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Operating cash flow below the year's profit

How often was the latest year's operating cash flow below that year's profit?

206 of 279 (74%)

In 206 of 279 studied IPOs (74%), operating cash flow in the latest year was below that year's profit.

Mainboard: 137 of 193 (71%); SME: 69 of 86 (80%)

How this is counted

Operating cash flow and profit after tax for the latest full year, both from the offer document's restated statements. An issue counts when cash flow is below profit (below 1.0×). Issues with a loss in the latest year are left out, since the ratio has no meaning there. Working capital tied up in receivables and inventory is the usual reason; each study gives the figures.

The sample is every IPO newboard has studied whose study states the figures this needs: 279 of the 313 studied so far. Each figure is from that issue's own offer document, with its page in the study. Counted on 4 Oct 2026; the count moves as studies are added. It describes these issues and says nothing about any other.

Every issue in the count

IssueBoardStageOperating cash flow against profitCounted
Hero MotorsMainboardListed7.6×no
Sembcorp Green InfraMainboardDRHP filed5.4×no
Sify Infinit SpacesMainboardDRHP filed4.3×no
Varmora GranitoMainboardListed3.8×no
Nobel HygieneMainboardDRHP filed3.8×no
Paras HealthcareMainboardDRHP filed3.7×no
J B EcotexMainboardDRHP filed3.6×no
T.C. TerrytexMainboardDRHP filed3.2×no
Crystal Crop ProtectionMainboardDRHP filed3.2×no
Casagrand Premier BuilderMainboardDRHP filed3.2×no
Torrent GasMainboardUDRHP filed3.2×no
Chartered SpeedMainboardDRHP filed3×no
Ratnadeep RetailMainboardDRHP filed2.9×no
Sahajanand Medical TechnologiesMainboardDRHP filed2.9×no
Gaurik FashionsMainboardDRHP filed2.8×no
Hotel Polo TowersMainboardDRHP filed2.7×no
Jio PlatformsMainboardDRHP filed2.6×no
Lalsai Global SMESMEDRHP filed2.4×no
Steel Infra Solutions CompanyMainboardDRHP filed2.4×no
Vivekanand Cotspin SMESMEClosed2.4×no
DuroflexMainboardDRHP filed2.3×no
Vishakha RenewablesMainboardDRHP filed2.3×no
Integris MedtechMainboardDRHP filed2.2×no
NoPaperForms SolutionsMainboardUDRHP filed2.2×no
Kay Jay ForgingsMainboardDRHP filed2×no
Rsb Retail IndiaMainboardDRHP filed1.9×no
Mann Fleet PartnersMainboardDRHP filed1.8×no
German Green Steel and PowerMainboardClosed1.8×no
Elevate CampusesMainboardListed1.7×no
India Exposition MartMainboardDRHP filed1.7×no
Oswal CablesMainboardDRHP filed1.7×no
Bvishal Oil And EnergyMainboardDRHP filed1.7×no
Watrana Rentals SMESMEDRHP filed1.7×no
Parijat Industries (India)MainboardDRHP filed1.6×no
Aggcon Equipments InternationalMainboardDRHP filed1.6×no
Aragen Life SciencesMainboardDRHP filed1.5×no
Milestone GearsMainboardDRHP filed1.5×no
Ue Press Tools SMESMEDRHP filed1.4×no
Pride HotelsMainboardDRHP filed1.4×no
Inox Air ProductsMainboardDRHP filed1.4×no
Jai Parvati ForgeMainboardDRHP filed1.4×no
Pind Hospitality SMESMEClosed1.3×no
Clastek Engineering SMESMEDRHP filed1.3×no
Pmcona IndustriesMainboardDRHP filed1.3×no
Vetrivel Explosives SMESMEDRHP filed1.3×no
Black Opal Consultants SMESMEClosed1.3×no
Cj Darcl LogisticsMainboardDRHP filed1.3×no
