Vinyas Innovative Technologies Ltd
VINYASVinyas Innovative Technologies Ltd's earnings have outrun its stock. EPS grew +59.0% in a year against a +25.2% price move.
The sharpest disagreement: profits are rising, but only −80% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (14 weeks in). Underneath, the last four quarters read improving — profit +83.3% year on year, and −80% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
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.
Vinyas Innovative Technologies Ltd trades at ₹1,548, in a confirmed uptrend and 14 weeks into that stage. That is +24.6% against its own 200-day average. It sits at 92% of a 52-week range of ₹855 to ₹1,612. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.
Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹1,548 it trades +24.6% versus its 200-day average and sits at 92% of its 52-week range (₹855–₹1,612).
Against the market, two honest reads. Cumulative: over the last 2.9 years the stock moved +347% while the NIFTY 500 moved +31% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 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.
Story check
Vinyas Innovative Technologies Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: MID_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.
Our read, 27 June 2026. Vinyas is an EMS specialist ramping aerospace and defence programs on a 1,309 Cr order book — FY26 revenue 514 Cr growing 29% YoY with OPM expanding from 9% to 12%, and peak capacity of 2,000–2,100 Cr installed after a 30 Cr capex, but negative OCF (-1.03x PAT in FY26) and a PE of 58x on thin 2y margin history warrant a watch posture until cash conversion inflects.
From the numbers. PE cycle data is insufficient (INSUFFICIENT_DATA segment; only 1 quarter of PE history). PE at 58.1x TTM on EPS of 24.53 Rs. The cycle_normalized block produces a normalised PE of 41.6x using a 10.1% normalised OPM…
From the price. Price stage 2, week 14 — above its 200-day line, relative strength rising.
From the research. Vinyas is an EMS specialist ramping aerospace and defence programs on a 1,309 Cr order book — FY26 revenue 514 Cr growing 29% YoY with OPM expanding from 9% to 12%, and peak capacity of 2,000–2,100 Cr installed after a…
🚨 Where they disagree. PE cycle data is insufficient (INSUFFICIENT_DATA segment; only 1 quarter of PE history). PE at 58.1x TTM on EPS of 24.53 Rs. The cycle_normalized block produces a normalised PE of 41.6x using a 10.1% normalised OPM — but with only 2 years of OPM history the normalised figure is directionally useful, not statistically robust. The earnings curve is clearly expanding (slope 116% per year, R-squared 0.82 over 8 quarters), and the operating cycle is in mid-expansion (MID_EXPANSION stage). True-story score 0.74 reflects genuine EPS recovery off a low base — not a value trap. Price is 3% below its 12-month high, suggesting the move is not exhausted, but a 4.1x price run over 36–48 months generates…
What is proven. Vinyas is an EMS specialist ramping aerospace and defence programs on a 1,309 Cr order book — FY26 revenue 514 Cr growing 29% YoY with OPM expanding from 9% to 12%, and peak capacity of 2,000–2,100 Cr installed after a 30 Cr capex, but negative OCF (-1.03x PAT in FY26) and a PE of 58x on thin 2y margin history warrant a watch posture until cash conversion inflects.
What is not proven yet. If FY27 order inflows come in below 1,000 Cr (missing the guided 1,200–1,250 Cr range) and debtor days expand beyond 180 — indicating that the revenue miss is accompanied by further working-capital deterioration — the volume-ramp thesis would break. Alternatively, a single-quarter PAT spike from an asset sale or tax reversal masquerading as operating improvement would invalidate the inflection narrative.
🚨 What would change our mind. If FY27 order inflows come in below 1,000 Cr (missing the guided 1,200–1,250 Cr range) and debtor days expand beyond 180 — indicating that the revenue miss is accompanied by further working-capital deterioration — the volume-ramp thesis would break. Alternatively, a single-quarter PAT spike from an asset sale or tax reversal masquerading as operating improvement would invalidate the inflection narrative.
