Manoj Ceramic (544073)

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

Key Financials

Strengths

• Revenue growth of 23.28% and profit growth of 34.88% indicate improving margins and compounding.
• P/E of 8.75 with PEG of 0.30 suggests the market is underpricing growth.
• ROCE at 17.73% shows decent capital efficiency.
• Piotroski F-Score of 7/9 points to sound fundamentals and profitability.
• Latest quarter shows solid scale: sales ₹81 Cr and net profit ₹6 Cr.

Concerns

• No dividend, so shareholder return depends entirely on growth and capital gains.
• Ceramics is cyclical and competitive with limited pricing power or durable moat.
• Missing data: book value, debt/equity and promoter holding; balance-sheet risk is not fully assessable.
• Small market cap of ₹102 Cr means high volatility and potential liquidity risk.

AI Analysis

I cannot say I love the ceramics business—it is competitive, capital-intensive and tied to the construction cycle. But I can say I love buying good growth at a reasonable price. This small-cap trades at ₹116.60 with market cap ₹102 Cr and P/E 8.75. Profit growth is 34.88% on sales growth of 23.28%, so margins are improving. A PEG of 0.30 is exceptionally cheap if that growth persists. ROCE of 17.73% is respectable; it tells me existing capital is earning a decent return. The Piotroski score of 7 out of 9 strengthens my confidence in financial health. There is no dividend, so my return depends entirely on earnings growth and eventual market recognition. That is acceptable in a fast grower if management reinvests wisely. The absence of book value, debt-equity and promoter holding data is troubling. I cannot fully assess balance-sheet leverage or insider alignment. Also, the latest quarter shows net profit of ₹6 Cr on sales of ₹81 Cr—if that were the run-rate, the stock would be even cheaper, but I must be cautious: ceramic demand is cyclical and one quarter proves nothing. I need evidence of volume growth, pricing power, and repeat orders. A 52-week range of ₹60 to ₹132.90 shows volatility. I would not marry this business, but I would court it at the right price. If growth continues and management keeps capital allocation sensible, the low P/E and high growth give a margin of safety. In Graham's language, this is a bargain only if the earnings power is durable. The price gives me a margin; the fundamentals must earn my conviction.

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