Red flags
41 of 57 companies trip a forensic red flag
The nine checks on every company’s Quality tab: does profit turn into cash, how long customers take to pay, debt, new shares, pledged promoter shares, related-party dealings, contingent liabilities, other income and the auditor. A flag is a check’s worst band; watch is the one below it.
Scanned: the 57 covered companies with a Quality read so far. A company missing here may not have been read yet — that is not a clean bill.
HFCL Limited
HFCL · Capital Goods
3
flags · of 9
- Profit → cashCFO / PAT 0.28×
- Receivable days163 days
- Equity dilution6.3% in FY26
Watch: Debt load · Promoter pledge · Auditor · Contingent liabilities · Other income
Clean Max Enviro Energy Solutions Limited
CLEANMAX · Power
3
flags · of 9
- Debt loadNet debt / EBITDA 9.2×
- Other income125% of PBT
- Equity dilution140% in FY26
Watch: Promoter pledge · Auditor · Contingent liabilities
Kanohar Electricals Limited
KANOHAR · Capital Goods
3
flags · of 9
- Profit → cashCFO / PAT 0.36×
- Contingent liabilities89% of net worth
- Equity dilution275% in FY26
Watch: Receivable days · Auditor
Omnitech Engineering Limited
OMNI · Capital Goods
3
flags · of 9
- Profit → cashCFO / PAT -0.06×
- Receivable days153 days
- Equity dilution17% in FY26
Watch: Debt load · Other income
Aimtron Electronics Limited
AIMTRON · Capital Goods
3
flags · of 8
- Profit → cashCFO / PAT -0.6×
- Receivable days164 days
- Equity dilution5% in FY26
Watch: Other income
Anlon Healthcare Limited
AHCL · Healthcare
3
flags · of 9
- Profit → cashCFO / PAT -0.98×
- Receivable days215 days
- Equity dilution32.5% in FY26
Watch: Related-party dealings
Shree Refrigerations Limited
SHREEREF · Capital Goods
3
flags · of 8
- Profit → cashCFO / PAT -0.4×
- Receivable days251 days
- Equity dilution16.7% in FY26
Watch: Contingent liabilities
ideaForge Technology Limited
IDEAFORGE · Capital Goods
2
flags · of 8
- Receivable days204 days
- Debt loadNet debt / EBITDA 7.5×
Watch: Profit → cash · Related-party dealings · Promoter pledge · Auditor
Knowledge Marine & Engineering Works Limited
KMEW · Services
2
flags · of 9
- Contingent liabilities29% of net worth
- Equity dilution9.1% in FY26
Watch: Receivable days · Auditor · Other income
KRN Heat Exchanger and Refrigeration Limited
KRN · Capital Goods
2
flags · of 9
- Profit → cashCFO / PAT -0.45×
- Receivable days106 days
Watch: Auditor · Contingent liabilities · Other income
Advait Energy Transitions Limited
ADVAIT · Capital Goods
2
flags · of 9
- Profit → cashCFO / PAT 0.43×
- Contingent liabilities118% of net worth
Watch: Auditor · Other income
Bhagyanagar India Limited
BHAGYANGR · Metals & Mining
2
flags · of 9
- Profit → cashCFO / PAT -0.25×
- Contingent liabilities42% of net worth
Watch: Debt load · Auditor
Fineotex Chemical Limited
FCL · Chemicals
2
flags · of 9
- Receivable days137 days
- Equity dilution404.3% in FY26
Watch: Profit → cash · Other income
KSH International Limited
KSHINTL · Capital Goods
2
flags · of 8
- Profit → cashCFO / PAT -0.27×
- Equity dilution21.4% in FY26
Watch: Debt load · Other income
Rossell Techsys Limited
ROSSTECH · Capital Goods
2
flags · of 9
- Profit → cashCFO / PAT -3×
- Debt loadNet debt / EBITDA 5.7×
Watch: Auditor · Other income
Vinyas Innovative Technologies Limited
VINYAS · Capital Goods
2
flags · of 9
- Profit → cashCFO / PAT -0.4×
- Receivable days161 days
Watch: Debt load · Contingent liabilities
Bondada Engineering Limited
BONDADA · Construction
2
flags · of 8
- Profit → cashCFO / PAT 0.02×
- Contingent liabilities64% of net worth
Watch: Receivable days
E2E Networks Limited
E2E · Information Technology
2
flags · of 8
- Debt loadNet debt / EBITDA 1.3×
- Equity dilution5% in FY26
Watch: Related-party dealings
Indo SMC Limited
INDOSMC · Capital Goods
2
flags · of 8
- Profit → cashCFO / PAT -1×
- Equity dilution35.3% in FY26
Watch: Auditor
Milky Mist Dairy Food Limited
MILKYMIST · Fast Moving Consumer Goods
2
flags · of 6
- Debt loadNet debt / EBITDA 3.9×
- Contingent liabilities50% of net worth
Watch: Equity dilution
Pondy Oxides and Chemicals Limited
POCL · Metals & Mining
2
flags · of 9
- Profit → cashCFO / PAT 0.06×
- Equity dilution7.1% in FY26
Watch: Auditor
Syrma SGS Technology Limited
SYRMA · Capital Goods
2
flags · of 9
- Profit → cashCFO / PAT 0.32×
- Equity dilution8.4% in FY26
Watch: Receivable days
