Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

TBO Tek Ltd

TBOTEK
E-Commerce - Platform - Utility

TBO Tek Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: Foreign institutions moved −13.9 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a downtrend (23 weeks in) while the P/E sits at the 24th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +31.7% year on year, and 73% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Stage
Consistent
partial read
Price
₹1,531
+8.2% 1Y
P/E
61.8×
24th pctile
of its own 2-year range
Revenue (Jun 26)
₹926 Cr
+81.2% YoY
Profit (Jun 26)
₹83.0 Cr
+31.7% YoY
Operating margin
15.0%
+1.0 pp YoY
ROCE
18%
FY26
ROIC
36.3%
vs WACC 12.0% → +24.3 pp
Cash conversion
73%
of profit, last 3 FY
01 · Price story

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.

TBO Tek Ltd trades at ₹1,531, in a downtrend and 23 weeks into that stage. That is +10.3% against its own 200-day average. It sits at 72% of a 52-week range of ₹1,068 to ₹1,710. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks.

Today the stock is in a downtrend — week 23 of stage 4. At ₹1,531 it trades +10.3% versus its 200-day average and sits at 72% of its 52-week range (₹1,068–₹1,710).

Jul 26: ₹1,531 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 2-year window.
+10.3% versus the 200-day line, week 23 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹1,973₹1,718₹1,463₹1,208₹953₹1,531₹1,388May 24Dec 24Jul 25Jan 26Jul 26
S2S4S2S4₹1,973₹1,718₹1,463₹1,208₹953₹1,531₹1,388May 24Jul 25Jul 26
Beating or trailing, week by week since 2024 Each cell is one week from 2024 to now (119 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
May 24Jul 26

Against the market, two honest reads. Cumulative: over the last 2.2 years the stock moved +5% while the NIFTY 500 moved +10% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 12 straight weeks — 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.

02 · Valuation

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.

TBO Tek Ltd trades at 61.8× P/E, near the bottom of its own range — cheaper only 24% of the time. Its long-run median P/E is 74.0×, measured across 2.2 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 61.8× is near the bottom of its own range — cheaper only 24% of the time, against a long-run median of 74.0× measured over 2.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 61.8× vs a 74.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 2.2-year window; loss-period spikes above 133× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 24% of the time
P/EMedianEPS (TTM) (quarterly)
139.3×₹26.8115.2×₹20.191.1×₹13.467.1×₹6.743.0×₹0.0×61.80×₹25May 24Dec 24Jul 25Feb 26Jul 26
139.3×₹26.8115.2×₹20.191.1×₹13.467.1×₹6.743.0×₹0.0×61.80×₹25May 24Jul 25Jul 26
PEG 1.10 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 8 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
2.4×2.0×1.6×1.3×0.9××1.10×Q1 FY25Q2 FY25Q4 FY25Q2 FY26Q4 FY26
2.4×2.0×1.6×1.3×0.9××1.10×Q1 FY25Q4 FY25Q4 FY26
P/E
61.8×
24th percentile of 2y
PEG
1.01
as reported

Why the multiple sits where it does: over the past year annual EPS moved +6.3% against a +8.2% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · Stage: Consistent

Stage: Consistent 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).

TBO Tek Ltd reads as consistent on its fundamental arc. Consistent — revenue and profit growth have stayed positive through the window, with ROCE at 18.6% and holding. The read is built from 10 quarters across 3 curves, on partial evidence.

Growth, year by year: revenue +54.1% in FY26, profit +6.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
265%336%174%206%83%77%−8.9%−53%−100%−183%%%54.1%6.1%FY18FY22FY26
265%336%174%206%83%77%−8.9%−53%−100%−183%%%54.1%6.1%FY18FY22FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit stabilising
RevenueProfitEPS
91%70%72%50%53%31%35%12%16%−7.3%%%81.2%31.7%14.1%Sep 23Dec 24Jun 26
91%70%72%50%53%31%35%12%16%−7.3%%%81.2%31.7%14.1%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
44%37%30%23%16%%18.6%Sep 23Mar 24Dec 24Sep 25Jun 26
44%37%30%23%16%%18.6%Sep 23Dec 24Jun 26
Revenue growth
Rising
latest +81.2% · span +20.9% to +82.5%
Profit growth
Rising
latest +31.7% · span −2.0% to +31.7%
ROCE
Rolling over
latest 18.6% · span 17.8%–41.7%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

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.

