---
title: "Ishan International Ltd (ISHAN) — Share Price, Financials & Analysis"
symbol: "ISHAN"
company: "Ishan International Ltd"
canonical: "https://tapetide.com/stocks/ISHAN"
isin: "INE0LCW01025"
nse_symbol: "ISHAN"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 10.81
generated_at: "2026-09-13T19:38:24.326Z"
---

# Ishan International Ltd (ISHAN)

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

## Company

- **NSE Symbol:** ISHAN
- **ISIN:** INE0LCW01025
- **Sector:** Capital Goods
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2022-09-22
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** ishanglobal.com

## About

Incorporated in 1999, Ishan International Ltd is engaged in the business of contracting of machinery and engineering projects.[1]

## Latest Price

- **Price:** ₹0.5
- **Change:** 0 (0%)
- **Open:** ₹0.5
- **Day High:** ₹0.5
- **Day Low:** ₹0.5
- **Previous Close:** ₹0.5
- **Volume:** 48000
- **As Of:** 2026-09-11T05:26:24+00:00

## Key Fundamentals

Observed at 2026-09-11T04:50:34.081021Z.

- **Market Cap:** ₹10.81 Cr
- **Classification:** SME
- **P/E (reported):** 25
- **Book Value:** ₹1.06
- **Price to Book:** 0.47
- **Dividend Yield:** 0%
- **ROE:** 2.18%
- **ROCE:** 5.34%
- **Debt to Equity:** 0.27
- **Revenue (yearly):** ₹35.9 Cr
- **Net Income:** ₹0.5 Cr
- **EBITDA:** ₹1.5 Cr
- **52-Week High:** ₹0.95
- **52-Week Low:** ₹0.45
- **RSI (14):** 47.84

## Tapetide Score

- **Score:** 38 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Falling
- **Percentile:** 10.2 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 45.77 | 9% |
| growth | 1.1 | 9% |
| momentum | 31.69 | 12% |
| ownership | 43.66 | 24% |
| quality | 41.16 | 22% |
| valuation | 48.06 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.47 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -1.02%
- The company has delivered a poor sales growth of 3.90% over past five years.
- Company has a low return on equity of 1.69% over last 3 years.
- Earnings include an other income of Rs.0.81 Cr.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | — | -155% | -160.73% |
| ebitda margin growth | -70.47% | — | — |
| net income growth | -58.33% | -8% | 22% |
| revenue growth | 65.44% | -9% | 4% |
| roce | -84.93% | — | — |
| roe | -89.14% | — | — |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 9.68 | 13.36 | 13.36 | 22.34 | 9.01 | 21.12 | 29.95 | 42.71 | 13.39 | 13.5 |
| Expenses | 8.84 | 12.66 | 12.65 | 21.78 | 9.44 | 20.48 | 29.3 | 43.27 | 13.04 | 13.34 |
| Operating Profit | 0.84 | 0.7 | 0.71 | 0.56 | -0.43 | 0.64 | 0.65 | -0.56 | 0.35 | 0.16 |
| OPM % | 8.68 | 5.24 | 5.31 | 2.51 | -4.77 | 3.03 | 2.17 | -1.31 | 2.61 | 1.19 |
| Other Income | 0.03 | -0.66 | -0.88 | 0.91 | 0.86 | 0.54 | 0.29 | 0.61 | 0.38 | 0.44 |
| Interest | 0.4 | 0.4 | 0.4 | 0.25 | 0.31 | 0.28 | 0.34 | 0.21 | 0.26 | 0.2 |
| Depreciation | 0.02 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.14 | 0.01 | 0.19 | 0.14 |
| Profit before tax | 0.45 | -0.45 | -0.66 | 1.13 | 0.03 | 0.82 | 0.46 | -0.17 | 0.28 | 0.26 |
| Tax % | 22.22 | 2.22 | 1.52 | 13.27 | 66.67 | 31.71 | 28.26 | -29.41 | 67.86 | -19.23 |
| Net Profit | 0.36 | -0.45 | -0.67 | 0.97 | 0.02 | 0.56 | 0.33 | -0.11 | 0.09 | 0.31 |
| EPS in Rs | 0.02 | -0.03 | -0.03 | 0.04 | 0 | 0.03 | 0.02 | -0.01 | 0 | 0.01 |

