Atishay (538713)

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

Key Financials

Strengths

• ROE of 17.57% and ROCE of 20.35% show decent capital efficiency at current operating levels.
• Latest quarter is profitable with ₹15 Cr sales and ₹2 Cr net profit, implying a healthy margin.
• Small ₹150 Cr market cap leaves room for niche growth if execution improves.
• Book value of ₹33.74 provides some tangible net worth, even though the price is far above it.

Concerns

• Sales growth is only 1.51% and profit growth is negative at -10.43%, indicating stagnation.
• Piotroski F-score of 4/9 points to weakening financial fundamentals.
• Valuation is expensive: P/E 24.65, P/B 3.96, and PEG 16.32 leave no margin of safety.
• Promoter holding and debt/equity data are missing, creating transparency and governance uncertainty.

AI Analysis

At first glance, Atishay does not excite me. At ₹133.65, with a market cap of ₹150 Cr, I am asked to pay 24.65 times earnings for a business whose profits have fallen 10.43% and sales have grown only 1.51%. Graham would call that speculation, not investment. The returns on capital look decent on the surface: ROE of 17.57% and ROCE of 20.35%, and the latest quarter produced ₹2 Cr net profit on ₹15 Cr sales, roughly a 13% margin. But when I pay ₹133.65 for book value of ₹33.74, I am paying nearly 4 times book, leaving little margin of safety. The Piotroski F-score of 4 out of 9 is another warning: the financial health is weakening, not improving. A PEG ratio of 16.32 tells me the current earnings multiple is not supported by any reasonable growth rate, especially with sales growth barely positive. The 52-week range of ₹117 to ₹235 shows the stock has already fallen sharply, but a falling price is not automatically value; it is still far from cheap by earnings or book value. The dividend yield of 0.58% offers no protection. Promoter holding is unavailable; for a ₹150 Cr company, that is a serious governance unknown, and I need clarity before trusting management with my capital. This is a small, profitable but stagnant software products business. I see no durable moat in these figures: sales not growing, profits declining, and F-score below 5. I would rather wait until revenue growth resumes, margins stabilise, and the market offers a meaningful discount to intrinsic value. If the company proves itself over the coming quarters, it may become interesting. Today, the risk-reward is unattractive.

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