Rolex Rings 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.

Rolex Rings Ltd trades at ₹137, in a confirmed uptrend and 11 weeks into that stage. That is −1.4% against its own 200-day average. It sits at 63% of a 52-week range of ₹102 to ₹158. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹137 it trades −1.4% versus its 200-day average and sits at 63% of its 52-week range (₹102–₹158).

Against the market, two honest reads. Cumulative: over the last 5.0 years the stock moved +19% while the NIFTY 500 moved +66% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-17) — 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.

Rolex Rings Ltd trades at 20.8× P/E, near the bottom of its own range — cheaper only 18% of the time. Its long-run median P/E is 28.8×, measured across 5.0 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 20.8× is near the bottom of its own range — cheaper only 18% of the time, against a long-run median of 28.8× measured over 5.0 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 −18.9% against a −2.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +3.5%/yr price move, ~+12.7%/yr came from earnings growth and ~−9.2 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.

Stage: Topping out 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).

Rolex Rings Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +29.5% at its peak → −18.9% latest) while ROCE still reads 16.1%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

4-Factor Sector Score

45.7/100 — rank 4 of 7 in Bearings · 96% evidence confidence

Rolex Rings Ltd scores 45.7 out of 100 against the 7 companies it is compared with in Bearings, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 10 + 17.9 + 7.3 + 10.5 = 45.7. 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.

Rolex Rings Ltd reported ₹306 Cr of revenue in the Mar 26 quarter, +7.7% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 6.7% a year. The last full year, FY26, came in at ₹1,144 Cr. The last four reported quarters add to ₹1,143 Cr.

FY26 revenue came in at ₹1,144 Cr (−1.0% on the year), capping 10 years at 6.7% compound. The latest quarter (Mar 26) printed ₹306 Cr, +7.7% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged −0.6% growth against the decade's 6.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −1.0% over the last 4 quarters against −3.3%/yr over the last 8 — stabilising; TTM profit −18.9% vs −4.9%/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.

Rolex Rings Ltd's operating margin is 18.4% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 18.0% to 23.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 18.4%, +0.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 18.0%–23.0%.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +8.0 pp — the gain came mostly from the gross line: input costs and pricing.

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

Rolex Rings Ltd posted a net loss of ₹0.1 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹141 Cr. The 10-year compound rate is 18.9%. That loss is 0.0% of the quarter's revenue. The same quarter a year earlier earned ₹54.6 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−0.1 Cr, −100.3% year on year. On the full year, FY26 printed ₹141 Cr (−19.0%), and the 10-year compound rate is 18.9%.

🚨 Why profit moved: revenue contributed +7.7% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +6.2% vs revenue −0.6%. 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 135% of Rolex Rings Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹190 Cr of operating cash against ₹141 Cr of profit. After ₹45.0 Cr of capital spending, ₹145 Cr was left as free cash.

FY26: operating cash of ₹190 Cr against reported profit of ₹141 Cr, leaving free cash of ₹145 Cr after ₹45.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 135% 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 135%: the cash cycle tightened 12 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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).

Rolex Rings Ltd's cash conversion cycle runs 164 days in FY26, down from 176 days in FY21. Capital spending ran ₹159 Cr over the last 3 years. At FY26 sales of ₹1,144 Cr each day of that cycle holds about ₹3.1 Cr, so roughly ₹514 Cr sits inside the business at any moment.

FY26: debtors at 70 days, inventory at 155 days — roughly 5.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 164 days, tighter than FY21's 176.

The full loop: cash goes out to suppliers and production on day 0; stock waits 155 days to sell; customers pay about 70 days after that; and suppliers themselves are paid at 61 days — netting out to the 164-day cycle.

In money terms: at FY26 sales of ₹1,144 Cr, each day of the cycle holds about ₹3.1 Cr — so the 164-day loop keeps roughly ₹514 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹159 Cr over the last 3 fiscal years against ₹110 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹39.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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.

Rolex Rings Ltd earns a ROCE of 21% in FY26. That is up from a trough of 15% in FY21. Return on invested capital clears the cost of that capital by +5.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.3% net margin on 0.83× asset turns.

FY26 ROCE is 21%, recovered from a FY21 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.3% net margin × 0.83× asset turns × 1.13× balance-sheet leverage ≈ 11.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 17.8% − 12.0% = a +5.8 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.

Rolex Rings Ltd carries total debt of ₹0.0 Cr against shareholder equity of ₹1,166 Cr as of Dec 25, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.41 in FY22 to 0.01 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Dec 25: total debt of ₹0.0 Cr against shareholder equity of ₹1,166 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.41 (FY22) to 0.01 (FY25). The returns on this page are earned, not borrowed.

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 cut 3.0 points of Rolex Rings Ltd over 8 quarters, the biggest move on the register. That takes promoters to 52.2% of the company. Domestic institutions moved −1.7 points over the same window, to 28.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −3.0 points over 8 quarters to 52.2%; Domestic institutions: −1.7 points over 8 quarters to 28.8%; Foreign institutions: −1.6 points over 8 quarters to 5.4%.

🚨 Why the register moved: promoters drove it (−3.0 points), alongside domestic institutions (−1.7 points) — distribution into the market’s bid.

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.

Rolex Rings 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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