# Jyoti CNC Automation share price today (Jyoti CNC Automation Ltd, NSE: JYOTICNC) > Jyoti CNC Automation share price today: ₹967.40 at the NSE close on 3 November 2026, up 12.0% in a year. Jyoti CNC Automation (NSE: JYOTICNC) is worth ₹21,991 crore, trades at a P/E of 68.3 and has closed between ₹596.00 and ₹1,065.10 over the past 52 weeks. > Jyoti CNC Automation Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. JYOTICNC · CNC - Machines · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/jyoti-cnc-automation-ltd Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Business trend: Slowing from a peak, from the last 12 quarters - Price: ₹967.40 (+12.0% in a year) - P/E: 68.3× (lower than 53% of the last 2.4 years) - Revenue (Jun 2026): ₹508 Cr (+23.9% on a year ago) - Profit (Jun 2026): ₹57.0 Cr (−19.7% on a year ago) - Operating margin: 21.0% (−3.0 points on a year ago) - ROCE: 21%, FY26 - ROIC: 11.4%, against a 12.0% cost of capital: −0.6 points The main question: domestic institutions moved +1.9 percentage points over 8 quarters while the business went the other way. ## What is the Jyoti CNC Automation share price today? Jyoti CNC Automation Ltd's share price was ₹967.40 at the close on 3 November 2026. It has been rising for 10 weeks. That is 8.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹596 and ₹1,065, and at that close it sat 79% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 19 weeks in a row. Over the last 2.8 years the share price moved +124% while the NIFTY 500 moved +13%, so it is ahead of the index over that whole period. The chart above 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. ## What changed at Jyoti CNC Automation this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), foreign funds (FIIs) cut their stake for 4 quarters in a row and lowest operating margin in 11 quarters. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹508 crore, +23.9% on a year earlier. Why: The company sold more entry-level and high-end machines, which lifted revenue. Next results: check whether delayed Huron machines start billing in Q2. From the earnings call on 7 Aug 2026. 2. Foreign funds (FIIs) cut their stake for 4 quarters in a row From 9.9% to 5.3% of the company by the September 2026 quarter. 3. Lowest operating margin in 11 quarters Operating margin was 21% in the June 2026 quarter, against 24% a year earlier. Why: Margins fell because Huron had made machines but could not bill them, so costs were booked without the sales. From the earnings call on 7 Aug 2026. ## What are Jyoti CNC Automation's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Jyoti CNC Automation reported revenue of ₹508 crore, up 23.9% from ₹410 crore a year earlier, and a profit of ₹57.0 crore, down 19.7% from ₹71.0 crore. ### Jyoti CNC Automation results: April to June 2026 against a year earlier | Measure | April to June 2026 | April to June 2025 | Change | | --- | --- | --- | --- | | Revenue | ₹508 crore | ₹410 crore | +23.9% | | Profit | ₹57.0 crore | ₹71.0 crore | −19.7% | | Earnings per share | ₹2.51 | ₹3.14 | −20.1% | | Operating margin | 21.0% | 24.0% | −3.0 points | The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Jyoti CNC Automation's management discussed these results on a call held on 7 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.) ## What is the Jyoti CNC Automation share price history? Jyoti CNC Automation closed at ₹967.40 on 3 November 2026, up 12.0% from ₹864.00 a year earlier (31 October 2025). Its highest weekly close since January 2024 was ₹1,370.00 on 3 January 2025. ### Jyoti CNC Automation share price: then and now | When | Close | Change to 3 Nov 2026 | | --- | --- | --- | | 1 week ago · 23 Oct 2026 | ₹890.80 | +8.6% | | 1 month ago · 1 Oct 2026 | ₹1,032.10 | −6.3% | | 6 months ago · 30 Apr 2026 | ₹749.95 | +29.0% | | 1 year ago · 31 Oct 2025 | ₹864.00 | +12.0% | | Earliest and lowest weekly close in our records · 20 Jan 2024 | ₹431.25 | +124.3% | | Highest weekly close since January 2024 · 3 Jan 2025 | ₹1,370.00 | −29.4% | | 52-week high (weekly close) · 25 Sep 2026 | ₹1,065.10 | −9.2% | | 52-week low (weekly close) · 29 May 2026 | ₹596.00 | +62.3% | Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (151 weekly closes from 20 January 2024 to 3 November 2026.) ## What is the latest news on Jyoti CNC Automation? 3 Nov 2026: Jyoti CNC Automation closed at ₹967.40, up 8.6% on the week and down 6.3% on the month. 