Share Price | Carnation Industries Ltd Stock Analysis & Recommendation

Q: Are Carnation Inds. latest results good or bad?

Carnation Industries' latest results can be viewed as a mixed bag. While the financial performance for the quarter ending December 2023 was flat, there are some positive signs worth noting. The company has seen an improvement in its overall score, which has risen from 2 to 3 over the last three months. This suggests a potential upward trend.Notably, the operating profit (PBDIT) for the quarter reached its highest level in the last five quarters at Rs -0.03 crore, indicating a positive trend for the company's operating performance. Similarly, the profit after tax (PAT) also hit its highest in the same period, again at Rs -0.03 crore, which reflects an improvement in profitability.Additionally, the earnings per share (EPS) for the quarter was the highest in the last five quarters at Rs -0.09, suggesting that the company is generating higher earnings for its shareholders.In summary, while the overall financial performance may not have shown significant growth, the improvements in key financial indicators could signal potential for future growth, even though the market has issued a 'Sell' call.

Q: Should I buy, sell or hold Carnation Inds.?

Based on the current information about Carnation Industries, it would be advisable to sell your shares. The company is facing significant challenges, including weak long-term fundamental strength, as evidenced by a drastic decline in net sales and stagnant operating profit over the past five years. The debt situation is concerning, with a high debt-to-equity ratio and negative EBITDA, indicating financial instability.Recent quarterly results show the lowest operating, pre-tax, and net profits, all at INR -4.95 million, which reflects poor performance. Additionally, the stock has not traded in the last nine days, further highlighting its lack of activity and potential investor interest. Given these factors, holding or buying the stock appears risky, and selling would be a prudent choice.

Q: How has been the historical performance of Carnation Inds.?

Answer:The historical performance of Carnation Inds. shows a significant decline in financial health over the years, particularly from 2018 to 2023.Breakdown:Carnation Inds. has experienced a downward trend in its financial metrics over the past several years. The company's total assets decreased from Rs 69.44 crore in March 2018 to Rs 1.34 crore in March 2023. Shareholder's funds also fell sharply, moving from Rs 11.88 crore in March 2018 to Rs -2.41 crore in March 2023, indicating increasing financial distress. Total liabilities have similarly decreased from Rs 56.44 crore in March 2019 to Rs 1.34 crore in March 2023, with a notable reduction in trade payables and current liabilities. The company's cash flow from operating activities has been negative since March 2022, with a profit before tax of Rs -1.00 crore in March 2023, reflecting ongoing operational challenges. The book value per share has turned negative, dropping from Rs 34.38 in March 2018 to Rs -6.98 in March 2023, highlighting the deteriorating value for shareholders. Overall, the financial data suggests that Carnation Inds. has faced significant operational and financial difficulties in recent years.

Q: Why is Carnation Industries Ltd falling/rising?

As of 18-Jan, Carnation Industries Ltd's stock price is currently stable at Rs. 67.74, showing no change (0.00%). However, the stock has demonstrated a positive performance in recent periods, with a notable increase of 4.99% over the past week, while the benchmark Sensex has remained nearly flat at -0.01%. Year-to-date, the stock has risen by 10.24%, contrasting with the Sensex's decline of 1.94%. Today, the stock reached a new 52-week high of Rs. 67.74, indicating strong investor interest and performance. It opened with a gap up of 4.99% and has maintained this price throughout the trading session, suggesting consistent demand. Additionally, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, which typically signals a bullish trend.Investor participation appears to be increasing, as evidenced by a rise in delivery volume, which has increased by 1.23% compared to the 5-day average. The liquidity of the stock is also favorable, allowing for sufficient trading activity.Despite these positive indicators, there are significant concerns regarding the company's long-term fundamentals, including a negative book value and a high debt-to-equity ratio. The company's net sales have declined at an annual rate of -100.00%, and it has reported negative operating and pre-tax profits. These factors contribute to a perception of risk associated with the stock, despite its recent price stability and short-term gains. In summary, while Carnation Industries Ltd's stock is currently stable, it has shown a recent upward trend due to strong short-term performance and increased investor interest, although long-term fundamental weaknesses remain a concern.

