---
title: "Florence Investech Ltd(Merged) (532518) — Share Price, Financials & Analysis"
symbol: "532518"
company: "Florence Investech Ltd(Merged)"
canonical: "https://tapetide.com/stocks/532518"
isin: "INE211G01020"
bse_code: "532518"
generated_at: "2026-10-13T11:00:45.028Z"
---

# Florence Investech Ltd(Merged) (532518)

Canonical page: https://tapetide.com/stocks/532518

## Company

- **BSE Code:** 532518
- **ISIN:** INE211G01020
- **Stock Type:** DELISTED
- **Listed Since:** 2006-03-01
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** florenceinvestech.co.in

## About

Florence Investech Ltd. is an India-based investment company. The Company is engaged in the business of investment in shares and securities.

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 50.0%

### Weaknesses

- Stock is trading at 2.69 times its book value
- Tax rate seems low
- Company has a low return on equity of 12.3% over last 3 years.
- Working capital days have increased from 166 days to 249 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 4% | 25% | 16% |
| revenue growth | 7% | 26% | 17% |

## Financial Statements

### Quarterly Results

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

| Item | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.19 | 10.1 | 2.46 | 2.06 | 0.69 | 12.67 | 0.28 | 0.86 | 0.69 | 10.56 | 1.21 | 3.09 |
| Expenses | 0.06 | 0.12 | 0.08 | 0.12 | 0.07 | 0.15 | 0.09 | 0.09 | 0.14 | 0.11 | 0.11 | 0.09 |
| Operating Profit | 0.13 | 9.98 | 2.38 | 1.94 | 0.62 | 12.52 | 0.19 | 0.77 | 0.55 | 10.45 | 1.1 | 3 |
| OPM % | 68.42 | 98.81 | 96.75 | 94.17 | 89.86 | 98.82 | 67.86 | 89.53 | 79.71 | 98.96 | 90.91 | 97.09 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.02 | 0 | 0 | 0 | 0.01 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0.13 | 9.98 | 2.38 | 1.94 | 0.62 | 12.52 | 0.19 | 0.79 | 0.55 | 10.45 | 1.1 | 3.01 |
| Tax % | 30.77 | 1 | 33.61 | 3.09 | 30.65 | 0.48 | 31.58 | 36.71 | 25.45 | 0.19 | 21.82 | 20.6 |
| Net Profit | 0.09 | 9.88 | 1.59 | 1.88 | 0.42 | 12.45 | 0.13 | 0.5 | 0.41 | 10.43 | 0.86 | 2.39 |
| EPS in Rs | 0.27 | 29.94 | 4.82 | 5.7 | 1.27 | 37.73 | 0.39 | 1.52 | 1.24 | 31.61 | 2.61 | 7.24 |

### Profit & Loss

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

| Item | Sep 2009 18m | Sep 2010 | Sep 2011 | Sep 2012 | Mar 2014 18m | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 137 | 113 | 129 | 7 | 7 | 7 | 34 | 15 | 14 | 16 |
| Expenses | 149 | 107 | 113 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -12 | 6 | 17 | 7 | 7 | 7 | 34 | 14 | 14 | 15 |
| OPM % | -9 | 5 | 13 | 98 | 92 | 95 | 99 | 97 | 97 | 97 |
| Other Income | 11 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 3 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -7 | 11 | 11 | 7 | 7 | 7 | 34 | 14 | 14 | 15 |
| Tax % | -83 | 4 | 1 | 2 | 1 | 2 | 16 | 7 | 4 | — |
| Net Profit | -1 | 11 | 11 | 6 | 7 | 7 | 28 | 13 | 14 | 14 |
| EPS in Rs | — | — | — | — | 19.97 | 20.73 | 86.3 | 40.7 | 40.91 | 42.7 |
| Dividend Payout % | 0 | 0 | 0 | 8 | 8 | 7 | 2 | 74 | 74 | — |

### Balance Sheet

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

| Item | Mar 2008 | Sep 2009 | Sep 2010 | Sep 2011 | Sep 2012 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 43 | 42 | 53 | 63 | 106 | 112 | 118 | 146 | 160 | 149 |
| Borrowings | 101 | 112 | 119 | 138 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 63 | 31 | 50 | 41 | 1 | 1 | 1 | 1 | 0 | 0 |
| Total Liabilities | 211 | 188 | 225 | 246 | 110 | 116 | 122 | 150 | 163 | 153 |
| Fixed Assets | 33 | 31 | 41 | 40 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 67 | 83 | 79 | 100 | 100 | 111 | 121 | 144 | 155 | 142 |
| Other Assets | 111 | 74 | 105 | 106 | 10 | 5 | 1 | 6 | 8 | 11 |
| Total Assets | 211 | 188 | 225 | 246 | 110 | 116 | 122 | 150 | 163 | 153 |