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.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+54.1%+36.0%+79.9%
Profit+6.1%+18.1%
EPS+6.3%+17.6%
Share price+8.2%
Revenue YoY (Jun 26)
+81.2%
latest quarter vs a year ago
Profit YoY (Jun 26)
+31.7%
latest quarter vs a year ago
Revenue 10y
29.3%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

45.0/100 — rank 10 of 13 in E-Commerce - Platform - Utility · 87% evidence confidence

TBO Tek Ltd scores 45.0 out of 100 against the 13 companies it is compared with in E-Commerce - Platform - Utility, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.2 + 13.6 + 5.1 + 10.1 = 45. 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.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

TBO Tek Ltd reported ₹926 Cr of revenue in the Jun 26 quarter, +81.2% year on year. That is the 10th straight quarter of year-on-year growth. Over 8 years it has compounded at 29.3% a year. The last full year, FY26, came in at ₹2,677 Cr. The last four reported quarters add to ₹3,092 Cr.

FY26 revenue came in at ₹2,677 Cr (+54.1% on the year), capping 8 years at 29.3% compound. The latest quarter (Jun 26) printed ₹926 Cr, +81.2% year on year — the 10th consecutive quarter of year-over-year growth.

FY26 revenue ₹2,677 Cr (+54.1% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
29.3% a year over 8 years
RevenueYoY growth
2.9k265%2.2k174%1.4k83%723−8.9%0−100%₹ Cr%₹2,67754.1%FY18FY22FY26
2.9k265%2.2k174%1.4k83%723−8.9%0−100%₹ Cr%₹2,67754.1%FY18FY22FY26
Jun 26: ₹926 Cr (+81.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
10th straight quarter of growth
Revenue (quarterly)YoY growth
1.0k91%75072%50053%25035%016%₹ Cr%₹92681.2%Sep 23Dec 24Jun 26
1.0k91%75072%50053%25035%016%₹ Cr%₹92681.2%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +68.8% growth against the decade's 29.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +69.0% over the last 4 quarters against +45.2%/yr over the last 8 — accelerating; TTM profit +14.2% vs +11.3%/yr — stabilising.

06 · Operating margin

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.

TBO Tek Ltd's operating margin is 15.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −15.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.0%, +1.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −15.0%–19.0%.

Why the margin moved: operating margin went +0.4 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 14.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 9-year window.
within a −15.0–19.0% band over 9 years
operating marginYoY change (pp)
22%26%12%11%2.0%−4.0%−7.9%−19%−18%−34%%%14%−2%FY18FY22FY26
22%26%12%11%2.0%−4.0%−7.9%−19%−18%−34%%%14%−2%FY18FY22FY26
Jun 26: 15.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
21%5.8%19%2.9%17%0.0%14%−2.9%12%−5.8%%%15%1%Sep 23Dec 24Jun 26
21%5.8%19%2.9%17%0.0%14%−2.9%12%−5.8%%%15%1%Sep 23Dec 24Jun 26
07 · Net profit

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

TBO Tek Ltd earned ₹83.0 Cr of net profit in the Jun 26 quarter, +31.7% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹244 Cr. The 8-year compound rate is 27.0%. That is 9.0% of the quarter's revenue. The same quarter a year earlier earned ₹63.0 Cr.

Jun 26 profit was ₹83.0 Cr, +31.7% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹244 Cr (+6.1%), and the 8-year compound rate is 27.0%.

FY26 profit ₹244 Cr (+6.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
27.0% a year over 8 years
Net profitYoY growth
266374%186234%10594%24−45%−56−185%₹ Cr%₹2446.1%FY18FY22FY26
266374%186234%10594%24−45%−56−185%₹ Cr%₹2446.1%FY18FY22FY26
Jun 26: ₹83.0 Cr (+31.7% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
6th straight quarter of growth
Net profit (quarterly)YoY growth
9070%6750%4531%2212%0−7.3%₹ Cr%₹8331.7%Sep 23Dec 24Jun 26
9070%6750%4531%2212%0−7.3%₹ Cr%₹8331.7%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +81.2% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +13.7% vs revenue +68.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

08 · Cash flow — the router

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 73% of TBO Tek Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹−21.0 Cr of operating cash against ₹244 Cr of profit. After ₹1,335 Cr of capital spending, ₹−1,356 Cr was left as free cash.

