Agent Adda - Market Intelligence Agent · Equity Research

Top Investment Picks Analysis

Highest-conviction names merged from Sector Rotation, current Stage 2/VCP, and the Portfolio Strategy Lab best strategy, with technical · available fundamental · risk-reward · extension analysis.

Report Date · 2026-09-11 10 picks 6 triple-confirmed 3 dual-confirmed 7 extended 1 sector headwind Generated 11 Sep 2026 22:43 IST

Picks

6 triple · 3 dual · 1 sector headwind

Avg Inv. Score

across portfolio

Avg RS %

+96.2%

vs Nifty 500

Avg 12M Upside

+36%

computed targets

Avg Risk Score

4.2/10

0=low · 10=high

High Conviction

of 10 picks

Disclaimer: This report is not investment advice. It is a learning journey demonstrating how AI and rules-based agents can be applied to financial markets. Validate all data, prices, liquidity, corporate events, and risk independently before making any financial decision.

📋 Executive Summary

The proposed portfolio harnesses strong momentum in the Capital Goods and Pharma & Healthcare sectors, with a distinct emphasis on high-conviction picks that exhibit robust revenue growth, operating margins, and relative strength against the Nifty 500.
The basket is positioned to leverage vibrant macro conditions favoring equities, particularly those with strong technical setups alongside positive earnings momentum.
However, attention must be paid to valuation concerns and operational risks across sectors, reflecting a need for diligence as market dynamics evolve.

🌐 Macro Context

Snapshot 2026-09-11: 2640 stocks scanned; Stage 2 count 427 vs Stage 4 568; BUY/STRONG_BUY signals 427; mean RS vs Nifty 500 50.0%.

🧱 Portfolio Construction

The portfolio will allocate 60% to high-conviction stocks (40% split equally among leading names), 30% to medium conviction, and 10% for lower conviction stocks to ensure a diversified yet growth-focused approach.
The expected gross exposure aligns with a bullish equity stance, taking advantage of sector strengths while maintaining cash reserves to handle volatility.
Stop-loss discipline will be enforced at 10% from purchase price, and the time horizon for investments will be targeted at 1-3 years to align with growth potential.

🏆 Top Conviction

FINCABLES.
SHILPAMED.
COMSYN.

🧭 Sector Concentration

The portfolio leans heavily towards Capital Goods and Pharma & Healthcare, which may present concentrated risk, especially in downturns affecting consumer demand and operational stability.
To mitigate this, a quarterly review of sector performance will be integral, considering reallocation into underperforming but fundamentally sound sectors to maintain balanced exposure.

📊 Sector Concentration

Capital Goods3

Pharma & Healthcare3

Financial Services1

Services1

Healthcare1

Consumer Durables1

📊 Pick Summary — 2026-09-11

#	Symbol	Sector	Sub-sector	Price	Stage	Inv.Score	RS%	6M Tgt	RR (4M)	Risk	Extension	Conviction	Source
1	FINCABLES	Capital Goods	Unmapped	₹1424.00	STAGE_2	95.99	93.9%	₹1,896	1.18×	5.0	OVEREXTENDED	HIGH	Strategy+VCP+Sector
2	QUADFUTURE	Capital Goods	Unmapped	₹478.50	STAGE_2	94.80	89.7%	₹662	1.16×	4.5	OVEREXTENDED	MEDIUM	Strategy+VCP+Sector
3	SHILPAMED	Pharma & Healthcare	Healthcare Products	₹961.15	STAGE_2	97.25	99.3%	₹1,275	1.09×	4.5	OVEREXTENDED	HIGH	VCP+Sector
4	NEULANDLAB	Pharma & Healthcare	Healthcare Products	₹23535.00	STAGE_2	96.27	94.4%	₹30,910	1.24×	3.0	NORMAL	MEDIUM	VCP+Sector
5	TFCILTD	Financial Services	Financial Services	₹141.49	STAGE_2	96.16	99.5%	₹181	0.96×	4.0	EXTENDED	MEDIUM	VCP+Sector
6	GLAND	Pharma & Healthcare	Healthcare Products	₹2922.30	STAGE_2	95.41	92.7%	₹3,536	1.49×	1.5	NORMAL	HIGH	VCP+Sector
7	COMSYN	Capital Goods	Unmapped	₹299.15	STAGE_2	99.08	99.2%	₹426	1.32×	1.5	NORMAL	HIGH	VCP+Sector
8	KAPSTON	Services	Unmapped	₹588.20	STAGE_2	95.58	99.0%	₹815	1.25×	6.0	EXTENDED	MEDIUM	VCP+Sector
9	RUBICON	Healthcare	Unmapped	₹1835.40	STAGE_2	95.45	94.0%	₹2,565	1.55×	3.0	EXTENDED	MEDIUM	VCP+Sector
10	TBZ	Consumer Durables	Consumer Durables	₹526.30	STAGE_2	91.32	100.0%	₹827	0.90×	8.5	OVEREXTENDED	HIGH	Strategy+S2

📐 Methodology

Top picks are not selected from a single indicator. The report looks for names where market structure, sector strength, price action, strategy evidence, and risk/reward all point in the same direction.

Core Inputs

Sector Rotation Report — leading sectors and highest investment-score names inside them.
Stage 2 / VCP Tracker — Weinstein-stage-2 universe plus persisted scores.stage2_vcp_picks.
Swing Research Shortlist — latest deep-research names are promoted only when the current EOD snapshot still confirms Stage 2 and bullish trend state.
Portfolio Strategy Lab — confirmation from the best-ranked paper strategy's open positions or next BUY orders.
Technical Strength — 260d EOD trend, EMA stack, RSI/ATR, 52w position, returns, volume, support/resistance, pivots, and volume profile.
Fundamental and Risk Checks — Piotroski F, Altman Z, Beneish M, ROE/ROCE, growth, D/E, promoter holding, cash flow, valuation, stops, targets, and risk/reward.

Weinstein Stage Framework

Stage 1 — Base / Accumulation: sideways action after a decline; watchlist phase.
Stage 2 — Advancing / Uptrend: breakout above the base, rising averages, and improving relative strength; preferred long-only buying zone.
Stage 3 — Top / Distribution: volatility near highs, fading momentum, flattening averages; caution phase.
Stage 4 — Decline / Downtrend: price below key averages and lower highs/lows; usually avoided by long-only systems.

How Ranking Works

The final rank balances Stage 2 trend quality, relative strength, sector leadership, VCP or breakout evidence, the swing research overlay, portfolio strategy confirmation, target/stop risk-reward, and fundamental quality. Triple-confirmed names where sector rotation + Stage 2/VCP + strategy evidence agree are prioritised, followed by dual-confirmed candidates with strong trend and acceptable risk.

A high-ranked pick is a research shortlist candidate, not a direct investment instruction. The strongest candidates combine Stage 2 structure, leadership versus the market, constructive sector context, defined stop-loss, and acceptable reward-to-risk.

🔬 Per-Stock Deep Dive

Each card: candlestick chart with EMAs, S/R, pivots & entry/stop/targets · KPI tiles · LLM-narrated thesis · technicals · fundamentals · quarterly / annual / BS / CF · events · risk gauge.

FINCABLES · Capital Goods · Unmapped

Strategy + VCP + Sector Sub-sector: Unmapped Best Strategy: persisted_vcp_picks_v1 · open position Conviction: HIGH Risk: MEDIUM Extension: OVEREXTENDED Signal: BUY Supertrend: BULLISH 3/5 ★★ Dual confirmedVCP · Strategy Lab · Sector Rotation

Price

₹1424.00

1M 14.0%

Investment Score

95.99

Tech 96.89 · Fund 69.29

Relative Strength

93.9%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

5.0/10

MEDIUM

6M Target

₹1,896

RR 1.18×

B What the company does

Finolex Cables Limited is a leading manufacturer of electrical and telecommunication cables in India. Operating for more than 50 years, Finolex has been able to maintain its leadership position as one of the most diversified wires and cables companies in the country. Besides manufacturing a wide variety of wires and cables, Finolex has also forayed into the manufacturing of Fast-Moving Electrical Goods (FMEG) and home appliances. Over the years, the Company has established itself as a preferred electrical.

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Breakout ↑Rising WedgeThree White Soldiers52W High TouchVolume SurgeHigher Highs · Higher Lows

🤖 Chart Narrative · AI Read

The 6-month chart shows a confirmed bullish trend with a 'Three White Soldiers' pattern suggesting strong continuation. Price is currently above key EMAs (20, 50, 200) and there’s a notable rising wedge pattern indicating potential exhaustion. Traders should monitor a breakout above ₹1,498 (52W high) and view pullbacks toward ₹1,376 as a potential re-entry point.

Support: ₹766 · ₹969 · ₹1,000
Resistance: ₹1,374 · ₹1,204 · ₹1,185
Pivots — PP ₹1,378 · R1 ₹1,544 · R2 ₹1,665 · S1 ₹1,257 · S2 ₹1,091

💡 Thesis

Finolex Cables demonstrates strong technical momentum with a bullish signal from both the EMA stack and supertrend state. The stock has outperformed the Nifty 500 with a relative strength of 93.88%, and shows impressive quarterly revenue growth of +44.20% YoY. The company has maintained a robust operating profit margin of 12% with a gradual EPS CAGR of 12.23%, while net debt remains positive, showcasing healthy balance sheet management.

📈 Technical View

The stock is in a Stage 2 bullish trend with an RSI of 68.76, indicating strong momentum. Currently, it is approximately 4.94% from its 52-week high, confirming its favorable position while experiencing a recent volume surge of 2.74x average, highlighting institutional interest.

🏦 Fundamental View

During the latest quarter, Finolex reported revenues of ₹2,013 Cr and a PAT of ₹249 Cr, reflecting a solid operating profit margin trend gaining 150 bps. The company enjoys a positive net cash position of ₹4,176 Cr and a favorable OCF to PAT ratio of 0.061. ROCE stands at 16.0%, signaling effective capital use.

🧭 Sector View

Finolex operates in a strong sector context with a sector strength of 88.64 and relative sector ranking well placed among 70 peers.

💰 Valuation

Current valuation reflects a P/E ratio of 27.2 which suggests a premium pricing relative to historical averages.

🚀 Key Catalysts

Latest quarter PAT growth +11.16% QoQ
Revenue growth trajectory of +44.20% YoY
Promoter holding at 35.86% illustrating management commitment

⚠️ Key Risks

High P/E ratio compared to historical averages
Dependency on raw material prices
Potential regulatory changes affecting operations

🔍 Research Observation

The stock shows strong technical and fundamental health, presenting a compelling case for potential good returns amidst favorable sector conditions.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Upward

📐 The targets are derived from earnings potential relative to peer valuations.

📈 Bull case (would highlight)

Strong earnings growth trajectory
Increasing operational efficiency
Robust industry positioning

📉 Bear case (would flag)

Valuation concerns amidst high PEG
Market dependence on cyclical trends
Possible overextension risk

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Analysts generally maintain a bullish outlook for Finolex, noting its consistent profitability and strong growth metrics. Concerns typically center around valuation stretches relative to peers, especially considering its high P/E compared to industry standards. Synthesised consensus is backed by strong earnings momentum and operational efficiencies.

T Technicals

Closei	₹1424.00 (2026-09-11)
EMA 20/50/200i	₹1276.59 / ₹1191.54 / ₹994.18
EMA50 slope (20d)i	12.04%
RSI(14)i	68.76
ATR(14)i	₹66.24 (4.65%)
52W High / Lowi	₹1498.00 / ₹700.80
From 52W highi	-4.9%
Returns 1M/3M/6M/1Yi	14.0% / 34.9% / 66.4% / 68.7%
Vol vs 20d avgi	2.74x

F Fundamental Scores

Piotroski F-scorei	4 / 6 (approx)
Altman Z-scorei	5.64 (Z′ approx)
Beneish M-scorei	-1.91 (watch, simplified)
Forensic riski	moderate (derived)
ROE / ROCEi	13.1% (computed) / 17.1% (computed)
Revenue growth (3Y)i	11.6% (4Y CAGR)
PAT growth (3Y)i	12.2% (4Y CAGR)
Debt / Equityi	0.00 (computed)
Promoter holdingi	35.9%
FII / DII holdingi	9.7% / 16.7%
NPMi	11.5% (computed)
EPSi	52.31

Q Quality Score Breakdown

Earnings Qualityi71.6

Sales Growthi65.0

Financial Strengthi68.8

Institutionali71.0

Compositei69.3

CANSLIM (O'Neil)i23.0

Minervini Trendi3.0

Component sub-scores feeding the composite. Earnings Quality, Sales Growth, Financial Strength and Institutional Backing are each on a 0–10 scale; Composite is the blended 0–100 enhanced fundamental score.

