Credit rating
Credit Rating 14 Oct - CARE assigned issuer rating CARE BBB; Stable to Creative Graphics Solutions India Limited.
Source: Nse
Creative Graphics Solutions India Ltd. (CGRAPHICS)
SME CapIndustrials stocks · SME cap · NSE
Creative Graphics Solutions India Ltd. processes digital & analogue plates for flexography, letter press, corrugated box printing & U.V. spot coating. Its Wahren subsidiary manufactures pharma packaging products like Alu Alu, Blister, PVC, and PVDC foils, serving a wide client base across India and targeting exports.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result22 May, 12:57 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
46NeutralSMA20 +2.3% / mo · MACD −
Stock trend: 47
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CGRAPHICSD candles · FIT view-16.1%Latest close ₹141.00 on 2026-10-21
Bar
-3.4%
RSI
42
MACD hist
-0.99
52W pos
19%
2026-10-21O ₹146.00H ₹146.20L ₹141.00C ₹141.00Vol 24,000 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
CGRAPHICSNifty India ManufacturingNifty 500
- CGRAPHICS
- +5.9%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +12.4 pp
Chart stats
21 Oct 2026- From 52W high
- -37.6%
- 52W range position
- 18%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.63x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹133 - ₹160
₹225.9
₹122 - ₹225.9
₹6
Latest completed session
20-session average
59.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +102.4% · PAT +75.0% YoY
Technical
Neutral46
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
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
Good · 62/100Rev +102% YoY · PAT +75% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹170 Cr | +102.4% | -3.4% |
| EBITDA | ₹12 Cr | NDF | -42.9% |
| Operating margin | 7.0% | NDF | -500 bps |
| PAT | ₹7 Cr | +75.0% | -41.7% |
| PAT margin | 4.1% | NDF | -270 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.80
- P/B
- 2.96
- EV/EBITDA
- 11.65
- Market Cap
- 371.00Cr
Profitability
- ROE
- 16.20%
- ROCE
- 16.10%
- ROA
- 6.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 52.00%
- Revenue 3Y
- 57.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 4.86×
- Altman Z
- 3.74
- Book Value
- 51.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -5.00 Cr
- EPS TTM
- 7.72
Shareholding
- Promoter Hold
- 68.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 170-3.4% vs prev
Net Profit
₹ CrLatest: 7.0-41.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 42.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 36% off 52W high · 16% above 52W low.
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
34
RS percentile
Stage 1 Base / Transition
1M return
+4.1%
3M return
+5.9%
6M return
-14.4%
1Y return
-34.3%
RS 1D
-3
RS 20D
+16
Sector rank
#2
Industry rank
-
Stage evidence
- Price is within 5.3% of the 30-week proxy.
- The 30-week proxy changed +0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 68.51-3.85%
RS vs Nifty 50069
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation14/30
Growth19/25
Quality9/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 53.5%.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
19.8
PB
3.0
EV/EBITDA
11.7
ROE
16.2%
ROCE
16.1%
FCF Yield
—
Debt/Equity
0.8
MoS
+53.5%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 47 (+3)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+53.5%
Previous: +51.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
47
47
47
47
47
Factor attribution
Valuation
14+3
was 11
Modelled fair value
Graham Number
₹94.76
-48.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹303.4
+53.5% MoS
PEG
0.46
Comparable companies
Peers
Business-comparable peers in Industrials — 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
BLUEPEBBLE
SME
Blue Pebble Ltd.
Printing & Packaging
match 36
10
51.8
1.8%
-52400%
OVERVALUED
AGARWALTUF
SME
Agarwal Toughened Glass India Ltd.
Glass & Ceramics
match 19
61
17.3
20.6%
+63%
UNDERVALUED
GRCL
SME
Gayatri Rubbers And Chemicals Ltd.
Rubber Products
match 19
54
61.3
33.1%
-54%
FAIR VALUE
PRIMECAB
SME
Prime Cable Industries Ltd.
Electrical Equipment
match 19
58
24.8
37.8%
+27%
FAIR VALUE
SILKFLEX
SME
Silkflex Polymers (India) Ltd.
Specialty Chemicals
match 18
58
28.7
29.2%
+37%
FAIR VALUE
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 2026-06-25T07:26:03.090Z
Management commentary snapshot
FY26 consolidated income grew to Rs.348 crores from Rs.135 crores in FY24, but net profit after tax declined to Rs.18.67 crores from Rs.20.77 crores in FY25. H2 FY26 saw significant profit decline due to front-loaded expansion costs and raw material price volatility.
Profitability is under stress due to front-loaded expansion costs, raw material price volatility (aluminum, PVC, Nylon), and war-related supply chain disruptions. While capacity is being built for future growth, current execution is hampered by procurement challenges and project delays, impacting H2 FY26 results significantly.
Current business mix
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Flexo Business37.4%
Wahren (Pharma Packaging)62.6%
Growth engines
New Product Lines
PVC, PVDC product line commercialized; new tandem machine commercialized in April, offering a different product line for pharma companies.
Export Market Focus
Received first export order in February, now has 100+ metric tons of export orders, targeting better realization and profit/margin contribution.
Capacity Expansion
New 20,000 metric ton Alu Alu factory is installed and on the cusp of commercialization, capable of supporting Rs.1000+ crores turnover.