FY26: operating cash of ₹−21.0 Cr against reported profit of ₹244 Cr, leaving free cash of ₹−1,356 Cr after ₹1,335 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 73% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−21.0 Cr vs profit ₹244 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 9-year window, annual resolution. FY26 reflects an acquisition year — point shown clipped.
73% of 3-year profit arrived as cash
Operating cashNet profitFree cash
31522112631−63₹ Cr₹−21₹244₹216FY18FY22FY26
31522112631−63₹ Cr₹−21₹244₹216FY18FY22FY26
FY26: CFO = −9% of profit (three-year rate 73%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
325%235%146%56%−34%%−9%FY18FY22FY26
325%235%146%56%−34%%−9%FY18FY22FY26

Why conversion sits at 73%: the cash cycle stretched 415 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 415 days — the next section's job is to find where the cash is stuck.

09 · Where the cash goes

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).

TBO Tek Ltd's cash conversion cycle runs 724 days in FY26, up from 309 days in FY21. Capital spending ran ₹1,671 Cr over the last 3 years. At FY26 sales of ₹2,677 Cr each day of that cycle holds about ₹7.3 Cr, so roughly ₹5,310 Cr sits inside the business at any moment.

FY26: debtors at 724 days (an asset-light business — no inventory to speak of) — for a full cycle of 724 days, looser than FY21's 309.

In money terms: at FY26 sales of ₹2,677 Cr, each day of the cycle holds about ₹7.3 Cr — so the 724-day loop keeps roughly ₹5,310 Cr sitting inside the business at any moment.

FY26: a 724-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 9-year window.
+415 days vs FY21
Cash cycleDebtor days
921726531335140days724d724dFY18FY20FY22FY24FY26
921726531335140days724d724dFY18FY22FY26

On the investment side: capital spending of ₹1,671 Cr over the last 3 fiscal years against ₹174 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.

FY26: capex ₹1,335 Cr, work-in-progress ₹0.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1.4k1.1k7213600₹ Cr₹1,335₹0FY19FY20FY22FY24FY26
1.4k1.1k7213600₹ Cr₹1,335₹0FY19FY22FY26

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

10 · Return on capital

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.

TBO Tek Ltd earns a ROCE of 18% in FY26. That is up from a trough of 1% in FY21. Return on invested capital clears the cost of that capital by +24.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 9.1% net margin on 0.29× asset turns.

FY26 ROCE is 18%, recovered from a FY21 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 9.1% net margin × 0.29× asset turns × 6.00× balance-sheet leverage ≈ 15.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 36.3% − 12.0% = a +24.3 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.

FY26: ROCE 18% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 8-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 1%
ROCEROIC (annual)WACC
178%131%83%35%−12%%18%46.6%FY19FY22FY26
178%131%83%35%−12%%18%46.6%FY19FY22FY26
Q4 FY26: ROCE 13.0% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
1,595%1,170%745%320%−106%%13%38.1%Q4 FY23Q2 FY25Q4 FY26
1,595%1,170%745%320%−106%%13%38.1%Q4 FY23Q2 FY25Q4 FY26
11 · Debt

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.

TBO Tek Ltd carries total debt of ₹756 Cr against shareholder equity of ₹1,551 Cr as of Mar 26, a debt-to-equity of 0.49. On the annual view that ratio went from 0.27 in FY22 to 0.49 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹756 Cr against shareholder equity of ₹1,551 Cr — a debt-to-equity of 0.49. On the annual view, debt-to-equity went from 0.27 (FY22) to 0.49 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹756 Cr at 0.49× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
8160.51×6120.42×4080.34×2040.25×00.16×₹ Cr×₹7560.49×FY22FY24FY26
8160.51×6120.42×4080.34×2040.25×00.16×₹ Cr×₹7560.49×FY22FY24FY26
Mar 26: debt ₹756 Cr, debt-to-equity 0.49 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
8160.5×6120.4×4080.3×2040.2×00.1×₹ Cr×₹7560.49×Mar 23Sep 24Mar 26
8160.5×6120.4×4080.3×2040.2×00.1×₹ Cr×₹7560.49×Mar 23Sep 24Mar 26
12 · Ownership

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.