### Profit & Loss

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

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 21.91 | 22.21 | 21.12 | 35.7 | 30.13 | 72.65 | 26.89 |
| Expenses | 21.75 | 21.57 | 18.71 | 34.37 | 29.92 | 72.56 | 26.37 |
| Operating Profit | 0.16 | 0.64 | 2.41 | 1.33 | 0.21 | 0.09 | 0.52 |
| OPM % | 0.73 | 2.88 | 11.41 | 3.73 | 0.7 | 0.12 | 1.93 |
| Other Income | 0.81 | 0.5 | 0.35 | 0.22 | 1.39 | 0.9 | 0.81 |
| Interest | 0.51 | 0.88 | 0.87 | 0.72 | 0.59 | 0.55 | 0.46 |
| Depreciation | 0.08 | 0.06 | 0.05 | 0.18 | 0.16 | 0.15 | 0.34 |
| Profit before tax | 0.38 | 0.2 | 1.84 | 0.65 | 0.85 | 0.29 | 0.53 |
| Tax % | 26.32 | 25 | 32.07 | 20 | 31.76 | 24.14 | 24.53 |
| Net Profit | 0.28 | 0.15 | 1.24 | 0.52 | 0.57 | 0.21 | 0.4 |
| EPS in Rs | 0.07 | 0.04 | 0.08 | 0.02 | 0.03 | 0.01 | 0.02 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 1.34 | 1.34 | 4.93 | 7.21 | 21.62 | 21.62 | 21.62 |
| Reserves | 3.47 | 3.63 | 1.27 | 16.61 | 2.08 | 0.95 | 1.37 |
| Borrowings | 5.8 | 7.3 | 8.51 | 4.83 | 6.03 | 6.07 | 6.11 |
| Other Liabilities | 6.43 | 2.25 | 6.98 | 6.4 | 68.45 | 41.13 | 5.19 |
| Total Liabilities | 17.04 | 14.52 | 21.69 | 35.05 | 98.18 | 69.77 | 34.29 |
| Fixed Assets | 0.22 | 0.16 | 1.62 | 1.46 | 1.73 | 1.76 | 1.43 |
| CWIP | 1.52 | 1.52 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1.04 | 1.08 | 0.84 | 4.34 | 4.56 | 4.59 | 4.43 |
| Other Assets | 14.26 | 11.76 | 19.23 | 29.25 | 91.89 | 63.42 | 28.43 |
| Total Assets | 17.04 | 14.52 | 21.69 | 35.05 | 98.18 | 69.77 | 34.29 |