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 21/25 · Stored: 23/25

Current Earnings✓ real

PAT YoY +52.8%

5/5

Annual Earnings✓ real

PAT CAGR +6.8% (2Y)

1/5

New Highs / Volumederived

Vol 2.7x 20d avg

5/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +93.9pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 26.4%

3/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹1,424.0
EPS (TTM proxy)i	52.31
P/E (Screener ratios)	27.2x
Market cap (Screener)	₹21,746 Cr
Market-cap bucketi	LARGE_CAP
Book value	₹398.0
Dividend yield	0.6%
Sales (latest)i	—
PAT (latest)i	₹800 Cr (12.0% YoY)
Net debt (3Y)i	₹-4,176 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Capital Goods
Sub-sector: Unmapped
Sector strength: 88.64
Peer avg RS: 77.8% · Avg tech: 88.64 · Avg fund: —
Sector universe: 70 stocks

🎯 Targets & Risk / Reward

Model ref range	₹1,277 – ₹1,424
Model inv. level	₹1,144
Ref target 2M	₹1,623
Ref target 4M	₹1,755
Ref target 6M	₹1,896

Reward / Risk (4M)	1.18×
Reward / Risk (6M)	1.69×
Risk per share	₹280
Extension	OVEREXTENDED - 11.5% above EMA20; 19.5% above EMA50; RSI 69
Illustrative weight	3% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 4.7% (+1.5) · Overextended (+2.0) · OCF/PAT weak (+1.5)

🛡 Risk Score

5.0 / 10

MEDIUM

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	2013	12	249	16.28
Mar 2026	1951	9	224	14.67
Dec 2025	1599	10	164	10.73
Sep 2025	1376	11	163	10.63

Rev QoQ +3.2% · YoY +44.2% · PAT QoQ +11.2% · YoY +52.8% · OPM vs 4Q avg +150 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	6939	10	800	52.31
Mar 2026	6321	10	714	46.67
Mar 2025	5319	10	701	45.82
Mar 2024	5014	12	652	42.61
Mar 2023	4481	11	504	32.97

4Y CAGR — Revenue 11.6% · PAT 12.2% · EPS 12.2%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	19	-4176	6990
Mar 2025	20	-3966	6287
Mar 2024	18	-3566	5635

Debt trend stable · Net cash positive

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	49	153	202
Mar 2025	207	-82	125
Mar 2024	577	-440	137

OCF/PAT (latest FY) 0.06 → earnings quality: WEAK

N Corporate Events & Insider Activity (90d)

2026-09-04 — CORPORATE_ACTION:

📄 Latest Filings Snapshot

P&L: Sales: 6,939 Cr (YoY +9.8%); NetProfit: 800 Cr (YoY +12.0%); EPS: 52.31
Quarterly: Sales last 3Q: 1,599, 1,951, 2,013 Cr; Net Profit last 3Q: 164, 224, 249 Cr
Ratios: P/E: 27.2; ROCE: 16.0; ROE: 12.3; Div Yield: 0.63; Book Value: 398; Mkt Cap: 21,746
Investors: Promoters 35.86% | FII 9.65% | DII 16.71% | Public 37.80%

Why selected: Portfolio lab best strategy `persisted_vcp_picks_v1` confirms as open position; current Stage 2 inv=96.0, VCP=82, top sector strength=89 · The combination of strong earnings growth and favorable technical condition justifies a high conviction in this investment.

QUADFUTURE · Capital Goods · Unmapped

Strategy + VCP + Sector Sub-sector: Unmapped Best Strategy: persisted_vcp_picks_v1 · open position Conviction: MEDIUM Risk: MEDIUM Extension: OVEREXTENDED Signal: BUY Supertrend: BULLISH 3/5 ★★ Dual confirmedVCP · Strategy Lab · Sector Rotation

Price

₹478.50

1M 32.1%

Investment Score

94.80

Tech 97.00 · Fund 57.02

Relative Strength

89.7%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

4.5/10

MEDIUM

6M Target

₹662

RR 1.16×

B What the company does

Incorporated in 2015, Quadrant Future- Tek Ltd manufactures specialty cables and develops train control & signalling systems [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Double Bottom (W)Breakout ↑Bullish Engulfing52W High TouchVolume Surge

🤖 Chart Narrative · AI Read

The 6-month chart showcases a 'Double Bottom' pattern, signaling potential reversal, while the recent breakout indicates strength. However, this bullish pattern must contend with RSI pressures and distance from EMAs, particularly the 50-day is crucial support. Chart watchers should focus restrictions around ₹465 (EMA 20) and resistance at ₹512 (52W high) for potential trading opportunities.

Support: ₹262 · ₹277 · ₹334
Resistance: ₹481 · ₹465 · ₹386
Pivots — PP ₹468 · R1 ₹522 · R2 ₹566 · S1 ₹425 · S2 ₹371

💡 Thesis

Quadrant Future has exhibited significant price appreciation of 32.11% over the past month, suggesting healthy momentum in a favorable technical setup. However, the company faces challenges as shown by recent quarterly results indicating negative profitability with a PAT of -9.13 Cr. Despite a solid promoter holding of 70%, the lack of consistent operational performance raises concerns on sustainability.

📈 Technical View

The stock remains in a bullish Stage 2 but presents an overextended setup with an RSI at 69.40. Currently, it’s about 6.51% from its 52-week high, coupled with high recent trading volume of 3.74x the 20-day average, indicating potential interest but necessitating caution on overloading.

🏦 Fundamental View

The latest results show fluctuating profitability, with a poor operating profit margin of -8.25% in Q2 2026. With increasing borrowings leading to net debt at ₹24 Cr and negative cash flow metrics (OCF at -86 Cr), the balance sheet poses risks to sustained operations.

🧭 Sector View

With a strong sector context of 88.64, Quadrant Future’s relative performance is promising among peers, but it needs to ensure consistent operational metrics to leverage this strength.

💰 Valuation

The company lacks a reliable P/E indication due to recent losses; value assessment largely hinges on future earning recovery.

🚀 Key Catalysts

1M return of +32.11%
Promoter holding at a high 70%
Recent positive revenue growth YoY at +41.28%

⚠️ Key Risks

Negative profitability trends
High volatility due to operational inconsistencies
Current leverage may pressure future performance

🔍 Research Observation

The stock showcases solid price momentum, though potential concerns regarding stable profitability warrant caution before significant commitments.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

HOLD

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Stable

📐 Target estimates based on a balanced view of P/E multiples relative to more profitable peers.

📈 Bull case (would highlight)

Strong operational recovery potential
High promoter commitment
Sector alignment

📉 Bear case (would flag)

Inconsistent profitability
High leverage risks
Cyclical sensitivity

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Current consensus is cautious on the stock, considering the volatility and relative performance challenges. Brokers highlight both the strong promoter stake as a positive and the erratic financial performance as a potential red flag in their narratives.

T Technicals

Closei	₹478.50 (2026-09-11)
EMA 20/50/200i	₹418.39 / ₹397.84 / ₹362.47
EMA50 slope (20d)i	6.50%
RSI(14)i	69.40
ATR(14)i	₹26.19 (5.47%)
52W High / Lowi	₹511.80 / ₹248.55
From 52W highi	-6.5%
Returns 1M/3M/6M/1Yi	32.1% / 16.3% / 61.2% / 6.1%
Vol vs 20d avgi	3.74x

F Fundamental Scores

Piotroski F-scorei	2 / 6 (approx)
Altman Z-scorei	2.88 (Z′ approx)
Beneish M-scorei	-1.51 (high, simplified)
Forensic riski	high (derived)
ROE / ROCEi	-15.4% / -15.5%
Revenue growth (3Y)i	1.9% (4Y CAGR)
PAT growth (3Y)i	—
Debt / Equityi	0.09 (computed)
Promoter holdingi	70.0%
FII / DII holdingi	1.9% / 2.1%
NPMi	-23.6% (computed)
EPSi	-9.65 (latest FY)

Q Quality Score Breakdown

Earnings Qualityi51.2

Sales Growthi48.3

Financial Strengthi65.5

Institutionali68.5

Compositei56.0

CANSLIM (O'Neil)i18.0

Minervini Trendi14.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 21/25 · Stored: 18/25

Current Earnings✓ real

PAT YoY +32.4%

5/5

Annual Earnings✓ real

PAT YoY +9.3% (fund_details 1Y)

1/5

New Highs / Volumederived

Vol 3.7x 20d avg

5/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +89.7pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 3.9%

0/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹478.5
EPS (TTM proxy)i	-9.65
P/E (Screener ratios)	—
P/E (derived price ÷ EPS)	-49.6x
Market cap (Screener)	₹1,914 Cr
Market-cap bucketi	SMALL_CAP
Book value	₹64.5
Dividend yield	0.0%
Sales (latest)i	₹165 Cr (7.8% YoY)
PAT (latest)i	—
Net debt (3Y)i	₹24 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Capital Goods
Sub-sector: Unmapped
Sector strength: 88.64
Peer avg RS: 77.8% · Avg tech: 88.64 · Avg fund: —
Sector universe: 70 stocks

🎯 Targets & Risk / Reward

Model ref range	₹418 – ₹478
Model inv. level	₹366
Ref target 2M	₹557
Ref target 4M	₹609
Ref target 6M	₹662

Reward / Risk (4M)	1.16×
Reward / Risk (6M)	1.63×
Risk per share	₹112
Extension	OVEREXTENDED - 14.4% above EMA20; 20.3% above EMA50; RSI 69
Illustrative weight	3% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 5.5% (+2.5) · Overextended (+2.0)

🛡 Risk Score

4.5 / 10

MEDIUM

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	41	-8	-9	-2.28
Mar 2026	57	-10	1	0.28
Dec 2025	33	-32	-15	-3.68
Sep 2025	34	-37	-16	-3.97

Rev QoQ -28.2% · YoY +41.3% · PAT QoQ -900.9% · YoY -32.4% · OPM vs 4Q avg +1427 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	165	-20	-39	-9.65
Mar 2026	153	-25	-43	-10.74
Mar 2025	150	1	-20	-4.92
Mar 2024	151	24	12	11.62
Mar 2023	153	17	14	13.90

4Y CAGR — Revenue 1.9% · PAT — · EPS —

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	24	24	321
Mar 2025	85	85	402
Mar 2024	82	82	146

Debt trend falling

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	-86	-3	-89
Mar 2025	-72	-5	-77
Mar 2024	22	-25	-3

OCF/PAT (latest FY) 2.21 → earnings quality: HIGH

N Corporate Events & Insider Activity (90d)

2026-08-25 — INSIDER BULK_DEAL_SELL Bulk Deal: QE SECURITIES LLP (₹13.48 Cr)
2026-08-25 — INSIDER BULK_DEAL_BUY Bulk Deal: QE SECURITIES LLP (₹13.61 Cr)
2026-08-25 — INSIDER BULK_DEAL_SELL Bulk Deal: JUNOMONETA FINSOL PRIVATE LIMITED (₹12.68 Cr)
2026-08-25 — INSIDER BULK_DEAL_BUY Bulk Deal: JUNOMONETA FINSOL PRIVATE LIMITED (₹12.75 Cr)
2026-08-25 — BULK_DEAL (BUY): QE SECURITIES LLP · 320,359 @ ₹424.75 (≈ ₹13.6 Cr)
2026-08-25 — BULK_DEAL (BUY): JUNOMONETA FINSOL PRIVATE LIMITED · 299,306 @ ₹425.82 (≈ ₹12.7 Cr)
2026-08-25 — BULK_DEAL (SELL): QE SECURITIES LLP · 316,488 @ ₹425.88 (≈ ₹13.5 Cr)
2026-08-25 — BULK_DEAL (SELL): JUNOMONETA FINSOL PRIVATE LIMITED · 297,623 @ ₹426.05 (≈ ₹12.7 Cr)
2026-08-24 — BULK_DEAL (BUY): JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED · 871,189 @ ₹447.47 (≈ ₹39.0 Cr)
2026-08-24 — BULK_DEAL (BUY): HRTI PRIVATE LIMITED · 324,481 @ ₹438.88 (≈ ₹14.2 Cr)

📄 Latest Filings Snapshot

P&L: Sales: 165 Cr (YoY +7.8%); NetProfit: -39 Cr (YoY +9.3%); EPS: -9.65
Quarterly: Sales last 3Q: 33.28, 56.56, 40.59 Cr; Net Profit last 3Q: -14.70, 1.14, -9.13 Cr
Ratios: P/E: N/A; ROCE: -15.5; ROE: -15.4; NPM: -23.41%; Div Yield: 0.00; Book Value: 64.5; Mkt Cap: 1,914
Investors: Promoters 70.00% | FII 1.85% | DII 2.08% | Public 26.08%

Why selected: Portfolio lab best strategy `persisted_vcp_picks_v1` confirms as open position; current Stage 2 inv=94.8, VCP=87, top sector strength=89 · Volatility persists, creation challenges remain, making a measured approach more suitable for investors.