Domestic institutions added 14.5 points of TBO Tek Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.1% of the company. Foreign institutions moved −13.9 points over the same window, to 28.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +14.5 points over 8 quarters to 21.1%; Foreign institutions: −13.9 points over 8 quarters to 28.9%; Promoters: +0.0 points over 8 quarters to 44.4%.

Why the register moved: rotation — foreign institutions −13.9 points against domestic institutions +14.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters +0.0 pts from Mar 25 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 2 year-ends held.
PromotersForeign inst.Domestic inst.Public
48%36%24%12%0.6%%44.4%29.7%20.3%3.9%Mar 25Mar 26
48%36%24%12%0.6%%44.4%29.7%20.3%3.9%Mar 25Mar 26
Domestic institutions added 14.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 9 quarters.
PromotersForeign inst.Domestic inst.Public
48%36%24%12%0.0%%44.4%28.9%21.1%4.0%Jun 24Jun 25Jun 26
48%36%24%12%0.0%%44.4%28.9%21.1%4.0%Jun 24Jun 25Jun 26
13 · Safety line

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.

TBO Tek 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.

14 · Related companies · E-Commerce - Platform - Utility
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Creative Newtech LtdCNL 70.0/100Favorable setup83% evidence BREAKING OUT 24.5/35 Revenue 52.3% · PAT 32.1% · OPM change 0.3 pp 83% evidence 13.2/25 ROCE 18.8% · OPM 4% 95% evidence 12.3/20 P/E 21.2× · PEG — 50% evidence 20.0/20 RS sector 39.7% · RS bench 43.2% · 1Y 51.1%7 of 12 weeks ahead 100% evidence
Exact sum: 24.5 + 13.2 + 12.3 + 20 = 70 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2MPS LtdMPSLTD 63.5/100Mixed-positive evidence94% evidence TURNING 19.0/35 Revenue 10% · PAT 19% · OPM change 7 pp 100% evidence 22.0/25 ROCE 39.3% · OPM 34% 100% evidence 13.6/20 P/E 25.2× · PEG 0.43 100% evidence 8.9/20 RS sector -13.2% · RS bench 36.1% · 1Y 12.1%10 of 10 weeks ahead 70% evidence
Exact sum: 19 + 22 + 13.6 + 8.9 = 63.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Indiamart Intermesh LtdINDIAMART 63.2/100Mixed-positive evidence94% evidence ASLEEP 15.3/35 Revenue 12.7% · PAT -16.6% · OPM change 0 pp 100% evidence 19.8/25 ROCE 28% · OPM 32% 100% evidence 18.2/20 P/E 21.9× · PEG 0.68 100% evidence 9.9/20 RS sector 3.9% · RS bench -19.7% · 1Y -29.7%0 of 10 weeks ahead 70% evidence
Exact sum: 15.3 + 19.8 + 18.2 + 9.9 = 63.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4Macfos Ltd543787 60.5/100Mixed-positive evidence71% evidence LEADER 19.1/35 Revenue 21.1% · PAT 43.1% · OPM change 3.3 pp 83% evidence 18.9/25 ROCE 33.8% · OPM 13.6% 76% evidence 9.7/20 P/E 44.4× · PEG — 15% evidence 12.8/20 RS sector 23.3% · RS bench 28.1% · 1Y 47.2%12 of 12 weeks ahead 100% evidence
Exact sum: 19.1 + 18.9 + 9.7 + 12.8 = 60.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5RNFI Services LtdRNFI 58.3/100Thin evidence · provisional57% evidence ASLEEP 21.7/35 Revenue — · PAT — · OPM change 2.4 pp 45% evidence 16.4/25 ROCE 27.3% · OPM 6.7% 95% evidence 10.6/20 P/E 24.6× · PEG — 15% evidence 9.6/20 RS sector 2.6% · RS bench -8% · 1Y 12.2%0 of 10 weeks ahead 70% evidence
