Alufluoride Ltd

Price story A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Alufluoride Ltd is in stage 2. The phase helps read everything below.

Alufluoride Ltd's share price was ₹600 at the close on 16 October 2026. It has been rising for 4 weeks. That is 22.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹461 and ₹682, and today it sits 63% of the way up from that low.

There is not enough history yet to compare it with the NIFTY 500.

Over the last 2 months the share price moved +30% while the NIFTY 500 moved −5%, so it is ahead of the index over that whole period. The chart below shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Valuation P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Alufluoride Ltd's P/E is 18.8×, in the middle of its own history: higher than 37% of past readings. Its usual P/E (the middle reading) is 20.2×, over 4.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

What the price assumes This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

Worked out from its price on 11 October 2026, Alufluoride Ltd's share price assumed profit growth of about 11.9% a year. Today its P/E is 18.8×, higher than 37% of its own last 4 years.

The two numbers together. The multiple is about average against its own past, and the growth the price assumes is all the price rests on.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 16 October 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Business trend Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Alufluoride Ltd's business is slowing from a peak. Revenue and profit growth have slowed sharply (revenue growth from +26.5% at its peak to −39.3% now), while ROCE is still 24.0%. This is based on 9 quarters of 3 measures, with some gaps.

Why it matters: slowing from a peak is where good stories often end quietly, and the market tends to notice late.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Revenue Revenue is everything the company billed its customers in the period.

Alufluoride Ltd reported ₹26.6 Cr of revenue in the Jun 26 quarter, −39.3% on the same quarter a year earlier. Over 5 years it has grown 40.6% a year on average. The last full year, FY26, came in at ₹209 Cr. The last four reported quarters add to ₹192 Cr.

FY26 revenue was ₹209 Cr, +10.6% on the year before.

Recent pace: the last four quarters grew −4.4% on average, against 40.6% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew −3.5%, against +8.9% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +43.2%, against +17.1% a year (accelerating).

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

Alufluoride Ltd's operating margin was 17.1% in the Jun 26 quarter, 0.7 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 6 years it has been between 4.1% and 22.0%. The latest quarter is within that range.

Why the margin moved: operating margin changed +0.7 percentage points on the year while gross margin changed +9.9 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Net profit Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Alufluoride Ltd earned ₹2.8 Cr of net profit in the Jun 26 quarter, −11.3% on the same quarter a year earlier. Full-year FY26 profit was ₹25.0 Cr. That is 10.4% of the quarter's revenue. The same quarter a year earlier earned ₹3.1 Cr.

For the full year, FY26 profit was ₹25.0 Cr (+38.9% on the year before).

🚨 Why profit moved: revenue changed −39.3% on a year earlier and the margin moved +0.7 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +68.8% and revenue −4.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Cash flow The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Over the last 3 years, 154% of Alufluoride Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹47.0 Cr of operating cash against ₹25.0 Cr of profit. After ₹35.0 Cr of spending on assets, ₹12.0 Cr was left over as free cash.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 154% of profit came in as cash: the cash cycle got 33 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Alufluoride Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 43 days in FY26, down from 76 days in FY21. It spent ₹56.0 Cr on assets over the last 3 years. Customers take 19 days to pay, and stock sits for 59 days on average.

At FY26 sales of ₹209 Cr, each day of that cycle ties up about ₹0.6 Cr, so roughly ₹25.0 Cr is tied up in the business at any time.

FY26: customers took 19 days to pay and stock sat for 59 days, about 1.9 months of sales sitting as stock, for a full cycle of 43 days, shorter than FY21's 76.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 59 days. Customers pay about 19 days after that. Suppliers are paid at 35 days. Together that makes the 43-day cycle.

Spending on assets: ₹56.0 Cr over the last 3 years, against ₹28.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹23.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Alufluoride Ltd earned a ROCE of 24% in FY26. That is up from a low of 9% in FY22. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 12.0% net margin and 1.08× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 12.0% net margin × 1.08× asset turnover × 1.54× leverage (assets divided by equity) ≈ 20.0% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

Debt Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Alufluoride Ltd had ₹45.0 Cr of borrowings against ₹126 Cr of equity in FY26, so its debt is 0.36× its equity. Its operating profit is 15 times its interest bill. Over 5 years borrowings went from ₹32.0 Cr to ₹45.0 Cr. Over the last 3 of those years it spent ₹56.0 Cr on assets.

Part of the spending on assets is being paid for with borrowed money.

Ownership Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Domestic institutions cut their stake in Alufluoride Ltd by 1.3 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 0.0% of the company. Promoters moved +0.0 points over the same period, to 59.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Over the last two years: Domestic institutions: −1.3 points over 8 quarters, to 0.0%; Promoters: +0.0 points over 8 quarters, to 59.9%; Foreign institutions: +0.0 points over 8 quarters, to 0.1%.

🚨 Why the owners changed: domestic institutions drove it (−1.3 points). They reduced their stake.

Balance-sheet safety The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

For Alufluoride Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

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