---
title: "Spinaroo Commercial Ltd (544392) — Share Price, Financials & Analysis"
symbol: "544392"
company: "Spinaroo Commercial Ltd"
canonical: "https://tapetide.com/stocks/544392"
isin: "INE10XX01012"
nse_symbol: "SPINAROOCOMMERCIALLTD"
bse_code: "544392"
sector: "Forest Materials"
industry: "Paper & Paper Products"
market_cap_cr: 34.2
generated_at: "2026-09-13T18:58:51.367Z"
---

# Spinaroo Commercial Ltd (544392)

Canonical page: https://tapetide.com/stocks/544392

## Company

- **NSE Symbol:** SPINAROOCOMMERCIALLTD
- **BSE Code:** 544392
- **ISIN:** INE10XX01012
- **Sector:** Forest Materials
- **Industry:** Paper & Paper Products
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 2025-04-08
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** spino.co.in

## About

Incorporated in 2012, Spinaroo Commercial Ltd manufactures aluminium and paper products, and deals in machineries.[1]

## Latest Price

## Key Fundamentals

Observed at 2026-09-11T04:37:27.348722Z.

- **Market Cap:** ₹34.2 Cr
- **Classification:** SME
- **P/E (reported):** 63.5
- **Book Value:** ₹24.06
- **Price to Book:** 2.03
- **Dividend Yield:** 0%
- **ROE:** 3.19%
- **ROCE:** 6.9%
- **Debt to Equity:** 0.39
- **Revenue (yearly):** ₹39.3 Cr
- **Net Income:** ₹0.5 Cr
- **EBITDA:** ₹1.4 Cr
- **52-Week High:** ₹76
- **52-Week Low:** ₹26.6
- **RSI (14):** 20.22

## Key Insights

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 12.7% over last 3 years.
- Working capital days have increased from 68.2 days to 120 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -784.95% | -895.31% | -617.89% |
| ebitda margin growth | -51.99% | -50.75% | -25.26% |
| net income growth | -64.29% | -17% | 0% |
| revenue growth | 0% | -10% | -3.76% |
| roce | -78.72% | -81.65% | 27.3% |
| roe | -83.44% | 15.23% | -77.26% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 21.02 | 18.3 | 19.37 | 19.9 |
| Expenses | 19.69 | 16.69 | 18.48 | 19.37 |
| Operating Profit | 1.33 | 1.61 | 0.89 | 0.53 |
| OPM % | 6.33 | 8.8 | 4.59 | 2.66 |
| Other Income | 0 | 0.02 | 0.01 | 0 |
| Interest | 0.36 | 0.34 | 0.16 | 0.26 |
| Depreciation | 0.15 | 0.14 | 0.15 | 0.11 |
| Profit before tax | 0.82 | 1.15 | 0.59 | 0.16 |
| Tax % | 25.61 | 27.83 | 27.12 | 37.5 |
| Net Profit | 0.61 | 0.82 | 0.44 | 0.09 |
| EPS in Rs | 1.22 | 1.64 | 0.63 | 0.13 |

### Profit & Loss

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

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 47.43 | 53.12 | 40.84 | 39.31 | 39.27 |
| Expenses | 45.18 | 50.92 | 38.18 | 36.36 | 37.82 |
| Operating Profit | 2.25 | 2.2 | 2.66 | 2.95 | 1.45 |
| OPM % | 4.74 | 4.14 | 6.51 | 7.5 | 3.69 |
| Other Income | 0.13 | 0.07 | 0.38 | 0.02 | 0.01 |
| Interest | 0.81 | 0.78 | 0.75 | 0.71 | 0.45 |
| Depreciation | 0.64 | 0.51 | 0.43 | 0.29 | 0.25 |
| Profit before tax | 0.93 | 0.98 | 1.86 | 1.97 | 0.76 |
| Tax % | 44.09 | 5.1 | 24.73 | 26.9 | 28.95 |
| Net Profit | 0.52 | 0.93 | 1.4 | 1.44 | 0.54 |
| EPS in Rs | 5.2 | 9.3 | 14 | 2.88 | 0.77 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 1 | 1 | 1 | 5 | 6.99 |
| Reserves | 2.7 | 3.63 | 5.03 | 2.47 | 9.84 |
| Borrowings | 9 | 8.44 | 7.52 | 7.79 | 6.51 |
| Other Liabilities | 5.12 | 6.4 | 5.13 | 4.95 | 4.5 |
| Total Liabilities | 17.82 | 19.47 | 18.68 | 20.21 | 27.84 |
| Fixed Assets | 2.85 | 2.45 | 1.77 | 1.62 | 1.52 |
| CWIP | 0 | 0 | 0 | 0 | 0.32 |
| Investments | 0.24 | 0.24 | 0.41 | 0.43 | 1.74 |
| Other Assets | 14.73 | 16.78 | 16.5 | 18.16 | 24.26 |
| Total Assets | 17.82 | 19.47 | 18.68 | 20.21 | 27.84 |