🚨 Layer 1 read, 22 August 2026 — DROP. Real defence order book and real profit growth — but 65 times earnings, with no valuation history to judge it. Vinyas builds electronic assemblies for defence and aerospace customers and holds orders worth Rs 1,309 crore, about two and a half years of sales, deliverable over 18 to 24 months. Half-year profit per share went from Rs 9.86 to Rs 17.11 and I confirmed from the filed accounts that this is operating profit, not one-off income — Rs 1 crore of other income against Rs 40 crore of operating profit. The trouble is the price and the cash. The shares change hands at 65.7 times earnings, up from the 58 times this thesis was written against two months ago, and the company has been listed too briefly to have any valuation history to compare with. Meanwhile the business consumed Rs 68 crore more cash…
What would change Layer 1’s mind. The Timeline's own kill-switch is FY27 order inflows below Rs 1,000 crore together with debtor days past 180. I sharpen it to the half-year test that arrives first and that the driver I actually rest on names as its own stop: if the September 2026 half reports order inflows below Rs 400 crore — management guided the year at Rs 1,200-1,250 crore with the large orders in the second half, so even an H2-weighted year needs roughly that much by September — while debtor days keep climbing, then the…
The test written in advance. Negative operating cash flow — accrual-heavy growth — Negative operating cash flow — accrual-heavy growth by the next result.
The test written in advance. PE at 58x with no 10-year history — valuation fully prices the growth story — PE at 58x with no 10-year history — valuation fully prices the growth story by the next result.
What the company does. Vinyas assembles printed circuit boards and electronic subsystems for defence and aerospace OEMs, with 85–90% of its 1,309 Cr order book in those two sectors. Revenue grew from 208 Cr in FY22 to 514 Cr in FY26 — a 25% CAGR — as EBITDA margins expanded from 6% to 12% driven by volume leverage and product-mix shift toward system integration. The bear case is working-capital intensity: debtor days rose from 100 to 161 and OCF has been negative in two of the last three years, funded by 73 Cr of equity and debt raised in FY26.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Order book execution into FY27 revenue | HIGH | — | 1,309 Cr order book (2.5x FY26 revenue) executable over 18–24 months gives revenue visibility into FY28. | FY27 order inflows fall below 1,000 Cr, indicating customer deferrals or competitive loss on new program bids. |
| New system-integration facility… | MEDIUM | — | 30 Cr capex for 25,000 sq ft facility adds Class 3 integration capability; post-expansion peak capacity 2,000–2,100 Cr (4x… | Facility commissioning is delayed beyond Q3 FY27 or qualification by anchor customers slips, preventing revenue recognition in FY27. |
| Export mix sustaining at 50% of revenue | MEDIUM | — | Export revenue reached 50% of FY26 sales (primarily Europe and US) — management expects a sustained 50-50 domestic/export split. | European demand softens following end of geopolitical tailwinds or a key European OEM qualifies an alternative supplier. |
🚨 What the surface reading misses. The surface reading is: PE at 58x — expensive, reject The research reads it further: PE cycle percentile is undefined (only 1 data point). The cycle_normalized block computes a normalised PE of 41.6x using a 10.1% normalised OPM versus the current 13.1% — the trailing PE is elevated partly because H2 FY26 margins were at their 2-year peak. Normalised at mid-cycle margins, the multiple is lower. However, 41.6x is still a growth-priced multiple, not a trough valuation.
🚨 What the surface reading misses. The surface reading is: Negative OCF — poor cash quality, potential accrual inflation The research reads it further: The cash_decomposition block classifies the WC model as 'aerospace_qualification' — milestone billing in long-gestation defence/aerospace programs structurally front-loads receivables before cash receipt. The why_guards block explicitly flags this: 'expects_low_ocf_pat: true — multi-year qualification + milestone billing front-loads WC; low OCF early is structural.' Debtor days at 161 (FY26) versus 100 (FY22) confirm receivables absorbed the cash. Inventory actually IMPROVED from 247 days (FY22) to 114 days (FY26) — the WC deterioration is concentrated in receivables, not inventory build.