Virtuoso Optoelectronics Limited
VOEPL · Capital Goods
2
flags · of 9
- Debt loadNet debt / EBITDA 4.1×
- Equity dilution10.3% in FY26
Watch: Auditor
Dee Development Engineers Limited
DEEDEV · Capital Goods
1
flag · of 8
- Debt loadNet debt / EBITDA 3.5×
Watch: Profit → cash · Receivable days · Auditor · Contingent liabilities · Other income
Influx Healthtech Limited
INFLUX · Healthcare
1
flag · of 9
- Equity dilution27.8% in FY26
Watch: Profit → cash · Receivable days · Related-party dealings · Auditor
Diamond Power Infrastructure Limited
DIACABS · Capital Goods
1
flag · of 8
- Debt loadNet debt / EBITDA 10.9×
Watch: Profit → cash · Receivable days · Auditor
Entero Healthcare Solutions Limited
ENTERO · Healthcare
1
flag · of 9
- Profit → cashCFO / PAT -0.06×
Watch: Debt load · Related-party dealings · Auditor
Kwality Pharmaceuticals Limited
KPL · Healthcare
1
flag · of 8
- Receivable days203 days
Watch: Profit → cash · Auditor · Contingent liabilities
LUMAX INDUSTRIES LIMITED
LUMAXIND · Automobile and Auto Components
1
flag · of 9
- Related-party dealings30.6% of revenue
Watch: Debt load · Auditor · Other income
Aether Industries Limited
AETHER · Chemicals
1
flag · of 9
- Profit → cashCFO / PAT 0.31×
Watch: Receivable days · Auditor
Atlanta Electricals Limited
ATLANTAELE · Capital Goods
1
flag · of 9
- Equity dilution7.1% in FY26
Watch: Related-party dealings · Auditor
Gala Precision Engineering Limited
GALAPREC · Capital Goods
1
flag · of 9
- Profit → cashCFO / PAT 0.5×
Watch: Receivable days · Auditor
Interarch Building Solutions Limited
INTERARCH · Construction
1
flag · of 9
- Profit → cashCFO / PAT 0.41×
Watch: Auditor · Other income
MTAR Technologies Limited
MTARTECH · Capital Goods
1
flag · of 8
- Receivable days140 days
Watch: Debt load · Other income
Avalon Technologies Limited
AVALON · Capital Goods
1
flag · of 9
- Profit → cashCFO / PAT 0.32×
Watch: Other income
Centum Electronics Limited
CENTUM · Capital Goods
1
flag · of 7
- Receivable days115 days
Watch: Auditor
Macpower CNC Machines Limited
MACPOWER · Capital Goods
1
flag · of 9
- Profit → cashCFO / PAT 0.33×
Watch: Receivable days
Sambhv Steel Tubes Limited
SAMBHV · Capital Goods
1
flag · of 8
- Equity dilution22.4% in FY26
Watch: Auditor
SG Finserve Limited
SGFIN · Financial Services
1
flag · of 6
- Equity dilution16.1% in FY26
Watch: Auditor
Yasho Industries Limited
YASHO · Chemicals
1
flag · of 9
- Debt loadNet debt / EBITDA 3.8×
Watch: Contingent liabilities
Time Technoplast Limited
TIMETECHNO · Capital Goods
1
flag · of 9
- Equity dilution113% in FY26
On watch, no flags · 14
Transrail Lighting Limited
TRANSRAILL · Capital Goods
4
watch · of 9
- Receivable days92 days
- Related-party dealings7.1% of revenue
- AuditorUnqualified
- Contingent liabilities12% of net worth
Aeroflex Industries Limited
AEROFLEX · Capital Goods
3
watch · of 9
- Receivable days107 days
- Related-party dealings5.2% of revenue
- Contingent liabilities11% of net worth
Himadri Speciality Chemical Ltd
HSCL · Chemicals
3
watch · of 9
- AuditorUnqualified
- Other income17% of PBT
- Equity dilution2% in FY26
Lumax Auto Technologies Limited
LUMAXTECH · Automobile and Auto Components
3
watch · of 9
- Debt loadNet debt / EBITDA 1.7×
- Related-party dealings8.8% of revenue
- AuditorUnqualified
Acutaas Chemicals Limited
ACUTAAS · Healthcare
2
watch · of 9
- Receivable days99 days
- AuditorUnqualified
Aegis Logistics Limited
AEGISLOG · Services
2
watch · of 9
- AuditorUnqualified
- Other income23% of PBT
Fiem Industries Limited
FIEMIND · Automobile and Auto Components
2
watch · of 9
- Receivable days50 days
- AuditorUnqualified
FSN E-Commerce Ventures Limited
NYKAA · Consumer Services
2
watch · of 9
- Debt loadNet debt / EBITDA 1.2×
- AuditorUnqualified
Sona BLW Precision Forgings Ltd.
SONACOMS · Automobile and Auto Components
2
watch · of 9
- Receivable days94 days
- AuditorUnqualified
TD Power Systems Limited
TDPOWERSYS · Capital Goods
2
watch · of 5
- Profit → cashCFO / PAT 0.51×
- Receivable days146 days
Yash Highvoltage Limited
YASHHVOLT · Capital Goods
2
watch · of 8
- Profit → cashCFO / PAT 0.54×
- AuditorUnqualified
Coforge Limited
COFORGE · Information Technology
1
watch · of 5
- Receivable days88 days
R R Kabel Limited
RRKABEL · Capital Goods
1
watch · of 9
- AuditorUnqualified
Sakar Healthcare Limited
SAKAR · Healthcare
1
watch · of 9
- Receivable days73 days