Innovision 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.

Innovision Ltd trades at ₹282, in a downtrend and 21 weeks into that stage. That is −14.0% against its own 200-day average. It sits at 0% of a 52-week range of ₹282 to ₹328. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (10 weeks and counting).

Today the stock is in a downtrend — week 21 of stage 4, confirmed. At ₹282 it trades −14.0% versus its 200-day average and sits at 0% of its 52-week range (₹282–₹328).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved −11% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (10 weeks and counting) — 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.

Innovision Ltd trades at 39.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 19.3×, measured across 0.4 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 39.0× is about the priciest it has ever traded, against a long-run median of 19.3× measured over 0.4 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 full 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).

Innovision 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. The read is built from 4 quarters across 1 curve, on partial evidence.

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

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.

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.

Innovision Ltd reported ₹264 Cr of revenue in the Jun 26 quarter, +18.3% year on year. That is the 3rd straight quarter of year-on-year growth. Over 4 years it has compounded at 47.0% a year. The last full year, FY26, came in at ₹981 Cr. The last four reported quarters add to ₹1,022 Cr.

FY26 revenue came in at ₹981 Cr (+9.9% on the year), capping 4 years at 47.0% compound. The latest quarter (Jun 26) printed ₹264 Cr, +18.3% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +8.9% growth against the decade's 47.0% — 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.

Innovision Ltd's operating margin is −3.8% in the Jun 26 quarter, −11.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 3.5% to 6.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −3.8%, −11.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 3.5%–6.0%, and FY26's 6.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −11.0 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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.

Innovision Ltd posted a net loss of ₹7.3 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹36.0 Cr. The 4-year compound rate is 73.2%. That loss is 2.8% of the quarter's revenue. The same quarter a year earlier earned ₹12.4 Cr.

Jun 26 profit was ₹−7.3 Cr, −159.4% year on year. On the full year, FY26 printed ₹36.0 Cr (+24.1%), and the 4-year compound rate is 73.2%.

🚨 Why profit moved: revenue contributed +18.3% and the margin −11.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −35.8% vs revenue +8.9%. 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 −59% of Innovision Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−28.0 Cr of operating cash against ₹36.0 Cr of profit. After ₹5.0 Cr of capital spending, ₹−33.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹−28.0 Cr against reported profit of ₹36.0 Cr, leaving free cash of ₹−33.0 Cr after ₹5.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −59% 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 −59%: the cash cycle tightened 22 days between FY22 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 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).

Innovision Ltd's cash conversion cycle runs 59 days in FY26, down from 81 days in FY22. Capital spending ran ₹16.0 Cr over the last 3 years. At FY26 sales of ₹981 Cr each day of that cycle holds about ₹2.7 Cr, so roughly ₹159 Cr sits inside the business at any moment.

FY26: debtors at 59 days (an asset-light business — no inventory to speak of) — for a full cycle of 59 days, tighter than FY22's 81.

In money terms: at FY26 sales of ₹981 Cr, each day of the cycle holds about ₹2.7 Cr — so the 59-day loop keeps roughly ₹159 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹16.0 Cr over the last 3 fiscal years against ₹7.0 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.⚠ unverified

Innovision Ltd earns a ROCE of 20% in FY26. Return on invested capital clears the cost of that capital by +11.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.7% net margin on 2.07× asset turns.

FY26 ROCE is 20%.

Why the return is what it is — the wiring (FY26): 3.7% net margin × 2.07× asset turns × 1.61× balance-sheet leverage ≈ 12.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 23.4% − 12.0% = a +11.4 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. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Innovision Ltd carries total debt of ₹125 Cr against shareholder equity of ₹294 Cr as of Mar 26, a debt-to-equity of 0.43. On the annual view that ratio went from 0.96 in FY25 to 0.43 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹125 Cr against shareholder equity of ₹294 Cr — a debt-to-equity of 0.43. On the annual view, debt-to-equity went from 0.96 (FY25) to 0.43 (FY26). Read the returns on this page with that leverage in mind.

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 Innovision 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.

Innovision Ltd: the Z-score reads 6.75. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 6.75 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 6.75.

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