Apis 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.

Apis India Ltd trades at ₹60.5, in a confirmed uptrend and 71 weeks into that stage. That is +67.2% against its own 200-day average. It sits at 56% of a 52-week range of ₹3 to ₹105. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 60 straight weeks.

Today the stock is in a confirmed uptrend — week 71 of stage 2, confirmed. At ₹60.5 it trades +67.2% versus its 200-day average and sits at 56% of its 52-week range (₹3–₹105).

Against the market, two honest reads. Cumulative: over the last 9.4 years the stock moved +12,498% while the NIFTY 500 moved +201% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 60 straight weeks — 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.

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.

Apis India Ltd trades at 29.8× P/E, mid-range by its own standards (39th percentile). Its long-run median P/E is 32.7×, measured across 6.9 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 29.8× is mid-range by its own standards (39th percentile), against a long-run median of 32.7× measured over 6.9 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 +0.0% against a +438.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the +186.2%/yr price move, ~+10.9%/yr came from earnings growth and ~+175.3 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Apis India Ltd was priced for profit growth of about 23.5% a year. Profit itself has compounded 9.6% a year over the past 8 years. The market pays that at 29.8× P/E, the 39th percentile of its own 7-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is far above what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Improving 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).

Apis India Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 6 quarters ago at −44.4% and has held its recovery at +25.0% (single-quarter readings), ROCE lifting at 15.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

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.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

48.5/100 — rank 1 of 2 in Food - Processing - Others · 53% evidence confidence

Apis India Ltd scores 48.5 out of 100 against the 2 companies it is compared with in Food - Processing - Others, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 13.1 + 12.9 + 10 + 12.5 = 48.5. 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.

Apis India Ltd reported ₹98.0 Cr of revenue in the Mar 26 quarter, +8.9% year on year. That is the 3rd straight quarter of year-on-year growth. Over 8 years it has compounded at 10.0% a year. The last full year, FY26, came in at ₹391 Cr. The last four reported quarters add to ₹391 Cr.

FY26 revenue came in at ₹391 Cr (+11.7% on the year), capping 8 years at 10.0% compound. The latest quarter (Mar 26) printed ₹98.0 Cr, +8.9% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.8% growth against the decade's 10.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.7% over the last 4 quarters against +11.2%/yr over the last 8 — stabilising; TTM profit −4.0% vs −14.7%/yr — accelerating.

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.

Apis India Ltd's operating margin is 8.0% in the Mar 26 quarter, −4.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 5.0% to 11.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 8.0%, −4.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 5.0%–11.0%.

🚨 Why the margin moved: operating margin went −4.2 pp year on year while gross margin went +7.4 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Apis India Ltd earned ₹10.0 Cr of net profit in the Mar 26 quarter, +25.0% year on year. Full-year FY26 profit was ₹25.0 Cr. The 8-year compound rate is 9.6%. That is 10.2% of the quarter's revenue. The same quarter a year earlier earned ₹8.0 Cr.

Mar 26 profit was ₹10.0 Cr, +25.0% year on year. On the full year, FY26 printed ₹25.0 Cr (+0.0%), and the 8-year compound rate is 9.6%.

Why profit moved: revenue contributed +8.9% and the margin −4.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −8.8% vs revenue +11.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 20% of Apis India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹14.0 Cr of operating cash against ₹25.0 Cr of profit. After ₹11.0 Cr of capital spending, ₹3.0 Cr was left as free cash.

FY26: operating cash of ₹14.0 Cr against reported profit of ₹25.0 Cr, leaving free cash of ₹3.0 Cr after ₹11.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 20% 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 20%: the cash cycle tightened 20 days between FY21 and FY26 — 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: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Apis India Ltd's cash conversion cycle runs 207 days in FY26, down from 227 days in FY21. Capital spending ran ₹20.0 Cr over the last 3 years. At FY26 sales of ₹391 Cr each day of that cycle holds about ₹1.1 Cr, so roughly ₹222 Cr sits inside the business at any moment.

FY26: debtors at 122 days, inventory at 126 days — roughly 4.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 207 days, tighter than FY21's 227.

The full loop: cash goes out to suppliers and production on day 0; stock waits 126 days to sell; customers pay about 122 days after that; and suppliers themselves are paid at 41 days — netting out to the 207-day cycle.

In money terms: at FY26 sales of ₹391 Cr, each day of the cycle holds about ₹1.1 Cr — so the 207-day loop keeps roughly ₹222 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹20.0 Cr over the last 3 fiscal years against ₹11.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — 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.

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.

Apis India Ltd earns a ROCE of 15% in FY26. That is up from a trough of 6% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 6.4% net margin on 1.27× asset turns.

FY26 ROCE is 15%, recovered from a FY20 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 6.4% net margin × 1.27× asset turns × 1.55× balance-sheet leverage ≈ 12.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

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.

Apis India Ltd carries ₹67.0 Cr of borrowings against ₹199 Cr of equity in FY26, a debt-to-equity of 0.34. Operating profit covers the interest bill 9×. Over 5 years borrowings went from ₹85.0 Cr to ₹67.0 Cr. Capital spending ran ₹20.0 Cr across the last 3 of those years.

FY26: borrowings of ₹67.0 Cr against equity of ₹199 Cr — a debt-to-equity of 0.34. Operating profit covers the interest bill 9×. Over 5 years borrowings went from ₹85.0 Cr to ₹67.0 Cr while capital spending ran ₹20.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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 Apis India Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 74.7%.

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.

Apis 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.

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