7 Aug 2026: Jyoti CNC Automation held its results call for April to June 2026. Management guided: FY27 consolidated revenue growth 25-30% with operating margin around 25%. ### Earlier - Results for April to June 2026: Revenue up 23.9% and profit down 19.7% on a year earlier. ## What dividend does Jyoti CNC Automation pay? Jyoti CNC Automation has paid no dividend on the NSE since its first NSE close in our records (20 January 2024), the start of the period we checked. No. Jyoti CNC Automation Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.) ## What did Jyoti CNC Automation management say on the latest results call? On the call for April to June 2026, held on 7 August 2026, Jyoti CNC Automation's management guided: FY27 consolidated revenue growth 25-30% with operating margin around 25%. > “We will normalize these matters. I do not think we will see a resolution in the very near future. Given the geopolitical situation, we do not expect it to be completed in 1 or 2 months.” > Parakramsinh Jadeja, MD, on the call for April to June 2026 ### What management guided - Huron FY27 revenue ₹300-325 crore and operating margin 8-10%; Q2 expected to improve as local machines dispatch. - New facility to add capacity for 10,000 machines annually and commission by end-September FY27. - New-capacity capital spending close to ₹450 crore; FY27 capital spending ₹200-250 crore and foundry completion expected in October. - FY27 order intake expected at ₹2,500-3,000 crore. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/57217/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 7 August 2026.) ## What to watch in Jyoti CNC Automation's next results? When Jyoti CNC Automation reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Huron export clearances and dispatch-based revenue recognition - check whether delayed machines begin billing in Q2. - What to check (from the call) - Huron export clearances and dispatch-based revenue recognition - check whether delayed machines begin billing in Q2. - New facility and foundry milestones - check whether commissioning lands on the stated schedule. - Inventory release and operating cash flow conversion - check whether procurement build translates into cash generation. - EMS qualification and order intake - check whether customer capacity plans convert the pipeline into bookings. ## Which stock lists is Jyoti CNC Automation on? Jyoti CNC Automation is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 359](https://www.sectoralpha.in/small-cap-stocks-india) ## Is Jyoti CNC Automation profitable? Jyoti CNC Automation Ltd earned ₹57.0 Cr of net profit in the Jun 2026 quarter, −19.7% on the same quarter a year earlier. Full-year FY26 profit was ₹336 Cr. Over 7 years profit has grown 51.9% a year on average. That is 11.2% of the quarter's revenue. The same quarter a year earlier earned ₹71.0 Cr. For the full year, FY26 profit was ₹336 Cr (+6.3% on the year before). Why profit moved: revenue changed +23.9% on a year earlier and the margin moved −3.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed −2.9% and revenue +18.4%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Jyoti CNC Automation make, and is it growing? Jyoti CNC Automation Ltd reported ₹508 Cr of revenue in the Jun 2026 quarter, +23.9% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 7 years it has grown 11.7% a year on average. The last full year, FY26, came in at ₹2,093 Cr. The last four reported quarters add to ₹2,191 Cr. FY26 revenue was ₹2,093 Cr, +15.1% on the year before. Recent pace: the last four quarters grew +18.4% on average, against 11.7% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +17.4%, against +21.2% a year over the last 8 quarters (rolling over); profit over the last 12 months grew −3.9%, against +22.3% a year (rolling over). ## How much of every ₹100 of sales does Jyoti CNC Automation keep? Jyoti CNC Automation Ltd's operating margin was 21.0% in the Jun 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Across 8 years it has been between 1.0% and 27.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −3.0 percentage points on the year while gross margin changed +2.2 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Jyoti CNC Automation's profit turning into cash? Over the last 3 years Jyoti CNC Automation Ltd's operations used more cash than they brought in, so cash conversion was −12%, a gap worth watching. In FY26 it brought in ₹54.0 Cr of operating cash against ₹336 Cr of profit. After ₹232 Cr of spending on assets, free cash was −₹178 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 −12% of profit came in as cash: the cash cycle got 273 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 5.5× depreciation over three years. The next section checks what that spending is building. ## Where does Jyoti CNC Automation's cash go? Jyoti CNC Automation Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 359 days in FY26, down from 632 days in FY21. It spent ₹656 Cr on assets over the last 3 years. Customers take 104 days to pay, and stock sits for 453 days on average. At FY26 sales of ₹2,093 Cr, each day of that cycle ties up about ₹5.7 Cr, so roughly ₹2,059 Cr is tied up in the business at any time. FY26: customers took 104 days to pay and stock sat for 453 days, about 14.9 months of sales sitting as stock, for a full cycle of 359 days, shorter than FY21's 632. