Devson Catalyst Ltd

Price story A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Devson Catalyst Ltd is in stage 2. The phase helps read everything below.

Devson Catalyst Ltd's share price was ₹370 at the close on 16 October 2026. It has been rising for 10 weeks. That is 47.3% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹268 and ₹388, and today it sits 85% of the way up from that low.

There is not enough history yet to compare it with the NIFTY 500.

Over the last 2 months the share price moved +36% while the NIFTY 500 moved −5%, so it is ahead of the index over that whole period. The chart below shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Valuation P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Devson Catalyst Ltd's P/E is 41.0×, near the high end of its own history: higher than 88% of past readings. Its usual P/E (the middle reading) is 30.4×, over 0.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Business trend Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Devson Catalyst Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend.

Why it matters: with too little history, we say so rather than guess a direction.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Revenue Revenue is everything the company billed its customers in the period.

Devson Catalyst Ltd's latest quarterly revenue is not on file. Over 3 years it has grown 19.3% a year on average. The last full year, FY26, came in at ₹56.0 Cr.

FY26 revenue was ₹56.0 Cr, +5.7% on the year before.

Operating margin Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

We do not have a clean operating margin for Devson Catalyst Ltd. Its accounts do not report the operating-profit line this section uses, which is common for lenders and holding companies. The other sections show what its filings do report.

Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

Net profit Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Devson Catalyst Ltd's latest quarterly profit is not on file. Full-year FY26 profit was ₹13.0 Cr. Over 3 years profit has grown 86.6% a year on average.

For the full year, FY26 profit was ₹13.0 Cr (+62.5% on the year before).

Cash flow The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Over the last 3 years, 36% of Devson Catalyst Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹5.0 Cr of operating cash against ₹13.0 Cr of profit. After ₹6.0 Cr of spending on assets, free cash was ₹−1.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

🚨 Why 36% of profit came in as cash: the cash cycle got 118 days longer between FY23 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 118 days longer. The next section looks at where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Devson Catalyst Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 170 days in FY26, up from 52 days in FY23. It spent ₹9.0 Cr on assets over the last 3 years. Customers take 110 days to pay, and stock sits for 104 days on average.

At FY26 sales of ₹56.0 Cr, each day of that cycle ties up about ₹0.2 Cr, so roughly ₹26.0 Cr is tied up in the business at any time.

FY26: customers took 110 days to pay and stock sat for 104 days, about 3.4 months of sales sitting as stock, for a full cycle of 170 days, longer than FY23's 52.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 104 days. Customers pay about 110 days after that. Suppliers are paid at 44 days. Together that makes the 170-day cycle.

Spending on assets: ₹9.0 Cr over the last 3 years, against ₹2.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Devson Catalyst Ltd earned a ROCE of 57% in FY26. That is up from a low of 47% in FY24. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 23.2% net margin and 1.33× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 23.2% net margin × 1.33× asset turnover × 1.27× leverage (assets divided by equity) ≈ 39.2% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed.

Debt Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Devson Catalyst Ltd had ₹2.0 Cr of borrowings against ₹33.0 Cr of equity in FY26, so its debt is 0.06× its equity. Over 3 years borrowings went from ₹1.0 Cr to ₹2.0 Cr. Over the last 3 of those years it spent ₹9.0 Cr on assets.

Part of the spending on assets is being paid for with borrowed money.

Ownership Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

No group of Devson Catalyst Ltd's owners changed its stake by a full percentage point over the last two years. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Balance-sheet safety The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

For Devson Catalyst Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

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