Shree Rama Multi-Tech 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.

Shree Rama Multi-Tech Ltd trades at ₹43.8, in a downtrend and 17 weeks into that stage. That is −6.1% against its own 200-day average. It sits at 18% of a 52-week range of ₹38 to ₹68. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 17 of stage 4, confirmed. At ₹43.8 it trades −6.1% versus its 200-day average and sits at 18% of its 52-week range (₹38–₹68).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +764% while the NIFTY 500 moved +270% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — 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.

Shree Rama Multi-Tech Ltd trades at 22.9× P/E, near the bottom of its own range — cheaper only 33% of the time. Its long-run median P/E is 28.9×, 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 22.9× is near the bottom of its own range — cheaper only 33% of the time, against a long-run median of 28.9× 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.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −51.7% against a +0.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +30.9%/yr price move, ~+49.0%/yr came from earnings growth and ~−18.1 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Shree Rama Multi-Tech Ltd was priced for profit growth of about 13.3% a year. Profit itself has compounded 8.6% a year over the past 10 years. The market pays that at 22.9× P/E, the 33rd percentile of its own 5-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is close to what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: Mixed 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).

Shree Rama Multi-Tech Ltd reads as mixed on its fundamental arc. Mixed — profit and EPS growth are shrinking while ROCE is still lifting at 18.0% — falling growth against firm returns, so no single stage word fits yet. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

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

53.7/100 — rank 1 of 1 in Packaging - Laminates · 84% evidence confidence

Shree Rama Multi-Tech Ltd scores 53.7 out of 100 against the 1 companies it is compared with in Packaging - Laminates, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17.3 + 17.6 + 11.3 + 7.5 = 53.7. 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.

Shree Rama Multi-Tech Ltd reported ₹80.5 Cr of revenue in the Jun 26 quarter, +45.5% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 8.4% a year. The last full year, FY26, came in at ₹240 Cr. The last four reported quarters add to ₹265 Cr.

FY26 revenue came in at ₹240 Cr (+15.4% on the year), capping 10 years at 8.4% compound. The latest quarter (Jun 26) printed ₹80.5 Cr, +45.5% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +20.4% growth against the decade's 8.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +20.3% over the last 4 quarters against +22.4%/yr over the last 8 — stabilising; TTM profit −53.2% vs +44.4%/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.

Shree Rama Multi-Tech Ltd's operating margin is 16.7% in the Jun 26 quarter, −3.4 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −37.0% to 17.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.7%, −3.4 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −37.0%–17.0%, and FY26's 17.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −3.4 pp year on year while gross margin went −5.2 pp — the loss came mostly from the gross line: input costs and pricing.

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.

Shree Rama Multi-Tech Ltd earned ₹8.1 Cr of net profit in the Jun 26 quarter, +9.7% year on year. Full-year FY26 profit was ₹25.0 Cr. The 10-year compound rate is 8.6%. That is 10.0% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr.

Jun 26 profit was ₹8.1 Cr, +9.7% year on year. On the full year, FY26 printed ₹25.0 Cr (−51.0%), and the 10-year compound rate is 8.6%.

Why profit moved: revenue contributed +45.5% and the margin −3.4 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −9.2% vs revenue +20.4%. 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 85% of Shree Rama Multi-Tech Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹32.0 Cr of operating cash against ₹25.0 Cr of profit. After ₹5.0 Cr of capital spending, ₹27.0 Cr was left as free cash.

FY26: operating cash of ₹32.0 Cr against reported profit of ₹25.0 Cr, leaving free cash of ₹27.0 Cr after ₹5.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 85% 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 85%: the cash cycle stretched 42 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

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).

Shree Rama Multi-Tech Ltd's cash conversion cycle runs 149 days in FY26, up from 107 days in FY21. Capital spending ran ₹58.0 Cr over the last 3 years. At FY26 sales of ₹240 Cr each day of that cycle holds about ₹0.7 Cr, so roughly ₹98.0 Cr sits inside the business at any moment.

FY26: debtors at 89 days, inventory at 116 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 149 days, looser than FY21's 107.

The full loop: cash goes out to suppliers and production on day 0; stock waits 116 days to sell; customers pay about 89 days after that; and suppliers themselves are paid at 56 days — netting out to the 149-day cycle.

In money terms: at FY26 sales of ₹240 Cr, each day of the cycle holds about ₹0.7 Cr — so the 149-day loop keeps roughly ₹98.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹58.0 Cr over the last 3 fiscal years against ₹25.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 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.

Shree Rama Multi-Tech Ltd earns a ROCE of 18% in FY26. That is up from a trough of −4% in FY22. Return on invested capital clears the cost of that capital by +0.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.4% net margin on 1.05× asset turns.

FY26 ROCE is 18%, recovered from a FY22 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 10.4% net margin × 1.05× asset turns × 1.28× balance-sheet leverage ≈ 14.0% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 12.5% − 12.0% = a +0.5 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. Positive but thin — value creation with little room for error.

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.

Shree Rama Multi-Tech Ltd carries ₹22.0 Cr of borrowings against ₹178 Cr of equity in FY26, a debt-to-equity of 0.12. Operating profit covers the interest bill 40×. Over 5 years borrowings went from ₹70.0 Cr to ₹22.0 Cr. Capital spending ran ₹58.0 Cr across the last 3 of those years.

FY26: borrowings of ₹22.0 Cr against equity of ₹178 Cr — a debt-to-equity of 0.12. Operating profit covers the interest bill 40×. Over 5 years borrowings went from ₹70.0 Cr to ₹22.0 Cr while capital spending ran ₹58.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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 Shree Rama Multi-Tech Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 61.6%; Foreign institutions: +0.0 points over 8 quarters to 0.0%.

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.

Shree Rama Multi-Tech 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.

Frequently asked questions