Shri Ahimsa Naturals Ltd. (SHRIAHIMSA)
SME CapConsumer stocks · SME cap · NSE
Shri Ahimsa Naturals extracts and processes Natural Caffeine and Green Coffee Bean Extracts. It is Asia's largest Natural Caffeine manufacturer, with a proprietary 30+ year R&D extraction process. The business is export-focused, serving America, Europe, and other global markets from its Jaipur facility.
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, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
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 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹63 Cr | NDF | +3.3% |
| EBITDA | ₹18 Cr | +5.9% | +0.0% |
| Operating margin | 28.0% | -200 bps | -200 bps |
| PAT | ₹15 Cr | NDF | +0.0% |
| PAT margin | 23.8% | +199 bps | -78 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 results show robust growth: Revenue up 3.1% YoY to 2,014 Cr, EBITDA up 28.1% to 123 Cr, and PAT up 36.4% to 30 Cr. Natural Coffee Volume increased to 196 MTPA, with Contribution Margin improving to 36/Kg and Core-ROCE at 35%.
The company delivered strong FY26 results, supported by volume growth and margin expansion. Strategic 3x capacity expansion, backward integration into crude caffeine, and diversification into botanical extracts position it for future growth. However, successful execution of this significant expansion by 2027 is critical for sustaining momentum.
Expanding Capacities
Scaling production capacity to 3x through greenfield expansion with vacant land for future capex.
Backward Integration
Strategic backward integration to ensure raw material security, cost competitiveness, and increased profitability.
Botanical Extracts
Building capabilities to manufacture high-value botanical extracts.
Expanding Customer Base
Broadening across geographies and segments with a diversified customer base.
Natural Caffeine Capacity
New plant capacity of 700 MTPA (current 270 MTPA).
Green Coffee Bean Extract Capacity
New plant capacity of 300 MTPA (current 200 MTPA).
Crude Caffeine Production
New plant capacity of 200 MTPA for in-house crude caffeine from tea waste.
Integrated Facility Timeline
Becoming an integrated player with 3x capacity and backward integration by 2027.
Natural Caffeine Preference
End-users gain disproportionate benefit and prefer natural caffeine over synthetic due to longer effect and better tolerance.
Clean Label Premiumization
Natural plant-derived products meet consumer demand for natural & clean labels, enabling price premiumization.
Decaffeinated Coffee Trend
Increasing trend of decaffeinated coffee in developed and developing countries drives demand for crude caffeine sources.
Execution Risk of Expansion
Significant project execution risk associated with scaling production capacity to 3x and pioneering into decaffeination by 2027.
Raw Material Dependency
Reliance on crude caffeine as a by-product, though backward integration aims to mitigate this, its success is key.
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.
Financial data is presented annually across FY24, FY25, and FY26, making year-over-year comparison the most appropriate to assess annual performance trends and growth.
Natural Coffee Volume
Increased to 196 MTPA in FY26 from 164 MTPA in FY25.
Contribution Margin
Improved to 36 per Kg in FY26 from 30 per Kg in FY25.
Input Cost Trend
Backward integration aims to optimize costs and ensure raw material security.
Capacity Utilization
Enhanced crude caffeine availability to support quicker ramp-up in capacity utilization.
Global Leadership Ambition
On the path of becoming the largest supplier of Natural Caffeine worldwide.
Integrated Operations by 2027
Becoming an integrated player with 3x capacity and backward integration by 2027.
Product Innovation Focus
Invest in R&D to develop high-value solutions that enhance margins and customer value.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Natural Caffeine Volume | 196 MTPA (FY26) | Watch for ramp-up towards 700 MTPA new capacity and utilization rates. |
| Contribution Margin | 36 per Kg (FY26) | Watch for sustained improvement from backward integration and product mix. |
| New Decaffeination Plant | In-house crude caffeine production capability established | Watch for successful commissioning and utilization of the new 200 MTPA crude caffeine plant. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
69Bullishfull bull SMA stack · SMA20 +12.9% / mo · MACD + · near 52W high
Technical chart
SHRIAHIMSAdaily · 1Y · AUTO+110.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 68. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~11.4% over last month) — short-term momentum positive.
- RSI(14) at 68 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 3% off 52W high · 131% 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 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -846.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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: -1 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.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 69th percentile within Consumer. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 68.4%. Key concern: ROCE trend is -4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 69th pctile, median 66 · SME: 85th pctile, median 64
3 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
Healthy 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 holding is 68.4%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.10.
- ▸ROCE is 21.7%.
Trust risks
- ▸ROCE trend is -4%.
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
- 39.10
- P/B
- 5.89
- EV/EBITDA
- 30.47
- Market Cap
- 1138.00Cr
Profitability
- ROE
- 16.70%
- ROCE
- 21.70%
- ROA
- 13.30%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 5.75%
- EPS 5Y
- -8.62%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 36.00×
- Altman Z
- 8.52
- Book Value
- 82.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 9.00 Cr
- EPS TTM
- 12.42
Shareholding
- Promoter Hold
- 68.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 94%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.