---
title: "Twinstar Industries Ltd (531917) — Share Price, Financials & Analysis"
symbol: "531917"
company: "Twinstar Industries Ltd"
canonical: "https://tapetide.com/stocks/531917"
isin: "INE070B01013"
bse_code: "531917"
sector: "Information Technology"
industry: "IT - Software"
generated_at: "2026-10-13T11:00:49.592Z"
---

# Twinstar Industries Ltd (531917)

Canonical page: https://tapetide.com/stocks/531917

## Company

- **BSE Code:** 531917
- **ISIN:** INE070B01013
- **Sector:** Information Technology
- **Industry:** IT - Software
- **Macro Sector:** Information Technology
- **Stock Type:** EQUITY
- **Listed Since:** 1996-08-12
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** twinstar.in

## About

Incorporated in 1984, Twinstar Industries Limited (TIL) deals in Information Technology and Trading activities.

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.15 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -5.85% over last 3 years.
- Company might be capitalizing the interest cost

## Growth Rates

| Metric | 1Y |
| --- | --- |
| net income growth | -513% |
| revenue growth | -100% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 10.67 | 11.01 | 8.53 | 0.74 | -5.41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Expenses | 10.29 | 10.4 | 8.48 | 0.75 | -4.49 | 0.04 | 0.06 | 0.05 | 2.92 | 0 | 0.06 | 0.07 |
| Operating Profit | 0.38 | 0.61 | 0.05 | -0.01 | -0.92 | -0.04 | -0.06 | -0.05 | -2.92 | 0 | -0.06 | -0.07 |
| OPM % | 3.56 | 5.54 | 0.59 | -1.35 | — | — | — | — | — | — | — | — |
| Other Income | 0.24 | 0 | 0 | 0.01 | 0.29 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0.63 | 0.5 | 0.67 | 0.18 | -0.46 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0.01 | 0.02 |
| Depreciation | 0.14 | 0.09 | 0.09 | 0.09 | -0.01 | 0.06 | 0.07 | 0.06 | 0.09 | 0 | 0.07 | 0.07 |
| Profit before tax | -0.15 | 0.02 | -0.71 | -0.27 | -0.16 | -0.11 | -0.14 | -0.12 | -3.01 | 0 | -0.14 | -0.16 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | 0 | 0 |
| Net Profit | -0.16 | 0.01 | -0.71 | -0.27 | -0.16 | -0.11 | -0.14 | -0.13 | -3.01 | 0 | -0.14 | -0.16 |
| EPS in Rs | -0.07 | 0 | -0.32 | -0.12 | -0.07 | -0.05 | -0.06 | -0.06 | -1.34 | 0 | -0.06 | -0.07 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 51.82 | 71.42 | 100.18 | 103.9 | 137.34 | 186.93 | 85.31 | 14.87 | 0 | 0 |