Exact sum: 21.7 + 16.4 + 10.6 + 9.6 = 58.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6MSTC LtdMSTCLTD 56.7/100Mixed-positive evidence72% evidence TURNING 17.3/35 Revenue 18.6% · PAT -46.4% · OPM change 5 pp 83% evidence 20.1/25 ROCE 30.3% · OPM 64% 76% evidence 9.9/20 P/E 19.9× · PEG — 50% evidence 9.4/20 RS sector -5.3% · RS bench 22.1% · 1Y 23.3%7 of 10 weeks ahead 70% evidence
Exact sum: 17.3 + 20.1 + 9.9 + 9.4 = 56.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Pine Labs LtdPINELABS 53.5/100Mixed-positive evidence63% evidence ASLEEP 28.2/35 Revenue 19.5% · PAT 100% · OPM change 6 pp 100% evidence 6.8/25 ROCE 4.2% · OPM 13% 100% evidence 8.5/20 P/E 124× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence
Exact sum: 28.2 + 6.8 + 8.5 + 10 = 53.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8One 97 Communications LtdPAYTM 52.8/100Mixed-positive evidence87% evidence TURNING 25.2/35 Revenue 22.6% · PAT 100% · OPM change 4.2 pp 100% evidence 4.8/25 ROCE 5% · OPM 8% 100% evidence 8.3/20 P/E 106× · PEG 1.85 65% evidence 14.5/20 RS sector 12.8% · RS bench 10.7% · 1Y 25.8%3 of 10 weeks ahead 70% evidence
Exact sum: 25.2 + 4.8 + 8.3 + 14.5 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Info Edge (India) LtdNAUKRI 50.4/100Mixed-positive evidence65% evidence TURNING 22.4/35 Revenue 15.2% · PAT 34.7% · OPM change 7 pp 83% evidence 11.7/25 ROCE 5.4% · OPM 38% 76% evidence 9.4/20 P/E 55.9× · PEG — 15% evidence 6.9/20 RS sector -7.2% · RS bench 1.7% · 1Y -14.6%4 of 11 weeks ahead 70% evidence
Exact sum: 22.4 + 11.7 + 9.4 + 6.9 = 50.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10TBO Tek Ltdthis pageTBOTEK 45.0/100Mixed-negative evidence87% evidence TURNING 16.2/35 Revenue 69% · PAT 14.2% · OPM change 1 pp 100% evidence 13.6/25 ROCE 18% · OPM 15% 100% evidence 5.1/20 P/E 61.8× · PEG 6.18 65% evidence 10.1/20 RS sector -2.5% · RS bench 5.7% · 1Y 11.7%6 of 10 weeks ahead 70% evidence
Exact sum: 16.2 + 13.6 + 5.1 + 10.1 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Just Dial LtdJUSTDIAL 39.5/100Mixed-negative evidence87% evidence TURNING 19.3/35 Revenue 23.4% · PAT 100% · OPM change -1.6 pp 100% evidence 9.1/25 ROCE 4.8% · OPM 23.5% 100% evidence 5.0/20 P/E 43.7× · PEG 7.47 65% evidence 6.1/20 RS sector -20.6% · RS bench 5.7% · 1Y -15.8%3 of 10 weeks ahead 70% evidence
Exact sum: 19.3 + 9.1 + 5 + 6.1 = 39.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12One Mobikwik Systems LtdMOBIKWIK 31.5/100Thin evidence · provisional59% evidence ASLEEP 15.6/35 Revenue -4.3% · PAT 48.9% · OPM change 24.6 pp 62% evidence 2.0/25 ROCE -2.2% · OPM 3.5% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 3.9/20 RS sector -13.8% · RS bench -9.2% · 1Y -20%1 of 10 weeks ahead 70% evidence
Exact sum: 15.6 + 2 + 10 + 3.9 = 31.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13Urban Company LtdURBANCO 27.5/100Adverse evidence60% evidence ASLEEP 7.2/35 Revenue 39.6% · PAT -80% · OPM change -14.4 pp 100% evidence 0.3/25 ROCE -7.8% · OPM -18% 100% evidence 10.0/20 P/E — · PEG — 0% evidence 10.0/20 RS sector — · RS bench — · 1Y —3 of 10 weeks ahead 0% evidence
Exact sum: 7.2 + 0.3 + 10 + 10 = 27.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is TBO Tek Ltd's share price today?

TBO Tek Ltd trades at ₹1,531, +8.2% over the past year. The company is valued at ₹16,627 Cr. The stock sits at 72% of its 52-week range of ₹1,068–₹1,710, +10.3% versus its 200-day average. On the tape, the price is in a downtrend, 23 weeks in. — as of 31 July 2026.

