CIAN Agro Industries & Infrastructure 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.

CIAN Agro Industries & Infrastructure Ltd trades at ₹1,481, in a confirmed uptrend and 15 weeks into that stage. That is +8.1% against its own 200-day average. It sits at 40% of a 52-week range of ₹400 to ₹3,123. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹1,481 it trades +8.1% versus its 200-day average and sits at 40% of its 52-week range (₹400–₹3,123).

Against the market, two honest reads. Cumulative: over the last 9.3 years the stock moved +11,748% while the NIFTY 500 moved +190% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 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.

CIAN Agro Industries & Infrastructure Ltd trades at 12.9× P/E, near the bottom of its own range — cheaper only 7% of the time. Its long-run median P/E is 47.8×, measured across 9.3 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 12.9× is near the bottom of its own range — cheaper only 7% of the time, against a long-run median of 47.8× measured over 9.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +440.9% against a +211.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +102.3%/yr price move, ~+151.5%/yr came from earnings growth and ~−49.2 pp from the multiple (compressing). 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 low 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.

Solved at its 13 June 2026 price, CIAN Agro Industries & Infrastructure Ltd was paying for profit growth of about 14.3% a year. Profit itself has compounded 61.4% a year over the past 9 years. Today the market pays 12.9× P/E, the 7th percentile of its own 9-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. 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.

Stage: Mixed 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).

CIAN Agro Industries & Infrastructure Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +580.9% at its peak to +51.8% but is still expanding, ROCE holding at 12.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in 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

68.1/100 — rank 1 of 5 in Edible Oils, Agro Processing · 76% evidence confidence

CIAN Agro Industries & Infrastructure Ltd scores 68.1 out of 100 against the 5 companies it is compared with in Edible Oils, Agro Processing, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 31.5 + 10.2 + 13.1 + 13.3 = 68.1. 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.

CIAN Agro Industries & Infrastructure Ltd reported ₹587 Cr of revenue in the Jun 26 quarter, +14.9% year on year. That is the 8th straight quarter of year-on-year growth. Over 9 years it has compounded at 41.1% a year. The last full year, FY26, came in at ₹2,234 Cr. The last four reported quarters add to ₹2,310 Cr.

FY26 revenue came in at ₹2,234 Cr (+117.1% on the year), capping 9 years at 41.1% compound. The latest quarter (Jun 26) printed ₹587 Cr, +14.9% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +87.2% growth against the decade's 41.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +51.8% over the last 4 quarters against +274.2%/yr over the last 8 — rolling over; TTM profit +247.3% vs +703.7%/yr — rolling over.

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.

CIAN Agro Industries & Infrastructure Ltd's operating margin is 34.0% in the Jun 26 quarter, +12.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 3.0% to 21.0%.

The latest quarter's operating margin is 34.0%, +12.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 3.0%–21.0%, and FY26's 21.0% is the top of that band — a record year.

Why the margin moved: operating margin went +12.0 pp year on year while gross margin went +7.6 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

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

CIAN Agro Industries & Infrastructure Ltd earned ₹150 Cr of net profit in the Jun 26 quarter, +188.5% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹223 Cr. The 9-year compound rate is 61.4%. That is 25.6% of the quarter's revenue. The same quarter a year earlier earned ₹52.0 Cr.

Jun 26 profit was ₹150 Cr, +188.5% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹223 Cr (+443.9%), and the 9-year compound rate is 61.4%.

Why profit moved: revenue contributed +14.9% and the margin +12.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +353.7% vs revenue +87.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to 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 268% of CIAN Agro Industries & Infrastructure Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹375 Cr of operating cash against ₹223 Cr of profit. After ₹23.0 Cr of capital spending, ₹352 Cr was left as free cash.

FY26: operating cash of ₹375 Cr against reported profit of ₹223 Cr, leaving free cash of ₹352 Cr after ₹23.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 268% 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 268%: the cash cycle tightened 200 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 18.1× 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).

CIAN Agro Industries & Infrastructure Ltd's cash conversion cycle runs 116 days in FY26, down from 316 days in FY21. Capital spending ran ₹2,931 Cr over the last 3 years. At FY26 sales of ₹2,234 Cr each day of that cycle holds about ₹6.1 Cr, so roughly ₹710 Cr sits inside the business at any moment.

FY26: debtors at 72 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 116 days, tighter than FY21's 316.

The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 72 days after that; and suppliers themselves are paid at 70 days — netting out to the 116-day cycle.

In money terms: at FY26 sales of ₹2,234 Cr, each day of the cycle holds about ₹6.1 Cr — so the 116-day loop keeps roughly ₹710 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,931 Cr over the last 3 fiscal years against ₹162 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹11.0 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.

CIAN Agro Industries & Infrastructure Ltd earns a ROCE of 12% in FY26. That is up from a trough of 7% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 10.0% net margin on 0.53× asset turns.

FY26 ROCE is 12%, recovered from a FY25 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 10.0% net margin × 0.53× asset turns × 1.97× balance-sheet leverage ≈ 10.4% on equity. Margin does its share; leverage is a meaningful part of the equation.

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.

CIAN Agro Industries & Infrastructure Ltd carries ₹1,199 Cr of borrowings against ₹2,155 Cr of equity in FY26, a debt-to-equity of 0.56. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹109 Cr to ₹1,199 Cr. Capital spending ran ₹2,931 Cr across the last 3 of those years.

FY26: borrowings of ₹1,199 Cr against equity of ₹2,155 Cr — a debt-to-equity of 0.56. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹109 Cr to ₹1,199 Cr while capital spending ran ₹2,931 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 CIAN Agro Industries & Infrastructure Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −0.1 points over 8 quarters to 67.6%; Foreign institutions: +0.0 points over 8 quarters to 0.1%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

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.

CIAN Agro Industries & Infrastructure 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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