| Expenses | 50.94 | 70.12 | 97.61 | 101.38 | 135.69 | 185.21 | 83.27 | 15.14 | 3.06 | 3.05 |
| Operating Profit | 0.88 | 1.3 | 2.57 | 2.52 | 1.65 | 1.72 | 2.04 | -0.27 | -3.06 | -3.05 |
| OPM % | 1.7 | 1.82 | 2.57 | 2.43 | 1.2 | 0.92 | 2.39 | -1.82 | — | — |
| Other Income | 0.19 | 0.06 | 0.05 | 0.06 | 1.28 | 0.05 | 0.24 | 0.3 | 0 | 0 |
| Interest | 0.1 | 0.4 | 0.67 | 0.99 | 1.52 | 0.74 | 1.45 | 0.89 | 0.04 | 0.03 |
| Depreciation | 0.29 | 0.43 | 1.58 | 1.25 | 1.01 | 0.32 | 0.37 | 0.26 | 0.28 | 0.23 |
| Profit before tax | 0.68 | 0.53 | 0.37 | 0.34 | 0.4 | 0.71 | 0.46 | -1.12 | -3.38 | -3.31 |
| Tax % | 83.82 | 50.94 | -56.76 | 35.29 | 37.5 | 42.25 | -2.17 | 2.68 | 0 | — |
| Net Profit | 0.11 | 0.25 | 0.58 | 0.21 | 0.26 | 0.41 | 0.47 | -1.15 | -3.38 | -3.31 |
| EPS in Rs | 0.05 | 0.11 | 0.26 | 0.09 | 0.12 | 0.18 | 0.21 | -0.51 | -1.5 | -1.47 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Sep 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 22.46 | 22.46 | 22.46 | 22.46 | 22.46 | 22.46 | 22.46 | 22.46 | 22.46 | 22.46 |
| Reserves | 0.09 | 0.34 | 0.92 | 1.17 | 1.43 | 1.43 | 1.9 | 0.75 | -2.63 | -2.64 |
| Borrowings | 0.76 | 3.93 | 5.71 | 9.59 | 12 | 6.39 | 15.34 | 15.95 | 15.79 | 15.8 |
| Other Liabilities | 1.68 | 8.07 | 13.12 | 8.95 | 23.78 | 11.31 | 21.37 | 27.27 | 27.09 | 27.09 |
| Total Liabilities | 24.99 | 34.8 | 42.21 | 42.17 | 59.67 | 41.59 | 61.07 | 66.43 | 62.71 | 62.71 |
| Fixed Assets | 3.15 | 7.53 | 5.95 | 5.22 | 4.52 | 4.5 | 4.92 | 4.67 | 4.38 | 4.38 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 9.11 | 6.87 | 5.6 | 1.14 | 1.14 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 12.73 | 20.4 | 30.66 | 35.81 | 54.01 | 37.09 | 56.15 | 61.76 | 58.33 | 58.33 |
| Total Assets | 24.99 | 34.8 | 42.21 | 42.17 | 59.67 | 41.59 | 61.07 | 66.43 | 62.71 | 62.71 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1.31 | 0.36 | -1.83 | 1.04 | -6.14 | -2.37 | -2.15 | -0.46 | 2.93 | -1.83 |
| Cash from Investing Activity | 0 | -1.62 | -2.52 | 1.3 | 3.99 | -0.27 | -0.29 | -0.95 | 1.31 | -0.04 |
| Cash from Financing Activity | 0 | 0 | 4.63 | 1.13 | 1.07 | 0.84 | 0.72 | 0.85 | -4.42 | -0.16 |
| Net Cash Flow | 1.31 | -1.26 | 0.28 | 3.47 | -1.08 | -1.8 | -1.72 | -0.57 | -0.18 | -2.02 |
| Free Cash Flow | 1.31 | -1.32 | -6.64 | 1.04 | -6.66 | -2.67 | -2.45 | -1.56 | 2.92 | -1.83 |
| CFO/OP | 218 | 41 | -141 | 41 | -243 | -136 | -117 | -13 | -1100 | 59 |