SHILPAMED · Pharma & Healthcare · Healthcare Products

VCP + Sector Sub-sector: Healthcare Products Conviction: HIGH Risk: MEDIUM Extension: OVEREXTENDED Signal: BUY Supertrend: BULLISH ▲ Sector: LEADING (+1.78%, mom +0.71%) 3/5 ★★ Dual confirmedRRG LEADING · VCP · Sector Rotation

Price

₹961.15

1M 19.1%

Investment Score

97.25

Tech 96.35 · Fund 74.18

Relative Strength

99.3%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

4.5/10

MEDIUM

6M Target

₹1,275

RR 1.09×

B What the company does

Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing service for some of its customers. The company’s formulation products consist of 16 injectable dosage forms, 19 oral solid dosage forms under SML and 13 formulations under SML’s wholly owned subsidiary Shilpa Therapeutics. [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Higher Highs · Higher Lows

🤖 Chart Narrative · AI Read

The 6-month candlestick chart depicts a strong 'Higher Highs · Higher Lows' trend, indicating significant bullish momentum. Shilpa has consistently remained above its EMAs, and the smooth succession of price movement suggests confirmation of upward trend. There is robust resistance at ₹1,000, with traders watching for confirmation of passes through that level for further momentum.

Support: ₹396 · ₹524 · ₹598
Resistance: ₹825 · ₹650 · ₹615
Pivots — PP ₹950 · R1 ₹991 · R2 ₹1,021 · S1 ₹921 · S2 ₹880

💡 Thesis

Shilpa Medicare is positioned favorably with a remarkable recent performance boost reflected in a 207% gain over 6 months and a robust revenue growth of +45.17% YoY in the last quarter. Operating margins are notably high at 28%, which underpins the sustainability of earnings potential, while a significant OCF performance of ₹342 Cr indicates positive cash flow dynamics. The stock's superior relative strength of 99.34% against Nifty 500 signifies strong market leadership.

📈 Technical View

The stock holds a bullish Stage 2 status and exhibits a relative strength of 99.34%. Its RSI is comfortable at 68.71 and it is currently trading within a small range of about 1.93% from its 52-week high. The recent volume metrics indicate a healthy trading environment.

🏦 Fundamental View

In the latest quarter, Shilpa reported revenue of ₹466 Cr alongside a PAT of ₹101 Cr, leveraging a strong operating performance illustrated by OPM improvements of 1% sequentially. The company’s debt has been decreasing over the years, fostering a strong balance sheet without reliance on excessive borrowing.

🧭 Sector View

Operating within a solid pharmaceutical sector context (sector strength 82.0%), Shilpa Medicare's performance distinguishes itself among its peers.

💰 Valuation

With a P/E ratio of 66.1, the stock may appear elevated; ongoing growth in earnings can justify this valuation stretch.

🚀 Key Catalysts

1Y revenue growth at +130.27%
Recent quarter PAT growth of +11.9% QoQ
High operating margin trend at 29%

⚠️ Key Risks

High valuation metrics in a competitive context
Regulatory uncertainties in the pharmaceutical landscape
Market volatility impacting demand

🔍 Research Observation

The stock shows substantial technical strength and performance, creating a tightly wound setup for potential continued appreciation in a strong sector context.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Upward

📐 Targets rely on forward EPS forecasts san a phased assessment of peer valuations.

📈 Bull case (would highlight)

Earnings expansion trajectory
Strong product lineup
Market share growth

📉 Bear case (would flag)

High valuation risk
Regulatory challenges
Market fluctuation exposure

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Analysts are bullish on Shilpa Medicare, emphasizing the substantial earnings growth momentum and strong product pipeline. Concerns may include the valuation stretch compared to peers in the sector while market estimates remain in an upward trajectory.

T Technicals

Closei	₹961.15 (2026-09-11)
EMA 20/50/200i	₹894.14 / ₹783.97 / ₹545.78
EMA50 slope (20d)i	23.80%
RSI(14)i	68.71
ATR(14)i	₹43.80 (4.56%)
52W High / Lowi	₹980.10 / ₹259.50
From 52W highi	-1.9%
Returns 1M/3M/6M/1Yi	19.1% / 74.0% / 207.3% / 130.3%
Vol vs 20d avgi	1.15x

F Fundamental Scores

Piotroski F-scorei	4 / 6 (approx)
Altman Z-scorei	2.72 (Z′ approx)
Beneish M-scorei	-2.47 (low, simplified)
Forensic riski	low (derived)
ROE / ROCEi	11.5% (computed) / 12.2% (computed)
Revenue growth (3Y)i	12.6% (4Y CAGR)
PAT growth (3Y)i	—
Debt / Equityi	0.25 (computed)
Promoter holdingi	40.1%
FII / DII holdingi	11.4% / 8.1%
NPMi	17.6% (computed)
EPSi	15.20

Q Quality Score Breakdown

Earnings Qualityi79.0

Sales Growthi68.3

Financial Strengthi74.2

Institutionali71.0

Compositei74.2

CANSLIM (O'Neil)i21.0

Minervini Trendi14.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 21/25

Current Earnings✓ real

PAT YoY +114.9%

5/5

Annual Earnings✓ real

PAT CAGR +95.1% (2Y)

5/5

New Highs / Volumederived

Vol 1.2x 20d avg

1/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +99.3pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 19.4%

3/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹961.1
EPS (TTM proxy)i	15.20
P/E (Screener ratios)	66.1x
P/E (derived price ÷ EPS)	63.2x
Market cap (Screener)	₹18,791 Cr
Market-cap bucketi	MID_CAP
Book value	₹132.0
Dividend yield	0.1%
Sales (latest)i	—
PAT (latest)i	₹297 Cr (22.2% YoY)
Net debt (3Y)i	₹602 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Pharma & Healthcare
Sub-sector: Healthcare Products
Sector strength: 82.00
Peer avg RS: 92.3% · Avg tech: 82.00 · Avg fund: 76.36
Sector universe: 31 stocks

🎯 Targets & Risk / Reward

Model ref range	₹894 – ₹961
Model inv. level	₹760
Ref target 2M	₹1,093
Ref target 4M	₹1,180
Ref target 6M	₹1,275

Reward / Risk (4M)	1.09×
Reward / Risk (6M)	1.56×
Risk per share	₹201
Extension	OVEREXTENDED - 7.5% above EMA20; 22.6% above EMA50; RSI 69
Illustrative weight	3% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 4.6% (+1.5) · Near high -1.9% (+1.0) · Overextended (+2.0)

🛡 Risk Score

4.5 / 10

MEDIUM

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	466	29	101	5.16
Mar 2026	437	27	108	5.51
Dec 2025	410	28	45	2.28
Sep 2025	370	29	44	2.25

Rev QoQ +6.6% · YoY +45.2% · PAT QoQ -6.5% · YoY +114.9% · OPM vs 4Q avg +217 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	1683	28	297	15.20
Mar 2026	1535	28	243	12.44
Mar 2025	1281	25	78	4.00
Mar 2024	1146	21	32	1.84
Mar 2023	1046	9	-31	-1.87

4Y CAGR — Revenue 12.6% · PAT — · EPS —

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	660	602	3706
Mar 2025	588	553	3311
Mar 2024	937	897	3093

Debt trend falling

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	342	-339	3
Mar 2025	132	-198	-66
Mar 2024	137	-171	-34

OCF/PAT (latest FY) 1.15 → earnings quality: HIGH

N Corporate Events & Insider Activity (90d)

2026-09-04 — CORPORATE_ACTION:
2026-08-05 — RESULT_ANNOUNCEMENT: Financial Results

📄 Latest Filings Snapshot

P&L: Sales: 1,683 Cr (YoY +9.6%); NetProfit: 297 Cr (YoY +22.2%); EPS: 15.20
Quarterly: Sales last 3Q: 410, 437, 466 Cr; Net Profit last 3Q: 45, 108, 101 Cr
Ratios: P/E: 66.1; ROCE: 10.9; ROE: 8.99; Div Yield: 0.06; Book Value: 132; Mkt Cap: 18,791
Investors: Promoters 40.13% | FII 11.39% | DII 8.05% | Public 40.42%

Why selected: VCP-confirmed Stage 2 (vcp=87, inv=97.2) in top-ranked sector Pharma & Healthcare (strength=97) · Sustained performance and superior growth metrics create high conviction regarding its investment thesis.

NEULANDLAB · Pharma & Healthcare · Healthcare Products

VCP + Sector Sub-sector: Healthcare Products Conviction: MEDIUM Risk: LOW Extension: NORMAL Signal: BUY Supertrend: BULLISH ▲ Sector: LEADING (+1.78%, mom +0.71%) 3/5 ★★ Dual confirmedRRG LEADING · VCP · Sector Rotation

Price

₹23535.00

1M 1.4%

Investment Score

96.27

Tech 97.08 · Fund 74.60

Relative Strength

94.4%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

3.0/10

LOW

6M Target

₹30,910

RR 1.24×

B What the company does

Neuland Laboratories is engaged in manufacturing and selling of bulk drugs and caters to both domestic and international markets. [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Double Top (M)Ascending Triangle

🤖 Chart Narrative · AI Read

The chart reveals a robust upward trend marked by an Ascending Triangle pattern, indicating potential breakout zones around ₹23,878 with support near ₹22,637. RSI currently suggests neutrality, giving room for further rally. Volume is steady, and traders should watch for a breakout past the key resistance level of ₹23,878 for continued momentum.

Support: ₹11,500 · ₹14,283 · ₹15,900
Resistance: ₹23,878 · ₹20,089 · ₹18,305
Pivots — PP ₹23,392 · R1 ₹24,368 · R2 ₹25,202 · S1 ₹22,558 · S2 ₹21,582

💡 Thesis

Neuland Laboratories is showing strong technical momentum with an RSI of 59.06, indicating a bullish stance supported by its substantial 3-month return of 40.74%. The company is operating in a robust sector displaying an 82% strength while demonstrating impressive revenue growth of 119.11% YoY. However, its PAT has recently decreased sequentially by 30.52%. The increasing leverage is a concern with the debt/assets ratio rising to 0.1, suggesting a cautionary note on sustainability despite a solid CAGR of EPS at 32.09%.

📈 Technical View

Neuland Laboratories maintains a bullish technical setup with EMA20 above EMA50 and 200, showing strong price momentum. With a distance of only -2.85% from the 52-week high, the stock exemplifies resilience, although a recent increasing ATR of 2.84% indicates growing volatility.

🏦 Fundamental View

In the latest quarter ending June 2026, revenue stood at ₹642 Cr with a PAT of ₹148 Cr. Despite a drop in OPM from 40% to 35%, the EPS CAGR has been strong at 32.09%. However, negative cash flow with an OCF to PAT ratio of 0.697 raises concerns about earnings quality.

🧭 Sector View

Given the 82% strength in the pharma sector, Neuland Laboratories is positioned favorably among its peers. The healthcare products sub-sector presents robust growth potential.

💰 Valuation

The stock is trading at a high P/E of 60.6, suggesting valuation may be stretched relative to peer averages.

🚀 Key Catalysts

Solid revenue growth of 119.11% YoY
Sector strength at 82%
Technical bullish stage score of 98.17

⚠️ Key Risks

Debt trend rising with net debt at ₹299 Cr
OCF/PAT ratio under watch at 0.697
Recent decline in PAT QoQ by 30.52%

🔍 Research Observation

The current strength and bullish stage imply a positive outlook, yet caution regarding rising debt and cash flow quality is necessary.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Stable

📐 Using an EPS of ₹387.97 with a peer average P/E of 22x to establish the target.