### Cash Flow

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

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1.23 | 1.81 | -0.64 | 0.93 | -6.37 |
| Cash from Investing Activity | -0.33 | -0.11 | 0.74 | -0.13 | -1.78 |
| Cash from Financing Activity | -1.26 | -1.33 | -0.15 | -0.81 | 7.7 |
| Net Cash Flow | -0.36 | 0.37 | -0.05 | 0 | -0.44 |
| Free Cash Flow | 1.11 | 1.69 | 0.1 | 0.8 | -6.84 |
| CFO/OP | 77 | 95 | -7 | 49 | -405 |

### Ratios

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 29.63 | 31.88 | 33.6 | 35.66 | 45.54 |
| Inventory Days | 72.56 | 76.02 | 119.09 | 141.71 | 190.34 |
| Days Payable | 34.21 | 41.53 | 41.27 | 44.73 | 42.93 |
| Cash Conversion Cycle | 67.98 | 66.37 | 111.43 | 132.64 | 192.96 |
| Working Capital Days | 10 | 17.18 | 34.68 | 49.86 | 120.18 |
| ROCE % | — | 13.66 | 17.81 | 18.6 | 6.27 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 66.67% | 47.66% | 47.66% | 47.66% | 47.66% | 47.66% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 24% | 45.42% | 44.5% | 46.16% | 46.45% | 46.48% |
| Others | 9.33% | 6.92% | 7.84% | 6.18% | 5.89% | 5.86% |
| No. of Shareholders | 9 | 269 | 249 | 281 | 262 | 270 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 4 / 11

