AnnouncementMay 2026
May 2026 · Corrigendum 29 May 2026 - Unreadable signature block with no substantive announcement.
Source: Nse
C P S Shapers Ltd. (CPS)
SME CapConsumer stocks · SME cap · NSE
CPS Shapers Limited (brand: Dermawear) is India’s first R&D-driven shapewear and innerwear company for men and women. Established in 2012, it designs products for Indian body types, climate, and cultural attire, with over 1 crore units sold, 3,000+ SKUs, and presence across 6,000+ retail outlets and major e-commerce platforms.
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, 07:53 pm IST
Score20 Oct, 04:19 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 +7.9% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CPSD candles · FIT view+10.2%Latest close ₹1080.00 on 2026-10-19
Bar
+0.0%
RSI
42
MACD hist
-12.85
52W pos
51%
2026-10-19O ₹1080.00H ₹1080.00L ₹1080.00C ₹1080.00Vol 1,050 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
CPSNifty Consumer DurablesNifty 500
- CPS
- +9.1%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +14.7 pp
Chart stats
19 Oct 2026- From 52W high
- -20.0%
- 52W range position
- 61%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹1,080 - ₹1,265
₹1,349.3
₹660 - ₹1,349.3
₹39.3
Latest completed session
20-session average
43.3% 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 is neutral, 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 · OVERVALUED12
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average35
Revenue +6.1% · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model-93236.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence52
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
Average · 35/100Rev +6% YoY · margin expansion · +66% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19.5 Cr | +6.1% | +66.4% |
| EBITDA | ₹4.1 Cr | NDF | +307.1% |
| Operating margin | 20.9% | NDF | +3769 bps |
| PAT | ₹2.2 Cr | NDF | NDF |
| PAT margin | 11.1% | NDF | +2838 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 3118.00
- P/B
- 11.13
- EV/EBITDA
- 81.39
- Market Cap
- 249.00Cr
Profitability
- ROE
- 0.41%
- ROCE
- 4.25%
- ROA
- 0.39%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- -24.00%
- Revenue 3Y
- -5.00%
- EPS 3Y
- -68.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 2.48×
- Altman Z
- 8.24
- Book Value
- 97.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -1.43 Cr
- EPS TTM
- 0.57
Shareholding
- Promoter Hold
- 64.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 31.2+1.3% vs prev
Net Profit
₹ CrLatest: 0.1-23.5% vs prev
Return on Equity
%Latest: 0.6-41.0% 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
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 42. Wait for confirmation.
- SMA20 rising (~7.3% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 20% off 52W high · 34% 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
78
RS percentile
Stage 3 Topping
1M return
-6.1%
3M return
+9.6%
6M return
-16.0%
1Y return
+39.9%
RS 1D
-5
RS 20D
+18
Sector rank
#9
Industry rank
#36
Stage evidence
- 17.3% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+2.6% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
194 observations
19 Oct 2026Value 153.08-4.95%
RS vs Nifty 500153
Valuation & peers
U-Score 12 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 12 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth5/25
Quality0/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
3/9 (+1)
Penalties
-3
Raw sum
12
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
12/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Growth contributes 5/25 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -93236.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
3118.0
PB
11.1
EV/EBITDA
81.4
ROE
0.4%
ROCE
4.3%
FCF Yield
—
Debt/Equity
0.3
MoS
-93236.9%
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
12
Previous: 12
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-93236.9%
Previous: -93236.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
11
12
12
12
12
12
12
12
12
12
12
12
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
₹35.27
-2962.0% MoS
Growth-justified P/E
2.0
Growth-justified Value
₹1.16
-93236.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — 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
SIGNORIA
SME
Signoria Creation Ltd.
Textiles
match 86
1
—
—
—
OVERVALUED
ZODIACLOTH
Small
Zodiac Clothing Company Limited
Textiles
match 85
15
—
-18.1%
—
OVERVALUED
FORCAS
SME
Forcas Studio Ltd.