Abacus Lifestyle Brands SMESMEDRHP filed1.3×no
Acme Universal Safezone 9 SMESMEClosed1.3×no
Geeta Glasses (India) SMESMEDRHP filed1.3×no
Shree TNB Polymers SMESMELive1.2×no
Pioneer Fil-MedMainboardDRHP filed1.2×no
Punjab CarbonicMainboardDRHP filed1.2×no
Madhavaa Crafts SMESMEDRHP filed1.2×no
Gemini Edibles & Fats IndiaMainboardDRHP filed1.2×no
Bls PolymersMainboardDRHP filed1.2×no
Mahanadi CoalfieldsMainboardDRHP filed1.2×no
Rayzon SolarMainboardLapsed1.2×no
Axiom Gas Engineering SMESMEClosed1.1×no
Adroit Industries (India)MainboardListed1.1×no
Best Engineering Aids & Consultancies SMESMEDRHP filed1.1×no
Bombay Coated And Special SteelsMainboardDRHP filed1.1×no
LGC Engineering SMESMEDRHP filed1.1×no
Vishal NirmitiMainboardLive1.1×no
Brooks Restaurant and Banquets SMESMEDRHP filed1.1×no
Jerai FitnessMainboardDRHP filed1.1×no
Sathya AgenciesMainboardDRHP filed1.1×no
Bvg IndiaMainboardDRHP filed1.1×no
Ukb ElectronicsMainboardDRHP filed1×no
Appl ContainersMainboardDRHP filed1×no
Abakkus Asset ManagerMainboardDRHP filed1×no
Shivganga DrillersMainboardDRHP filed1×no
Sai InfiniumMainboardDRHP filed1×no
Iberia Pharmaceuticals IndiaMainboardDRHP filed1×yes
Peshwa Wheat SMESMEClosed1×yes
Kritilabs Technologies SMESMEDRHP filed1×yes
Access Computech SMESMEDRHP filed1×yes
Monomark Engineering (India)MainboardDRHP filed0.9×yes
Matangi RubberMainboardDRHP filed0.9×yes
Avtar SteelMainboardDRHP filed0.9×yes
Gujarat Victory ForgingsMainboardDRHP filed0.9×yes
Medicap HealthcareMainboardDRHP filed0.9×yes
Hd Fire ProtectMainboardDRHP filed0.9×yes
Aspri SpiritsMainboardDRHP filed0.9×yes
Alcobrew Distilleries IndiaMainboardDRHP filed0.9×yes
Sarva Foam IndustriesMainboardDRHP filed0.9×yes
Neolite Zkw LightingsMainboardDRHP filed0.9×yes
BsspongeMainboardDRHP filed0.8×yes
G. SurgiwearMainboardDRHP filed0.8×yes
Iris Global ServicesMainboardDRHP filed0.8×yes
Learnfluence EducationMainboardDRHP filed0.7×yes
Biocon ElectricMainboardDRHP filed0.7×yes
Everestims Technologies SMESMELive0.7×yes
Encube EthicalsMainboardDRHP filed0.7×yes
Technopaints And ChemicalsMainboardDRHP filed0.7×yes
Supreet ChemicalsMainboardDRHP filed0.7×yes
Marri RetailMainboardDRHP filed0.7×yes
M P Steel(India)MainboardDRHP filed0.6×yes
Mundada Polychem SMESMEDRHP filed0.6×yes
Grace Renewable EnergyMainboardDRHP filed0.6×yes
Sbipl Projects SMESMEDRHP filed0.6×yes
Shivchem Agro SMESMEClosed0.6×yes
Functional & Innovative FoodsMainboardDRHP filed0.5×yes
LamtufMainboardDRHP filed0.5×yes
Olpad Aqua SMESMEDRHP filed0.5×yes
Cotec HealthcareMainboardDRHP filed0.5×yes
Unitec Fibres SMESMEClosed0.5×yes
Bonbloc TechnologiesMainboardDRHP filed0.5×yes
SD InternationalMainboardDRHP filed0.5×yes
Kianm ExportMainboardDRHP filed0.5×yes
S. K. Offset SMESMEClosed0.5×yes
A-One Steels IndiaMainboardListed0.5×yes
Rodec PharmaMainboardDRHP filed0.5×yes
Rathod Jewellery ManufacturingMainboardDRHP filed0.5×yes
Electromech InfraprojectsMainboardDRHP filed0.4×yes
Sfc Environmental TechnologiesMainboardDRHP filed0.4×yes
Roopa Screen SMESMEClosed0.4×yes
Beauty GarageMainboardDRHP filed0.4×yes
Paramount Syntex SMESMELive0.4×yes
Marco Secure Solutions SMESMEDRHP filed0.4×yes
