Oswal Agro Mills 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.

Oswal Agro Mills Ltd trades at ₹37.8, in a downtrend and 44 weeks into that stage. That is −24.5% against its own 200-day average. It sits at 1% of a 52-week range of ₹37 to ₹78. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (19 weeks and counting).

Today the stock is in a downtrend — week 44 of stage 4, confirmed. At ₹37.8 it trades −24.5% versus its 200-day average and sits at 1% of its 52-week range (₹37–₹78).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +197% while the NIFTY 500 moved +278% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (19 weeks and counting; last ahead the week of 2026-05-08) — 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.

Oswal Agro Mills Ltd trades at 7.0× P/E, mid-range by its own standards (44th percentile). Its long-run median P/E is 7.7×, measured across 10.2 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 7.0× is mid-range by its own standards (44th percentile), against a long-run median of 7.7× measured over 10.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −119.5% against a −48.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +17.4%/yr price move, ~+27.7%/yr came from earnings growth and ~−10.3 pp from the multiple (compressing); over 10y, of the +12.9%/yr price move, ~+18.4%/yr came from earnings growth and ~−5.5 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 unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Deteriorating 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).

Oswal Agro Mills Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −100.0% latest against +9484.0% at its 12-quarter best), ROCE holding at 2.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

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

24.7/100 — rank 40 of 52 in Trading · 67% evidence confidence

Oswal Agro Mills Ltd scores 24.7 out of 100 against the 52 companies it is compared with in Trading, ranking 40. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 2.8 + 7.8 + 10 + 4.1 = 24.7. 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.

Oswal Agro Mills Ltd reported ₹0.0 Cr of revenue in the Jun 26 quarter, −100.0% year on year. Over 10 years it has compounded at 2.4% a year. The last full year, FY26, came in at ₹19.0 Cr. The last four reported quarters add to ₹0.0 Cr.

FY26 revenue came in at ₹19.0 Cr (−88.3% on the year), capping 10 years at 2.4% compound. The latest quarter (Jun 26) printed ₹0.0 Cr, −100.0% year on year.

Pace check: the last four quarters averaged −100.0% growth against the decade's 2.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −100.0% over the last 4 quarters against −87.5%/yr over the last 8 — 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.

A clean operating margin is not in our numbers for Oswal Agro Mills Ltd — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Oswal Agro Mills Ltd.

🚨 Why the margin moved: operating margin went −21,789.6 pp year on year while gross margin went +6.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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

Oswal Agro Mills Ltd earned ₹5.1 Cr of net profit in the Jun 26 quarter, −70.6% year on year. The full FY26 year was a loss of ₹22.0 Cr. The same quarter a year earlier earned ₹17.5 Cr. 3 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹5.1 Cr, −70.6% year on year. On the full year, FY26 printed ₹−22.0 Cr (−119.5%).

Pace comparison, last four quarters: profit −86.7% vs revenue −100.0%. 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 −30% of Oswal Agro Mills Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹51.0 Cr of operating cash against ₹−22.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹51.0 Cr was left as free cash.

FY26: operating cash of ₹51.0 Cr against reported profit of ₹−22.0 Cr, leaving free cash of ₹51.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −30% 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 −30%: the cash cycle stretched 11,285 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 11,285 days — the next section's job is to find where the cash is stuck.

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).

Oswal Agro Mills Ltd's cash conversion cycle runs 12,323 days in FY26, up from 1,038 days in FY21. Capital spending ran ₹−1.0 Cr over the last 3 years. At FY26 sales of ₹19.0 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹641 Cr sits inside the business at any moment.

FY26: debtors at 0 days, inventory at 12,323 days — roughly 405.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 12,323 days, looser than FY21's 1,038.

The full loop: cash goes out to suppliers and production on day 0; stock waits 12,323 days to sell; customers pay about 0 days after that; and suppliers themselves are paid at 0 days — netting out to the 12,323-day cycle.

In money terms: at FY26 sales of ₹19.0 Cr, each day of the cycle holds about ₹0.1 Cr — so the 12,323-day loop keeps roughly ₹641 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−1.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

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.

Oswal Agro Mills Ltd earns a ROCE of 2% in FY26. That is up from a trough of 0% in FY22. Return on invested capital clears the cost of that capital by −11.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −115.8% net margin on 0.02× asset turns.

FY26 ROCE is 2%, recovered from a FY22 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): −115.8% net margin × 0.02× asset turns × 1.01× balance-sheet leverage ≈ −2.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 0.1% − 12.0% = a −11.9 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. Negative — growth at these returns destroys value until the returns recover.

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.

Oswal Agro Mills Ltd carries ₹1.0 Cr of borrowings against ₹897 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹1.0 Cr. Capital spending ran ₹−1.0 Cr across the last 3 of those years.

FY26: borrowings of ₹1.0 Cr against equity of ₹897 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹1.0 Cr while capital spending ran ₹−1.0 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.

Promoters added 10.0 points of Oswal Agro Mills Ltd over 8 quarters, the biggest move on the register. That takes promoters to 51.9% of the company. Domestic institutions moved −0.2 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: +10.0 points over 8 quarters to 51.9%; Domestic institutions: −0.2 points over 8 quarters to 0.1%; Foreign institutions: +0.0 points over 8 quarters to 0.0%.

Why the register moved: promoters drove it (+10.0 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

Oswal Agro Mills 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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