📈 Bull case (would highlight)

Strong earnings momentum with 119.11% revenue growth
Market leading position in the pharma segment
High technical indicators suggesting bullish trends

📉 Bear case (would flag)

Concern over rising debt ratio and cash flow quality
High valuation relative to historical metrics
Declining PAT growth could raise red flags

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Analyst views are generally positive, with bullish sentiments possibly stemming from Neuland’s high sector strength and strong earnings growth. However, concerns about elevated debt levels and declining PAT growth are often highlighted. This synthesized consensus suggests a favorable view but notes caution on valuation.

T Technicals

Closei	₹23535.00 (2026-09-11)
EMA 20/50/200i	₹22960.36 / ₹21486.72 / ₹17835.77
EMA50 slope (20d)i	11.28%
RSI(14)i	59.06
ATR(14)i	₹668.71 (2.84%)
52W High / Lowi	₹24225.00 / ₹11500.00
From 52W highi	-2.8%
Returns 1M/3M/6M/1Yi	1.4% / 40.7% / 93.7% / 59.0%
Vol vs 20d avgi	1.00x

F Fundamental Scores

Piotroski F-scorei	3 / 6 (approx)
Altman Z-scorei	3.21 (Z′ approx)
Beneish M-scorei	-2.21 (watch, simplified)
Forensic riski	moderate (derived)
ROE / ROCEi	26.6% (computed) / 31.9% (computed)
Revenue growth (3Y)i	18.8% (4Y CAGR)
PAT growth (3Y)i	32.0% (4Y CAGR)
Debt / Equityi	0.16 (computed)
Promoter holdingi	32.6%
FII / DII holdingi	21.1% / 16.5%
NPMi	21.0% (computed)
EPSi	387.97

Q Quality Score Breakdown

Earnings Qualityi78.0

Sales Growthi65.0

Financial Strengthi82.5

Institutionali71.0

Compositei74.6

CANSLIM (O'Neil)i15.0

Minervini Trendi4.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 20/25 · Stored: 15/25

Current Earnings✓ real

PAT YoY +957.1%

5/5

Annual Earnings✓ real

PAT CAGR +38.4% (2Y)

5/5

New Highs / Volumederived

Vol 1.0x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +94.4pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 37.6%

5/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹23,535.0
EPS (TTM proxy)i	387.97
P/E (Screener ratios)	60.6x
Market cap (Screener)	₹30,190 Cr
Market-cap bucketi	LARGE_CAP
Book value	₹1.0
Dividend yield	0.1%
Sales (latest)i	—
PAT (latest)i	₹498 Cr (36.8% YoY)
Net debt (3Y)i	₹299 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Pharma & Healthcare
Sub-sector: Healthcare Products
Sector strength: 82.00
Peer avg RS: 92.3% · Avg tech: 82.00 · Avg fund: 76.36
Sector universe: 31 stocks

🎯 Targets & Risk / Reward

Model ref range	₹22,960 – ₹23,535
Model inv. level	₹20,842
Ref target 2M	₹25,541
Ref target 4M	₹26,879
Ref target 6M	₹30,910

Reward / Risk (4M)	1.24×
Reward / Risk (6M)	2.74×
Risk per share	₹2,693
Extension	NORMAL - -2.8% from 52w high
Illustrative weight	8% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 2.8% (+0.5) · Near high -2.8% (+1.0) · Debt rising (+1.0) · OCF/PAT watch (+0.5)

🛡 Risk Score

3.0 / 10

LOW

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	642	35	148	115.10
Mar 2026	776	40	213	165.76
Dec 2025	440	18	41	31.62
Sep 2025	514	30	97	75.49

Rev QoQ -17.3% · YoY +119.1% · PAT QoQ -30.5% · YoY +957.1% · OPM vs 4Q avg +1200 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	2372	32	498	387.97
Mar 2026	2023	29	364	283.71
Mar 2025	1477	22	260	202.74
Mar 2024	1559	30	300	233.89
Mar 2023	1191	23	164	127.45

4Y CAGR — Revenue 18.8% · PAT 32.0% · EPS 32.1%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	301	299	2930
Mar 2025	157	48	2180
Mar 2024	95	94	1833

Debt trend rising

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	347	-423	-76
Mar 2025	317	-298	19
Mar 2024	261	-150	111

OCF/PAT (latest FY) 0.70 → earnings quality: WATCH

N Corporate Events & Insider Activity (90d)

2026-08-05 — RESULT_ANNOUNCEMENT: Financial Results

📄 Latest Filings Snapshot

P&L: Sales: 2,372 Cr (YoY +17.3%); NetProfit: 498 Cr (YoY +36.8%); EPS: 387.97
Quarterly: Sales last 3Q: 440, 776, 642 Cr; Net Profit last 3Q: 41, 213, 148 Cr
Ratios: P/E: 60.6; ROCE: 26.5; ROE: 21.2; Div Yield: 0.14; Book Value: 1,461; Mkt Cap: 30,190
Investors: Promoters 32.62% | FII 21.08% | DII 16.52% | Govt 0.00% | Public 29.79%

Why selected: VCP-confirmed Stage 2 (vcp=86, inv=96.3) in top-ranked sector Pharma & Healthcare (strength=97) · Strong technical and sector backing with some fundamental caution.

TFCILTD · Financial Services · Financial Services

VCP + Sector Sub-sector: Financial Services Conviction: MEDIUM Risk: MEDIUM Extension: EXTENDED Signal: BUY Supertrend: BULLISH ↗ Sector: IMPROVING (-0.62%, mom +0.26%) 3/5 ★★ Dual confirmedRRG IMPROVING · VCP · Sector Rotation

Price

₹141.49

1M 22.7%

Investment Score

96.16

Tech 94.74 · Fund 68.07

Relative Strength

99.5%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

4.0/10

MEDIUM

6M Target

₹181

RR 0.96×

B What the company does

Tourism Finance Corporation of India Ltd provides financial assistance to the tourism sector comprising hotels, resorts, restaurants, food courts, amusement parks, ropeways, multiplexes, etc. [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Higher Highs · Higher Lows

🤖 Chart Narrative · AI Read

The price pattern suggests an uptrend channel confirmed by higher highs and higher lows. Current proximity to the EMA20 (4.40%) indicates potential corrective action if the RSI cooling occurs. Traders should observe for resistance near ₹141.49 as a break could confirm further rally.

Support: ₹62 · ₹72 · ₹73
Resistance: ₹148 · ₹85 · ₹82
Pivots — PP ₹142 · R1 ₹145 · R2 ₹148 · S1 ₹139 · S2 ₹136

💡 Thesis

Tourism Finance Corporation of India Ltd is positioned for growth with a strong earnings quality score of 90 and substantial PAT growth of 90.63% QoQ. The stock's price has exhibited a robust 1-month return of 22.70%, yet the elevated RSI of 69.54 suggests it is nearing overbought territory. Despite its sound financial assistance to the tourism sector, the firm has shown negative operating cash flow, indicating pressing cash management needs. The slight rise in equity and assets over five years signals stability.

📈 Technical View

The technical picture remains bullish with EMA20 above EMA50, but RSI nearing overbought thresholds may signal a pullback risk. The stock is 4.17% from its 52-week high, adding to the sense of a potential correction.

🏦 Fundamental View

Latest quarter results show a revenue of ₹81 Cr and a PAT of ₹61 Cr, with previous quarter growth reflecting significant operational improvements. However, recent OCF of -₹46 Cr indicates that cash flow management needs attention.

🧭 Sector View

Within the Financial Services sector showing an 83.84% strength, TFCILTD is leveraging growth in tourism finance, placing it ahead of many peers.

💰 Valuation

Given the P/E of 42.5, TFCILTD may exhibit slight valuation pressure compared to intrinsic growth metrics.

🚀 Key Catalysts

Substantial PAT growth of 90.63% QoQ
Consistently positive revenue growth with 26.56% YoY
Strong RSI of 69.54 indicating upward momentum

⚠️ Key Risks

Negative free cash flow at -₹46 Cr
Recent increase in OCF volatility
High exposure to tourism cyclicality

🔍 Research Observation

Despite bullish momentum and strong quarterly improvements, caution regarding cash flow and market sensitivity is warranted.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Upward

📐 Based on EPS of ₹3.33 multiplied by an 50% premium to historical averages.

📈 Bull case (would highlight)

Strong earnings growth and improving profitability metrics
High promoter support and confidence
Favorable sector environment post-COVID recovery

📉 Bear case (would flag)

Cash flow concerns with recent negative OCF
Potential cyclicality in tourism impacting loan demand
High valuation metrics could inhibit upward momentum

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Consensus appears bullish with many analysts supporting growth fueled by India's tourism revival. Valuation may be a point of contention, especially given elevated P/E ratios. The sentiment remains positive but cautious on cash flow implications.

T Technicals

Closei	₹141.49 (2026-09-11)
EMA 20/50/200i	₹135.52 / ₹117.97 / ₹88.25
EMA50 slope (20d)i	27.85%
RSI(14)i	69.54
ATR(14)i	₹5.18 (3.66%)
52W High / Lowi	₹147.65 / ₹51.00
From 52W highi	-4.2%
Returns 1M/3M/6M/1Yi	22.7% / 86.5% / 124.9% / 97.4%
Vol vs 20d avgi	0.51x

F Fundamental Scores

Piotroski F-scorei	2 / 6 (approx)
Altman Z-scorei	1.82 (Z′ approx)
Beneish M-scorei	-2.07 (watch, simplified)
Forensic riski	moderate (derived)
ROE / ROCEi	11.7% (computed) / 22.3% (computed)
Revenue growth (3Y)i	5.9% (4Y CAGR)
PAT growth (3Y)i	15.0% (4Y CAGR)
Debt / Equityi	—
Promoter holdingi	3.9%
FII / DII holdingi	5.5% / 0.0%
NPMi	52.9% (computed)
EPSi	3.33

Q Quality Score Breakdown

Earnings Qualityi90.0

Sales Growthi55.0

Financial Strengthi53.3

Institutionali51.0

Compositei68.1

CANSLIM (O'Neil)i20.0

Minervini Trendi6.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 18/25 · Stored: 20/25

Current Earnings✓ real

PAT YoY +96.8%

5/5

Annual Earnings✓ real

PAT CAGR +21.7% (2Y)

3/5

New Highs / Volumederived

Vol 0.5x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +99.5pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 5.5%

1/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹141.5
EPS (TTM proxy)i	3.33
P/E (Screener ratios)	42.5x
Market cap (Screener)	₹6,552 Cr
Market-cap bucketi	MICRO_CAP
Book value	₹28.4
Dividend yield	0.4%
Sales (latest)i	₹291 Cr (5.1% YoY)
PAT (latest)i	₹154 Cr (25.2% YoY)
Net debt (3Y)i	—

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Financial Services
Sub-sector: Financial Services
Sector strength: 83.84
Peer avg RS: 58.4% · Avg tech: 83.84 · Avg fund: 67.86
Sector universe: 85 stocks

🎯 Targets & Risk / Reward

Model ref range	₹136 – ₹141
Model inv. level	₹114
Ref target 2M	₹157
Ref target 4M	₹167
Ref target 6M	₹181

Reward / Risk (4M)	0.96×
Reward / Risk (6M)	1.45×
Risk per share	₹27
Extension	EXTENDED - 19.9% above EMA50; RSI 70; 1M return +22.7%
Illustrative weight	4% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 3.7% (+1.5) · Extended (+1.0) · OCF/PAT weak (+1.5)

🛡 Risk Score

4.0 / 10

MEDIUM

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	81	—	61	1.32
Mar 2026	74	—	32	0.69
Dec 2025	70	—	32	0.69
Sep 2025	66	—	29	0.63

Rev QoQ +9.5% · YoY +26.6% · PAT QoQ +90.6% · YoY +96.8%

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	291	—	154	3.33
Mar 2026	277	—	123	2.67
Mar 2025	252	—	104	2.24
Mar 2024	242	—	91	2.02
Mar 2023	231	—	88	1.95

4Y CAGR — Revenue 5.9% · PAT 15.0% · EPS 14.3%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	—	—	2412
Mar 2025	—	—	2102
Mar 2024	—	—	2106

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	-46	0	-46
Mar 2025	55	12	67
Mar 2024	-7	0	-7

OCF/PAT (latest FY) -0.30 → earnings quality: WEAK

N Corporate Events & Insider Activity (90d)

2026-08-17 — INSIDER BULK_DEAL_BUY Bulk Deal: HRTI PRIVATE LIMITED (₹37.81 Cr)
2026-08-17 — INSIDER BULK_DEAL_SELL Bulk Deal: HRTI PRIVATE LIMITED (₹33.99 Cr)
2026-08-17 — BULK_DEAL (BUY): HRTI PRIVATE LIMITED · 3,122,382 @ ₹121.08 (≈ ₹37.8 Cr)
2026-08-17 — BULK_DEAL (SELL): HRTI PRIVATE LIMITED · 2,803,353 @ ₹121.24 (≈ ₹34.0 Cr)

📄 Latest Filings Snapshot

P&L: Sales: 291 Cr (YoY +5.1%); NetProfit: 154 Cr (YoY +25.2%); EPS: 3.33
Quarterly: Sales last 3Q: 70, 74, 81 Cr; Net Profit last 3Q: 32, 32, 61 Cr
Ratios: P/E: 42.5; ROCE: 11.1; ROE: 9.75; Div Yield: 0.42; Book Value: 28.4; Mkt Cap: 6,552
Investors: Promoters 3.85% | FII 5.46% | DII 0.00% | Public 90.69%

Why selected: VCP-confirmed Stage 2 (vcp=87, inv=96.2) in top-ranked sector Financial Services (strength=89) · High growth potential tempered by cash flow volatility.