Intellius RecodeMainboardDRHP filed0.4×yes
Baanganga Gold & Diamond (I)MainboardDRHP filed0.4×yes
M K C Agro FreshMainboardDRHP filed0.4×yes
Panchratan Steels SMESMEDRHP filed0.3×yes
Pushp Brand (India)MainboardDRHP filed0.3×yes
Lalbaba EngineeringMainboardDRHP filed0.3×yes
Raj Polypack SMESMEDRHP filed0.3×yes
Laxmi Security (Gujarat) SMESMEDRHP filed0.3×yes
LaxyoMainboardDRHP filed0.3×yes
Alde Medi Impex SMESMEDRHP filed0.3×yes
Laser Technologies SMESMEDRHP filed0.3×yes
Jay JagdambaMainboardUDRHP filed0.3×yes
ArMee InfotechMainboardListed0.3×yes
Hindustan LaboratoriesMainboardDRHP filed0.3×yes
Pooja Logistics SMESMEClosed0.3×yes
Commtel NetworksMainboardDRHP filed0.3×yes
Rudra CottexMainboardDRHP filed0.3×yes
Shree Balajee Tapes And Packaging SMESMEDRHP filed0.3×yes
Jindal Supreme (India)MainboardListed0.2×yes
Liqvd Digital India SMESMEClosed0.2×yes
Ujin PharmaMainboardDRHP filed0.2×yes
AITMC VenturesMainboardUDRHP filed0.2×yes
Swara Baby ProductsMainboardDRHP filed0.2×yes
Dove Soft SMESMELive0.2×yes
Oremet Alloys And Castings SMESMEDRHP filed0.2×yes
Cosmic Pv PowerMainboardDRHP filed0.2×yes
Oswal EnergiesMainboardDRHP filed0.1×yes
Pes InstallationsMainboardDRHP filed0.1×yes
Papadmalji Agro Foods SMESMEClosed0.1×yes
Krishna BuildspaceMainboardDRHP filed0.1×yes
Sky Alloys and PowerMainboardDRHP filed0.1×yes
Avaada ElectroMainboardUDRHP filed0.1×yes
Jagatjit Agri EngineeringMainboardDRHP filed0.1×yes
Suntek Axpress India SMESMEDRHP filed0.1×yes
Vardhman AppliancesMainboardDRHP filed0.1×yes
ISSPL SMESMEDRHP filed0.1×yes
Harekrishna Rubber Industries SMESMEDRHP filed0.1×yes
Allied Engineering WorksMainboardDRHP filed0×yes
SS RetailMainboardListed0×yes
R.D.Engineers (India) SMESMEDRHP filed0×yes
KatalineMainboardDRHP filed0×yes
Deon EnergyMainboardDRHP filed-0×yes
Polite PowertechMainboardDRHP filed-0×yes
Associated Power StructuresMainboardDRHP filed-0.1×yes
Integrum Energy InfrastructureMainboardDRHP filed-0.1×yes
Mehta Hitech IndustriesMainboardDRHP filed-0.1×yes
S.R.G. Narrow Fab SMESMEDRHP filed-0.1×yes
S. G. EnconMainboardDRHP filed-0.1×yes
FX Multitech SMESMEClosed-0.1×yes
Nnt DevelopersMainboardDRHP filed-0.1×yes
Himalayan Solar SMESMEClosed-0.1×yes
Tmc Transformers IndiaMainboardDRHP filed-0.1×yes
Aarvee Engineering ConsultantsMainboardDRHP filed-0.1×yes
R.K. Fashion Accessories SMESMEUpcoming-0.1×yes
Anarock Property ConsultantsMainboardDRHP filed-0.1×yes
Rotomag EnertecMainboardDRHP filed-0.1×yes
Anil Fashions SMESMEDRHP filed-0.2×yes
Pragyawan TechnologiesMainboardDRHP filed-0.2×yes
Sai Urja Indo Ventures SMESMEClosed-0.2×yes
Premier Industrial CorporationMainboardDRHP filed-0.2×yes
J InfratechMainboardDRHP filed-0.2×yes
Swastika InfraMainboardListed-0.2×yes
Skinnovation SMESMEDRHP filed-0.3×yes
Sabari Construction Technologies SMESMEDRHP filed-0.3×yes
Maharaja Polyfab SMESMEDRHP filed-0.3×yes
Dudani Retail SMESMEClosed-0.3×yes
Sillverton IndustriesMainboardLapsed-0.3×yes
Srit IndiaMainboardClosed-0.3×yes
Eswari Global Metal IndustriesMainboardDRHP filed-0.3×yes
Rudra Green Ship RecyclingMainboardDRHP filed-0.3×yes
Sollfege Smart Electronics SMESMELive-0.3×yes
Pentacle Consultants (I)MainboardDRHP filed-0.3×yes
