Baheti Recycling Industries Ltd (BAHETI) — share price & stock analysis

Market cap

₹748 Cr

P/E

27.7×

ROE

35.4%

vs own history (since 2023)

25th pctile

Book value / share

₹90.3

EPS (TTM)

₹26.1

10-yr median P/E

34.2×

Revenue (FY26)

₹725 Cr

Profit after tax (FY26)

₹27 Cr

Weinstein stage

Stage 2 (6 weeks)

Data as of

24 June 2026

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

Where the levels actually stand: ROCE 22% — a high-quality engine; real debt (2.46× equity); margins at an all-time high. 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, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

The market has pre-paid for growth that hasn’t arrived yet

Since May 2023, the stock is up 568% while earnings per share grew 308%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 27.7× sits near the bottom of its own range — it has been cheaper than this only 25% of the time against its own history since 2023.pe_ratio

And the sharper caveat: today’s margins are the best this company has ever printed. The cheap multiple is only real if they hold — earnings at record profitability flatter every valuation ratio.operating_profit

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; 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 (34.2×).

An uptrend that has held for 6 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, 6 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹578 today) and its strength against the index is still improving — 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 14 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

Profits are at an all-time high

Over 9 years, sales went from ₹72.0 Cr to ₹725 Cr (about 29% a year), and profit from ₹0.0 Cr to ₹27.0 Cr.revenuenet_profit

Margins widened 5.6 points along the way — growth with improving economics.operating_profit

Sales exploded 54% last quarter — the 6th straight quarter of growth

Mar 26 sales were ₹410 Cr, up 54% on the same quarter last year.revenue

That makes 6 quarters of growth in a row — this is a trend, not a blip.revenue

Margins have been rebuilt — 2.8% in FY22 to 8.4% now

Of every ₹100 of sales, the company keeps ₹9.7 as operating profit (a year ago it kept ₹9.1).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 2.8% in FY22 and has been rebuilt to 8.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

Profit exploded 64% — mostly from selling more

Mar 26 profit after tax was ₹18.0 Cr, up 64% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹60.0 Cr of profit and collected ₹−89.0 Cr of operating cash — about -148% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹−36.0 Cr against ₹27.0 Cr of reported profit — about -133%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 155 days to go out the door as materials and come back as collected cash — up from 146 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (115 → 134 days).inventory_days

Building hard — new capacity is under construction

The productive asset base has gone from ₹3.0 Cr (FY17) to ₹34.0 Cr, with another ₹6.0 Cr of capacity under construction right now.fixed_assetscwip

Work-in-progress is 18% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip

The build is bigger than the cash engine: investing outflows (₹29.0 Cr) exceeded operating cash (₹−70.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Carrying real debt

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹246 — total borrowings have grown from ₹18.0 Cr to ₹229 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹22 — a high-quality engine

Return on capital employed is 22.0% (a year ago: 22.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

The owners aren’t moving

Promoters hold 74.1%, essentially unchanged. Foreign funds own 0.0%, domestic funds null%.promoters_pctfiis_pctdiis_pct

A good business — the question is the price

The numbers are genuinely mixed, and the price already assumes the good news continues.

Best thing in the data: profit rising (₹11.0 Cr → ₹18.0 Cr).net_profit

Biggest worry: free cash flow falling (₹−28.0 Cr → ₹−50.0 Cr).operating_cash_flow

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