Lever 6 · Order-book wins — BUILDING. 1,309 Cr order book (2.5x FY26 revenue) executable over 18–24 months gives revenue visibility into FY28. What proves it keeps working: Order book execution into FY27 revenue. It stops working if FY27 order inflows fall below 1,000 Cr, indicating customer deferrals or competitive loss on new program bids.
Lever 1 · Operating leverage — BUILDING. 30 Cr capex for 25,000 sq ft facility adds Class 3 integration capability; post-expansion peak capacity 2,000–2,100 Cr (4x current revenue). What proves it keeps working: New system-integration facility operationalisation. It stops working if Facility commissioning is delayed beyond Q3 FY27 or qualification by anchor customers slips, preventing revenue recognition in FY27.
Lever 2 · Value-added mix — BUILDING. Export revenue reached 50% of FY26 sales (primarily Europe and US) — management expects a sustained 50-50 domestic/export split. What proves it keeps working: Export mix sustaining at 50% of revenue. It stops working if European demand softens following end of geopolitical tailwinds or a key European OEM qualifies an alternative supplier.
Sources: our stock research file (27 June 2026) · quarterly results through Mar 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Vinyas Innovative Technologies Ltd reported ₹302 Cr of revenue in the Mar 26 quarter, +22.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 22.8% a year. The last full year, FY26, came in at ₹514 Cr. The last four reported quarters add to ₹911 Cr.
Why this happened. The order book of 1,309 Cr at May 2026 represents 2.5x the FY26 revenue of 514 Cr. With 85–90% from defence and aerospace customers (long-duration programs), conversion is more predictable than commercial EMS. New programs require ~8 months qualification before revenue recognition, but existing programs add directly to turnover. Management guided FY27 order inflows of 1,200–1,250 Cr (25–30% above FY26's 960 Cr), with large purchase orders anticipated in H2 FY27. If achieved, the exit order book at FY27 end would exceed 1,500 Cr.
FY26 revenue came in at ₹514 Cr (+29.5% on the year), capping 6 years at 22.8% compound. The latest quarter (Mar 26) printed ₹302 Cr, +22.3% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +27.6% growth against the decade's 22.8% — the current year is running faster than its own long-run rate.
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.
Vinyas Innovative Technologies Ltd's operating margin is 13.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +2.0 percentage points.
Why this happened. The new facility targets system-level integration — cable harnesses, electromechanical assemblies, subsystem integration — which is higher-value than PCB assembly and a margin-accretive mix shift. Management stated operational readiness in 2–3 months from May 2026. Each SMT line generates 500–600 Cr peak capacity. The facility does not by itself generate revenue until programs qualify, but it positions Vinyas to bid on larger system-integration contracts. At current utilisation of 35–40%, the runway to peak capacity is long, meaning incremental revenue growth does not require further facility spend for several years.
The latest quarter's operating margin is 13.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 6.0%–12.0%, and FY26's 12.0% is the top of that band — a record year.
Why the margin moved: operating margin went +2.5 pp year on year while gross margin went +0.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
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.
Vinyas Innovative Technologies Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, +83.3% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹31.0 Cr. The 6-year compound rate is 77.2%. That is 7.3% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.
Mar 26 profit was ₹22.0 Cr, +83.3% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹31.0 Cr (+63.2%), and the 6-year compound rate is 77.2%.
Why profit moved: revenue contributed +22.3% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +37.2% vs revenue +27.6%. 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 −80% of Vinyas Innovative Technologies Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−32.0 Cr of operating cash against ₹31.0 Cr of profit. After ₹36.0 Cr of capital spending, ₹−68.0 Cr was left as free cash.
FY26: operating cash of ₹−32.0 Cr against reported profit of ₹31.0 Cr, leaving free cash of ₹−68.0 Cr after ₹36.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −80% 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 −80%: the cash cycle stretched 55 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 55 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).