52-Week High: Rs.71.12 hit today

Price Point

High/Low

1Day

52 Week

Valuation

Technical

Day's Volume

CASH

958 (531.09%) Volume

Shareholding (Dec 2025)

FII

0.00%

Held by 0 FIIs

DII

0.00%

Held by 0 DIIs

Promoter

89.98%

Are Carnation Inds. latest results good or bad?

23-Oct-2025

Carnation Industries' latest results are mixed; while the overall performance was flat, key indicators like operating profit and earnings per share reached their highest levels in five quarters, suggesting potential for future growth despite a current 'Sell' call from the market.

View full answer

Should I buy, sell or hold Carnation Inds.?

23-Oct-2025

How has been the historical performance of Carnation Inds.?

23-Oct-2025

Carnation Inds. has experienced a significant decline in financial health from 2018 to 2023, with total assets dropping from Rs 69.44 crore to Rs 1.34 crore and negative shareholder's funds of Rs -2.41 crore. The company has faced ongoing operational challenges, reflected in negative cash flow and a profit before tax of Rs -1.00 crore in March 2023.

View full answer

Why is Carnation Industries Ltd falling/rising?

18-Jan-2026

As of 18-Jan, Carnation Industries Ltd's stock price is stable at Rs. 67.74, with a recent 4.99% increase over the past week and a year-to-date rise of 10.24%. Despite positive short-term performance and increased investor interest, concerns about the company's long-term fundamentals persist.

View full answer

Which are the latest news on Carnation Inds.?

19-Jan-2026

Carnation Industries Ltd Hits New 52-Week High at Rs.67.74
Carnation Industries Ltd Hits New 52-Week High of Rs.64.52

Compare Carnation Inds. with Similar Stocks

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Score

Click here to find our call on this stock

Strong Sell

Sell

Hold

Buy

Strong Buy

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Dashboard

With a Negative Book Value, the company has a Weak Long Term Fundamental Strength

Poor long term growth as Net Sales has grown by an annual rate of -100.00% and Operating profit at 14.51% over the last 5 years
High Debt Company with a Debt to Equity ratio (avg) at 0 times

Flat results in Mar 25

Risky - Negative EBITDA

Mojo Parameters

Loading Valuation Snapshot...

Stock DNA

Industry

Castings/Forgings

Market cap

INR 25 Cr (Micro Cap)

P/E

NA (Loss Making)

Industry P/E

Dividend Yield

0.00%

Debt Equity

-0.72

Return on Equity

149.79%

Price to Book

-9.72

Revenue and Profits:

Net Sales:

(Quarterly Results - Sep 2025)

Net Profit:

0 Cr

Total Returns

Total Returns (Price + Dividend)

Dividend Yield (0%)

TimePeriod

Price Return

Dividend Return

Total Return

3 Months

140.19%

6 Months

0.0%

1 Year

0.0%

2 Years

782.38%

3 Years

1372.46%

4 Years

935.23%

5 Years

894.69%

Latest dividend: 0.4000 per share ex-dividend date: Sep-14-2017

Risk Adjusted Returns v/s

Returns Beta

Beta has not been calculated since enough price history is not available

News & Corporate Actions

News

Carnation Industries Ltd Hits New 52-Week High at Rs.67.74

Carnation Industries Ltd reached a significant milestone on 12 Jan 2026, hitting a new 52-week high of Rs.67.74. This marks a notable moment in the stock’s price trajectory, reflecting strong momentum and a robust trading session that outpaced its sector peers.

Read full news article

Carnation Industries Ltd Hits New 52-Week High of Rs.64.52

Carnation Industries Ltd reached a significant milestone on 5 Jan 2026, hitting a new 52-week high of Rs.64.52. This marks a notable rally for the stock, which outperformed its sector and demonstrated strong momentum across multiple technical indicators.

