straight quarter of year-on-year growth. The last full year, FY26, came in at ₹7,531 Cr. The last four reported quarters add to ₹8,140 Cr.

RattanIndia Enterprises Ltd reported ₹1,697 Cr of revenue in the Mar 26 quarter, +12.8% year on year. That is the 3rd straight quarter of year-on-year growth. The last full year, FY26, came in at ₹7,531 Cr. The last four reported quarters add to ₹8,140 Cr.

FY26 revenue came in at ₹7,531 Cr (+9.7% on the year). The latest quarter (Mar 26) printed ₹1,697 Cr, +12.8% year on year — the 3rd consecutive quarter of year-over-year growth.

Acceleration check: trailing-twelve-month revenue grew +5.4% over the last 4 quarters against +15.9%/yr over the last 8 — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: −6.0% this quarter (+19.0 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.

RattanIndia Enterprises Ltd's operating margin is −6.0% in the Mar 26 quarter, +19.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −1,670.0% to 10.0%. The current quarter sits inside that band.

RattanIndia Enterprises Ltd's operating margin is −6.0% in the Mar 26 quarter, +19.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −1,670.0% to 10.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −6.0%, +19.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −1,670.0%–10.0%.

Why the margin moved: operating margin went +19.0 pp year on year while gross margin went +1.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit null 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.

RattanIndia Enterprises Ltd posted a net loss of ₹110 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹166 Cr. That loss is 6.5% of the quarter's revenue. The same quarter a year earlier lost ₹359 Cr. 7 of the last 12 reported quarters were loss-making.

RattanIndia Enterprises Ltd posted a net loss of ₹110 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹166 Cr. That loss is 6.5% of the quarter's revenue. The same quarter a year earlier lost ₹359 Cr. 7 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−110 Cr, null year on year. On the full year, FY26 printed ₹−166 Cr (−304.9%).

→ Profit rose — but did the cash follow? Next: 24% 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 24% of RattanIndia Enterprises Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−56.0 Cr of operating cash against ₹−166 Cr of profit. After ₹8.0 Cr of capital spending, ₹−64.0 Cr was left as free cash.

FY26: operating cash of ₹−56.0 Cr against reported profit of ₹−166 Cr, leaving free cash of ₹−64.0 Cr after ₹8.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 24% 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 24%: the cash cycle stretched 18 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 18 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 18-day cycle, in money terms.

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).

RattanIndia Enterprises Ltd's cash conversion cycle runs 18 days in FY26, up from 0 days in FY21. Capital spending ran ₹30.0 Cr over the last 3 years. At FY26 sales of ₹7,531 Cr each day of that cycle holds about ₹20.6 Cr, so roughly ₹371 Cr sits inside the business at any moment.

FY26: debtors at 3 days, inventory at 63 days — roughly 2.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 18 days, looser than FY21's 0.

The full loop: cash goes out to suppliers and production on day 0; stock waits 63 days to sell; customers pay about 3 days after that; and suppliers themselves are paid at 48 days — netting out to the 18-day cycle.

In money terms: at FY26 sales of ₹7,531 Cr, each day of the cycle holds about ₹20.6 Cr — so the 18-day loop keeps roughly ₹371 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹30.0 Cr over the last 3 fiscal years against ₹47.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is −5% and the ROIC − WACC spread is −2.7 pp.

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.

RattanIndia Enterprises Ltd earns a ROCE of −5% in FY26. That is up from a trough of −146% in FY19. Return on invested capital clears the cost of that capital by −2.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −2.2% net margin on 2.72× asset turns.

FY26 ROCE is −5%, recovered from a FY19 trough of −146% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): −2.2% net margin × 2.72× asset turns × 3.61× balance-sheet leverage ≈ −21.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 9.3% − 12.0% = a −2.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.43.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

RattanIndia Enterprises Ltd carries total debt of ₹1,101 Cr against shareholder equity of ₹770 Cr as of Mar 26, a debt-to-equity of 1.43. On the annual view that ratio went from 0.23 in FY22 to 1.43 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,101 Cr against shareholder equity of ₹770 Cr — a debt-to-equity of 1.43. On the annual view, debt-to-equity went from 0.23 (FY22) to 1.43 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 3.0 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.

Foreign institutions cut 3.0 points of RattanIndia Enterprises Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 5.4% of the company. Promoters moved +0.0 points over the same window, to 74.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −3.0 points over 8 quarters to 5.4%; Promoters: +0.0 points over 8 quarters to 74.9%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

🚨 Why the register moved: foreign institutions drove it (−3.0 points) — distribution into the market’s bid.

→ 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.

RattanIndia Enterprises 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