Textiles
match 85
54
28.9
18.5%
+13%
FAIR VALUE
VEEKAYEM
SME
Veekayem Fashion and Apparels Ltd
Textiles
match 84
45
6.3
12.4%
+71%
WATCHLIST
FILATFASH
Small
Filatex Fashions Limited
Textiles
match 83
0
46.0
0.1%
-1991%
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 2026-07-01T08:20:03.596Z
Management commentary snapshot
CPS Shapers reported a substantial revenue decline of 14.3% YoY to INR 30.86 Cr in FY25, coupled with a sharp 77.3% drop in net profit to INR 0.17 Cr. This performance raises concerns about market traction and operational efficiency.
The sharp decline in both revenue and net profit in FY25, despite claims of market leadership and growth opportunities, indicates significant operational challenges. The company's ability to capitalize on the 'nascent big market opportunity' is questionable given current performance.
Growth engines
R&D-Driven Innovation
India’s first R&D-driven shapewear & innerwear brand, purpose-built for Indian body types, attire, and climate.
Multi-channel Presence
6,000+ retail outlets, and leading e-commerce presence (Amazon, Flipkart, Nykaa, Myntra, Swiggy Instamart).
Product Diversification
Expanding into performance wear, shapewear-integrated fashion, and international markets.
White-label Solutions
A white-label model has been introduced to support other brands.
Tailwinds
Growing Indian Shapewear Market
Indian shapewear market expected to grow at 9% from 2023 to 2028.
E-commerce Expansion
India to become the second-largest e-commerce market by 2034 and quick commerce to reach $9.95 Bn by 2029.
Increasing Consumer Awareness
Increasing Shapewear Market Awareness among consumers.
Risk radar
Fluctuations in Earnings
Fluctuations in earnings.
Competition
Competition (both domestic and international).
Changes in Government Policies
Changes in government policies and regulations.
Economic Conditions
Economic conditions in India and abroad.
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 YOY
Financial statements are presented annually (FY25 vs FY24), making year-over-year comparison the only relevant basis to assess performance trends.
Sector KPIs management disclosed
Gross Margin
Cost of Materials Consumed FY25: 1114.14 Lakhs, FY24: 1385.74 Lakhs. Revenue from Operations FY25: 3085.70 Lakhs, FY24: 3602.29 Lakhs.
Distribution Expansion
INTACT6,000+ retail outlets and all major e-commerce platforms.
Manufacturing Capacity
INTACTManufacturing Capacity 1 L per month (8 Hours Shift).
Management forward view
Strengthen Omni-channel Presence
Strengthen omni-channel presence with adding more SKUs.
International Expansion
Explore international markets through export pilots in the Middle East, Southeast Asia, and parts of Europe over the next three years.
Expand Retail & Digital Capabilities
Expand retail footprint and deepen digital capabilities.
Launch New Product Lines
Launch new product lines & strengthening logistics for faster delivery.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY25 revenue declined 14.3% YoY to INR 30.86 Cr. | Reversal of revenue decline and sustained growth in subsequent periods. |
| Profitability | Net profit dropped 77.3% YoY to INR 0.17 Cr in FY25. | Improvement in net profit margins and absolute profit figures. |
| International Pilot Progress | Plan to explore international markets through export pilots. | Specific timelines, target markets, and initial results from international pilots. |
| Retail Footprint Expansion | 6,000+ retail outlets. | Number of new retail outlets added and growth in sales through this channel. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
52Limited 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 10th percentile of the scored universe and 12th percentile within Consumer. 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
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
10th percentile
overall median 67 · Consumer: 12th pctile, median 66 · SME: 11th pctile, median 64
Evidence depth
Financial-only
1 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
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
31
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 64.9%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-1 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 3.1%.
- ▸ROCE is low at 4.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching C P S Shapers Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationSep 2025
Sep 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.