### Cash Flow

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

| Item | Mar 2008 | Sep 2009 | Sep 2010 | Sep 2011 | Sep 2012 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -15 | -14 | -7 | 0 | -7 | 4 | -1 | -6 | -2 | 0 |
| Cash from Investing Activity | 2 | -8 | 4 | -17 | 5 | -4 | 1 | 7 | 3 | 24 |
| Cash from Financing Activity | 6 | 8 | 5 | 17 | 0 | -1 | -1 | -1 | -1 | -24 |
| Net Cash Flow | -7 | -15 | 1 | 0 | -1 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -18 | -15 | -14 | -2 | -7 | 4 | -1 | -6 | -2 | 0 |
| CFO/OP | -240 | 108 | -120 | 0 | -102 | 66 | -5 | -2 | -8 | 5 |

### Ratios

| Item | Mar 2008 | Sep 2009 | Sep 2010 | Sep 2011 | Sep 2012 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 207 | 68 | 141 | 104 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 343 | 142 | 281 | 305 | — | — | — | — | — | — |
| Days Payable | 28 | 10 | 65 | 131 | — | — | — | — | — | — |
| Cash Conversion Cycle | 522 | 200 | 357 | 278 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | 150 | 104 | 161 | 155 | 507 | -39 | 16 | 59 | 192 | 249 |
| ROCE % | 7 | -3 | 8 | 7 | 4 | 6 | 6 | 25 | 9 | 9 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- |
| Promoters | 74.99% | 74.99% | 74.99% |
| DIIs | 0.01% | 0.01% | 0.01% |
| Public | 25% | 25% | 25% |
| No. of Shareholders | 7297 | 6884 | 6762 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% | 74.99% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% |
| No. of Shareholders | 7384 | 7333 | 7311 | 7297 | 7155 | 7097 | 6930 | 6884 | 6836 | 6792 | 6808 | 6762 |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-19 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b58c4920-2826-4fe0-b0f9-fbcd009f5f3d.pdf) |
| 2026-02-05 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e88d6e1c-20ca-4437-8fbb-ba1b9b380689.pdf) |
| 2026-02-04 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d0c160a5-f4d3-4f34-b661-3e05d48036bd.pdf) |
| 2026-02-04 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/xml-data/corpfiling/AttachHis/13fa9317-5c3c-48bd-a389-9a228d4e263a.pdf) |
| 2026-02-01 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8eae8a95-9b7d-4d5f-a290-4d8e5a55e959.pdf) |
| 2026-01-21 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bf0dc8cf-162d-4951-829c-7f812fd3847c.pdf) |
| 2019-06-21 | [Disclosure Of Related Party Transactions Pursuant To Regulation 23 (9) Of The SEBI (LODR) Regulations 2015.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4a39eeaa-f9e3-44e6-b407-774c857133c1.pdf) |
| 2019-06-21 | [Disclosure Of Related Party Transactions Pursuant To Regulation 23 (9) Of The SEBI (LODR) Regulations 2015.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/4a39eeaa-f9e3-44e6-b407-774c857133c1.pdf) |
| 2019-05-30 | [Reg.24(A)-Annual Secretarial Compliance](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1fb1403d-114c-48e1-90af-0bd20a5aaf8b.pdf) |
| 2019-05-30 | [Record Date On 12Th June, 2019 Under The Scheme Of Arrangement](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dc2dce0f-a034-44cc-9f36-f497991f287b.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/811bf83f-ac5d-4761-8975-baf623f2ccb5.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5b000333-677d-4ddc-bd76-6576ed733943.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/371d0d34-81f4-4cdb-9cef-362ca7a9c855.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/540115/73262540115.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/540115/68603540115.pdf) |
| Mar 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/540115/5401150320.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/540115/5401150319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/540115/5401150318.pdf) |
| Mar 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport/532518/5325180318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/540115/5401150317.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f4c42223-6472-4a81-a1b8-8f2a988ed201.pdf) |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/196f03fb-ae46-4ca1-9ddf-32cbe8bc085a.pdf) |
| Oct 2025 | [Concall - Oct 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/02157cce-9bc7-4f49-b0d5-9ce7d9259a5d.pdf) |
| Oct 2025 | [Concall - Oct 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6caec20e-b5b8-4237-b7b5-89d893bc8b9a.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/061e589a-6637-42e1-8e87-b83881af99aa.pdf) |
| Jul 2025 | [Concall - Jul 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6381d3bd-e34d-467e-a99e-d0fbb2d23776.pdf) |
| Apr 2025 | [Concall - Apr 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/afadafe9-64f1-448c-8435-c1adef7b5e93.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8efb6291-8d34-4434-bfdf-6aff054f66ee.pdf) |
| Jan 2025 | [Concall - Jan 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/532366f1-9114-46ad-80bc-a98bcdd97e27.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bdce69d4-37ed-420d-93d1-2afc18525145.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-04-02 | Credit rating update — CRISIL |
| 2025-01-06 | Credit rating update — CRISIL |
| 2024-07-04 | Credit rating update — CRISIL |
| 2024-01-04 | Credit rating update — CRISIL |
| 2024-01-03 | Credit rating update — CRISIL |
| 2023-01-19 | Credit rating update — CRISIL |

---

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 2026-10-13T11:00:45.028Z.