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 453 days. Customers pay about 104 days after that. Suppliers are paid at 198 days. Together that makes the 359-day cycle. Spending on assets: ₹656 Cr over the last 3 years, against ₹119 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 ₹115 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Jyoti CNC Automation's P/E ratio, and how does it compare with its own history? Jyoti CNC Automation Ltd's P/E is 68.3×, in the middle of its own history: higher than 47% of past readings. Its usual P/E (the middle reading) is 71.0×, over 2.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +6.3% while the price moved +12.0%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Jyoti CNC Automation business getting better or worse? Jyoti CNC Automation Ltd's business is slowing from a peak. Profit and EPS growth have slowed sharply (profit growth from +485.1% at its peak to −3.9% now), while ROCE is still 24.8%. This is based on 8 quarters of 4 measures. Why it matters: slowing from a peak is where good stories often end quietly. ## How much does Jyoti CNC Automation earn on its capital? Jyoti CNC Automation Ltd earned a ROCE of 21% in FY26. That is up from a low of −2% in FY20. Its return on capital used (ROIC) is 0.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 16.1% net margin and 0.58× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 16.1% net margin × 0.58× asset turnover × 1.81× leverage (assets divided by equity) ≈ 16.9% on equity. The margin does most of the work; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 11.4% − 12.0% = −0.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 11.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 13.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Jyoti CNC Automation have too much debt? Jyoti CNC Automation Ltd has total debt of ₹853 Cr against shareholder equity of ₹2,001 Cr as of Jun 2026, so its debt is 0.43× its equity. Year by year, that ratio went from 10.18 in FY23 to 0.43 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Jyoti CNC Automation shareholding pattern? Domestic institutions raised their stake in Jyoti CNC Automation Ltd by 1.9 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 12.9% of the company. Foreign institutions moved −0.5 points over the same period, to 5.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +1.9 points over 8 quarters, to 12.9%; Foreign institutions: −0.5 points over 8 quarters, to 5.3%; Promoters: +0.0 points over 8 quarters, to 62.5%. Why the owners changed: domestic institutions drove it (+1.9 points), with the other side taken by foreign institutions (−0.5 points). They raised their stake step by step. ## How far is Jyoti CNC Automation from balance-sheet trouble? For Jyoti CNC Automation 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. ## How does Jyoti CNC Automation rank in its industry? 46.2 out of 100, rank 3 of 3 in CNC - Machines, with 71% of the evidence available. Jyoti CNC Automation Ltd scores 46.2 out of 100 against the 3 companies it is compared with in CNC - Machines, ranking 3. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. The four parts add up to the total exactly: 9.4 + 19.3 + 5 + 12.5 = 46.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Jyoti CNC Automation compared with? Jyoti CNC Automation ranks 3 of 3 CNC - Machines companies on the 4-Factor Sector Score, with 46.2 out of 100. 1. [Macpower CNC Machines Ltd](https://www.sectoralpha.in/stocks/macpower-cnc-machines-ltd) MACPOWER · leader · Sector-leading setup · 90% evidence 85.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.5/35 · Revenue 39.7% · Profit 59.3% · Operating margin change 0 points · 100% evidence Capital efficiency 22.8/25 · ROCE 29.1% · Operating margin 17% · 100% evidence Valuation 12.4/20 · P/E 45.3× · PEG 1.22 · 50% evidence Relative strength 20.0/20 · Lead over its industry 9.6% · Lead over NIFTY 500 62.9% · 1 year 131.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 30.5 + 22.8 + 12.4 + 20 = 85.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Lokesh Machines Ltd](https://www.sectoralpha.in/stocks/lokesh-machines-ltd) LOKESHMACH · leader · Evidence leans down · 86% evidence 48.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 1% · Profit 100% · Operating margin change -0.6 points · 88% evidence Capital efficiency 7.8/25 · ROCE 6.4% · Operating margin 17.3% · 100% evidence Valuation 12.4/20 · P/E 179× · PEG 1.23 · 50% evidence Relative strength 7.8/20 · Lead over its industry -1.9% · Lead over NIFTY 500 46.4% · 1 year 91.