Read full news article

Carnation Industries Ltd Hits New 52-Week High of Rs.61.45 on 29 Dec 2025

Carnation Industries Ltd surged to a fresh 52-week high of Rs.61.45 on 29 Dec 2025, marking a significant milestone in its stock performance. The stock opened with a strong gap up of 15.73% and maintained this level throughout the trading session, reflecting robust momentum amid a mixed market backdrop.

Read full news article

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018

08-Jan-2026 | Source : BSE

Certificate under Regulation 74(5) of SEBI (DP) Regulations 2018 for the quarter ended December 31 2025.

Closure of Trading Window

27-Dec-2025 | Source : BSE

Intimation of Trading window closure for the Quarter ended December 31 2025.

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015.

13-Nov-2025 | Source : BSE

Disclosure under Regulation 30 of the SEBI (LODR) Regulations 2015.

Corporate Actions

BOARD MEETING

No Upcoming Board Meetings

DIVIDEND

Carnation Industries Ltd has declared 4% dividend, ex-date: 14 Sep 17

SPLITS

No Splits history available

BONUS

No Bonus history available

RIGHTS

No Rights history available

Key Factors

Quality key factors

Factor

Value

Sales Growth (5y)

-100.00%

EBIT Growth (5y)

14.51%

EBIT to Interest (avg)

Debt to EBITDA (avg)

Negative Net Debt

Net Debt to Equity (avg)

Sales to Capital Employed (avg)

Tax Ratio

Tax Ratio is Negative%

Dividend Payout Ratio

Pledged Shares

Institutional Holding

ROCE (avg)

-42.57%

ROE (avg)

Valuation key factors

Factor

Value

P/E Ratio

NA (Loss Making)

Industry P/E

Price to Book Value

-9.72

EV to EBIT

-25.15

EV to EBITDA

-25.15

EV to Capital Employed

-25.15

EV to Sales

PEG Ratio

Dividend Yield

ROCE (Latest)

Negative Capital Employed

ROE (Latest)

Negative BV

Technicals key factors

Indicator

Weekly

Monthly

MACD

Bullish

RSI

Bullish

Bearish

Bollinger Bands

Bullish

Moving Averages

Bullish (Daily)

KST

Bullish

Dow Theory

Mildly Bullish

OBV

No Trend

Bullish

Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish Turned

Shareholding

Shareholding Snapshot : Dec 2025

Shareholding Compare (%holding)

Majority shareholders

Promoters

Pledged Promoter Holdings

None

Mutual Funds

Held by 0 Schemes

FIIs

Held by 0 FIIs

Promoter with highest holding

Vikas Garg (89.98%)

Highest Public shareholder

Sajal Kumar Kundu (1.28%)

Individual Investors Holdings

7.63%

Financial

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Quarterly Results Snapshot (Standalone) - Sep'25 - YoY

Sep'25

Sep'24

Change(%)

Net Sales

0.00

Operating Profit (PBDIT) excl Other Income

-0.21

-0.06

-250.00%

Interest

0.05

0.00

Exceptional Items

0.00

Standalone Net Profit

-0.26

-0.06

-333.33%

Operating Profit Margin (Excl OI)

0.00%

Values in Rs Cr.

Compare with Peers

Net Sales

YoY Growth in quarter ended Sep 2025 is 0.00% vs 0.00% in Sep 2024

Standalone Net Profit

YoY Growth in quarter ended Sep 2025 is -333.33% vs 45.45% in Sep 2024

All Quarterly Results

Half Yearly Results Snapshot (Standalone) - Sep'25

Sep'25

Sep'24

Change(%)

Net Sales

0.00

Operating Profit (PBDIT) excl Other Income

-0.31

-0.12

-158.33%

Interest

0.05

0.00

Exceptional Items

0.00

Standalone Net Profit

-0.35

2.19

-115.98%

Operating Profit Margin (Excl OI)

0.00%

Values in Rs Cr.