Vinyas Innovative Technologies Ltd's cash conversion cycle runs 232 days in FY26, up from 177 days in FY21. Capital spending ran ₹68.0 Cr over the last 3 years. At FY26 sales of ₹514 Cr each day of that cycle holds about ₹1.4 Cr, so roughly ₹327 Cr sits inside the business at any moment.
FY26: debtors at 161 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 232 days, looser than FY21's 177.
The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 161 days after that; and suppliers themselves are paid at 43 days — netting out to the 232-day cycle.
In money terms: at FY26 sales of ₹514 Cr, each day of the cycle holds about ₹1.4 Cr — so the 232-day loop keeps roughly ₹327 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹68.0 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 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.⚠ unverified
Vinyas Innovative Technologies Ltd earns a ROCE of 16% in FY25. That is up from a trough of 10% in FY21. Return on invested capital clears the cost of that capital by −0.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.0% net margin on 1.10× asset turns.
FY25 ROCE is 16%, recovered from a FY21 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.0% net margin × 1.10× asset turns × 1.98× balance-sheet leverage ≈ 13.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 11.4% − 12.0% = a −0.6 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. Low is the safe corner; the trend matters as much as the level.⚠ unverified
Vinyas Innovative Technologies Ltd carries total debt of ₹131 Cr against shareholder equity of ₹236 Cr as of Mar 26, a debt-to-equity of 0.56. On the annual view that ratio went from 1.87 in FY23 to 0.56 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹131 Cr against shareholder equity of ₹236 Cr — a debt-to-equity of 0.56. On the annual view, debt-to-equity went from 1.87 (FY23) to 0.56 (FY26). Read the returns on this page with that leverage in mind.
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 3.3 points of Vinyas Innovative Technologies Ltd over 5 quarters, the biggest move on the register. That takes domestic institutions to 6.5% of the company. Foreign institutions moved +0.5 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.3 points over 5 quarters to 6.5%; Foreign institutions: +0.5 points over 5 quarters to 0.5%; Promoters: +0.0 points over 5 quarters to 29.4%.
Why the register moved: domestic institutions drove it (+3.3 points), alongside foreign institutions (+0.5 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.
Vinyas Innovative Technologies Ltd: the Z-score reads 5.78. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 5.78 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 5.78.
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.
Vinyas Innovative Technologies Ltd trades at 63.1× P/E, against too little history to rank. Its long-run median P/E is 56.9×, measured across 0.3 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 63.1× is against too little history to rank, against a long-run median of 56.9× measured over 0.3 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 +59.0% against a +25.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
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.
Solved at its 27 August 2026 price, Vinyas Innovative Technologies Ltd was paying for profit growth of about 24.3% a year. Profit itself has compounded 77.2% a year over the past 6 years.
What the two numbers say together. The multiple sits where it sits, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. 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.
Stage: No read 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).
Vinyas Innovative Technologies Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
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.
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.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +29.5% | +29.8% | +20.2% | — |
| Profit | +63.2% | +64.2% | +98.7% | — |