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.4 + 7.8 + 12.4 + 7.8 = 48.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Jyoti CNC Automation Ltd this page JYOTICNC · breaking out · Evidence leans down · 71% evidence 46.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.4/35 · Revenue 17.4% · Profit -3.9% · Operating margin change -3 points · 88% evidence Capital efficiency 19.3/25 · ROCE 21.3% · Operating margin 21% · 100% evidence Valuation 5.0/20 · P/E 64× · PEG 3.09 · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 11.5% · 1 year 4.8% · 25% evidence · 12 of 12 weeks ahead Exact sum: 9.4 + 19.3 + 5 + 12.5 = 46.2 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [CNC - Machines](https://www.sectoralpha.in/sectors/cnc-machines), all 3 compared on one page. ## Which companies are close to Jyoti CNC Automation in size? Jyoti CNC Automation is the largest of 3 CNC - Machines companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Macpower CNC Machines and Lokesh Machines. ### CNC - Machines companies close in size 1. Jyoti CNC Automation Ltd ₹20,595 crore 2. [Macpower CNC Machines Ltd](https://www.sectoralpha.in/stocks/macpower-cnc-machines-ltd) ₹1,948 crore 3. [Lokesh Machines Ltd](https://www.sectoralpha.in/stocks/lokesh-machines-ltd) ₹789 crore [All 3 CNC - Machines companies, largest first](https://www.sectoralpha.in/sectors/cnc-machines#all-companies) ### Companies close in size in other industries 1. [Amber Enterprises India Ltd](https://www.sectoralpha.in/stocks/amber-enterprises-india-ltd) ₹20,685 crore · Consumer Electronics - EMS 2. [Diamond Power Infrastructure Ltd](https://www.sectoralpha.in/stocks/diamond-power-infrastructure-ltd) ₹20,598 crore · Cables - Power 3. Jyoti CNC Automation Ltd ₹20,595 crore 4. [SPR Auto Technologies Ltd](https://www.sectoralpha.in/stocks/spr-auto-technologies-ltd) ₹20,288 crore · Auto Ancillaries - Engine Parts 5. [Cube Highways Trust](https://www.sectoralpha.in/stocks/cube-highways-trust) ₹20,286 crore · Infrastructure Investment Trusts ## What else do people ask about Jyoti CNC Automation? ### What is Jyoti CNC Automation's share price today? Jyoti CNC Automation Ltd's share price is ₹967.40, +12.0% over the past year. The whole company is worth ₹21,991 Cr on the market. In the last 52 weeks it traded between ₹596 to ₹1,065; today it is 79% of the way up from the low, 8.7% above its 200-day average (as of 3 November 2026). ### What were Jyoti CNC Automation's latest quarterly results? Jyoti CNC Automation Ltd reported revenue of ₹508 Cr and net profit of ₹57.0 Cr for the Jun 2026 quarter. Revenue rose 23.9% and profit fell 19.7% compared with a year earlier. Earnings per share were ₹2.51. The operating margin was 21.0%, 3.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Jyoti CNC Automation's market cap? Jyoti CNC Automation Ltd's market capitalisation is ₹21,991 Cr at a share price of ₹967.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Jyoti CNC Automation performing? Jyoti CNC Automation Ltd's share price has been rising for 10 weeks. In its latest quarter, revenue rose 23.9% and profit fell 19.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 19 weeks running (as of 3 November 2026). ### Will Jyoti CNC Automation's share price go up? This page does not forecast Jyoti CNC Automation Ltd's share price. What it shows instead: the share price is ₹967.40, and it has been rising for 10 weeks. Its P/E of 68.3× is higher than 47% of its own last 2 years (as of 3 November 2026). ### Who owns Jyoti CNC Automation? Promoters own 62.5% of Jyoti CNC Automation Ltd, foreign institutions 5.3%, domestic institutions 12.9% and the public 19.3% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 1.9 percentage points over 8 quarters (as of 3 November 2026). ### Where is Jyoti CNC Automation in its business cycle? Jyoti CNC Automation Ltd's FY26 operating margin was 25.0%, against a 8-year range of 1.0% to 27.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 21.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Jyoti CNC Automation story? The main question: domestic institutions moved +1.9 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Jyoti CNC Automation a stock worth studying right now? What the numbers show: Jyoti CNC Automation Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Jyoti CNC Automation share price forecast for 2026? What management itself guided: FY27 consolidated revenue growth 25-30% with operating margin around 25%. ## Lists - Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india This is research, not advice. We’re not SEBI-registered.