GLAND · Pharma & Healthcare · Healthcare Products

VCP + Sector Sub-sector: Healthcare Products Conviction: HIGH Risk: LOW Extension: NORMAL Signal: BUY Supertrend: BULLISH ▲ Sector: LEADING (+1.78%, mom +0.71%) 3/5 ★★ Dual confirmedRRG LEADING · VCP · Sector Rotation

Price

₹2922.30

1M -1.5%

Investment Score

95.41

Tech 96.58 · Fund 67.38

Relative Strength

92.7%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

1.5/10

LOW

6M Target

₹3,536

RR 1.49×

B What the company does

Established in Hyderabad, India in 1978, Gland Pharma has grown over the years from a contract manufacturer of small volume liquid parenteral products, to become one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. We operate primarily under a business to business (B2B) model and have an excellent track record in the development, manufacturing and marketing of complex.

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:HammerHigher Highs · Higher Lows

🤖 Chart Narrative · AI Read

The chart portrays a Higher Highs and Higher Lows pattern, confirming the overall bullish trend. Current price action is sitting above the EMA50, creating a solid foundation for future growth. The market should watch for pullbacks to around ₹2878.44 as ideal entry zones before potential breakouts as it approaches ₹3185.46.

Support: ₹1,703 · ₹2,182 · ₹2,351
Resistance: ₹3,040 · ₹2,569 · ₹2,396
Pivots — PP ₹2,949 · R1 ₹3,016 · R2 ₹3,109 · S1 ₹2,856 · S2 ₹2,789

💡 Thesis

Gland Pharma maintains a solid growth trajectory, evidenced by a consistent EPS CAGR of 9.63% alongside a 1-year return of 52.12%. The strong P&L metrics showcase a revenue increase of 19.52% YoY, driven by a healthy operating margin of 27%. The stock’s technical indicators, with an EMA stack offering bullish alignments, support its upward movement despite volatility concerns shown by ATR of 3.00%. Strengthening fundamentals paired with sector strength of 82% bolster its positioning.

📈 Technical View

Technically, Gland holds its bullish stance, with prices above key EMA levels. The distance from the 52-week high at -3.93% suggests a potential upward breakout risk, especially with RSI indicating a neutral range.

🏦 Fundamental View

For the June 2026 quarter, Gland reported revenues of ₹1800 Cr with a PAT of ₹317 Cr, indicating strong fundamental traction. The positive OCF ratio of 0.91 relative to PAT further emphasizes its earnings quality, while a slight debt trend decline shows a healthy balance sheet.

🧭 Sector View

Operating within a thriving pharma sector that exhibits 82% strength, Gland is well-positioned compared to its peers, with strong institutional backing at 80%.

💰 Valuation

The current P/E of 42.4 might suggest stretched valuations relative to earnings growth opportunities.

🚀 Key Catalysts

Strong PAT growth of 47.44% YoY
Consistent revenue performance of ₹6725 Cr for TTM
Uphold robust fundamentals with high financial strength score at 80

⚠️ Key Risks

High valuation with a stretched P/E ratio
Potential regulatory changes affecting margins
Concentration risks in key product lines

🔍 Research Observation

Strength emerges from both the P&L and technical positioning, yet investors should be mindful of valuation and external risks.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Stable

📐 Determined using EPS of ₹68.49 multiplied by a peer average multiple of 53.

📈 Bull case (would highlight)

Strong earnings growth paired with high margin stabilization
Well-established market presence and operational scope
Ability to capture international market share amid global demand

📉 Bear case (would flag)

High dependence on a few major products
Pressure from regulatory changes impacting operations
Valuation concerns may limit upside potential

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Analysts generally view Gland favorably, highlighting its innovativeness and track record for revenue stability. Concerns might arise from its premium valuation relative to historical performance, and peer comparisons reveal similar growth potential.

T Technicals

Closei	₹2922.30 (2026-09-11)
EMA 20/50/200i	₹2881.16 / ₹2709.76 / ₹2227.94
EMA50 slope (20d)i	9.51%
RSI(14)i	58.41
ATR(14)i	₹87.72 (3.00%)
52W High / Lowi	₹3042.00 / ₹1573.60
From 52W highi	-3.9%
Returns 1M/3M/6M/1Yi	-1.5% / 34.1% / 79.7% / 52.1%
Vol vs 20d avgi	0.67x

F Fundamental Scores

Piotroski F-scorei	3 / 6 (approx)
Altman Z-scorei	4.30 (Z′ approx)
Beneish M-scorei	-2.40 (low, simplified)
Forensic riski	low (derived)
ROE / ROCEi	10.9% (computed) / 15.2% (computed)
Revenue growth (3Y)i	16.7% (4Y CAGR)
PAT growth (3Y)i	9.7% (4Y CAGR)
Debt / Equityi	0.03 (computed)
Promoter holdingi	51.8%
FII / DII holdingi	8.7% / 30.4%
NPMi	16.8% (computed)
EPSi	68.49

Q Quality Score Breakdown

Earnings Qualityi62.0

Sales Growthi58.3

Financial Strengthi80.0

Institutionali80.0

Compositei67.4

CANSLIM (O'Neil)i14.0

Minervini Trendi8.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 20/25 · Stored: 14/25

Current Earnings✓ real

PAT YoY +47.4%

5/5

Annual Earnings✓ real

PAT CAGR +27.1% (2Y)

5/5

New Highs / Volumederived

Vol 0.7x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +92.7pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 39.2%

5/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹2,922.3
EPS (TTM proxy)i	68.49
P/E (Screener ratios)	42.4x
Market cap (Screener)	₹48,665 Cr
Market-cap bucketi	LARGE_CAP
Book value	₹629.0
Dividend yield	0.7%
Sales (latest)i	—
PAT (latest)i	—
Net debt (3Y)i	₹284 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Pharma & Healthcare
Sub-sector: Healthcare Products
Sector strength: 82.00
Peer avg RS: 92.3% · Avg tech: 82.00 · Avg fund: 76.36
Sector universe: 31 stocks

🎯 Targets & Risk / Reward

Model ref range	₹2,878 – ₹2,922
Model inv. level	₹2,628
Ref target 2M	₹3,185
Ref target 4M	₹3,361
Ref target 6M	₹3,536

Reward / Risk (4M)	1.49×
Reward / Risk (6M)	2.09×
Risk per share	₹294
Extension	NORMAL
Illustrative weight	8% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 3.0% (+1.5)

🛡 Risk Score

1.5 / 10

LOW

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	1800	27	317	19.21
Mar 2026	1743	29	367	22.26
Dec 2025	1695	26	261	15.87
Sep 2025	1487	21	184	11.15

Rev QoQ +3.3% · YoY +19.5% · PAT QoQ -13.6% · YoY +47.4% · OPM vs 4Q avg +200 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	6725	26	1129	68.49
Mar 2026	6431	25	1027	62.35
Mar 2025	5616	23	699	42.40
Mar 2024	5665	24	772	46.90
Mar 2023	3625	28	781	47.42

4Y CAGR — Revenue 16.7% · PAT 9.7% · EPS 9.6%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	284	284	12449
Mar 2025	314	314	11173
Mar 2024	372	372	10611

Debt trend falling

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	1031	188	1219
Mar 2025	915	1718	2633
Mar 2024	997	-1749	-752

OCF/PAT (latest FY) 0.91 → earnings quality: HIGH

N Corporate Events & Insider Activity (90d)

2026-08-10 — RESULT_ANNOUNCEMENT: Financial Results

📄 Latest Filings Snapshot

P&L: Sales: 6,725 Cr (YoY +4.6%); NetProfit: 1,129 Cr (YoY +9.9%); EPS: 68.49
Quarterly: Sales last 3Q: 1,695, 1,743, 1,800 Cr; Net Profit last 3Q: 261, 367, 317 Cr
Ratios: P/E: 42.4; ROCE: 15.1; ROE: 10.7; Div Yield: 0.68; Book Value: 629; Mkt Cap: 48,665
Investors: Promoters 51.77% | FII 8.74% | DII 30.44% | Public 9.06%

Why selected: VCP-confirmed Stage 2 (vcp=82, inv=95.4) in top-ranked sector Pharma & Healthcare (strength=97) · Strong fundamentals and charts support a positive growth outlook despite valuation concerns.

COMSYN · Capital Goods · Unmapped

VCP + Sector Sub-sector: Unmapped Conviction: HIGH Risk: LOW Extension: NORMAL Signal: BUY Supertrend: BULLISH 2/5 ★ PartialVCP · Sector Rotation

Price

₹299.15

1M 5.8%

Investment Score

99.08

Tech 99.04 · Fund 72.84

Relative Strength

99.2%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

1.5/10

LOW

6M Target

₹426

RR 1.32×

B What the company does

Incorporated in 1984, Commercial Syn Bags Ltd manufactuers and exports containers and packaging materials [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Rising WedgeHigher Highs · Higher LowsDoji

🤖 Chart Narrative · AI Read

Recent six-month action shows the presence of a 'Higher Highs · Higher Lows' pattern, confirming an upward trend. The stock's movement has been within a Rising Wedge structure, indicating potential bullish exhaustion, while a Doji indicates indecision at current levels. Traders should watch for prices that retest support near ₹287 (24.5% below) against recent highs for any reversal signal. A breakout above ₹311 can confirm continuation.

Support: ₹153 · ₹173 · ₹204
Resistance: ₹315 · ₹298 · ₹228
Pivots — PP ₹297 · R1 ₹309 · R2 ₹319 · S1 ₹288 · S2 ₹276

💡 Thesis

Commercial Syn Bags Ltd is experiencing robust momentum in its equity performance, evident from its RSI at 67.28, indicating a bullish trend. The company's one-year revenue growth stands at 20.57% year-over-year, while PAT has increased by an impressive 60.90%, showcasing a strong operational performance. The latest quarterly OPM has improved by 233 bps to 14.37%, reflecting operational efficiency amidst a sector with impressive strength, evidenced by a sector strength of 88.64%. With its high promoter holding at 59.18% and favorable technical indicators, the company appears well-positioned for continued growth.

📈 Technical View

The stock is in a bullish technical setup with EMA20, EMA50, and EMA200 aligned positively. Currently trading at ₹299.15, it is just 4.99% away from its 52-week high, with volume 19% above the 20-day average, supporting bullish sentiment. The ATR at 4.77% signals moderate volatility.

🏦 Fundamental View

In Q2 2026, revenue reached ₹109.13 Cr, up from ₹100.56 Cr in Q1, while PAT also showed impressive growth from ₹6.34 Cr to ₹8.93 Cr. The company holds debts at ₹129.0 Cr against equity of ₹177.0 Cr, resulting in a stable D/E ratio of 0.73, indicating good balance sheet health. The OCF is positive at ₹39.0 Cr, although FCF is negative at -₹6.0 Cr, signaling capital expenditure needs.

🧭 Sector View

The Capital Goods sector displays strong momentum with a sector strength of 88.64%. COMSYN ranks favorably within the sector, making it a notable contender amidst its peers.

💰 Valuation

The current P/E of 40.9 suggests a stretch relative to earnings; however, if moderated by forward earnings growth, it remains justifiable.

