Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Abha Power and Steel Ltd. (ABHAPOWER)
SME CapPower stocks · SME cap · NSE
Abha Power and Steel Ltd., with decades of expertise in iron and steel manufacturing, delivers precision-engineered castings and specialty steel solutions. The company operates a 14,400 MTPA plant in Bilaspur, Chhattisgarh, with a 3 MW captive solar power plant, trusted for quality, reliability, and industrial excellence.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:50 pm IST
Score20 Oct, 04:19 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -4.0% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ABHAPOWERD candles · FIT view-24.0%Latest close ₹22.05 on 2026-10-19
Bar
+0.0%
RSI
37
MACD hist
-0.05
52W pos
0%
2026-10-19O ₹22.05H ₹22.05L ₹22.00C ₹22.05Vol 8,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ABHAPOWERNifty PowerNifty 500
- ABHAPOWER
- -13.5%
- Nifty 500
- -5.6%
- Nifty Power
- -13.1%
- Vs Nifty 500
- -7.9 pp
Chart stats
19 Oct 2026- From 52W high
- -54.8%
- 52W range position
- 0%
- ATR (14)
- 3.6%
- Volume vs 20D
- 1.49x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹22 - ₹25.3
₹48.8
₹22 - ₹48.8
₹0.8
Latest completed session
20-session average
37.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -9.8% · PAT -81.7% YoY
Technical
Strong Bear18
Price trend and sector-relative-strength timing.
Valuation
Legacy model+44.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100Rev -10% YoY · PAT -82% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹27.7 Cr | -9.8% | -20.0% |
| EBITDA | ₹1.8 Cr | NDF | -50.1% |
| Operating margin | 6.4% | NDF | -389 bps |
| PAT | ₹0.4 Cr | -81.7% | -78.8% |
| PAT margin | 1.6% | NDF | -431 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.70
- P/B
- 0.77
- EV/EBITDA
- 8.94
- Market Cap
- 41.00Cr
Profitability
- ROE
- 4.72%
- ROCE
- 7.36%
- ROA
- 2.88%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.37
- Interest Coverage
- 2.88×
- Altman Z
- 2.50
- Book Value
- 28.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 8.22 Cr
- EPS TTM
- 1.32
Shareholding
- Promoter Hold
- 72.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 0%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 62.2-11.3% vs prev
Net Profit
₹ CrLatest: 2.5-60.5% vs prev
Return on Equity
%Latest: 4.6-62.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 4 Downtrend
1M return
-8.1%
3M return
-20.4%
6M return
-7.4%
1Y return
-47.3%
RS 1D
+1
RS 20D
+11
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 18.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
236 observations
19 Oct 2026Value 55.49-2.70%
RS vs Nifty 50055
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation19/30
Growth12/25
Quality0/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-8
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 44.6%.
- Valuation contributes 19/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
16.7
PB
0.8
EV/EBITDA
8.9
ROE
4.7%
ROCE
7.4%
FCF Yield
—
Debt/Equity
0.4
MoS
+44.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+44.6%
Previous: +44.6%
Score history
12 stored score snapshots. Latest stored move: -1 points.
20 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
39
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹29.2
+24.5% MoS
Growth-justified P/E
30.1
Growth-justified Value
₹39.8
+44.6% MoS
PEG
1.16
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RULKA
SME
Rulka Electricals Ltd.
Electrical Equipment
match 90
47
16.0
9.2%
+47%
FAIR VALUE
CHAMUNDA
SME
Chamunda Electrical Ltd.
Electrical Equipment
match 90
57
14.0
13.1%
+51%
FAIR VALUE
KARMAENG
Small
Karma Energy Limited
Power Generation
match 86
20
46.7
-0.4%
-64%
OVERVALUED
MAKS
SME
Maks Energy Solutions India Ltd.
Electrical Equipment
match 85
50
12.0
4.5%
+43%
FAIR VALUE
INDIFRA
SME
Indifra Ltd.
Electrical Equipment
match 84
16
—
-0.9%
-43173%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-18T00:23:51.064Z
Management commentary snapshot
H2 FY26 revenue declined 20% QoQ to INR 276.46 Cr, with EBITDA margin compressing to 6.45% from 10.32% QoQ. This was driven by a 20% price correction in the key 'Insert' segment, raw material cost escalation from geopolitical disruptions, and muted pricing power on re-orders.
