Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Ecoline Exim Ltd. (ECOLINE)
SME CapIndustrials stocks · SME cap · NSE
Ecoline Exim is an Indian manufacturer and exporter of sustainable cotton & jute bags, serving global retail. It promotes eco-friendly alternatives to single-use plastics, with 18+ years experience and a 4.5% global cotton bag market share. The company expanded to 35+ export countries in FY26 and added new product lines.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result10 May, 03:50 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
59NeutralSMA20 +2.8% / mo · MACD +
Stock trend: 67
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
ECOLINED candles · FIT view+46.9%Latest close ₹174.05 on 2026-10-21
Bar
-1.4%
RSI
45
MACD hist
0.06
52W pos
60%
2026-10-21O ₹176.50H ₹178.00L ₹170.10C ₹174.05Vol 10,000 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
ECOLINENifty India ManufacturingNifty 500
- ECOLINE
- -10.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -3.8 pp
Chart stats
21 Oct 2026- From 52W high
- -19.4%
- 52W range position
- 60%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.22x
- Avg traded value
- ₹0.8 Cr
- 20D price channel
- ₹166 - ₹199
₹216
₹111 - ₹216
₹9.3
Latest completed session
20-session average
59.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model+68.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
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
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹139 Cr | NDF | +0.0% |
| EBITDA | ₹9 Cr | NDF | -40.0% |
| Operating margin | 6.0% | NDF | -500 bps |
| PAT | ₹7 Cr | NDF | -46.1% |
| PAT margin | 5.0% | NDF | -431 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.20
- P/B
- —
- EV/EBITDA
- 15.54
- Market Cap
- 390.00Cr
Profitability
- ROE
- 32.00%
- ROCE
- 25.30%
- ROA
- 17.83%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 17.21%
- EPS 5Y
- 139.79%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 12.50×
- Altman Z
- 7.82
- Book Value
- —
Cash Flow
- FCF Yield
- 1.79%
- FCF Positive Y
- 2/5
- OCF
- 20.00 Cr
- EPS TTM
- 13.94
Shareholding
- Promoter Hold
- 74.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 139+0.0% vs prev
Net Profit
₹ CrLatest: 7.0-46.2% 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
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.7% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 57% 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
81
RS percentile
Stage 2 UptrendEstablished S2
1M return
+4.8%
3M return
-13.0%
6M return
+39.2%
1Y return
-
RS 1D
-4
RS 20D
+12
Sector rank
#2
Industry rank
#70
Stage evidence
- Price is 5.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.0%.
50-DMA
price below
200-DMA
price above
S2 observed by
22 Jun 2026
S2 age
81 trading sessions
Sector
leading
Industry
lagging
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
239 observations
21 Oct 2026Value 128.96-6.66%
RS vs Nifty 500129
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation18/30
Growth17/25
Quality18/20
Balance Sheet10/15
Cash Flow3/10
Piotroski
8/9 (+5)
Penalties
-3
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 68.2%.
- Quality contributes 18/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 18/30; 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
20.2
PB
—
EV/EBITDA
15.5
ROE
32.0%
ROCE
25.3%
FCF Yield
1.8%
Debt/Equity
0.6
MoS
+68.2%
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
68
Previous: 67 (+1)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+68.2%
Previous: +65.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
72
64
64
64
64
67
67
Factor attribution
Valuation
18+1
was 17
Modelled fair value
Graham Number
—
Growth-justified P/E
39.3
Growth-justified Value
₹547.84
+68.2% MoS
PEG
0.21
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
VISAMAN
SME
Visaman Global Sales Ltd.
Trading
match 80
47
8.6
11.0%
+81%
FAIR VALUE
AKG
Small
Akg Exim Limited
Trading
match 71
16
80.3
-1.2%
-1474%
OVERVALUED
ABMINTLLTD
Small
ABM International Limited
Trading
match 70
10
—
-17.1%
—
OVERVALUED
SHRENIK
Small
Shrenik Limited
Trading
match 69
5
296.0
—
-653%
OVERVALUED
STCINDIA
Small
The State Trading Corporation of India Limited
Trading
match 64
70
15.2
17.4%
+96%
UNDERVALUED
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 intactReviewed 2026-07-01T17:49:41.932Z
Management commentary snapshot
Ecoline Exim reported FY26 revenue of ₹286.88 Cr, up from ₹269.29 Cr in FY25, with PAT at ₹20.18 Cr (7.25% margin). The company expanded its global footprint to 35+ countries, adding 8 new markets, and launched new product lines like polyester backpacks and cotton towels.
