GMM Pfaudler Limited (GMMPFAUDLR)
Micro CapIndustrials stocks · Micro cap · NSE
GMM Pfaudler Limited manufactures process equipment, providing glass-lined and non-glass-lined technologies, systems, and services globally. It serves diverse sectors including pharmaceuticals, chemicals, oil & gas, and defense.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +16% YoY · PAT +120% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹925 Cr | +16.4% | -2.0% |
| EBITDA | ₹94 Cr | -6.9% | +25.3% |
| Operating margin | 10.0% | -300 bps | +200 bps |
| PAT | ₹22 Cr | +120.0% | +46.7% |
| PAT margin | 2.4% | +112 bps | +79 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 Consolidated Revenue up 10% YoY to ₹3,524 Cr, EBITDA up 11% to ₹403 Cr (11.4% margin). Order Intake surged 20% YoY to ₹3,714 Cr, with Backlog up 34% YoY to ₹2,194 Cr. Q4 FY26 Revenue grew 17% YoY, but EBITDA declined 10% YoY.
Strong order intake and backlog growth for FY26 indicate robust demand and future revenue visibility. However, Q4 FY26 saw a notable decline in consolidated EBITDA margin and absolute EBITDA, raising questions about execution efficiency and cost management in the short term. Adjusted PAT shows better underlying profitability.
Order Intake by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Strong Order Intake
Consolidated Order Intake grew 20% YoY in FY26 to ₹3,714 Cr, indicating robust demand across segments.
Growing Backlog
Backlog increased 34% YoY to ₹2,194 Cr, providing significant revenue visibility for future periods.
Diversification Strategy
Diversification strategy gaining momentum, with Pharmaceuticals and Chemicals contributing significantly to order intake.
Improved Net Debt Ratios
Net Debt/Equity improved to 0.1x and Net Debt/Adj. EBITDA to 0.4x, indicating stronger financial health.
Increased Free Cash Flow
Free cash flow generation for FY26 was ₹367 crores, up from ₹318 crores in FY25.
Q4 EBITDA Decline
Consolidated EBITDA declined 10% YoY in Q4 FY26, with margin contracting by 236 bps YoY and 392 bps QoQ.
Exceptional Items Impact
FY26 PAT includes exceptional items of ₹47 Cr (net of tax) related to Labour Code provision and Waghäusel severance costs.
Working Capital Stretch
Receivable days increased to 48 and Payable days to 49, indicating potential pressure on working capital management.
Execution & Margin Pressure
The significant QoQ and YoY decline in Q4 consolidated EBITDA margin suggests potential execution or cost control challenges that need monitoring.
Working Capital Management
Increase in receivable and payable days could indicate a less efficient working capital cycle, potentially impacting cash flow.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
FY26 results provide annual performance and strategic direction, while Q4 FY26 data offers recent operational momentum and margin trends, crucial for assessing sequential execution and any immediate challenges.
Order Intake
Consolidated Order Intake for FY26 was ₹3,714 Cr, up 20% YoY. Q4 FY26 Order Intake was ₹871 Cr, up 32% YoY.
Backlog
Consolidated Backlog as of March 31, 2026, was ₹2,194 Cr, up 34% YoY.
Revenue
Consolidated Revenue for FY26 was ₹3,524 Cr, up 10% YoY. Q4 FY26 Revenue was ₹944 Cr, up 17% YoY.
EBITDA Margin
Consolidated EBITDA margin for FY26 was 11.4% (up from 11.3% in FY25). Q4 FY26 EBITDA margin was 8.0% (down from 10.3% in Q4 FY25 and 11.9% in Q3 FY26).
New Leadership Appointments
Mr. Gregory Gelhaus appointed as Group Chief Executive Officer and Mr. Ankit Nayyar as Deputy Chief Financial Officer.
Dividend Recommendation
The Board recommended a final dividend of ₹1 per equity share, bringing the total dividend for FY26 to ₹2 per share.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 8.0% (Q4 FY26) | Stabilization and improvement from Q4 levels, especially given the strong order book. |
| Order Intake Growth | 20% YoY (FY26) | Continued double-digit growth to sustain backlog and revenue pipeline. |
| Working Capital Cycle | Receivable days 48, Payable days 49 | Improvement in receivable and payable days to optimize cash conversion. |
| Exceptional Items | ₹47 Cr (FY26 net) | Resolution of exceptional items and their impact on adjusted profitability in future periods. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +24.5% / mo · RSI overbought · MACD +
Technical chart
GMMPFAUDLRdaily · 1Y · AUTO+29.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 79. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~19.7% over last month) — short-term momentum positive.
- RSI(14) at 79 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 12% off 52W high · 56% 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.
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.5%.
- Piotroski is strong at 7/9.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1204.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 49th percentile within Industrials. Main check: financial discipline is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · Micro: 32nd pctile, median 73
116 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.6%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 41.00
- P/B
- 4.28
- EV/EBITDA
- 11.17
- Market Cap
- 5161.00Cr
Profitability
- ROE
- 6.69%
- ROCE
- 13.60%
- ROA
- 1.63%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- -4.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 0.86
- Interest Coverage
- 3.83×
- Altman Z
- 2.88
- Book Value
- 268.00
Cash Flow
- FCF Yield
- 4.55%
- FCF Positive Y
- 10/5
- OCF
- 389.00 Cr
- EPS TTM
- 16.06
Shareholding
- Promoter Hold
- 25.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable names in Industrials, ranked by similarity
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.