🚀 Key Catalysts

Latest quarter PAT growth 40.85% QoQ
Sector strength at 88.64
Promoter holding at 59.18%

⚠️ Key Risks

High P/E at 40.9
Negative FCF of -₹6.0 Cr
Sector sensitive to economic cycles

🔍 Research Observation

The technical setup shows potential for future upside amidst strong earnings growth; however, caution is warranted given debt levels and sector cyclicality.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Upward

📐 ₹EPS at 8.25 × 40.9 = ₹338 median; ±20% for bull/bear.

📈 Bull case (would highlight)

Strong EPS growth 60.9% YoY
Positive institutional backing
High operational efficiency

📉 Bear case (would flag)

Negative FCF runs
Price above historical P/E averages
Sector cyclicality risks

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Current sentiment appears bullish, with brokerages likely highlighting strong earnings momentum and operational efficiency. However, risks from recent market corrections and dependence on capital goods cycle may weigh on consensus. Synthesising this, the view is a moderate to strong bullish stance.

T Technicals

Closei	₹299.15 (2026-09-11)
EMA 20/50/200i	₹287.17 / ₹252.57 / ₹192.48
EMA50 slope (20d)i	25.29%
RSI(14)i	67.28
ATR(14)i	₹14.28 (4.77%)
52W High / Lowi	₹314.85 / ₹136.44
From 52W highi	-5.0%
Returns 1M/3M/6M/1Yi	5.8% / 88.3% / 95.1% / 94.1%
Vol vs 20d avgi	0.19x

F Fundamental Scores

Piotroski F-scorei	4 / 6 (approx)
Altman Z-scorei	2.35 (Z′ approx)
Beneish M-scorei	-2.59 (low, simplified)
Forensic riski	low (derived)
ROE / ROCEi	16.9% (computed) / 14.7% (computed)
Revenue growth (3Y)i	8.8% (4Y CAGR)
PAT growth (3Y)i	39.2% (4Y CAGR)
Debt / Equityi	0.73 (computed)
Promoter holdingi	59.2%
FII / DII holdingi	0.0% / 0.1%
NPMi	7.4% (computed)
EPSi	7.39

Q Quality Score Breakdown

Earnings Qualityi83.6

Sales Growthi65.0

Financial Strengthi70.8

Institutionali60.0

Compositei72.8

CANSLIM (O'Neil)i18.0

Minervini Trendi6.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 20/25 · Stored: 18/25

Current Earnings✓ real

PAT YoY +60.9%

5/5

Annual Earnings✓ real

PAT CAGR +32.8% (2Y)

5/5

New Highs / Volumederived

Vol 0.2x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +99.2pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 0.1%

0/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹299.1
EPS (TTM proxy)i	7.39
P/E (Screener ratios)	40.9x
Market cap (Screener)	₹1,213 Cr
Market-cap bucketi	SMALL_CAP
Book value	₹44.0
Dividend yield	0.2%
Sales (latest)i	₹406 Cr (4.9% YoY)
PAT (latest)i	₹30 Cr (15.4% YoY)
Net debt (3Y)i	₹105 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Capital Goods
Sub-sector: Unmapped
Sector strength: 88.64
Peer avg RS: 77.8% · Avg tech: 88.64 · Avg fund: —
Sector universe: 70 stocks

🎯 Targets & Risk / Reward

Model ref range	₹287 – ₹299
Model inv. level	₹245
Ref target 2M	₹342
Ref target 4M	₹371
Ref target 6M	₹426

Reward / Risk (4M)	1.32×
Reward / Risk (6M)	2.34×
Risk per share	₹54
Extension	NORMAL - 18.4% above EMA50
Illustrative weight	8% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 4.8% (+1.5)

🛡 Risk Score

1.5 / 10

LOW

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	109	14	9	2.21
Mar 2026	101	12	6	1.57
Dec 2025	97	12	6	1.50
Sep 2025	98	13	8	2.11

Rev QoQ +8.5% · YoY +20.6% · PAT QoQ +40.9% · YoY +60.9% · OPM vs 4Q avg +234 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	406	13	30	7.39
Mar 2026	387	12	26	6.52
Mar 2025	347	10	17	4.29
Mar 2024	288	9	8	1.97
Mar 2023	290	8	8	2.02

4Y CAGR — Revenue 8.8% · PAT 39.2% · EPS 38.3%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	129	105	358
Mar 2025	115	92	308
Mar 2024	109	87	273

Debt trend stable

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	39	-45	-6
Mar 2025	1	0	1
Mar 2024	6	-29	-23

OCF/PAT (latest FY) 1.30 → earnings quality: HIGH

N Corporate Events & Insider Activity (90d)

2026-09-05 — EX_DIVIDEND: Dividend/Fund Raising
2026-09-10 — INSIDER BULK_DEAL_BUY Bulk Deal: L7 HITECH PRIVATE LIMITED (₹3.91 Cr)
2026-09-10 — INSIDER BULK_DEAL_SELL Bulk Deal: L7 HITECH PRIVATE LIMITED (₹6.47 Cr)
2026-09-08 — INSIDER BULK_DEAL_SELL Bulk Deal: PRAAVANYA VENTURES LLP (₹8.99 Cr)
2026-09-08 — INSIDER BULK_DEAL_BUY Bulk Deal: ARIHANT CAPITAL MARKETS LIMITED (₹17.07 Cr)
2026-09-10 — BULK_DEAL (BUY): L7 HITECH PRIVATE LIMITED · 130,191 @ ₹300.42 (≈ ₹3.9 Cr)
2026-09-10 — BULK_DEAL (SELL): L7 HITECH PRIVATE LIMITED · 216,312 @ ₹299.05 (≈ ₹6.5 Cr)
2026-09-08 — BULK_DEAL (BUY): ARIHANT CAPITAL MARKETS LIMITED · 583,549 @ ₹292.45 (≈ ₹17.1 Cr)
2026-09-08 — BULK_DEAL (SELL): ARIHANT CAPITAL MARKETS LIMITED · 604,110 @ ₹298.49 (≈ ₹18.0 Cr)
2026-09-08 — BULK_DEAL (SELL): PRAAVANYA VENTURES LLP · 310,000 @ ₹290.07 (≈ ₹9.0 Cr)
2026-08-28 — BULK_DEAL (BUY): ARIHANT CAPITAL MARKETS LIMITED · 238,353 @ ₹275.31 (≈ ₹6.6 Cr)

📄 Latest Filings Snapshot

P&L: Sales: 406 Cr (YoY +4.9%); NetProfit: 30 Cr (YoY +15.4%); EPS: 7.39
Quarterly: Sales last 3Q: 97.48, 100.56, 109.13 Cr; Net Profit last 3Q: 6.00, 6.34, 8.93 Cr
Ratios: P/E: 40.9; ROCE: 13.9; ROE: 16.1; Div Yield: 0.17; Book Value: 44.0; Mkt Cap: 1,213
Investors: Promoters 59.18% | FII 0.00% | DII 0.06% | Public 40.77%

Why selected: VCP-confirmed Stage 2 (vcp=85, inv=99.1) in top-ranked sector Capital Goods (strength=89) · Strong operational metrics and technical setup support high conviction in the stock’s performance.

KAPSTON · Services · Unmapped

VCP + Sector Sub-sector: Unmapped Conviction: MEDIUM Risk: MEDIUM Extension: EXTENDED Signal: BUY Supertrend: BULLISH 2/5 ★ PartialVCP · Sector Rotation

Price

₹588.20

1M 0.5%

Investment Score

95.58

Tech 94.11 · Fund 66.68

Relative Strength

99.0%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

6.0/10

MEDIUM

6M Target

₹815

RR 1.25×

B What the company does

Incorporated in 2009, Kapston Services Ltd provides Facility Management & staffing services [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Double Bottom (W)Double Top (M)

🤖 Chart Narrative · AI Read

Recent action highlights a 'Double Bottom' pattern, signalling potential bullish reversal following two lows at ~₹498. The price is firmly above key EMAs, with the stock testing the neckline at ₹594. Traders should watch carefully for any failure at this resistance level, with pullback support seen around ₹556.

Support: ₹309 · ₹330 · ₹351
Resistance: ₹596 · ₹469 · ₹439
Pivots — PP ₹582 · R1 ₹604 · R2 ₹620 · S1 ₹566 · S2 ₹545

💡 Thesis

Kapston Services Ltd shows positive momentum with the stock trading at ₹588.2 and an RSI at 63.71, indicating bullish sentiment. The company has achieved a one-year revenue growth of 144.48%, while PAT has expanded by 39.18% year-over-year. The operational margin has seen healthy improvement, resulting in an OPM of 6.53% for the latest quarter, reflecting effective cost management. The solid promoter holding of 72.87% further strengthens the company’s governance profile amid a favorable sector backdrop.

📈 Technical View

The technical setup indicates a solid upward trend with EMA convergence in bullish alignment. The current price is just 1.97% shy of the 52-week high, reflecting positive short-term momentum, and recent volumes are robust at 76% above the 20-day average.

🏦 Fundamental View

Quarterly revenue reached ₹220.13 Cr, with a PAT of ₹8.49 Cr indicating consistent earnings streams. Although OCF is low at ₹7.0 Cr against PAT, the upward trajectory in revenues indicates strong demand growth. The equity base grew while leverage is high, reflecting a D/E of 1.58, signaling potential balancing challenges.

🧭 Sector View

Given that the Services sector has a strength of 80.96%, KAPSTON's performance is enhanced by the overall positive sentiment in the field.

💰 Valuation

With a P/E of 58.7, the valuation appears stretched yet could be justified based on substantial revenue growth projections.

🚀 Key Catalysts

Latest quarter revenue growth at 0.88% QoQ
Promoter holding at 72.87%
Sector strength at 80.96

⚠️ Key Risks

High leverage at D/E of 1.58
Weak cash flow stability
Increasing labor costs posing risks

🔍 Research Observation

Kapston Services Ltd's growth narrative is well-supported by recent performance metrics, yet high leverage and valuation suggest that caution is warranted in evaluating future price action.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Upward

📐 ₹EPS at 11.7 based on growth; 58.7 P/E yields ₹686 median; ±20% for bull/bear.

📈 Bull case (would highlight)

Strong PAT growth 39.18% YoY
High margin expansion narrative
Preferential growth in trades

📉 Bear case (would flag)

Valuation caution at high P/E
Rising interest costs impact profitability
Labor cost volatility

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: The market seems favorable, with analyst consensus likely to favor growth stories; however, high valuations may invite skepticism. This balanced view synthesizes bullish and bearish arguments around high leverage and execution risks.

T Technicals

Closei	₹588.20 (2026-09-11)
EMA 20/50/200i	₹555.95 / ₹506.68 / ₹392.64
EMA50 slope (20d)i	13.29%
RSI(14)i	63.71
ATR(14)i	₹24.11 (4.10%)
52W High / Lowi	₹600.00 / ₹238.76
From 52W highi	-2.0%
Returns 1M/3M/6M/1Yi	0.5% / 71.2% / 117.6% / 144.5%
Vol vs 20d avgi	0.76x

F Fundamental Scores

Piotroski F-scorei	3 / 6 (approx)
Altman Z-scorei	3.34 (Z′ approx)
Beneish M-scorei	-2.21 (watch, simplified)
Forensic riski	moderate (derived)
ROE / ROCEi	25.9% (computed) / 15.7% (computed)
Revenue growth (3Y)i	21.2% (4Y CAGR)
PAT growth (3Y)i	56.5% (4Y CAGR)
Debt / Equityi	1.58 (computed)
Promoter holdingi	72.9%
FII / DII holdingi	0.0% / —
NPMi	3.5% (computed)
EPSi	10.00

Q Quality Score Breakdown

Earnings Qualityi71.0

Sales Growthi65.0

Financial Strengthi62.5

Institutionali63.5

Compositei66.7

CANSLIM (O'Neil)i20.0

Minervini Trendi10.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 20/25

Current Earnings✓ real

PAT YoY +39.2%

5/5

Annual Earnings✓ real

PAT CAGR +29.1% (2Y)

5/5

New Highs / Volumederived

Vol 0.8x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +99.0pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 0.0%

0/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹588.2
EPS (TTM proxy)i	10.00
P/E (Screener ratios)	58.7x
Market cap (Screener)	₹1,786 Cr
Market-cap bucketi	MID_CAP
Book value	₹38.2
Dividend yield	0.0%
Sales (latest)i	₹860 Cr (3.6% YoY)
PAT (latest)i	₹30 Cr (7.1% YoY)
Net debt (3Y)i	₹183 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Services
Sub-sector: Unmapped
Sector strength: 80.96
Peer avg RS: 69.6% · Avg tech: 80.96 · Avg fund: 66.53
Sector universe: 55 stocks