Ecoline Exim demonstrated strong top-line growth and margin expansion in FY26, driven by global market expansion and new product introductions. Significant capacity additions and an ambitious revenue target for FY27-28 suggest continued aggressive growth, though execution and utilization of new capacity will be key.
Current business mix
Revenue by Product Type (FY 2025-26)
Latest issuer-disclosed distribution across 6 reported categories.
Cotton Bags — Conventional55.1%
Jute Bags20.9%
Cotton Bags — Recycled12.4%
Cotton Bags — Fairtrade5.8%
Cotton Bags — Organic3.1%
Others2.6%
Growth engines
Global Market Expansion
Entered 8 new countries in FY26, including 5 in Latin America, expanding to 35+ export countries from 27 in FY25.
New Product Lines
Launched Polyester Backpacks (36,000 supplied in FY26) and Cotton Towels (250,000+ exported in FY26).
Capacity Expansion
Added 22M bags/year capacity with two new units (Badu Unit IV & Taki Road Unit V), increasing daily output to 215,000 bags.
Capacity and execution
Badu Unit IV, Kolkata
New unit with 12M bags/year capacity, launched Polyester Backpack production. Utilization rates for cutting (15.23%) and stitching (2.14%) in FY26.
Taki Road, Kolkata
New unit with 10M bags/year capacity, latest addition. Utilization rates for printing (48.11%) and packaging (12.99%) in FY26.
Total New Capacity
22 million bags added in FY26, increasing total daily output to 215,000 bags.
Capacity Expansion Roadmap
Targeting 87M bags by 2027 and 110M bags by 2028.
Tailwinds
Demand for Sustainable Packaging
Company promotes eco-friendly cotton & jute bags as alternatives to single-use plastics, catering to global demand.
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
The presentation provides annual financial statements and operational data, making year-over-year comparison most relevant for assessing performance trends and growth.
Sector KPIs management disclosed
Export Order Book
₹95 Cr export order book as of April 30, 2026.
Revenue from Operations
₹286.88 Cr revenue in FY 2025-26 (up from ₹269.29 Cr in FY 2024-25).
Profit After Tax (PAT)
₹20.18 Cr PAT in FY 2025-26 (up from ₹18.82 Cr in FY 2024-25).
PAT Margin
7.25% PAT margin in FY 2025-26.
Management forward view
Revenue Targets
Targeting ₹400 Cr in FY 2026-27 and ₹550 Cr in FY 2027-28.
Margin Expansion
Expects expanding PAT margins in coming years.
New Product Strategy
Plans OEM supply for Polyester Backpacks from Q2 FY27 and exports from FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ₹95 Cr (export, as of Apr 30, 2026) | Sustained growth in export order book to support revenue targets. |
| New Capacity Utilization | Badu Fct 2 (cutting 15.23%, stitching 2.14%), Taki Road (printing 48.11%, packaging 12.99%) in FY26. | Ramp-up of utilization rates for new Factory IV and V. |
| New Product Contribution | Polyester Backpacks (36k supplied in FY26), Cotton Towels (250k+ exported in FY26). | Contribution of new products to overall revenue and margins. |
| Revenue Target Achievement | ₹286.88 Cr (FY26) | Progress towards ₹400 Cr (FY27) and ₹550 Cr (FY28) revenue targets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited 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 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: results consistency is weak at 55/100.
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
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · SME: 97th 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
Can support position sizing if valuation and trend also agree.
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
90
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.6%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 49.6%.
- ▸FCF yield is positive at 1.9%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ecoline Exim Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 21 May 2026 - Q4 FY26 earnings call transcript; FY26 revenue INR286.88 crore, PAT INR20.18 crore, order book INR95 crore.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.