What were TBO Tek Ltd's latest quarterly results?

TBO Tek Ltd reported revenue of ₹926 Cr and net profit of ₹83.0 Cr for the Jun 26 quarter. Revenue rose 81.2% and profit rose 31.7% year on year. Earnings per share were ₹7.68. The operating margin was 15.0%, 1.0 pp higher than a year earlier. — as of 31 July 2026.

What is TBO Tek Ltd's revenue?

TBO Tek Ltd reported revenue of ₹926 Cr in the Jun 26 quarter, +81.2% year on year. For the full FY26 fiscal year, revenue was ₹2,677 Cr (+54.1%). Over the last 8 years revenue compounded at 29.3% a year. — as of 31 July 2026.

What is TBO Tek Ltd's profit?

TBO Tek Ltd earned ₹83.0 Cr of net profit in the Jun 26 quarter, +31.7% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹244 Cr. The operating margin ran 15.0% in the latest quarter. — as of 31 July 2026.

What is TBO Tek Ltd's market cap?

TBO Tek Ltd's market capitalisation is ₹16,627 Cr at a share price of ₹1,531. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is TBO Tek Ltd's P/E ratio?

TBO Tek Ltd trades at a P/E of 61.8×, at the 24th percentile of its own 2-year range, against a long-run median of 74.0×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does TBO Tek Ltd pay a dividend?

No — TBO Tek Ltd has recorded a dividend payout of 0% of profit in each of its last 9 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 31 July 2026.

Is TBO Tek Ltd overvalued?

On its own history, TBO Tek Ltd looks cheap against its own history: its P/E of 61.8× has been cheaper only 24% of the time in 2 years (long-run median 74.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.

Is TBO Tek Ltd growing?

Yes — TBO Tek Ltd is growing: latest-quarter revenue +81.2% year on year, profit +31.7%, and the margin +1.0 pp at 15.0%. The 8-year compound rates are 29.3% (revenue) and 27.0% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is TBO Tek Ltd performing?

TBO Tek Ltd is in a downtrend, 23 weeks in. Its latest quarter's revenue rose 81.2% and profit rose 31.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 12 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is TBO Tek Ltd in?

Consistent — revenue and profit growth have stayed positive through the window, with ROCE at 18.6% and holding. The read comes from the last 12 quarters of growth (revenue growth +81.2% latest, profit growth +31.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is TBO Tek Ltd in an uptrend?

No — the price is in a downtrend (week 23 of stage 4), trading +10.3% versus its 200-day average and at 72% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is TBO Tek Ltd beating the market?

On recent form, yes — TBO Tek Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.2 years the stock moved +5% against the NIFTY 500's +10% — behind the index over the full window. — as of 31 July 2026.

Will TBO Tek Ltd's share price go up?

This page publishes no price forecast for TBO Tek Ltd. What it measures instead: the share price is ₹1,531, the price is in a downtrend 23 weeks in. Its P/E of 61.8× sits at the 24th percentile of its own 2-year range. — as of 31 July 2026.

Who owns TBO Tek Ltd?

Promoters hold 44.4% of TBO Tek Ltd, foreign institutions 28.9%, domestic institutions 21.1% and the public 4.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 14.5 points over 8 quarters. — as of 31 July 2026.

Does TBO Tek Ltd have too much debt?

It is moderate — TBO Tek Ltd's debt-to-equity is 0.49, and operating profit covers the interest bill 8×. FY26 borrowings were ₹756 Cr against equity of ₹1,551 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.

What is TBO Tek Ltd's capex?

TBO Tek Ltd spent ₹1,671 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,335 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is TBO Tek Ltd's cash flow?

TBO Tek Ltd generated ₹−21.0 Cr of operating cash flow in FY26 and ₹−1,356 Cr of free cash flow after ₹1,335 Cr of capital spending. Reported profit that year was ₹244 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is TBO Tek Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 73% of TBO Tek Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−21.0 Cr against reported profit of ₹244 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.

Where is TBO Tek Ltd in its business cycle?

TBO Tek Ltd's FY26 operating margin was 14.0%, against a 9-year band of −15.0%–19.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the TBO Tek Ltd story?

The sharpest disagreement: Foreign institutions moved −13.9 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is TBO Tek Ltd a stock worth studying right now?

This is not investment advice. The machine read: TBO Tek Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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