🎯 Targets & Risk / Reward

Model ref range	₹556 – ₹588
Model inv. level	₹491
Ref target 2M	₹661
Ref target 4M	₹709
Ref target 6M	₹815

Reward / Risk (4M)	1.25×
Reward / Risk (6M)	2.35×
Risk per share	₹97
Extension	EXTENDED - 5.8% above EMA20; 16.1% above EMA50; -2.0% from 52w high
Illustrative weight	5% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 4.1% (+1.5) · Near high -2.0% (+1.0) · Extended (+1.0) · Debt rising (+1.0) · OCF/PAT weak (+1.5)

🛡 Risk Score

6.0 / 10

MEDIUM

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	220	7	8	2.79
Mar 2026	218	6	8	2.47
Dec 2025	212	5	7	2.43
Sep 2025	210	5	7	2.31

Rev QoQ +0.9% · YoY +15.7% · PAT QoQ +12.9% · YoY +39.2% · OPM vs 4Q avg +144 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	860	6	30	10.00
Mar 2026	830	5	28	9.21
Mar 2025	689	5	18	5.87
Mar 2024	520	4	13	4.13
Mar 2023	399	3	5	1.67

4Y CAGR — Revenue 21.2% · PAT 56.5% · EPS 56.4%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	183	183	348
Mar 2025	169	169	299
Mar 2024	102	102	207

Debt trend rising

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	7	-4	3
Mar 2025	-8	-39	-47
Mar 2024	4	-2	2

OCF/PAT (latest FY) 0.23 → earnings quality: WEAK

N Corporate Events & Insider Activity (90d)

No corporate events, insider transactions, bulk/block deals, or upcoming-calendar items found in the last 90 days across signals.corporate_events, signals.insider_alerts, signals.bulk_block_deals, signals.v_upcoming_events.

📄 Latest Filings Snapshot

P&L: Sales: 860 Cr (YoY +3.6%); NetProfit: 30 Cr (YoY +7.1%); EPS: 10.00
Quarterly: Sales last 3Q: 212.04, 218.20, 220.13 Cr; Net Profit last 3Q: 7.38, 7.52, 8.49 Cr
Ratios: P/E: 58.7; ROCE: 15.0; ROE: 27.3; Div Yield: 0.00; Book Value: 38.2; Mkt Cap: 1,786
Investors: Promoters 72.87% | FII 0.01% | Public 27.12%

Why selected: VCP-confirmed Stage 2 (vcp=84, inv=95.6) in top-ranked sector Services (strength=81) · Solid earnings growth flagged but tempered by high valuations and leverage, suggesting a balanced stance.

RUBICON · Healthcare · Unmapped

VCP + Sector Sub-sector: Unmapped Conviction: MEDIUM Risk: LOW Extension: EXTENDED Signal: BUY Supertrend: BULLISH 2/5 ★ PartialVCP · Sector Rotation

Price

₹1835.40

1M 13.2%

Investment Score

95.45

Tech 96.10 · Fund 80.60

Relative Strength

94.0%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

3.0/10

LOW

6M Target

₹2,565

RR 1.55×

B What the company does

Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, & commercialization of differentiated formulations. [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Higher Highs · Higher Lows

🤖 Chart Narrative · AI Read

Chart analysis reveals the stock following a 'Higher Highs · Higher Lows' pattern, solidifying its upward trajectory. The stock's recent performance has seen a price action reflecting positive market sentiment, whilst currently sitting above the EMA trend stack — this could suggest further conviction as it approaches breakout thresholds which are aligned with historical peaks. Vigilance is required to handle any pullbacks to invalidation levels around ₹1581.

Support: ₹756 · ₹918 · ₹940
Resistance: ₹1,899 · ₹1,590 · ₹1,469
Pivots — PP ₹1,815 · R1 ₹1,890 · R2 ₹1,945 · S1 ₹1,761 · S2 ₹1,686

💡 Thesis

Rubicon Research Ltd is showcasing a bullish stance with a current price of ₹1835.4 and an RSI of 59.94, reflective of a strong momentum phase. The latest quarterly revenue saw a remarkable PAT growth of 10.39% QoQ alongside a substantial year-over-year revenue growth of 51.70%. The OPM at 24.0% is indicative of strong pricing power and cost efficiencies, complemented by a solid balance sheet illustrated by a D/E of just 0.24, signifying a low leverage position. Coupled with favorable market conditions, this positions Rubicon well for sustained growth.

📈 Technical View

The stock remains above its key EMAs, with a current price just 3.35% from its 52-week high. The volume levels are robust, at 68% above the 20-day average, supporting the bullish case.

🏦 Fundamental View

Rubicon's balance sheet shows equity at ₹1289.0 Cr against borrowings of ₹311.0 Cr, establishing strong financial footing. The recent OCF of ₹205.0 Cr vs PAT of ₹288.0 Cr indicates very high cash flow quality, although recent trends show FCF at -₹202.0 Cr needing attention.

🧭 Sector View

The Healthcare sector is showing strength at 85.23%, supporting Rubicon's positive trajectory within a competitive landscape.

💰 Valuation

With a P/E of 105, the current valuation is on the higher end; however, the potential for continued revenue growth and profitability legitimizes a premium.

🚀 Key Catalysts

Q2 revenue grew to ₹534.0 Cr (51.70% YoY)
Low D/E ratio at 0.24
OPM up 24% indicating pricing power

⚠️ Key Risks

High P/E ratio at 105
Recent FCF instability
Market sentiment volatility

🔍 Research Observation

Rubicon Research Ltd's current performance reflects significant operational strength; however, the premium valuation necessitates careful consideration of investor sentiment moving forward.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Stable

📐 With projected EPS of 20.1 times a P/E of 108.5 estimated; this provides ₹2184 median; ±20% for bull/bear.

📈 Bull case (would highlight)

Exceptional revenue growth trends
High operational margins
Strong financials with low leverage

📉 Bear case (would flag)

High valuation metrics
Dependency on market sentiment
Liquidity and market access risks

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Analysts are likely to view Rubicon favorably due to its rapid revenue growth and healthy margins, yet the valuation presents a cautionary note amidst high expectations. This creates a robust synthesis of both optimism and the need for prudent evaluation.

T Technicals

Closei	₹1835.40 (2026-09-11)
EMA 20/50/200i	₹1767.01 / ₹1629.44 / ₹1105.93
EMA50 slope (20d)i	14.46%
RSI(14)i	59.94
ATR(14)i	₹79.04 (4.31%)
52W High / Lowi	₹1899.00 / ₹570.75
From 52W highi	-3.3%
Returns 1M/3M/6M/1Yi	13.2% / 35.8% / 129.7% / —
Vol vs 20d avgi	0.68x

F Fundamental Scores

Piotroski F-scorei	3 / 6 (approx)
Altman Z-scorei	2.67 (Z′ approx)
Beneish M-scorei	-2.14 (watch, simplified)
Forensic riski	moderate (derived)
ROE / ROCEi	22.3% (computed) / 25.8% (computed)
Revenue growth (3Y)i	48.9% (4Y CAGR)
PAT growth (3Y)i	—
Debt / Equityi	0.24 (computed)
Promoter holdingi	59.8%
FII / DII holdingi	7.5% / 9.4%
NPMi	14.9% (computed)
EPSi	17.69

Q Quality Score Breakdown

Earnings Qualityi84.0

Sales Growthi75.0

Financial Strengthi85.0

Institutionali75.0

Compositei80.6

CANSLIM (O'Neil)i16.0

Minervini Trendi16.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 20/25 · Stored: 16/25

Current Earnings✓ real

PAT YoY +97.7%

5/5

Annual Earnings✓ real

PAT CAGR +46.6% (2Y)

5/5

New Highs / Volumederived

Vol 0.7x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +94.0pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 16.9%

3/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹1,835.4
EPS (TTM proxy)i	17.69
P/E (Screener ratios)	105.0x
P/E (derived price ÷ EPS)	103.8x
Market cap (Screener)	₹30,372 Cr
Market-cap bucketi	LARGE_CAP
Book value	₹78.1
Dividend yield	0.1%
Sales (latest)i	—
PAT (latest)i	₹288 Cr (16.6% YoY)
Net debt (3Y)i	₹284 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Healthcare
Sub-sector: Unmapped
Sector strength: 85.23
Peer avg RS: 91.2% · Avg tech: 85.23 · Avg fund: 56.58
Sector universe: 18 stocks

🎯 Targets & Risk / Reward

Model ref range	₹1,767 – ₹1,835
Model inv. level	₹1,581
Ref target 2M	₹2,073
Ref target 4M	₹2,231
Ref target 6M	₹2,565

Reward / Risk (4M)	1.55×
Reward / Risk (6M)	2.86×
Risk per share	₹255
Extension	EXTENDED - 12.6% above EMA50; 1M return +13.2%
Illustrative weight	5% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 4.3% (+1.5) · Extended (+1.0) · OCF/PAT watch (+0.5)

🛡 Risk Score

3.0 / 10

LOW

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	534	24	85	5.13
Mar 2026	514	23	77	4.65
Dec 2025	476	23	73	4.42
Sep 2025	412	23	54	3.49

Rev QoQ +3.9% · YoY +51.7% · PAT QoQ +10.4% · YoY +97.7% · OPM vs 4Q avg +183 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	1936	23	288	17.69
Mar 2026	1754	23	247	14.95
Mar 2025	1284	21	134	8.72
Mar 2024	854	18	91	5.98
Mar 2023	394	5	-17	-33.31

4Y CAGR — Revenue 48.9% · PAT — · EPS —

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	311	284	2327
Mar 2025	418	418	1451
Mar 2024	425	425	1109

Debt trend falling

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	205	-407	-202
Mar 2025	159	-65	94
Mar 2024	21	-68	-47

OCF/PAT (latest FY) 0.71 → earnings quality: WATCH

N Corporate Events & Insider Activity (90d)

2026-08-26 — INSIDER BULK_DEAL_SELL Bulk Deal: GENERAL ATLANTIC SINGAPORE RR PTE LTD (₹140.00 Cr)
2026-08-26 — INSIDER BULK_DEAL_BUY Bulk Deal: ARANDA INVESTMENTS PTE. LTD. (₹140.00 Cr)
2026-08-26 — BLOCK_DEAL (BUY): ARANDA INVESTMENTS PTE. LTD. · 843,372 @ ₹1660.00 (≈ ₹140.0 Cr)
2026-08-26 — BLOCK_DEAL (SELL): GENERAL ATLANTIC SINGAPORE RR PTE LTD · 843,372 @ ₹1660.00 (≈ ₹140.0 Cr)
2026-08-26 — BULK_DEAL (BUY): ARANDA INVESTMENTS PTE. LTD. · 843,372 @ ₹1660.00 (≈ ₹140.0 Cr)
2026-08-26 — BULK_DEAL (SELL): GENERAL ATLANTIC SINGAPORE RR PTE LTD · 843,372 @ ₹1660.00 (≈ ₹140.0 Cr)

📄 Latest Filings Snapshot

P&L: Sales: 1,936 Cr (YoY +10.4%); NetProfit: 288 Cr (YoY +16.6%); EPS: 17.69
Quarterly: Sales last 3Q: 476, 514, 534 Cr; Net Profit last 3Q: 73, 77, 85 Cr
Ratios: P/E: 105; ROCE: 28.4; ROE: 27.0; Div Yield: 0.08; Book Value: 78.1; Mkt Cap: 30,372
Investors: Promoters 59.76% | FII 7.52% | DII 9.43% | Public 23.29%

Why selected: VCP-confirmed Stage 2 (vcp=84, inv=95.5) in top-ranked sector Healthcare (strength=85) · Strong technical performance combined with growth metrics support a favorable outlook, albeit tempered by valuation concerns.

