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Swing Capital

Salona Cotspin Ltd

NSE: SALONA BSE: 590056

Salona Cotspin Ltd (SALONA) is a Diversified company listed on NSE: SALONA | BSE: 590056. With a market cap of ₹146 Cr and ROCE of 7.41%, ROE of 3.86%, it operates in the Indian Diversified sector.

₹278
52W: ₹221 — ₹335
PE 14624 · Book ₹162 · +72% vs book
Market Cap₹146 Cr
Stock P/E14624Price to Earnings
ROCE7.41%Return on Capital
ROE3.86%Return on Equity
Div. Yield0.36%Face Value ₹10

Strengths

  • +Company's working capital requirements have reduced from 27.2 days to 15.2 days

Weaknesses

  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 12.0% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Dividend payout has been low at 9.79% of profits over last 3 years

Shareholding Pattern

Promoters68.42%
FIIs0%
DIIs0%
Public31.58%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.09%67.09%67.09%67.09%67.09%67.09%68.42%▲1.368.42%
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public32.91%32.91%32.91%32.91%32.91%32.91%31.58%▼1.331.58%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales208.88206.42166.4190.01166.06158.29147.79157.1170.77155.49
Expenses198.6199.51159.72181.57157.84148.97141.81147.44161.85147.83
Operating Profit10.286.916.688.448.229.325.989.668.927.66
OPM %4.92%3.35%4.01%4.44%4.95%5.89%4.05%6.15%5.22%4.93%
Net Profit1.731.440.92.272.191.58-2.921.531.070.33
EPS ₹3.292.741.714.314.163-5.552.912.030.63

AI Insights

Revenue Trend

TTM revenue at ₹631Cr, down 4.7% YoY. OPM at 5%.

Debt Position

Borrowings at ₹237Cr. Debt-to-equity ratio: 2.96x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹23Cr (22% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 68.42%.

Margin & Efficiency

ROCE declining from 20% (Mar 2014) to 7% (Mar 2025). Working capital days: 15.

Valuation

PE 14624x with 7.41% ROCE. Price is 72% above book value of ₹162. Dividend yield: 0.36%.

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