WEBSITE BSE:500028 NSE: ATV PROJECTS Inc. Year: 1987 Industry: Engineering - Industrial Equipments My Bucket: Add Stock
Last updated: 10:47
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1. Business Overview
ATV Projects India Ltd. was historically engaged in the engineering sector, primarily as an engineering, procurement, and construction (EPC) contractor and manufacturer of industrial equipment. Its core business involved undertaking turn-key projects for various industries such as chemical, fertilizer, sugar, cement, power, and general engineering. The company manufactured heavy engineering equipment like pressure vessels, heat exchangers, columns, and reactors. It generated revenue by executing these projects and selling manufactured equipment. As of recent information, the company is under corporate insolvency resolution process (CIRP) as per the National Company Law Tribunal (NCLT), Mumbai Bench, indicating significant operational distress and cessation of active business operations.
2. Key Segments / Revenue Mix
Historically, ATV Projects India Ltd.'s revenue primarily came from:
EPC Contracts: Executing turn-key projects in various industrial sectors.
Heavy Engineering Manufacturing: Production and sale of industrial equipment.
Specific detailed revenue mix by segment is not readily available or relevant given its current inactive status. Due to its insolvency, current operational revenue generation is minimal to non-existent.
3. Industry & Positioning
The company operated in the highly competitive Indian Engineering - Industrial Equipments sector, which includes EPC players and equipment manufacturers. This industry is cyclical, capital-intensive, and sensitive to infrastructure spending, industrial capex cycles, and government policies. Historically, ATV Projects aimed to position itself as an integrated player offering both project execution and equipment manufacturing capabilities. However, due to prolonged financial distress and insolvency proceedings, the company currently holds virtually no active market position relative to its peers, many of whom are larger, financially stronger, and more diversified entities.
4. Competitive Advantage (Moat)
Historically, ATV Projects India Ltd. might have possessed some advantages through its manufacturing capabilities and experience in executing complex industrial projects. However, these advantages proved insufficient to build a durable competitive moat. The company lacked significant scale, proprietary technology, strong brand recall, or client stickiness that could protect it from intense competition, operational inefficiencies, or financial mismanagement. Its eventual insolvency indicates a failure to sustain any competitive edge it might have once held.
5. Growth Drivers
Given that ATV Projects India Ltd. is currently under corporate insolvency resolution process (CIRP), the concept of traditional "growth drivers" is not applicable. The company's future hinges entirely on the successful resolution of its insolvency, which could involve:
Approval of a Resolution Plan: If a viable resolution plan is submitted by a prospective bidder and approved by the Committee of Creditors (CoC) and NCLT, it might lead to a restructuring and potential revival of some operations.
Liquidation: If no viable plan is approved, the company will likely undergo liquidation, ceasing to exist as a going concern.
Therefore, "growth" in the conventional sense is non-existent; the focus is on a possible restructuring to emerge from insolvency.
6. Risks
The primary risks for ATV Projects India Ltd. are existential:
Insolvency & Liquidation: The most significant risk is the failure of the Corporate Insolvency Resolution Process (CIRP) to yield a viable resolution plan, leading to the company's eventual liquidation.
Operational Cessation: Current operations are largely non-existent, and any revival is highly uncertain.
Regulatory & Legal Risks: Ongoing legal battles and compliance requirements related to the insolvency proceedings, potential creditor claims, and past governance issues.
Debt Burden: Historic and current substantial debt levels make any financial recovery extremely challenging.
Loss of Assets & Capabilities: Degradation or sale of operational assets, loss of skilled personnel, and erosion of capabilities during the insolvency period.
Market Perception: Extreme negative market perception makes attracting new business or investment incredibly difficult, even post-resolution.
7. Management & Ownership
Historically, ATV Projects India Ltd. was promoted by the Ahuja family. However, with the initiation of the Corporate Insolvency Resolution Process (CIRP), the powers of the Board of Directors and the management are suspended. The company is currently managed by a Resolution Professional (RP) appointed by the NCLT, under the oversight of a Committee of Creditors (CoC). The RP is responsible for managing the company's affairs during the CIRP and facilitating the insolvency resolution process. Ownership structure still reflects historical shareholders, but effective control rests with the RP and CoC.
8. Outlook
The outlook for ATV Projects India Ltd. is extremely challenging and precarious. The most probable scenario, given the company's prolonged financial distress and existing insolvency status, is that the Corporate Insolvency Resolution Process (CIRP) will either fail to attract a viable resolution plan or result in a plan that leads to significant dilution for existing shareholders, or ultimately, liquidation. Operations are largely ceased, and the market for its historical services and products is highly competitive. Without a substantial capital infusion, a complete operational overhaul, and effective debt restructuring, the company's long-term viability as an independent, operating entity is highly questionable. A less probable scenario would involve the successful approval and implementation of a robust resolution plan by a new investor, which would need to address the massive debt burden and outline a credible strategy for revival. Even in this optimistic scenario, existing shareholders would likely face substantial dilution. In essence, the company is at a critical juncture where its future hinges entirely on the outcome of its insolvency proceedings, with a high likelihood of unfavorable outcomes for existing equity holders.