TBZ · Consumer Durables · Consumer Durables

Strategy + Stage 2 Sub-sector: Consumer Durables Best Strategy: persisted_vcp_picks_v1 · open position Conviction: HIGH Risk: HIGH Extension: OVEREXTENDED Signal: BUY Supertrend: BULLISH ↘ Sector: WEAKENING (+0.72%, mom -1.21%) 1/5 SingleStrategy Lab

Price

₹526.30

1M 112.7%

Investment Score

91.32

Tech 87.62 · Fund 79.15

Relative Strength

100.0%

vs Nifty 500

Stage

STAGE_2

Stance: BULLISH

Risk Score

8.5/10

HIGH

6M Target

₹827

RR 0.90×

B What the company does

Incorporated in 2007, Tribhovandas Bhimji Zaveri Ltd is in the business of retail sales of ornaments made of gold, diamond, silver, platinum and precious stones [1]

Source: Company website · screener.in · live

📈 6-Month Price Action — TradingView-style: Candles · EMAs · Volume · RSI · S/R · Pivots · Volume Profile · Entry/Stop/Targets

EMA 20EMA 50EMA 200SupportResistanceRef rangeInv. levelRef T1 (2M)Ref T2 (4M)Ref T3 (6M)POC (Vol Profile)RSI 14

Detected patterns:Double Top (M)Symmetrical TriangleBullish Engulfing

🤖 Chart Narrative · AI Read

The 6-month candlestick chart features significant bullish patterns, including a Bullish Engulfing candle indicating potential reversal amidst the observed symmetrical triangle formation. While it sits 29.7% above the EMA20, the recent price surge has raised caution flags with an extension score of 9, suggesting that traders should anticipate a pullback to the EMA20. Key support at ₹526.3 is critical, and above this, the stock can target upper resistances at ₹641.81.

Support: ₹110 · ₹126 · ₹142
Resistance: ₹296 · ₹288 · ₹275
Pivots — PP ₹529 · R1 ₹581 · R2 ₹635 · S1 ₹474 · S2 ₹422

💡 Thesis

Tribhovandas Bhimji Zaveri Ltd (TBZ) demonstrates a robust technical setup, currently in Stage 2 with a strong technical score of 87.62 and a relative strength (RS) of 99.96% against Nifty 500. The company achieved revenue growth of 34.8% YoY and a PAT CAGR of 52.1% over the past four years, indicating substantial earnings momentum. Despite showing weak cash flow quality with an OCF/PAT ratio of 0.14, the current ROCE stands at 21.9%, supporting a solid equity return framework. Debt has been steadily increasing, with net debt at ₹886 Cr, leading to a D/E ratio of approximately 1.06, suggesting rising financial leverage.

📈 Technical View

TBZ currently exhibits a bullish trend structure with the EMA20 above EMA50 and EMA200. The stock's RSI indicates overbought conditions at 76.64, while it trades approximately 9.73% below its 52-week high. Volume has been lower than the 20-day average, indicating a cautious market approach as the stock approaches overextension levels.

🏦 Fundamental View

In the latest quarter (Jun 2026), TBZ reported revenues of ₹841 Cr with a PAT of ₹34 Cr, reflecting a significant decrease from the previous quarter but maintaining a healthy OPM of 9%. The increase in debt has placed some pressure on balance sheet stability, but the consistent EPS CAGR of 51.86% over the last three years provides a favorable growth outlook.

🧭 Sector View

TBZ operates within the Consumer Durables sector, which is showing relative strength with a sector strength score of 72.69, ranking it favorably among its peers with an average RS percentage of 86.28%.

💰 Valuation

Though valuation appears stretched with a current P/E of 16.6 relative to historical averages, growth expectations mitigate immediate concerns.

🚀 Key Catalysts

Revenue growth of 34.8% YoY
Recent corporate action on September 2, 2026
Strong RSI at 76.64, indicating momentum

⚠️ Key Risks

High D/E ratio at 1.06, suggesting financial risk
Weak OCF/PAT ratio of 0.14, indicating cash flow concerns
Sector volatility impacting consumer expenditure

🔍 Research Observation

The current setup indicates a strong technical and fundamental case for interest, but caution is warranted due to overextension metrics and rising leverage.

🏛️ Analyst / Street Consensus (synthesised — no live broker feed)

Consensus Rating

BUY

12m Target (median)

—

Range: — – —

Estimate Trend (3M)

Upward

📐 Based on projected EPS growth of ₹34 × 20x peer median = ₹680; ±15% for potential bull/bear adjustments.

📈 Bull case (would highlight)

Strong earnings momentum with substantial YoY growth
Positive market sentiment and technical momentum
Sector strength supporting consumer durables

📉 Bear case (would flag)

Increasing leverage with a rising D/E ratio
High valuation compared to historical metrics
Potential for cyclical downturn in consumer spending

⚠️ Synthesised from dossier — no live broker poll wired.

Narrative: Market sentiment appears bullish, supported by a generally favorable consensus among analysts. There is anticipation around earnings momentum and ongoing expansion, although concerns regarding valuation and increasing financial leverage are prevalent. This is a synthesized consensus read (no live broker feed wired).

T Technicals

Closei	₹526.30 (2026-09-11)
EMA 20/50/200i	₹405.80 / ₹321.96 / ₹223.53
EMA50 slope (20d)i	37.97%
RSI(14)i	76.64
ATR(14)i	₹38.50 (7.32%)
52W High / Lowi	₹583.05 / ₹110.50
From 52W highi	-9.7%
Returns 1M/3M/6M/1Yi	112.7% / 168.7% / 299.6% / 181.4%
Vol vs 20d avgi	0.67x

F Fundamental Scores

Piotroski F-scorei	3 / 6 (approx)
Altman Z-scorei	2.74 (Z′ approx)
Beneish M-scorei	-1.95 (watch, simplified)
Forensic riski	moderate (derived)
ROE / ROCEi	25.5% (computed) / 20.7% (computed)
Revenue growth (3Y)i	9.3% (4Y CAGR)
PAT growth (3Y)i	52.1% (4Y CAGR)
Debt / Equityi	1.06 (computed)
Promoter holdingi	74.1%
FII / DII holdingi	1.5% / 0.0%
NPMi	6.3% (computed)
EPSi	32.02

Q Quality Score Breakdown

Earnings Qualityi61.0

Sales Growthi65.0

Financial Strengthi65.0

Institutionali63.5

Compositei63.2

CANSLIM (O'Neil)i20.0

Minervini Trendi14.0

CANSLIM Breakdown (C·A·N·S·L·I·M)

Composite (C+A+N+S+L): 20/25

Current Earnings✓ real

PAT YoY +54.5%

5/5

Annual Earnings✓ real

PAT CAGR +77.4% (2Y)

5/5

New Highs / Volumederived

Vol 0.7x 20d avg

0/5

Supply / Demandderived

Price > EMA50 > EMA200 (full stack)

5/5

Leader (RS)✓ real

RS +100.0pp vs Nifty 500

5/5

Institutional✓ real · info-only

FII+DII 1.5%

0/5

Market Directioncontext · info-only

—

real = computed from financials · proxy = price/volume substitute when financials unavailable · I (institutional) & M (market) are informational and not part of the 25-pt composite.

$ Valuation

Pricei	₹526.3
EPS (TTM proxy)i	32.02
P/E (Screener ratios)	16.6x
Market cap (Screener)	₹3,538 Cr
Market-cap bucketi	MID_CAP
Book value	₹126.0
Dividend yield	0.5%
Sales (latest)i	—
PAT (latest)i	₹214 Cr (5.9% YoY)
Net debt (3Y)i	₹886 Cr

Valuation fields come from scores.fundamentals.ratios_summary when available. Derived P/E is shown only when it materially differs from the parsed Screener ratio.

S Sector Context

Sector: Consumer Durables
Sub-sector: Consumer Durables
Sector strength: 72.69
Peer avg RS: 86.3% · Avg tech: 72.69 · Avg fund: 73.75
Sector universe: 44 stocks

🎯 Targets & Risk / Reward

Model ref range	₹406 – ₹526
Model inv. level	₹312
Ref target 2M	₹642
Ref target 4M	₹719
Ref target 6M	₹827

Reward / Risk (4M)	0.90×
Reward / Risk (6M)	1.40×
Risk per share	₹214
Extension	OVEREXTENDED - 29.7% above EMA20; 63.5% above EMA50; RSI 77
Illustrative weight	3% (model only — not a personal allocation recommendation)

Risk score breakdown: ATR 7.3% (+2.5) · RSI 77 (+1.5) · Overextended (+2.0) · Debt rising (+1.0) · OCF/PAT weak (+1.5)

🛡 Risk Score

8.5 / 10

HIGH

0–3 LOW · 4–6 MEDIUM · 7–10 HIGH. Blends ATR-volatility, distance-from-high, RSI, Weinstein stage, Altman Z / Beneish M, debt & OCF quality.

Q Latest Quarterly Results

Quarter	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
Jun 2026	841	9	34	5.08
Mar 2026	830	14	68	10.14
Dec 2025	1061	12	81	12.08
Sep 2025	688	9	32	4.72

Rev QoQ +1.3% · YoY +34.8% · PAT QoQ -50.0% · YoY +54.5% · OPM vs 4Q avg -50 bps

A 5-Year Annual Trajectory

FY	Revenue (₹ Cr)	OPM %	PAT (₹ Cr)	EPS
TTM	3420	11	214	32.02
Mar 2026	3203	12	202	30.32
Mar 2025	2620	7	68	10.25
Mar 2024	2299	6	54	8.16
Mar 2023	2394	5	40	6.02

4Y CAGR — Revenue 9.3% · PAT 52.1% · EPS 51.9%

B Balance Sheet (3Y)

FY	Borrowings (₹ Cr)	Net Debt (₹ Cr)	Total Assets (₹ Cr)
Mar 2026	886	886	2102
Mar 2025	792	792	1769
Mar 2024	614	614	1459

Debt trend rising

C Cash Flow (3Y) & Quality

FY	Operating CF	Investing CF	FCF proxy
Mar 2026	30	-10	20
Mar 2025	-27	-45	-72
Mar 2024	40	-7	33

OCF/PAT (latest FY) 0.14 → earnings quality: WEAK

N Corporate Events & Insider Activity (90d)

2026-09-02 — CORPORATE_ACTION:
2026-09-03 — INSIDER BULK_DEAL_BUY Bulk Deal: QE SECURITIES LLP (₹15.19 Cr)
2026-09-03 — INSIDER BULK_DEAL_SELL Bulk Deal: QE SECURITIES LLP (₹15.42 Cr)
2026-09-02 — INSIDER BULK_DEAL_SELL Bulk Deal: JUNOMONETA FINSOL PRIVATE LIMITED (₹32.41 Cr)
2026-09-02 — INSIDER BULK_DEAL_SELL Bulk Deal: MUSIGMA SECURITIES (₹18.02 Cr)
2026-09-03 — BULK_DEAL (BUY): QE SECURITIES LLP · 361,896 @ ₹419.74 (≈ ₹15.2 Cr)
2026-09-03 — BULK_DEAL (SELL): QE SECURITIES LLP · 366,352 @ ₹420.86 (≈ ₹15.4 Cr)
2026-09-02 — BULK_DEAL (BUY): MATHISYS QUANTCAP LLP · 421,013 @ ₹399.42 (≈ ₹16.8 Cr)
2026-09-02 — BULK_DEAL (BUY): HRTI PRIVATE LIMITED · 1,508,567 @ ₹399.76 (≈ ₹60.3 Cr)
2026-09-02 — BULK_DEAL (BUY): JUNOMONETA FINSOL PRIVATE LIMITED · 792,246 @ ₹402.13 (≈ ₹31.9 Cr)
2026-09-02 — BULK_DEAL (BUY): MICROCURVES TRADING PRIVATE LIMITED · 1,489,617 @ ₹406.04 (≈ ₹60.5 Cr)

📄 Latest Filings Snapshot

P&L: Sales: 3,420 Cr (YoY +6.8%); NetProfit: 214 Cr (YoY +5.9%); EPS: 32.02
Quarterly: Sales last 3Q: 1,061, 830, 841 Cr; Net Profit last 3Q: 81, 68, 34 Cr
Ratios: P/E: 16.6; ROCE: 21.9; ROE: 27.1; Div Yield: 0.48; Book Value: 126; Mkt Cap: 3,538
Investors: Promoters 74.12% | FII 1.47% | DII 0.00% | Public 24.41%

Why selected: Portfolio lab best strategy `persisted_vcp_picks_v1` confirms as open position; current Stage 2 inv=91.3 · The combination of strong momentum, favorable sector position, and earnings growth supports a high conviction level despite rising leverage risks.

⚖️ Full Disclaimer & Use Restrictions

Disclaimer: Not investment advice or a trading recommendation. Educational AI/rules-based market intelligence only. Use, replication, or trading action is at the user's own risk and legal obligation.

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