Seya Industries Ltd. (SEYAIND) AI Stock Analysis

• Market Cap: ₹264.64M
• Dividend Yield: N/A
• Average Volume (3M): 2.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 28
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -0.23
• Shares Outstanding: 26,570,540
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 2,135
• PEG Ratio: -0.07
• Price to Book (P/B): 0.05
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.18
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: ₹9.50 ▼(-52.09% Downside)
• Action: Downgraded Date: 02/27/26
• Date: Action: Downgraded 02/27/26

The score is primarily weighed down by weak financial performance (zero/very low revenue, recurring losses, and mostly negative operating/free cash flow) and bearish technical signals (below key moving averages with negative MACD). Valuation does not provide meaningful support because the company is loss-making and there is no dividend yield data.

Positive Factors

Moderate leverage and stable equity

A moderate debt-to-equity (~0.9x) and relatively stable equity provide a structural buffer versus highly leveraged peers. This balance-sheet posture can buy management time to restructure operations or raise incremental capital, preserving optionality over the next 2–6 months.

EBITDA sometimes positive

Intermittent positive EBITDA implies the underlying operations can generate cash before capex and financing. That operating profitability pocket can support working-capital needs or form the base for margin recovery if revenues stabilize or cost rationalization is executed.

Lean workforce (low fixed cost base)

A small employee base suggests a lean cost structure and operational agility. Lower structural fixed payroll costs make it easier to reduce cash burn quickly, reallocate resources, or pivot product/service focus without large labor frictions, supporting near-term survivability.

Negative Factors

Revenue collapsed to zero in FY2025

A fall to zero reported annual revenue is a structural red flag: it signals loss of core sales or customers and breaks the revenue engine. Absent a clear business restart, recovery requires rebuilding demand or new product/market entry, a multi-month structural undertaking.

Persistent negative operating and free cash flow

Repeated negative operating and free cash flows indicate ongoing cash burn and limited internal funding capacity. Over a multi-month horizon this constrains investment, forces reliance on external financing, and raises solvency risk if cash sources are not secured or expenses not materially reduced.

Recurring net losses and negative returns

Sustained net losses and persistently negative ROE erode shareholder equity and undermine reinvestment potential. This structural profitability gap reduces ability to attract new capital, limits strategic initiatives, and heightens risk of long-term value destruction absent a profitable turnaround.

Seya Industries Ltd. Business Overview & Revenue Model

Company Description

Seya Industries Limited manufactures and sells specialty chemicals in India and internationally. The company's products include pigment intermediates, chloro benzenes, nitro chloro benzenes, and acids. It offers its products for use in computer printing inks, pigments and paints, pharmaceuticals, personal and health care products, agrochemicals, insecticides/pesticides, organic chemical intermediates, rubber chemicals, textile dyes, thermic fluids, etc. The company was formerly known as Sriman Organic Chemical Industries Limited and changed its name to Seya Industries Limited in June 2011. Seya Industries Limited was incorporated in 1990 and is based in Mumbai, India.

How the Company Makes Money

Seya Industries Ltd. Financial Statement Overview

Summary

Financials indicate significant stress: revenue contracted sharply and fell to zero in FY2025, with recurring net losses and mostly negative operating profit. Cash flow is generally weak with negative operating and free cash flow in most years, implying ongoing cash burn. The balance sheet is a relative support with moderate leverage and stable equity, but persistently negative returns increase risk if weakness continues.

Income Statement

Operating performance is weak and volatile. Revenue has contracted sharply over the period and fell to zero in FY2025 (annual), following already low sales levels in FY2024. Profitability remains negative with recurring net losses (including a very large loss in FY2021) and negative operating profit in most years. A key positive is that EBITDA is sometimes positive despite losses, but the overall earnings quality and consistency are poor.

Balance Sheet

Leverage appears moderate for a specialty chemicals profile, with debt-to-equity hovering around ~0.9x across years, and equity remaining sizable and relatively stable. However, returns are persistently negative (return on equity is below zero each year provided), indicating the balance sheet is not generating adequate shareholder value and could face pressure if losses and weak revenues persist.

Cash Flow

Cash generation is inconsistent and generally weak. Operating cash flow is negative in most years (including FY2023–FY2025), with only FY2022 showing a meaningful positive inflow. Free cash flow is also mostly negative (including a large outflow in FY2020), suggesting ongoing cash burn and limited internally funded flexibility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	-51.54M	0.00	80.58M	371.12M	656.53M	440.13M
Gross Profit	-263.30M	-179.64M	80.40M	-324.66M	-40.71M	-146.97M
EBITDA	95.65M	97.54M	128.17M	-81.71M	106.56M	-923.56M
Net Income	-74.29M	-63.07M	-34.54M	-246.80M	-62.82M	-1.10B
Balance Sheet
Total Assets	16.07B	16.08B	16.12B	16.15B	16.44B	17.37B
Cash, Cash Equivalents and Short-Term Investments	15.38M	15.44M	8.37M	8.98M	15.47M	8.74M
Total Debt	7.73B	7.73B	7.71B	7.70B	7.67B	7.71B
Total Liabilities	7.87B	7.87B	7.85B	7.84B	7.88B	8.75B
Stockholders Equity	8.20B	8.21B	8.28B	8.31B	8.56B	8.62B
Cash Flow
Free Cash Flow	-92.31M	-170.87M	-105.05M	-127.67M	121.26M	-90.25M
Operating Cash Flow	-92.31M	-170.87M	-105.05M	-127.67M	121.26M	-90.25M
Investing Cash Flow	90.30M	150.72M	90.88M	91.18M	-68.54M	67.48M
Financing Cash Flow	1.95M	20.05M	13.56M	30.00M	-46.04M	21.28M

Seya Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANAKSIA	67 Neutral	₹3.52B	7.26	―	―	51.38%	-19.06%
AARTISURF	63 Neutral	₹3.10B	22.44	―	0.25%	28.46%	-2.09%
KHAICHEM	62 Neutral	₹5.04B	9.32	―	―	67.43%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MANORG	54 Neutral	₹3.46B	24.26	―	―	22.53%	237.55%
SEYAIND	40 Underperform	₹264.64M	-17.86	―	―	―	―