H2 FY26 results show significant margin compression and revenue decline due to external factors like geopolitical raw material shocks and a sharp price correction in a key product segment. Management is implementing automatic escalation clauses and targeting higher utilization with new capacity, but the immediate financial impact is severe.
Growth engines
Indian Railways
Union Budget 2026–27 allocates a record ₹2,93,030 crore to Indian Railways, driving demand for casting-intensive items.
Diversified Industrial Exposure
NMDC, Coal India, UltraTech, and Adani capacity expansions drive demand in mining, cement, and power infrastructure.
Heavy Engineering PLI
PLI-driven OEM growth and import substitution tailwinds create opportunities in heavy engineering.
China+1 Sourcing
Global sourcing realignment is opening new and expanding export opportunities for Indian casting manufacturers.
Capacity and execution
Electric Arc Furnace (EAF)
Already fully operational.
6MT Heat Treatment Furnace
Already fully operational.
Automated Moulding Line
In final stages of completion, targeting August 31, 2026 commissioning.
20MT Heat Treatment Furnace
In final stages of completion, targeting August 31, 2026 commissioning.
Tailwinds
Government Infrastructure Spend
Union Budget 2026–27 allocates record ₹2,93,030 crore to Indian Railways, driving casting demand.
Policy-Anchored Demand
NIP, PM Gati Shakti, and PLI schemes commit multi-trillion-rupee capital into infrastructure and manufacturing.
Resilient Core Demand
Core demand pipelines remain robust; order delays are logistical, not structural market loss.
Headwinds
Geopolitical Disruptions
Raw material input costs experienced sudden, sharp escalation driven by supply chain shocks from US-Iran conflict.
Insert Segment Price Correction
Key core component ('Insert' segment), ~50% revenue share, experienced a sharp 20% price correction in the open market.
Muted Pricing Power
Current immediate market environment has restricted immediate price hikes on standard baseline re-orders.
Order Deferrals
Revenue dip aggravated by localized timeline shifts and temporary order delivery delays.
Risk radar
Raw Material Price Volatility
Raw material input costs experienced sudden, sharp escalation due to geopolitical conflict.
Fixed-Price Contracts
Due to fixed-price structures on legacy order contracts, unexpected raw material cost hikes could not be immediately passed through.
Underutilization
Historically bottlenecked by slow, manual downstream processes, leading to underutilized furnace capacity.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides H2 FY25, H1 FY26, and H2 FY26 data, allowing for both sequential (QoQ) analysis of recent trends and year-on-year (YoY) comparison for broader performance context. Sequential momentum is critical given recent price and cost pressures.
Sector KPIs management disclosed
Revenue from Operations
H2 FY26: INR 2,764.60 Lakhs (down 20% QoQ from H1 FY26: INR 3,456.91 Lakhs; down 22.7% YoY from H2 FY25: INR 3,578.27 Lakhs).
EBITDA Margin
H2 FY26: 6.45% (down from H1 FY26: 10.32% and H2 FY25: 15.12%).
PAT Margin
H2 FY26: 1.55% (down from H1 FY26: 5.88% and H2 FY25: 8.86%).
Production Tonnage (Steel Foundry)
Maintained operational stability with production tonnage tracking entirely flat and consistent from H1 FY26 into H2 FY26.
Management forward view
Automatic Escalation Clauses
All newly booked contractual orders now explicitly feature built-in automatic raw material price escalation clauses.
Target Capacity Utilization
Elimination of manual processes paves a clear path to achieving a capacity utilization level of 80% or above.
Strategic Railway Entry
Actively targeting high-volume, varied-weight products for the Indian Railways to optimize new capacity.
RDSO Certification Pipeline
Multiple product applications submitted to RDSO, with one key product line in final stages of approval.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization | Historically bottlenecked by manual processes. | Achievement of 80%+ utilization post-automation commissioning. |
| Raw Material Price Stability | Sudden, sharp escalation due to geopolitical conflict. | Stabilization of input costs and effectiveness of new escalation clauses. |
| RDSO Approvals | One key product line in final stages of approval. | Formal approval and commercialization of new railway products. |
| Order Book Execution | Order deferrals impacted H2 FY26 revenue. | Recovery in volume dispatch and conversion of existing order book into revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 21st percentile within Power. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Power: 21st pctile, median 65 · SME: 19th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 72.5%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 7%.
- ▸ROE is low at 4.7%.
- ▸ROCE trend is -7.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Abha Power and Steel Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 10 June 2026 - Transcript of post-earnings conference call for H2 and FY ended March 31, 2026.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Company Ir
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.