Compare with Peers

Net Sales

Growth in half year ended Sep 2025 is 0.00% vs 0.00% in Sep 2024

Standalone Net Profit

Growth in half year ended Sep 2025 is -115.98% vs 806.45% in Sep 2024

All Half Yearly Results

Nine Monthly Results Snapshot (Standalone) - Dec'24

Dec'24

Dec'23

Change(%)

Net Sales

0.00

Operating Profit (PBDIT) excl Other Income

-0.34

-0.20

-70.00%

Interest

0.00

0.11

-100.00%

Exceptional Items

0.00

Standalone Net Profit

1.92

-0.34

664.71%

Operating Profit Margin (Excl OI)

0.00%

Values in Rs Cr.

Compare with Peers

Net Sales

YoY Growth in nine months ended Dec 2024 is 0.00% vs 0.00% in Dec 2023

Standalone Net Profit

YoY Growth in nine months ended Dec 2024 is 664.71% vs 46.03% in Dec 2023

All Nine Monthly Results

Annual Results Snapshot (Standalone) - Mar'23

Mar'23

Mar'22

Change(%)

Net Sales

0.00

Operating Profit (PBDIT) excl Other Income

-0.51

-1.56

67.31%

Interest

0.23

0.29

-20.69%

Exceptional Items

-0.31

0.00

Standalone Net Profit

-1.22

-0.76

-60.53%

Operating Profit Margin (Excl OI)

0.00%

Values in Rs Cr.

Compare with Peers

Net Sales

YoY Growth in year ended Mar 2023 is 0.00% vs 0.00% in Mar 2022

Standalone Net Profit

YoY Growth in year ended Mar 2023 is -60.53% vs 90.21% in Mar 2022

All Annual Results

Company CV

About Carnation Industries Ltd

Carnation Industries Ltd

Micro Cap

Castings/Forgings

Initiated in 1982, as Carnation Enterprise Pvt. Ltd, the Company has come to be known as Carnation Industries Limited in 1994. The Company initially started off as a merchant exporter firm and made a gradual shift into manufacturing by the mid-eighties and today has three Grey Iron foundries and one Ductile Iron unit in West Bengal.

Company Coordinates

Company Details

28/1 Jheel Road Liluah, P O Salkia Howrah West Bengal : 711106

Tel: 91-33-26454785

http://www.carnationindustries.com

info@carnationindustries.com

Registrar Details

R&D Infotech Pvt Ltd, 7 A Beltala Road, Kolkata

Carnation Inds.

1Day

52 Week

CASH

FII

DII

Promoter

Are Carnation Inds. latest results good or bad?

Watch in Real-Time

Should I buy, sell or hold Carnation Inds.?

How has been the historical performance of Carnation Inds.?

Why is Carnation Industries Ltd falling/rising?

Which are the latest news on Carnation Inds.?

Compare Carnation Inds. with Similar Stocks

MarketsMojo — Loved in India, Now Global

Dashboard

With a Negative Book Value, the company has a Weak Long Term Fundamental Strength

Flat results in Mar 25

Risky - Negative EBITDA

Mojo Parameters

Stock DNA

Total Returns (Price + Dividend)

Risk Adjusted Returns v/s

Returns Beta

News

Carnation Industries Ltd Hits New 52-Week High at Rs.67.74

Carnation Industries Ltd Hits New 52-Week High of Rs.64.52

Carnation Industries Ltd Hits New 52-Week High of Rs.61.45 on 29 Dec 2025

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018

Closure of Trading Window

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015.

Corporate Actions

Quality key factors

Valuation key factors

Technicals key factors

Shareholding Snapshot : Dec 2025

Shareholding Compare (%holding)

Quarterly Results Snapshot (Standalone) - Sep'25 - YoY

Half Yearly Results Snapshot (Standalone) - Sep'25

Nine Monthly Results Snapshot (Standalone) - Dec'24

Annual Results Snapshot (Standalone) - Mar'23

About Carnation Industries Ltd

Company Coordinates