Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result05 Aug, 10:43 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +19.8% / mo · MACD −
Stock trend: 61
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GMMPFAUDLRD candles · FIT view+41.8%Latest close ₹1288.60 on 2026-10-19
Bar
-1.3%
RSI
45
MACD hist
-27.79
52W pos
69%
2026-10-19O ₹1306.00H ₹1323.00L ₹1281.10C ₹1288.60Vol 98,810 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
GMMPFAUDLRNifty India ManufacturingNifty 500
- GMMPFAUDLR
- +60.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +66.1 pp
Chart stats
19 Oct 2026- From 52W high
- -16.0%
- 52W range position
- 69%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.31x
- Avg traded value
- ₹37.3 Cr
- 20D price channel
- ₹1,266.1 - ₹1,533.6
₹1,533.6
₹735 - ₹1,533.6
₹64
Latest completed session
20-session average
44.6% 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 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 · OVERVALUED21
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +16.4% · PAT +120.0% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1364.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
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 30 Jun 2026
Good · 67/100Rev +16% YoY · PAT +120% YoY · operating leverage · margin compression
Filed 05 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 47.20
- P/B
- 4.93
- EV/EBITDA
- 12.58
- Market Cap
- 5941.00Cr
Profitability
- ROE
- 6.69%
- ROCE
- 13.60%
- ROA
- 1.63%
- Dividend Y
- 0.15%
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
- 3.05
- Book Value
- 268.00
Cash Flow
- FCF Yield
- 3.96%
- FCF Positive Y
- 10/5
- OCF
- 389.00 Cr
- EPS TTM
- 16.06
Shareholding
- Promoter Hold
- 25.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 925-2.0% vs prev
Net Profit
₹ CrLatest: 22.0+46.7% 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
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 (~16.5% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 75% 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
84
RS percentile
Stage 2 UptrendEstablished S2
1M return
-12.2%
3M return
+60.6%
6M return
+40.6%
1Y return
+6.3%
RS 1D
+1
RS 20D
-6
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 33.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
04 Sept 2026
S2 age
30 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 126.82-0.77%
RS vs Nifty 500127
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality0/20
Balance Sheet3/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
21
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
21/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 4.0%.
- Piotroski is strong at 7/9.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1364.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; 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
47.2
PB
4.9
EV/EBITDA
12.6
ROE
6.7%
ROCE
13.6%
FCF Yield
4.0%
Debt/Equity
0.9
MoS
-1364.2%
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
21
Previous: 21
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1364.2%
Previous: -1364.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
21
21
21
21
21
21
21
21
21
21
21
21
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
₹311.19
-314.1% MoS
Growth-justified P/E
5.5
Growth-justified Value
₹88.01
-1364.2% MoS
PEG
—
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
ANUP
Micro
The Anup Engineering Limited
Industrial Machinery
match 83
50
35.3
17.1%
+10%
FAIR VALUE
ISGEC
Small
Isgec Heavy Engineering Limited
Industrial Machinery
match 82
27
25.3
4.2%
-982%
OVERVALUED
COCKERILL
Small
John Cockerill India Limited
Industrial Machinery
match 80
18
183.0
8.9%
-6211%
OVERVALUED
TAURIAN
SME
Taurian MPS Ltd.
Industrial Machinery
match 72
56
33.9
26.7%
+14%
FAIR VALUE
GREAVESCOT
Micro
Greaves Cotton Limited
Industrial Machinery
match 59
31
47.8
8.1%
-19%
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 intactReviewed 2026-06-03T07:40:02.328Z
Management commentary snapshot
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.
Current business mix
Order Intake by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Traditional40.0%
Pharmaceuticals27.0%
Chemicals33.0%
Growth engines
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
67Limited 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 52nd percentile of the scored universe and 50th percentile within Industrials. Main check: financial discipline is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
116 docs text-extracted · 63 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Industrials: 50th pctile, median 68 · Micro: 32nd pctile, median 73
Evidence depth
Financial-only
116 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
77
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
52
watch · capital discipline
Results
61
acceptable · quarterly consistency
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.
Continue researching GMM Pfaudler Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement Under Regulation 30 (LODR) - Credit Rating 14 Aug - CRISIL assigns GMM Pfaudler ESG 61 'Strong' for FY26, up from 50 in FY25.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.