| EPS | +59.0% | — | — | — |
| Share price | +25.2% | +64.7% | — | — |
4-Factor Sector Score
60.0/100 — rank 7 of 25 in Aerospace & Defence - Equipments · 57% evidence confidence
Vinyas Innovative Technologies Ltd scores 60.0 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 7. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
The four contributions add to the total exactly: 21.7 + 19 + 10.8 + 8.5 = 60. 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.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sigma Advanced System LtdSIGMAADV | 77.9/100Favorable setup82% evidence | LEADER | 28.4/35 Revenue 100% · PAT 20.3% · OPM change 307 pp 95% evidence | 17.2/25 ROCE 60.8% · OPM 16% 76% evidence | 12.5/20 P/E 95.1× · PEG — 50% evidence | 19.8/20 RS sector 113.1% · RS bench 161.3% · 1Y 481.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 17.2 + 12.5 + 19.8 = 77.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Paras Defence and Space Technologies LtdPARAS | 70.7/100Favorable setup82% evidence | LEADER | 25.8/35 Revenue 36.6% · PAT 54.8% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 17.2% · OPM 25% 76% evidence | 9.0/20 P/E 125× · PEG — 50% evidence | 18.8/20 RS sector 29.1% · RS bench 66.5% · 1Y 117.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.8 + 17.1 + 9 + 18.8 = 70.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3MTAR Technologies LtdMTARTECH | 67.2/100Favorable setup90% evidence | TURNING | 30.4/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence | 15.3/25 ROCE 15.1% · OPM 24% 100% evidence | 8.0/20 P/E 165× · PEG — 50% evidence | 13.5/20 RS sector 29.8% · RS bench 63% · 1Y 419.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 15.3 + 8 + 13.5 = 67.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Azad Engineering LtdAZAD | 64.0/100Mixed-positive evidence93% evidence | LEADER | 24.2/35 Revenue 29% · PAT 41.4% · OPM change 1 pp 100% evidence | 12.8/25 ROCE 11.9% · OPM 37% 100% evidence | 8.2/20 P/E 132× · PEG 2.29 65% evidence | 18.8/20 RS sector 15.1% · RS bench 50.7% · 1Y 80.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.2 + 12.8 + 8.2 + 18.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Rossell Techsys LtdROSSTECH | 62.9/100Mixed-positive evidence83% evidence | BREAKING OUT | 28.8/35 Revenue 82.9% · PAT 68.8% · OPM change 1.8 pp 100% evidence | 8.0/25 ROCE 11.5% · OPM 14.4% 100% evidence | 8.9/20 P/E 173× · PEG — 15% evidence | 17.2/20 RS sector 13.1% · RS bench 48.2% · 1Y 69.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 28.8 + 8 + 8.9 + 17.2 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Sika Interplant Systems LtdSIKA | 62.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 19.1/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence | 21.9/25 ROCE 34.6% · OPM 19.5% 100% evidence | 13.0/20 P/E 66.4× · PEG 1.01 100% evidence | 8.4/20 RS sector -10.2% · RS bench 7.8% · 1Y -4.3%8 of 9 weeks ahead 70% evidence |
| Exact sum: 19.1 + 21.9 + 13 + 8.4 = 62.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Vinyas Innovative Technologies Ltdthis pageVINYAS | 60.0/100Thin evidence · provisional57% evidence | BREAKING OUT | 21.7/35 Revenue 65% · PAT 100% · OPM change 3 pp 48% evidence | 19.0/25 ROCE 21.4% · OPM 13% 95% evidence | 10.8/20 P/E 63.1× · PEG — 15% evidence | 8.5/20 RS sector -17.6% · RS bench 31.3% · 1Y 24.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 21.7 + 19 + 10.8 + 8.5 = 60 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 8Data Patterns (India) LtdDATAPATTNS | 58.3/100Mixed-positive evidence100% evidence | LEADER | 22.8/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence | 19.8/25 ROCE 21.9% · OPM 27% 100% evidence | 3.0/20 P/E 100× · PEG 3.94 100% evidence | 12.7/20 RS sector 7.7% · RS bench 40.5% · 1Y 95%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.8 + 19.8 + 3 + 12.7 = 58.