Ardee Industries 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.

Ardee Industries Ltd trades at ₹48.8, between stages. That is −23.0% against its own 200-day average. It sits at 7% of a 52-week range of ₹47 to ₹67. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is between stages. At ₹48.8 it trades −23.0% versus its 200-day average and sits at 7% of its 52-week range (₹47–₹67).

Against the market, two honest reads. Cumulative: over the last 1 months the stock moved −27% while the NIFTY 500 moved −7% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 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.

Ardee Industries Ltd trades at 17.9× P/E, against too little history to rank. Its long-run median P/E is 16.6×, measured across 0.1 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 17.9× is against too little history to rank, against a long-run median of 16.6× measured over 0.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

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).

Ardee Industries 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.

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

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

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

Ardee Industries Ltd reported ₹339 Cr of revenue in the Jun 26 quarter, +35.1% year on year. Over 3 years it has compounded at 41.5% a year. The last full year, FY26, came in at ₹1,168 Cr.

FY26 revenue came in at ₹1,168 Cr (+57.2% on the year), capping 3 years at 41.5% compound. The latest quarter (Jun 26) printed ₹339 Cr, +35.1% year on year.

Pace check: the last four quarters averaged +35.1% growth against the decade's 41.5% — the current year is running slower than its own long-run rate.

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.

Ardee Industries Ltd's operating margin is 10.0% in the Jun 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 6.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 10.0%, −3.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 6.0%–13.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

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

Ardee Industries Ltd earned ₹20.0 Cr of net profit in the Jun 26 quarter, +5.3% year on year. Full-year FY26 profit was ₹85.0 Cr. The 3-year compound rate is 111.4%. That is 5.9% of the quarter's revenue.

Jun 26 profit was ₹20.0 Cr, +5.3% year on year. On the full year, FY26 printed ₹85.0 Cr (+157.6%), and the 3-year compound rate is 111.4%.

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 10% of Ardee Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹30.0 Cr of operating cash against ₹85.0 Cr of profit. After ₹13.0 Cr of capital spending, ₹17.0 Cr was left as free cash.

FY26: operating cash of ₹30.0 Cr against reported profit of ₹85.0 Cr, leaving free cash of ₹17.0 Cr after ₹13.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 10% 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 10%: the cash cycle held roughly steady between FY23 and FY26 — so conversion tracks profitability rather than the cycle. 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 2.3× 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).

Ardee Industries Ltd's cash conversion cycle runs 49 days in FY26, up from 41 days in FY23. Capital spending ran ₹60.0 Cr over the last 3 years. At FY26 sales of ₹1,168 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹157 Cr sits inside the business at any moment.

FY26: debtors at 8 days, inventory at 47 days — roughly 1.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 49 days, looser than FY23's 41.

The full loop: cash goes out to suppliers and production on day 0; stock waits 47 days to sell; customers pay about 8 days after that; and suppliers themselves are paid at 6 days — netting out to the 49-day cycle.

In money terms: at FY26 sales of ₹1,168 Cr, each day of the cycle holds about ₹3.2 Cr — so the 49-day loop keeps roughly ₹157 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹60.0 Cr over the last 3 fiscal years against ₹26.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 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.

Ardee Industries Ltd earns a ROCE of 49% in FY26. That is up from a trough of 16% in FY24. Return on invested capital clears the cost of that capital by +25.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.3% net margin on 3.22× asset turns.

FY26 ROCE is 49%, recovered from a FY24 trough of 16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.3% net margin × 3.22× asset turns × 2.47× balance-sheet leverage ≈ 58.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 37.4% − 12.0% = a +25.4 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. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

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.

Ardee Industries Ltd carries ₹184 Cr of borrowings against ₹147 Cr of equity in FY26, a debt-to-equity of 1.25. Operating profit covers the interest bill 6×. Over 3 years borrowings went from ₹81.0 Cr to ₹184 Cr. Capital spending ran ₹60.0 Cr across the last 3 of those years.

FY26: borrowings of ₹184 Cr against equity of ₹147 Cr — a debt-to-equity of 1.25. Operating profit covers the interest bill 6×. Over 3 years borrowings went from ₹81.0 Cr to ₹184 Cr while capital spending ran ₹60.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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 Ardee Industries 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 — .

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.

Ardee Industries 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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