Apex Frozen Foods Ltd (APEX) — share price & stock analysis

Market cap

₹1,255 Cr

P/E

32.3×

ROE

7.6%

vs own 10-yr valuation

67th pctile

Book value / share

₹169

EPS (TTM)

₹12.4

10-yr median P/E

20.0×

Revenue (FY26)

₹931 Cr

Profit after tax (FY26)

₹39 Cr

Weinstein stage

Stage 2 (34 weeks)

Data as of

1 July 2026

5 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 10% — weak; effectively no debt; margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The price is tracking the earnings — no froth, no gift

Since May 2018, the stock is down 32% and earnings per share are down 51% — the price has tracked the profits, not run ahead of them.pricettm_eps

The market is paying for delivery, not promises. What you see in earnings is what you get in the price.

Today’s P/E of 32.3× is the middle of its own range against its own 10-year history (67th percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (20×).

An uptrend that has held for 34 weeks

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 34 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹359 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 38 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Recovering — profits are climbing off the FY25 low but still below their best

Over 12 years, sales went from ₹514 Cr to ₹931 Cr (about 5% a year), and profit from ₹13.0 Cr to ₹39.0 Cr.revenuenet_profit

The worst year was FY25 (₹4.0 Cr). Everything in this story hangs on whether the climb since then continues.net_profit

Sales declined 15% last quarter

Mar 26 sales were ₹168 Cr, down 15% on the same quarter last year.revenue

A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.

Margins are widening — 3% → 8% in a year

Of every ₹100 of sales, the company keeps ₹7.6 as operating profit (a year ago it kept ₹3.3).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 3.1% in FY25 and has been rebuilt to 6.0% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (29% → 33%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit exploded 297% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹7.8 Cr, up 297% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹135 Cr of profit and collected ₹314 Cr of operating cash — about 233% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is tightening — money comes home faster

One rupee now takes about 128 days to go out the door as materials and come back as collected cash — down from 158 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (118 → 103 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹40.0 Cr (FY14) to ₹239 Cr, with another ₹2.0 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹12.0 Cr) fits inside the operating cash the business generated (₹157 Cr).investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹1 — total borrowings have shrunk from ₹79.0 Cr to ₹6.0 Cr over the window.borrowings

Every ₹100 kept in the business earns just ₹10

Return on capital employed is 10.0% (a year ago: 2.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Big money is quietly accumulating

Promoters hold 72.6%, essentially unchanged. Foreign funds own 6.0%, domestic funds 0.7%.promoters_pctfiis_pctdiis_pct

Institutions buying while the story develops is the market’s quiet vote of confidence — they meet management, you don’t.

Meanwhile domestic funds have been the sellers — from 4.5% to 0.7% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct

The numbers earn a deeper study — and watch the one thing that matters

The numbers lean positive, and the price is roughly fair to the delivery so far.

Best thing in the data: returns on capital rising (2.0% → 10.0%).roce_pct

Biggest worry: sales falling (₹197 Cr → ₹168 Cr).revenue

One dissent worth hearing: our quality & safety lens reads negative — “Quality & Safety: 7.0/30 (non-financial). Earnings stability: 5/8 quarters profitable → 1/5. Return durability: Avg ROCE 8.0% over 5Y → 0/6. Margin quality: OPM”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data