### Cash Flow

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

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.32 | -0.23 | -0.49 | -6.12 | 0.47 | -0.29 | -0.06 |
| Cash from Investing Activity | -0.01 | 0.19 | 0.48 | -3.58 | -0.27 | 0.16 | 0.63 |
| Cash from Financing Activity | 0.36 | -0.65 | 0.3 | 12.95 | -0.12 | -1.87 | -0.42 |
| Net Cash Flow | 0.02 | -0.69 | 0.3 | 3.25 | 0.08 | -2 | 0.15 |
| Free Cash Flow | -0.45 | -0.23 | -0.48 | -6.14 | 0.04 | -0.47 | -0.12 |
| CFO/OP | -138 | -28 | 4 | -460 | 352 | -244 | 15 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 97.62 | 86.94 | 205.31 | 133.63 | 174.08 | 29.19 | 114.02 |
| Inventory Days | — | — | — | — | — | — | 6.64 |
| Days Payable | — | — | — | — | — | — | 51.74 |
| Cash Conversion Cycle | 97.62 | 86.94 | 205.31 | 133.63 | 174.08 | 29.19 | 68.92 |
| Working Capital Days | 16.99 | 21.53 | 49.95 | 142.73 | 157.61 | 66.67 | 193.16 |
| ROCE % | — | 9.44 | 22.09 | 6.32 | 4.93 | 2.88 | 3.43 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 68.1% | 68.1% | 68.1% | 66.81% | 48.32% | 48.32% | 49.34% | 48.32% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 25.69% | 28.39% | 28.28% | 29.84% | 46.18% | 46.73% | 47.81% | 46.93% |
| Others | 6.21% | 3.51% | 3.62% | 3.35% | 5.49% | 4.95% | 2.85% | 4.75% |
| No. of Shareholders | 8 | 816 | 784 | 723 | 1527 | 1385 | 1271 | 1244 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 0.53 | Sell |
| EMA (10) | 0.51 | Sell |
| SMA (20) | 0.5 | Sell |
| EMA (20) | 0.51 | Sell |
| SMA (50) | 0.52 | Sell |
| EMA (50) | 0.53 | Sell |
| SMA (100) | 0.58 | Sell |
| EMA (100) | 0.58 | Sell |
| SMA (200) | 0.68 | Sell |
| EMA (200) | 0.69 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 47.84 | Neutral |
| MACD (12,26,9) | 0 | Sell |
| Stochastic (14,3,3) | 44.44 | Neutral |
| ADX (14) | 13.74 | Neutral |
| Williams %R (14) | -66.67 | Neutral |
| ATR (14) | 0.03 | High Volatility |
| ROC (12) | 0 | Neutral |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 36.86 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Jul - Ishan International submitted audited FY26 results, unmodified audit opinion, and clarified missing balancing-figures note. | [Reply to Clarification- Financial results 8 Jul - Ishan International submitted audited FY26 results, unmodified audit opinion, and clarified missing balancing-figures note.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_07072026173114_NSEFILE_Reply.pdf) |
| 3 March 2026 - EGM on Mar 2, 2026 considering property sale(s) and regularising IPO proceeds with Kalyan Capital. | [Shareholders meeting 3 March 2026 - EGM on Mar 2, 2026 considering property sale(s) and regularising IPO proceeds with Kalyan Capital.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_03032026132603_Proceedings_of_EGM.pdf) |
| 3 March 2026 - EGM Mar 2, 2026: three special resolutions approving sale/disposal of immovable properties passed overwhelmingly. | [Shareholders meeting 3 March 2026 - EGM Mar 2, 2026: three special resolutions approving sale/disposal of immovable properties passed overwhelmingly.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_03032026132845_NSEFILE.pdf) |
| 29 January 2026 - EGM on Feb 23, 2026 to approve property sales and ratify Rs.333.25L parked IPO proceeds. | [Shareholders meeting 29 January 2026 - EGM on Feb 23, 2026 to approve property sales and ratify Rs.333.25L parked IPO proceeds.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_29012026164819_Final_Notice_of_EGM_merged.pdf) |
| 29 April 2026 - Adverse SDD compliance certificate for FY2026 cites major PIT non-compliances and lost historical data. | [Structural Digital Database 29 April 2026 - Adverse SDD compliance certificate for FY2026 cites major PIT non-compliances and lost historical data.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_29042026172642_NSEFILE.pdf) |
| 26 Aug - Company to hold 31st AGM on Sept. 18, 2026; seeks approval for ₹1.35 crore property purchase from MD. | [Shareholders meeting 26 Aug - Company to hold 31st AGM on Sept. 18, 2026; seeks approval for ₹1.35 crore property purchase from MD.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_26082026165138_Annual_Report_25-26_merged__1_.pdf) |
| 25 March 2026 - Trading window closed from April 1, 2026 until 48 hours after audited results for FY ended March 31, 2026. | [Trading Window 25 March 2026 - Trading window closed from April 1, 2026 until 48 hours after audited results for FY ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_25032026124924_Trading_window_closure_Intimation_NSE.pdf) |
| 23 February 2026 - EGM adjourned; reconvened Mar 2, 2026 to approve sale of two properties and ratify Rs.333.25L IPO parking. | [Shareholders meeting 23 February 2026 - EGM adjourned; reconvened Mar 2, 2026 to approve sale of two properties and ratify Rs.333.25L IPO parking.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_23022026174743_NSEFile_adj.pdf) |
| 22 Aug - On Aug 22, 2026, board approved FY26 report, AGM, remuneration revisions, property purchase, and noted NSE fine, SEBI notice. | [Outcome of Board Meeting 22 Aug - On Aug 22, 2026, board approved FY26 report, AGM, remuneration revisions, property purchase, and noted NSE fine, SEBI notice.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_22082026175654_NSE_Outcome-02092025_Today.pdf) |
| 20 May 2026 - Board approved reappointment of M/s. Sunil K. Khanna & Co. as internal auditors for FY 2026-27. | [Outcome of Board Meeting 20 May 2026 - Board approved reappointment of M/s. Sunil K. Khanna & Co. as internal auditors for FY 2026-27.](https://nsearchives.nseindia.com/corporate/ISHANINTERNATIONAL_20052026191942_NSEFILE.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28507_ISHAN_2024_2025_A_2985980_04092025220758.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26277_ISHAN_2023_2024_0110202422434.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23950_ISHAN_2022_2023_18102023122045_10182023130003.zip) |

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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 2026-09-13T19:38:24.326Z.