Flexo Market Recovery
Anticipates a much better year for flexographic printing plates due to EPR practices coming into picture.
Capacity and execution
Bangalore Flexo Facility
Bangalore facility commercialized, currently in the stage of acquiring clients and testing.
Oman Flexo Expansion
Oman expansion delayed due to war issues, supply challenges, and manpower; hopes to commercialize in the coming quarter.
PVC, PVDC Product Line
Production of PVC, PVDC machine commercialized, currently facing some raw material shortage.
New 20,000 MT Alu Alu Factory
Bosch machine (Alu Alu factory) installed, trials ongoing, commercial revenues expected 'very soon' (next month).
Tailwinds
Strong Pharma Demand
No impact on the demand side for pharma packaging; order book is full.
Ability to Pass on Price Hikes
Received 30%+ price hikes on pharma products (e.g., from Rs.400 to Rs.550) to offset raw material cost increases.
Enhanced Working Capital Facilities
Tied up with Citibank for Rs.60 crores limit and initiated bill discounting transactions (Rs.3-4 crores in March), which are scalable.
EPR Practices
Anticipates that EPR practices will lead to a much better year for flexographic printing plate sales.
Headwinds
Raw Material Price Volatility
H2 was volatile due to 'tantrums from America' and war-related supply chain issues, impacting aluminum, PVC, and Nylon derivative prices.
War-Related Supply Chain Disruptions
Severe delays in raw material imports, cancellation of orders from suppliers, and restricted supply in March, continuing in April and May.
Project Delays
Bosch machine (Alu Alu factory) got delayed; Oman expansion delayed due to war issues.
Port Clearing Delays
Clogging at all ports and rail is taking a lot of time, impacting raw material clearing and availability.
Risk radar
Continued Supply Chain Disruptions
Supply chain issues are not 'out of the woods yet'; world continues to remain volatile, impacting raw material availability.
Raw Material Price Fluctuations
Volatility in aluminum and other commodity prices will continue to impact the business, though the company aims to be better prepared.
Working Capital Management
Increased working capital requirements due to higher raw material prices and expanded operations need continuous management.
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
YoY comparison is relevant for assessing overall growth trajectory and full-year performance. QoQ (H1 vs H2) is crucial to understand the immediate impact of supply chain issues, raw material volatility, and project delays on sequential momentum and profitability.
Sector KPIs management disclosed
Consolidated Income (FY26)
Total consolidated income for the year was Rs.348 crores, up from Rs.135 crores in FY23-24.
Net Profit After Tax (FY26)
Net profit after tax was Rs.18.67 crores in FY25-26, down from Rs.20.77 crores in FY24-25.
H2 FY26 Consolidated Revenue
H2 2026 revenue was Rs.172 crores, a slight drop from H1 2026 (Rs.177 crores) but up significantly YoY from H2 2025 (Rs.140 crores).
H2 FY26 Consolidated Profit
Profit at consolidated level declined to Rs.6.55 crores from Rs.12.21 crores in H1 2026 and significantly declined compared to H2 2025.
Management forward view
Optimistic for FY27
Expects some volatility in H1 FY27 but is very optimistic for H2, assuming normalization within a month to a month and a half.
Ambition to Double Top Line Annually
Maintains ambition to double top line every year, believing installed capacity can support Rs.1000+ crores turnover, acknowledging non-linear growth.
Prepared for Supply Challenges
Taking steps to fill coffers with supplies and be fully prepared in the coming months to mitigate future supply problems.
Alu Alu Market Share Target
Currently holds 8-10% market share in Alu Alu and is looking to have better capitalization in the coming year.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Raw Material Supply Normalization | Still not out of the woods yet, but visibility on things normalizing. | Consistent and timely raw material procurement, reduced delays at ports and in transit. |
| New 20,000 MT Alu Alu Factory Commercialization | Installed, trials ongoing, on the cusp of starting commercial revenues (expected next month). | Official announcement of commercial operations and ramp-up of production. |
| PVC/PVDC Plant Utilization | Very small revenue recognized, targeting 25% utilization for FY27. | Sequential increase in PVDC revenue and progress towards targeted utilization. |
| Flexo Business Ramp-up (Bangalore & Oman) | Bangalore commercialized, in client acquisition. Oman delayed, expected next quarter. | Successful client acquisition in Bangalore and commercialization of the Oman facility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
58Limited 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 22nd percentile of the scored universe and 18th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
12 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Industrials: 18th pctile, median 68 · SME: 24th pctile, median 64
Evidence depth
Financial-only
12 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
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 68.1%.
- ▸Promoter pledge is zero.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-9 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -7.5%.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Creative Graphics Solutions India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 31 Aug - Submitted FY2025-26 annual report and AGM notice; AGM on 25 September 2026 at 4:00 PM via VC/OAVM.
Source: Nse
Annual report
Corrigendum 3 Sep - Corrigendum corrects FY2025-26 annual report note on donation and miscellaneous expenses.
Source: Nse
Annual report
Corrigendum 2 Sep - Corrigendum fixes omitted 'Special Business' heading in FY2025-26 Annual Report; no other changes.
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
Concall transcriptMar 2026
Mar 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Company Ir
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.