White Organic (513713)

Score breakdown: P/E: 3/3 · ROCE: 0/2 · Growth: 1/2 · Dividend: 0/1

Key Financials

Strengths

• Trades at ₹7.55 against book value of ₹16.61, a 0.45 P/B discount if assets are genuine.
• Piotroski F-Score of 6/9 suggests no acute financial distress based on available fundamentals.
• P/E of 7.23 and PEG of 0.58 are optically cheap, though they rest on a very small profit base.

Concerns

• Sales growth of -99.67% and latest quarter revenue of ₹0 Cr mean there is no operating business to value.
• ROE of 3.24% and ROCE of 4.09% are far below acceptable levels; capital is not being productively deployed.
• No dividend, promoter holding not disclosed, and debt/equity is N/A—transparency is poor.
• Stock is at its 52-week high of ₹7.55, so the discount to book has already narrowed.

AI Analysis

When I look at White Organic, I see a balance sheet, not a business. The price is ₹7.55, while book value is ₹16.61, so the stock trades at 0.45 times book. That looks like classic Graham territory. But cheap is not the same as attractive. Sales have collapsed by 99.67%, and the latest quarter shows revenue of zero rupees. A company with no sales cannot compound value. ROE is only 3.24% and ROCE is only 4.09%, both far below what I expect from a business with a durable moat. The P/E of 7.23 and PEG of 0.58 are misleading because they are built on a tiny, non-operating profit base; the reported profit growth of 12.50% is meaningless when revenue is essentially nil. There is no dividend, so I get no income while I wait. I also cannot verify debt levels or promoter holding, which makes me uncomfortable. The Piotroski F-score of 6/9 is decent, but that measures financial stress, not earning power. The stock has risen from its 52-week low of ₹2.81 to ₹7.55, so the market has already re-rated this asset. At ₹27 Cr market cap versus roughly ₹59 Cr of book value, this is an asset play, not a growth story. Ben Graham would want to know if those assets are real, liquid and deployable. If they are, the discount might offer a margin of safety; if not, it is a value trap. I prefer a business with visible earnings, and right now White Organic has no operating earnings to speak of. As Buffett says, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' This is a possible cigar butt, but I need much more evidence before I take a puff.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer