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DefenceLand SystemsComponents
Nibe Ltd
Defence structurals + rocket launcher assemblies (Pinaka ecosystem) scaling from a tiny base. FY26 growth stalled and margins compressed — execution volatility is extreme.
Order book · Pinaka structures + Israeli JV pipeline
Sell / Avoid
₹1,558
Mkt cap ₹2.4K Cr
P/E
428.0x
P/B
6.7x
ROCE
4.8%
ROE
1.9%
Div yield
0.08%
52W high
₹1,850
52W low
₹810
Promoter
52.3%
Score bridge (derived from real data)
Fundamental
44
Valuation
27
Technical
83
Moat (curated)
42
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹810now ₹1,558₹1,850
72/100
Technical rating A
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BearishGolden cross
RSI-14
RSI-14
49
vs SMA-50
4.0%
vs SMA-200
29.5%
1Y return
-4.8%
Ann. vol
52%
Max DD 1Y
-53%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Land Systems
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| BEML | ₹14.7K Cr | 104.0x | 7% | 7.7% | 3.7% | -3.7% | 0.11x | 39 |
| Nibe Ltd ◄ | ₹2.4K Cr | 428.0x | 9% | 4.8% | 65.3% | — | 0.34x | 47 |
Financial statements
Source: Screener.inSales 3Y CAGR
65.3%
PAT 3Y CAGR
—
OPM (latest)
9.0%
PAT margin
—
D / E
0.34x
CFO / PAT
—
EV / EBITDA
56.2x
FCF yield
-4.6%
Ratio history · computed per year
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales growth YoY % | — | 168.6% | 79.8% | -6.5% |
| PAT growth YoY % | — | 850.0% | 42.1% | — |
| OPM % | 11% | 13% | 12% | 9% |
| PAT margin % | 1.9% | 6.7% | 5.3% | 0.0% |
| ROE % (PAT / net worth) | 2.7% | 11.8% | 11.6% | 0.0% |
| D / E (x) | 0.65 | 0.45 | 0.33 | 0.34 |
| Asset turnover (x) | 0.69 | 0.89 | 1.15 | 0.73 |
| CFO / PAT (x) | -15.50 | 0.95 | 0.93 | — |
Annual P&L · ₹ Cr
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Sales | 105 | 282 | 507 | 474 |
| Operating profit | 12 | 36 | 60 | 45 |
| OPM % | 11% | 13% | 12% | 9% |
| Net profit | 2 | 19 | 27 | 0 |
| EPS ₹ | 1.34 | 14.11 | 18.70 | 3.77 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 149 | 113 | 82 | 73 |
| OPM % | 5% | 17% | 9% | -6% |
| PAT | 2 | 9 | 1 | -10 |
Balance sheet · ₹ Cr
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity | 12 | 13 | 14 | 15 |
| Reserves | 63 | 148 | 218 | 333 |
| Borrowings | 49 | 73 | 77 | 120 |
| Total assets | 153 | 316 | 442 | 653 |
Cash flow · ₹ Cr
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Operating | -31 | 18 | 25 | -35 |
| Investing | -56 | -124 | -60 | -77 |
| Financing | 96 | 111 | 30 | 127 |
Shareholding
Promoters
52.3%
FII
11.0%
DII
0.5%
Public
36.3%
Mkt cap
₹2.4K Cr
P/E
428.0x
52W range
₹810–1,850