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 47.23 | Buy |
| EMA (10) | 48.34 | Buy |
| SMA (20) | 50.07 | Sell |
| EMA (20) | 50.11 | Sell |
| SMA (50) | 57.06 | Sell |
| EMA (50) | 52.78 | Sell |
| SMA (100) | 51.04 | Sell |
| EMA (100) | 54.39 | Sell |
| SMA (200) | 59.18 | Sell |
| EMA (200) | 59.02 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 48.25 | Neutral |
| MACD (12,26,9) | -2.43 | Buy |
| Stochastic (14,3,3) | 57.48 | Neutral |
| ADX (14) | 32.87 | Buy |
| Williams %R (14) | -30.77 | Neutral |
| ATR (14) | 4.35 | High Volatility |
| ROC (12) | -1.6 | Sell |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 75.84 | Sell |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-19 | [Board Meeting Outcome for Outcome Of Board Meeting Held On August 19 2026 In Terms Of Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f5845a2d-416d-4034-bc34-021a913a48d7.pdf) |
| 2026-08-18 | [Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f76d18cb-4b50-47d0-b2f7-af681937418e.pdf) |
| 2026-08-13 | [Board Meeting Intimation for Intimation Under Regulation 29(1) And 29(1)(D) Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Notice Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3ecb2aba-1666-4f0c-a291-96fa2f365826.pdf) |
| 2026-07-11 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d32098cf-8d61-4095-a594-f4e5e0f691b8.pdf) |
| 2026-07-06 | [Submission Of Reason For Delay In Intimation Of Resignation And Appointment Of Company Secretary & Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ce4791e7-39ac-464f-8766-b483e08f5a96.pdf) |
| 2026-07-04 | [Board Meeting Outcome for Outcome Of Board Meeting Held On July 04 2026 In Terms Of Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1bad7413-aec3-4a7a-8ea3-7a4ddbfb1382.pdf) |
| 2026-07-04 | [Appointment of Company Secretary and Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=08992856-4c8d-4d77-bec0-ff949144685b.pdf) |
| 2026-07-04 | [Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c844a3d9-a6c2-4497-ad5e-b5f2134b4d89.pdf) |
| 2026-07-01 | [Board Meeting Intimation for Intimation Under Regulation 29(1) And 29(1)(D) Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Notice Of Board Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bb2eb85c-b53a-4b97-82e7-16f00c461c50.pdf) |
| 2026-06-08 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5116f253-6253-4954-b6a2-1b9f05b56b40.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9h - Saregama to participate in Arihant Capital Bharat Connect Conference (virtual) on 10 March 2026. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9h - Saregama to participate in Arihant Capital Bharat Connect Conference (virtual) on 10 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/626e7d4e-56ff-416d-9ee6-d3bd3b4fe365.pdf) |
| 7 May - Aditya Todi acquired 8,25,000 shares via inter-se transfer on May 6, 2026, raising holding to 23.492%. | [Disclosure As per Regulation 29(2) Of SEBI (SAST) Regulations, 2011 7 May - Aditya Todi acquired 8,25,000 shares via inter-se transfer on May 6, 2026, raising holding to 23.492%.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/5bbb1725-a868-4810-ba2c-c1363c686dab.pdf) |
| 6 May - No deviation in use of preferential issue and rights issue proceeds for quarter ended 31-03-2026. | [Statement Of Deviation Or Variation Of Funds Under Regulation 32 Of SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations) 6 May - No deviation in use of preferential issue and rights issue proceeds for quarter ended 31-03-2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/c3b059b3-8a7b-4428-924d-7fa649007f79.pdf) |
| 6 May - Board approved FY26 audited results, AGM on 30 May 2026, and up to Rs2 crore investment in Spino Poly. | [Results For The Year Ended 31St March, 2026 6 May - Board approved FY26 audited results, AGM on 30 May 2026, and up to Rs2 crore investment in Spino Poly.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/30b38dde-72f5-4748-b796-feba26d33c5b.pdf) |
| 6 May - Board approved FY26 audited results, AGM on 30 May 2026, and up to Rs. 2 crore investment. | [Board Meeting Outcome for Outcome Of Board Meeting Held On 06Th May, 2026, As per Regulation 30 Of SEBI (LODR) Regulations, 2015 6 May - Board approved FY26 audited results, AGM on 30 May 2026, and up to Rs. 2 crore investment.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/9827b075-4475-47c6-ad6b-bcdb0f8eb3d2.pdf) |
| 6 Apr - Promoters declared no encumbrance on company shares during FY 2025-26. | [Disclosure Under SEBI Takeover Regulations 6 Apr - Promoters declared no encumbrance on company shares during FY 2025-26.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dd4fc7b3-2128-44f9-8388-121328334576.pdf) |
| 6 Apr - Board withdrew 7,89,000-share preferential issue for Spino Poly Products acquisition; issue postponed. | [Intimation Under Regulation 30 Of SEBI (LODR) Regulations 2015, As Amended Read With Applicable Circulars Issued Thereto, (''SEBI LODR Regulations'') For Withdrawal Of Proposed Issue Of 7,89,000 Equity Shares On Preferential Basis. 6 Apr - Board withdrew 7,89,000-share preferential issue for Spino Poly Products acquisition; issue postponed.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/665cdb13-7ca0-4dbd-b432-249d649fed0f.pdf) |
| 4 Mar - Corrigendum: EGM on 11 Mar 2026; relevant date Feb 9; acquire 7,89,000 Spino Poly shares via preferential allotment. | [Corrigendum I To The Notice Of Extraordinary General Meeting 4 Mar - Corrigendum: EGM on 11 Mar 2026; relevant date Feb 9; acquire 7,89,000 Spino Poly shares via preferential allotment.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5b33d9a6-0fca-4726-a13c-9b9a331f36a4.pdf) |
| 4 Feb - Regarding participation of company in forthcoming conference to be held on 10th February, 2026. | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Feb - Regarding participation of company in forthcoming conference to be held on 10th February, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9d8db25a-e9cf-43c7-944a-49420b43a4e4.pdf) |
| 4 Feb - Of Newspaper Publication for Unaudited Financial Results (Standalone and Consolidated) for the quarter and Nine months ended on 31st December, 2025. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Feb - Of Newspaper Publication for Unaudited Financial Results (Standalone and Consolidated) for the quarter and Nine months ended on 31st December, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c456812a-223e-4d08-91f9-f7145207a27a.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-05-06 | [Results For The Year Ended 31St March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=30b38dde-72f5-4748-b796-feba26d33c5b.pdf) |
| 2025-11-11 | [Results For Half Year Ended 30.09.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=29dbfaf3-501d-4fa2-b456-4a22e19cc40f.pdf) |
| 2025-05-29 | [Results-Financial Year 31.03.2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=feb4b262-0551-4dee-a9cc-43224cdcc7b6.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/933fe4c8-aed0-4f8c-9144-e7d53ad2f30c.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e7c5bd26-efaf-45b7-a797-79a281394f0c.pdf) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/920ae472-b37d-4bf1-aad6-1d2c294b341a.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c2deeb44-4097-44f1-b035-94204ed1e6bf.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ee595315-3ff8-476d-9efc-8a94b0dfdbb6.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/532163/73624532163.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/532163/69091532163.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/532163/5321630320.pdf) |
| from bse | [Financial Year 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/532163/5321630319.pdf) |
| from bse | [Financial Year 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/532163/5321630318.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Sep 2025 | [Concall - Sep 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/45c4c953-2610-4ef1-aabc-f9f079e2a909.pdf) |
| Sep 2023 | [Concall - Sep 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bd5f1576-76e4-4c15-a9e4-9b682c1f22f0.pdf) |
| Oct 2020 | [Concall - Oct 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f81dcfad-fd62-4aed-b76d-abacfead2905.pdf) |
| Oct 2020 | [Concall - Oct 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bdfff46b-39f1-4863-913e-550ce5f29d9c.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/22a967fc-49fc-4e19-8024-c4b076555593.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/633f50bf-e4c3-4d80-8a12-1cec4fec3b4b.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3b12c3ea-dc85-4c69-ac57-1dcda4ec4314.pdf) |
| Nov 2022 | [Concall - Nov 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/22f29333-a60e-4f11-bc78-e5ddbb411632.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/9cf7bc7a-aab6-4ae0-b2df-6c7b54612089.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/61944e5e-273a-41eb-abb9-ea71d63bd62a.pdf) |

---

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 2026-09-13T18:58:51.367Z.