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Market Cap ₹155 Cr.
Stock P/E 20.9
P/B 0.7
Current Price ₹29.1
Book Value ₹ 39.8
Face Value 10
52W High ₹44.8
Dividend Yield 0%
52W Low ₹ 28
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 12 | 19 | 20 | 17 | 16 | 18 | 15 | 14 | 18 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 17 | 12 | 19 | 20 | 17 | 16 | 18 | 15 | 14 | 18 |
| Total Expenditure | 15 | 10 | 17 | 18 | 16 | 14 | 16 | 13 | 12 | 16 |
| Operating Profit | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 1 | 2 |
| Provision for Tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Profit After Tax | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 1 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 1 | 2 |
| Adjusted Earnings Per Share | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.4 | 0.3 | 0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 63 | 76 | 60 | 54 | 41 | 38 | 34 | 33 | 48 | 62 | 71 | 65 |
| Other Income | 1 | 3 | 1 | 2 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 |
| Total Income | 64 | 79 | 60 | 56 | 41 | 38 | 34 | 33 | 49 | 62 | 71 | 65 |
| Total Expenditure | 61 | 72 | 55 | 53 | 38 | 34 | 30 | 29 | 43 | 54 | 63 | 57 |
| Operating Profit | 3 | 7 | 6 | 3 | 3 | 4 | 4 | 4 | 6 | 8 | 8 | 9 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 34 | 0 | 146 | 36 | -6 | 0 | 4 | 4 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 36 | 7 | 151 | 38 | -4 | 3 | 7 | 7 | 5 | 6 | 7 | 8 |
| Provision for Tax | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -1 | -0 | -0 | -0 | 0 |
| Profit After Tax | 36 | 7 | 151 | 38 | -4 | 2 | 7 | 8 | 5 | 6 | 7 | 8 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 36 | 7 | 151 | 38 | -4 | 2 | 7 | 8 | 5 | 6 | 7 | 8 |
| Adjusted Earnings Per Share | 6.9 | 1.3 | 28.8 | 7.3 | -0.7 | 0.5 | 1.3 | 1.5 | 1 | 1.2 | 1.4 | 1.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 15% | 29% | 13% | 1% |
| Operating Profit CAGR | 0% | 26% | 15% | 10% |
| PAT CAGR | 17% | -4% | 28% | -15% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -12% | 48% | 39% | 14% |
| ROE Average | 4% | 3% | 4% | 4% |
| ROCE Average | 3% | 3% | 3% | 10% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -149 | -142 | 110 | 179 | 180 | 182 | 183 | 187 | 192 | 199 | 206 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 410 | 402 | 126 | 77 | 70 | 62 | 62 | 54 | 54 | 51 | 43 |
| Other Non-Current Liabilities | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Current Liabilities | 18 | 19 | 15 | 21 | 17 | 13 | 14 | 20 | 19 | 16 | 9 |
| Total Liabilities | 279 | 278 | 253 | 279 | 269 | 260 | 262 | 263 | 268 | 267 | 259 |
| Fixed Assets | 225 | 220 | 180 | 217 | 222 | 221 | 216 | 214 | 214 | 214 | 213 |
| Other Non-Current Assets | 1 | 1 | 4 | 4 | 4 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 53 | 57 | 69 | 57 | 43 | 38 | 44 | 49 | 53 | 52 | 45 |
| Total Assets | 279 | 278 | 253 | 279 | 269 | 260 | 262 | 263 | 268 | 267 | 259 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 1 | 1 | 5 | 1 | 2 | 1 | 0 | 1 | 3 |
| Cash Flow from Operating Activities | -8 | 11 | -14 | 21 | 4 | 9 | -5 | 5 | -1 | 7 | 6 |
| Cash Flow from Investing Activities | 0 | -3 | 14 | 33 | -1 | -0 | 4 | 2 | 1 | -1 | 0 |
| Cash Flow from Financing Activities | 9 | -8 | -0 | -50 | -7 | -8 | -0 | -8 | 0 | -4 | -8 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | 4 | -4 | 1 | -1 | -1 | 1 | 2 | -2 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 5 | 1 | 2 | 1 | 0 | 1 | 3 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 6.92 | 1.33 | 28.78 | 7.31 | -0.69 | 0.47 | 1.32 | 1.52 | 0.97 | 1.23 | 1.41 |