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Jaykay Enterprises LtdJAYKAY | 54.3/100Mixed-positive evidence74% evidence | ASLEEP | 29.0/35 Revenue 100% · PAT 100% · OPM change 1.8 pp 95% evidence | 8.1/25 ROCE 8.2% · OPM 14.2% 95% evidence | 11.1/20 P/E 61.2× · PEG — 15% evidence | 6.1/20 RS sector -20.9% · RS bench 1.6% · 1Y 13.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 29 + 8.1 + 11.1 + 6.1 = 54.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 13.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Astra Microwave Products LtdASTRAMICRO | 53.5/100Mixed-positive evidence100% evidence | LEADER | 16.0/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence | 17.7/25 ROCE 20.3% · OPM 19% 100% evidence | 4.8/20 P/E 84.4× · PEG 3.3 100% evidence | 15.0/20 RS sector 7.8% · RS bench 39.8% · 1Y 66.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 17.7 + 4.8 + 15 = 53.5 · Decision use: Price leads the evidence: RS versus the benchmark is 39.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Hindustan Aeronautics LtdHAL | 52.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 13.9/35 Revenue 7.4% · PAT 12.2% · OPM change 1 pp 100% evidence | 20.4/25 ROCE 32% · OPM 28% 100% evidence | 8.2/20 P/E 35.2× · PEG 3.54 100% evidence | 9.8/20 RS sector -17.1% · RS bench 11.6% · 1Y 11.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 20.4 + 8.2 + 9.8 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Apollo Micro Systems LtdAPOLLO | 51.8/100Mixed-positive evidence100% evidence | FADING | 19.6/35 Revenue 68.8% · PAT 74.2% · OPM change -10 pp 100% evidence | 13.4/25 ROCE 14.5% · OPM 21% 100% evidence | 7.2/20 P/E 129× · PEG 1.6 100% evidence | 11.6/20 RS sector 6.4% · RS bench 38.8% · 1Y 38.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 13.4 + 7.2 + 11.6 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Dynamatic Technologies LtdDYNAMATECH | 48.5/100Mixed-negative evidence83% evidence | TURNING | 18.3/35 Revenue 17.3% · PAT 0% · OPM change 3 pp 100% evidence | 9.3/25 ROCE 10.2% · OPM 13% 100% evidence | 9.2/20 P/E 140× · PEG — 15% evidence | 11.7/20 RS sector -6.1% · RS bench 25% · 1Y 82.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 9.3 + 9.2 + 11.7 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Mishra Dhatu Nigam LtdMIDHANI | 45.5/100Mixed-negative evidence100% evidence | TURNING | 16.6/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence | 11.5/25 ROCE 11.3% · OPM 15% 100% evidence | 7.5/20 P/E 62.1× · PEG 5.62 100% evidence | 9.9/20 RS sector -9.5% · RS bench 20.5% · 1Y 18.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 11.5 + 7.5 + 9.9 = 45.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Bharat Electronics LtdBEL | 45.0/100Mixed-negative evidence100% evidence | TURNING | 14.7/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence | 19.3/25 ROCE 36.4% · OPM 25% 100% evidence | 7.5/20 P/E 48.1× · PEG 3.54 100% evidence | 3.5/20 RS sector -27.8% · RS bench -2.2% · 1Y 9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 19.3 + 7.5 + 3.5 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ideaforge Technology LtdIDEAFORGE | 44.5/100Mixed-negative evidence74% evidence | ASLEEP | 26.7/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence | 1.3/25 ROCE -2.8% · OPM 3.4% 100% evidence | 8.5/20 P/E 928× · PEG — 15% evidence | 8.0/20 RS sector -3.5% · RS bench 24.1% · 1Y 44.1%7 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 1.3 + 8.5 + 8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17High Energy Batteries (India) Ltd504176 | 43.3/100Mixed-negative evidence67% evidence | TURNING | 6.7/35 Revenue 1.5% · PAT -3.5% · OPM change -32.1 pp 95% evidence | 14.2/25 ROCE 20.4% · OPM -26.5% 76% evidence | 12.3/20 P/E 38.9× · PEG — 50% evidence | 10.1/20 RS sector — · RS bench 4.7% · 1Y —4 of 4 weeks ahead 25% evidence |
| Exact sum: 6.7 + 14.2 + 12.3 + 10.1 = 43.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Zen Technologies LtdZENTEC | 41.4/100Mixed-negative evidence69% evidence | FADING | 5.1/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence | 16.7/25 ROCE 16.2% · OPM 27% 76% evidence | 10.2/20 P/E 85.6× · PEG — 15% evidence | 9.4/20 RS sector -6.6% · RS bench 13.1% · 1Y 16.5%5 of 10 weeks ahead 70% evidence |
