State Trading Corporation of 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.

State Trading Corporation of India Ltd trades at ₹120, building a base and 5 weeks into that stage. That is −1.8% against its own 200-day average. It sits at 46% of a 52-week range of ₹99 to ₹145. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is building a base — week 5 of stage 1, confirmed. At ₹120 it trades −1.8% versus its 200-day average and sits at 46% of its 52-week range (₹99–₹145).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +39% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — 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 47th 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.

State Trading Corporation of India Ltd trades at 15.9× P/E, mid-range by its own standards (47th percentile). Its long-run median P/E is 16.4×, measured across 4.5 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 15.9× is mid-range by its own standards (47th percentile), against a long-run median of 16.4× measured over 4.5 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 −51.6% against a −12.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the +14.2%/yr price move, ~+11.7%/yr came from earnings growth and ~+2.5 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.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ 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).

State Trading Corporation of India 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 8 quarters across 1 curve, on partial evidence.

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

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

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.

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

45.9/100 — rank 24 of 48 in Trading · 50% evidence confidence

State Trading Corporation of India Ltd scores 45.9 out of 100 against the 48 companies it is compared with in Trading, ranking 24. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 18.7 + 8.7 + 12.2 + 6.3 = 45.9. 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.

State Trading Corporation of India Ltd reported ₹0.0 Cr of revenue in the Dec 25 quarter. The last full year, FY25, came in at ₹0.0 Cr. The last four reported quarters add to ₹0.0 Cr. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

State Trading Corporation of India Ltd reported ₹0.0 Cr of revenue in the Dec 25 quarter. The last full year, FY25, came in at ₹0.0 Cr. The last four reported quarters add to ₹0.0 Cr. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY25 revenue came in at ₹0.0 Cr (null on the year). The latest quarter (Dec 25) printed ₹0.0 Cr, null year on year.

Acceleration check: TTM profit +1,683.3% vs +282.0%/yr — accelerating.

→ Revenue slipped — did margins hold as it scaled? Next: the margin picture.

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.

A clean operating margin is not in our numbers for State Trading Corporation of India Ltd — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

A clean operating margin is not in our numbers for State Trading Corporation of India Ltd — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for State Trading Corporation of India Ltd.

🚨 Why the margin moved: operating margin went −111.5 pp year on year while gross margin went +98.9 pp — the loss came mostly from the gross line: input costs and pricing.

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 +750.0% 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.

State Trading Corporation of India Ltd earned ₹17.0 Cr of net profit in the Dec 25 quarter, +750.0% year on year. Full-year FY25 profit was ₹25.0 Cr. The same quarter a year earlier earned ₹2.0 Cr. 1 of the last 12 reported quarters were loss-making.

State Trading Corporation of India Ltd earned ₹17.0 Cr of net profit in the Dec 25 quarter, +750.0% year on year. Full-year FY25 profit was ₹25.0 Cr. The same quarter a year earlier earned ₹2.0 Cr. 1 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹17.0 Cr, +750.0% year on year. On the full year, FY25 printed ₹25.0 Cr (−51.0%).

→ Profit rose — but did the cash follow? Next: −238% 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 −238% of State Trading Corporation of India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−171 Cr of operating cash against ₹25.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹−171 Cr was left as free cash.

FY25: operating cash of ₹−171 Cr against reported profit of ₹25.0 Cr, leaving free cash of ₹−171 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −238% 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 −238%: the cash cycle tightened 5,65,853 days between FY17 and FY23 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a −5,65,761-day cycle and ₹0.0 Cr of building.

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).

State Trading Corporation of India Ltd's cash conversion cycle runs −5,65,761 days in FY23, down from 92 days in FY17. Capital spending ran ₹0.0 Cr over the last 3 years. Customers take −5,65,729 days to pay and stock waits −32 days to sell.

FY23: debtors at −5,65,729 days, inventory at −32 days — roughly −1.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −5,65,761 days, tighter than FY17's 92.

On the investment side: capital spending of ₹0.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 87%.

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.⚠ unverified

State Trading Corporation of India Ltd earns a ROCE of 87% in FY17. That is up from a trough of 23% 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 −3,200.0% net margin on 0.00× asset turns.

FY17 ROCE is 87%, recovered from a FY16 trough of 23% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY23): −3,200.0% net margin × 0.00× asset turns × −0.50× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; 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 −0.43.

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.⚠ unverified

State Trading Corporation of India Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. On the annual view that ratio went from −0.43 in FY21 to −0.43 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Dec 25: total debt of ₹1,177 Cr against shareholder equity of ₹−3,981 Cr — a debt-to-equity of −0.30. On the annual view, debt-to-equity went from −0.43 (FY21) to −0.43 (FY25). The returns on this page are earned, not borrowed.

→ 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 State Trading Corporation of India Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 90.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −0.1 points over 8 quarters to 0.5%; Promoters: +0.0 points over 8 quarters to 90.0%; Foreign institutions: +0.0 points over 8 quarters to 0.0%.

→ 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.

State Trading Corporation of 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.

Frequently asked questions