### Ratios

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 49.65 | 33.95 | 72.78 | 52.79 | 74.48 | 91.42 | 58.4 | 200.28 | 1198.09 | — |
| Inventory Days | 0 | 0 | 0 | 1.81 | 1.74 | 1.64 | 1.24 | 10.29 | 139.22 | — |
| Days Payable | — | — | — | 19.37 | 29.22 | 60.31 | 19.01 | 91 | 678.11 | — |
| Cash Conversion Cycle | 49.65 | 33.95 | 72.78 | 35.23 | 47 | 32.75 | 40.63 | 119.57 | 659.2 | — |
| Working Capital Days | 80.93 | 16.9 | 27.34 | 33.41 | 49.43 | 51 | 34.44 | 85.96 | 414.09 | — |
| ROCE % | 2.05 | 2.8 | 3.72 | 3.73 | 4.27 | 5.56 | 4.5 | 5.46 | -0.58 | -8.93 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% |
| DIIs | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Government | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% |
| Public | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.15% |
| No. of Shareholders | 10072 | 10022 | 9834 | 9834 | 9906 | 9906 | 9906 |

### Quarterly

| Category | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% | 24.56% |
| DIIs | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Government | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% |
| Public | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.14% | 75.15% |
| No. of Shareholders | 9834 | 9834 | 9834 | 9834 | 9834 | 9906 | 9906 | 9906 | 9906 | 9906 | 9906 | 9906 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 4 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 1.34 | Sell |
| EMA (10) | 1.32 | Buy |
| SMA (20) | 1.2 | Buy |
| EMA (20) | 1.23 | Buy |
| SMA (50) | 1.07 | Buy |
| EMA (50) | 1.14 | Buy |
| SMA (100) | 1.12 | Buy |
| EMA (100) | 1.21 | Buy |
| SMA (200) | 1.54 | Sell |
| EMA (200) | 1.31 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 63.17 | Neutral |
| MACD (12,26,9) | 0.1 | Buy |
| Stochastic (14,3,3) | 81.3 | Sell |
| ADX (14) | 25.98 | Buy |
| Williams %R (14) | -31.82 | Neutral |
| ATR (14) | 0.08 | High Volatility |
| ROC (12) | 17.7 | Buy |
| Stoch RSI (14) | 4 | Buy |
| UO (7,14,28) | 57.87 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-26 | [Announcement Under Regulation 30 LODR- Newspaper Publication.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f8ab5314-d55a-41b5-b394-809cc544078a.pdf) |
| 2026-02-23 | [Announcement Under Regulation 30 (LODR)](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0d6f18dc-f3ef-487c-9a16-729b1677b596.pdf) |
| 2026-02-16 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fc1f8263-e52d-4b4a-8d7a-ddc4f903db8e.pdf) |
| 2026-02-12 | [Board Meeting Outcome for Outcome Of The Board Meeting Held On February 12, 2026 To Consider And Approve The Unaudited Financial Results For The Quarter And Nine Months Ended December 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8b517119-315e-44cc-8c65-23fa561e6ebd.pdf) |
| 2026-02-12 | [Results - Financial Results For The Quarter Ended 31St December 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c52d490b-0ae0-4043-b7a3-a07527960f8e.pdf) |
| 2026-02-02 | [Board Meeting Intimation for The Meeting Of The Board Of The Company Is Scheduled On 12/02/2026, Inter Alia, To Consider And Approve The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Nine Months Ended 31St December 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6f5b985c-ecc5-4a47-a806-6ca9c37ee1ca.pdf) |
| 2026-01-20 | [Announcement Under Regulation 30 (LODR) - General Updates](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6942b826-b42e-4ad2-8e76-d9f522152143.pdf) |
| 2022-10-21 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4121ed7f-5575-46e4-b6c6-298beef999eb.pdf) |
| 2022-07-19 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a00f5887-d77d-4360-b73a-70884aeaf554.pdf) |
| 2022-04-17 | [Reg 7(3) Compliance Certificate From RTA For The Period Ended 31/03/2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/aae12f5a-f4cc-4d2f-8abf-8e3c8d75e4e2.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/80a5ad1d-5dfa-4149-a0be-c4bccf3ea6de.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e6b4e54d-7cc8-4027-8663-9c0cd559ca21.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/762a11a1-2ef3-4eb8-9fc3-b3c29ddff0ae.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/512597/75596512597.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/512597/70580512597.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/531917/72753531917.pdf) |
| 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/512597/65900512597.pdf) |
| 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/531917/68304531917.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/512597/5125970319.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/531917/5319170319.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-05-13 | Credit rating update — Brickwork Ratings |
| 2024-05-13 | Credit rating update — Brickwork Ratings |
| 2023-02-13 | Credit rating update — Brickwork Ratings |
| 2022-02-23 | Credit rating update — Brickwork Ratings |
| 2021-05-10 | Credit rating update — Brickwork Ratings |
| 2020-03-13 | Credit rating update — Brickwork Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:00:49.592Z.