| Exact sum: 5.1 + 16.7 + 10.2 + 9.4 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19BEML LtdBEML | 40.5/100Mixed-negative evidence91% evidence | BREAKING OUT | 15.9/35 Revenue 12.8% · PAT -40.1% · OPM change 8.2 pp 74% evidence | 3.5/25 ROCE 7.7% · OPM 0.2% 100% evidence | 10.7/20 P/E 94.4× · PEG 1.18 100% evidence | 10.4/20 RS sector -17% · RS bench 12% · 1Y -0.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 3.5 + 10.7 + 10.4 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Bharat Dynamics LtdBDL | 35.2/100Mixed-negative evidence93% evidence | TURNING | 12.1/35 Revenue -18.7% · PAT -7.1% · OPM change 33 pp 100% evidence | 13.3/25 ROCE 13.8% · OPM 15% 100% evidence | 5.9/20 P/E 83.8× · PEG 4.44 65% evidence | 3.9/20 RS sector -35.7% · RS bench -12.4% · 1Y -17.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 13.3 + 5.9 + 3.9 = 35.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21AXISCADES Technologies LtdAXISCADES | 33.1/100Adverse evidence93% evidence | ASLEEP | 11.9/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence | 3.9/25 ROCE 3.6% · OPM 4.7% 100% evidence | 10.9/20 P/E 238× · PEG 1.39 65% evidence | 6.4/20 RS sector -12% · RS bench 17% · 1Y 27.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 3.9 + 10.9 + 6.4 = 33.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Avantel LtdAVANTEL | 32.1/100Adverse evidence83% evidence | ASLEEP | 9.9/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence | 10.2/25 ROCE 9.6% · OPM 24.8% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 3.4/20 RS sector -26.5% · RS bench -1.1% · 1Y -11.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 9.9 + 10.2 + 8.6 + 3.4 = 32.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23NIBE LtdNIBE | 24.1/100Adverse evidence66% evidence | FADING | 3.0/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence | 5.4/25 ROCE 4.8% · OPM -15% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.7/20 RS sector -29.8% · RS bench 4.7% · 1Y 7.1%7 of 11 weeks ahead 70% evidence |
| Exact sum: 3 + 5.4 + 10 + 5.7 = 24.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24DCX Systems LtdDCXINDIA | 24.0/100Adverse evidence71% evidence | BASING | 5.9/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence | 4.2/25 ROCE 0.9% · OPM -10.4% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.9/20 RS sector -27.1% · RS bench -12.3% · 1Y -37.9%1 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 4.2 + 10 + 3.9 = 24 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Aequs LtdAEQUS | 39.1/100Thin evidence · provisional35% evidence | BREAKING OUT | 14.9/35 Revenue — · PAT — · OPM change -7.3 pp 45% evidence | 4.2/25 ROCE 1.7% · OPM 3.7% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 14.9 + 4.2 + 10 + 10 = 39.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
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.
Frequently asked questions
What is Vinyas Innovative Technologies Ltd's share price today?
Vinyas Innovative Technologies Ltd trades at ₹1,548, +25.2% over the past year. The company is valued at ₹1,948 Cr. The stock sits at 92% of its 52-week range of ₹855–₹1,612, +24.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 14 weeks in. — as of 11 September 2026.
What were Vinyas Innovative Technologies Ltd's latest quarterly results?
Vinyas Innovative Technologies Ltd reported revenue of ₹302 Cr and net profit of ₹22.0 Cr for the Mar 26 quarter. Revenue rose 22.3% and profit rose 83.3% year on year. Earnings per share were ₹17.11. The operating margin was 13.0%, 3.0 pp higher than a year earlier. — as of 11 September 2026.
What is Vinyas Innovative Technologies Ltd's revenue?
Vinyas Innovative Technologies Ltd reported revenue of ₹302 Cr in the Mar 26 quarter, +22.3% year on year. For the full FY26 fiscal year, revenue was ₹514 Cr (+29.5%). Over the last 6 years revenue compounded at 22.8% a year. — as of 11 September 2026.