| CEPS(Rs) | 6.96 | 1.42 | 28.91 | 7.42 | -0.5 | 0.64 | 1.48 | 1.7 | 1.21 | 1.45 | 1.61 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -28.37 | -27.04 | 20.87 | 34 | 34.18 | 34.65 | 34.9 | 35.59 | 36.55 | 37.78 | 39.19 |
| Core EBITDA Margin(%) | 3.07 | 5.67 | 8.27 | 2.59 | 7.19 | 9.75 | 10.6 | 9.28 | 10.17 | 12.11 | 10.9 |
| EBIT Margin(%) | 56.85 | 9.04 | 245.31 | 70.24 | -8.76 | 7.45 | 21.95 | 21.46 | 10.47 | 10.42 | 10.44 |
| Pre Tax Margin(%) | 56.85 | 9.04 | 245.31 | 70.24 | -8.76 | 7.4 | 21.92 | 21.44 | 10.45 | 10.41 | 10.43 |
| PAT Margin (%) | 56.85 | 9.04 | 245.13 | 70.27 | -8.91 | 6.5 | 20.44 | 24.61 | 10.62 | 10.49 | 10.49 |
| Cash Profit Margin (%) | 57.2 | 9.61 | 246.2 | 71.3 | -6.41 | 8.94 | 22.98 | 27.41 | 13.35 | 12.35 | 12 |
| ROA(%) | 13.23 | 2.51 | 56.97 | 14.47 | -1.33 | 0.93 | 2.65 | 3.05 | 1.91 | 2.41 | 2.81 |
| ROE(%) | 0 | 0 | 0 | 26.66 | -2.03 | 1.36 | 3.78 | 4.32 | 2.68 | 3.31 | 3.66 |
| ROCE(%) | 14.25 | 2.69 | 61.09 | 15.64 | -1.42 | 1.14 | 3.03 | 2.87 | 2.05 | 2.59 | 2.96 |
| Receivable days | 130.56 | 157.92 | 252.28 | 266.09 | 175.03 | 53.69 | 63.46 | 59.06 | 37.08 | 39.62 | 52.58 |
| Inventory Days | 63.31 | 36.69 | 49.18 | 66.37 | 137.45 | 191.55 | 208.77 | 285.98 | 253.81 | 202.57 | 141.29 |
| Payable days | 79.89 | 87.55 | 77.52 | 38.17 | 39.19 | 37.85 | 43.98 | 71.68 | 49.37 | 27.2 | 24.78 |
| PER(x) | 0.33 | 6.03 | 0.21 | 1.32 | 0 | 5.79 | 3.15 | 6.49 | 7.26 | 12.79 | 22.5 |
| Price/Book(x) | -0.08 | -0.3 | 0.29 | 0.28 | 0.19 | 0.08 | 0.12 | 0.28 | 0.19 | 0.42 | 0.81 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 6.71 | 5.8 | 2.63 | 2.25 | 2.52 | 1.97 | 2.46 | 3.26 | 1.89 | 2.11 | 2.94 |
| EV/Core EBITDA(x) | 155.36 | 59.57 | 27.15 | 36.57 | 33.46 | 19.93 | 21.38 | 29.08 | 14.32 | 17.19 | 24.63 |
| Net Sales Growth(%) | 12.05 | 21.61 | -21.68 | -9.01 | -24.92 | -7.58 | -10.42 | -3.87 | 47.08 | 28.72 | 14.69 |
| EBIT Growth(%) | 2010.27 | -80.77 | 2064.66 | -74.62 | -109.31 | 178.62 | 163.97 | -6.02 | -28.23 | 28.12 | 14.84 |
| PAT Growth(%) | 2010.27 | -80.77 | 2063.03 | -74.59 | -109.47 | 167.37 | 181.89 | 15.72 | -36.55 | 27.22 | 14.62 |
| EPS Growth(%) | 2010.55 | -80.77 | 2063.03 | -74.59 | -109.47 | 167.38 | 181.89 | 15.72 | -36.55 | 27.22 | 14.63 |
| Debt/Equity(x) | -2.75 | -2.83 | 1.15 | 0.43 | 0.39 | 0.34 | 0.34 | 0.29 | 0.28 | 0.25 | 0.21 |
| Current Ratio(x) | 2.93 | 3.03 | 4.7 | 2.71 | 2.45 | 2.82 | 3.07 | 2.44 | 2.76 | 3.2 | 5.05 |
| Quick Ratio(x) | 2.48 | 2.63 | 4.08 | 2.21 | 1.31 | 1.34 | 1.75 | 0.85 | 0.95 | 1.15 | 2.69 |
| Interest Cover(x) | 0 | 0 | 0 | 0 | -1882.58 | 147.23 | 589.11 | 742.11 | 459.28 | 641.41 | 1133.26 |
| Total Debt/Mcap(x) | 33.99 | 9.43 | 3.96 | 1.5 | 2.05 | 4.33 | 2.82 | 1.04 | 1.46 | 0.61 | 0.25 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 27.13 | 27.13 | 26.95 | 26.95 | 26.95 | 26.95 | 26.95 | 26.95 | 26.95 | 26.89 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 2.97 | 2.49 | 2.49 | 2.46 | 2.44 | 2.35 | 2.35 | 2.35 | 2.35 | 2.35 |
| Public | 69.9 | 70.39 | 70.57 | 70.6 | 70.62 | 70.7 | 70.7 | 70.7 | 70.7 | 70.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.44 | 1.44 | 1.43 | 1.43 | 1.43 | 1.43 | 1.43 | 1.43 | 1.43 | 1.43 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.16 | 0.13 | 0.13 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| Public | 3.71 | 3.74 | 3.75 | 3.75 | 3.75 | 3.76 | 3.76 | 3.76 | 3.76 | 3.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.31 | 5.31 | 5.31 | 5.31 | 5.31 | 5.31 | 5.31 | 5.31 | 5.31 | 5.31 |
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