What is Vinyas Innovative Technologies Ltd's profit?
Vinyas Innovative Technologies Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, +83.3% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹31.0 Cr. The operating margin ran 13.0% in the latest quarter. — as of 11 September 2026.
What is Vinyas Innovative Technologies Ltd's market cap?
Vinyas Innovative Technologies Ltd's market capitalisation is ₹1,948 Cr at a share price of ₹1,548. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
Does Vinyas Innovative Technologies Ltd pay a dividend?
No — Vinyas Innovative Technologies Ltd has recorded a dividend payout of 0% of profit in each of its last 7 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 11 September 2026.
Is Vinyas Innovative Technologies Ltd growing?
Yes — Vinyas Innovative Technologies Ltd is growing: latest-quarter revenue +22.3% year on year, profit +83.3%, and the margin +3.0 pp at 13.0%. The 6-year compound rates are 22.8% (revenue) and 77.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Vinyas Innovative Technologies Ltd performing?
Vinyas Innovative Technologies Ltd is in a confirmed uptrend, 14 weeks in. Its latest quarter's revenue rose 22.3% and profit rose 83.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
Is Vinyas Innovative Technologies Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 14 of stage 2), trading +24.6% versus its 200-day average and at 92% 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 11 September 2026.
Is Vinyas Innovative Technologies Ltd beating the market?
On recent form, yes — Vinyas Innovative Technologies Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.9 years the stock moved +347% against the NIFTY 500's +31% — ahead of the index over the full window. — as of 11 September 2026.
Will Vinyas Innovative Technologies Ltd's share price go up?
This page publishes no price forecast for Vinyas Innovative Technologies Ltd. What it measures instead: the share price is ₹1,548, the price is in a confirmed uptrend 14 weeks in. Direction is not something this site claims to know. — as of 11 September 2026.
Who owns Vinyas Innovative Technologies Ltd?
Promoters hold 29.4% of Vinyas Innovative Technologies Ltd, foreign institutions 0.5%, domestic institutions 6.5% and the public 63.6% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.3 points over 5 quarters. — as of 11 September 2026.
Does Vinyas Innovative Technologies Ltd have too much debt?
It is moderate — Vinyas Innovative Technologies Ltd's debt-to-equity is 0.55, and operating profit covers the interest bill 4×. FY26 borrowings were ₹130 Cr against equity of ₹236 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Vinyas Innovative Technologies Ltd's capex?
Vinyas Innovative Technologies Ltd spent ₹68.0 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 ₹36.0 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Vinyas Innovative Technologies Ltd's cash flow?
Vinyas Innovative Technologies Ltd consumed ₹32.0 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−68.0 Cr). Operating cash was negative while the company reported a profit of ₹31.0 Cr. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Vinyas Innovative Technologies Ltd's profit real cash?
No — operating cash was negative over the last 3 fiscal years: Vinyas Innovative Technologies Ltd consumed cash while reporting profit. In FY26, operating cash was ₹−32.0 Cr against reported profit of ₹31.0 Cr. Cash-flow resolution is annual — as of 11 September 2026.
How financially safe is Vinyas Innovative Technologies Ltd?
On the balance sheet, the Z-score reads 5.78 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 11 September 2026.
Where is Vinyas Innovative Technologies Ltd in its business cycle?
Vinyas Innovative Technologies Ltd's FY26 operating margin was 12.0%, against a 7-year band of 6.0%–12.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Vinyas Innovative Technologies Ltd's price assume?
At its price on 27 August 2026, Vinyas Innovative Technologies Ltd was priced for profit growth of about 24.3% a year. Profit itself has compounded 77.2% a year over the past 6 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Vinyas Innovative Technologies Ltd story?
The sharpest disagreement: profits are rising, but only −80% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. 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 11 September 2026.
Is Vinyas Innovative Technologies Ltd a stock worth studying right now?
This is not investment advice. The machine read: Vinyas Innovative Technologies Ltd's earnings have outrun its stock. EPS grew +59.0% in a year against a +25.2% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!