Carnet Books SMESMEDRHP filed-0.3×yes
Steelbuild Infra Projects SMESMEDRHP filed-0.3×yes
Vardaan BiotechMainboardDRHP filed-0.3×yes
Quality Enviro Engineers SMESMEDRHP filed-0.3×yes
Tanvi Exports IndiaMainboardDRHP filed-0.3×yes
Expression 360 Services IndiaMainboardDRHP filed-0.3×yes
Pioneer FabricatorsMainboardDRHP filed-0.4×yes
Green Asia Impex SMESMEClosed-0.4×yes
Hi Tech Flow SolutionsMainboardDRHP filed-0.4×yes
M. K. Sons Fine JewelsMainboardDRHP filed-0.4×yes
Arete 22MainboardDRHP filed-0.4×yes
Ekkaa Electronics (India)MainboardDRHP filed-0.4×yes
ACE Furnaces SMESMEDRHP filed-0.4×yes
Acme India Industries SMESMELive-0.5×yes
Kasliwal Projects SMESMEDRHP filed-0.5×yes
Orient Cables (India)MainboardClosed-0.5×yes
Rays Power InfraMainboardDRHP filed-0.5×yes
Ideas Electricals & Engineers SMESMEDRHP filed-0.5×yes
Robokidz Eduventures SMESMEDRHP filed-0.5×yes
Himalaya Nutravedics India SMESMEClosed-0.5×yes
SJP Ultrasonics SMESMELive-0.5×yes
Gni InfrastructureMainboardDRHP filed-0.5×yes
Natraj Energy SMESMEDRHP filed-0.5×yes
Trenzet InfraMainboardDRHP filed-0.5×yes
Shreni SharesMainboardDRHP filed-0.5×yes
Momai ArtMainboardDRHP filed-0.6×yes
Vans Electroengineerings SMESMEClosed-0.6×yes
Eventions SMESMELive-0.6×yes
AGS HealthMainboardUDRHP filed-0.6×yes
Technomed Devices India SMESMEDRHP filed-0.6×yes
Jaytee Alloys & Components SMESMEDRHP filed-0.6×yes
Tgtmc Supply Chain SMESMEDRHP filed-0.7×yes
Nityas Gems and JewelleryMainboardLive-0.7×yes
Bench Mark Infotech Services SMESMEDRHP filed-0.7×yes
Swid Renewables SMESMEDRHP filed-0.7×yes
Coreintegra Consulting Services SMESMEClosed-0.7×yes
Sssmehta Industries SMESMEDRHP filed-0.7×yes
Omara Ventures India SMESMELive-0.7×yes
Stalwart People Services IndiaMainboardDRHP filed-0.7×yes
Master Chains N JewelsMainboardDRHP filed-0.8×yes
Renfra Energy IndiaMainboardDRHP filed-0.8×yes
Grand HousingMainboardDRHP filed-0.8×yes
Itwings Infosystem SMESMEDRHP filed-0.8×yes
Renny StripsMainboardDRHP filed-0.8×yes
Shakti Infra Projects SMESMEDRHP filed-0.9×yes
Advanced SystekMainboardDRHP filed-1×yes
Eldorado AgritechMainboardDRHP filed-1×yes
Runwal EnterprisesMainboardClosed-1×yes
Rysa Infratech SMESMEDRHP filed-1×yes
Gallant Sports & Infra SMESMEDRHP filed-1×yes
Maharashtra Oil ExtractionsMainboardDRHP filed-1×yes
TentyMainboardDRHP filed-1.1×yes
Alps Digital Devices SMESMEDRHP filed-1.1×yes
Shreejikrupa ProjectMainboardDRHP filed-1.2×yes
Tonbo Imaging IndiaMainboardDRHP filed-1.2×yes
Royal ChainMainboardDRHP filed-1.2×yes
Arjun JewellersMainboardDRHP filed-1.3×yes
Kataria Dhulchand Pannalal JewellersMainboardDRHP filed-1.3×yes
Madhur Iron & Steel (India)MainboardDRHP filed-1.3×yes
Aditya Creative Ornaments SMESMEDRHP filed-1.4×yes
Sanghvi Housing And InfrastructureMainboardDRHP filed-1.4×yes
Shah Investor's HomeMainboardClosed-1.5×yes
Transline TechnologiesMainboardDRHP filed-1.7×yes
Dhariwal BuildtechMainboardDRHP filed-1.9×yes
Anchor Offshore ServicesMainboardDRHP filed-1.9×yes
TNA Solutions SMESMELive-1.9×yes
Pci InfraprojectsMainboardDRHP filed-2×yes
Sunil Gold IndiaMainboardDRHP filed-2.1×yes
Runwal DevelopersMainboardDRHP filed-2.2×yes
RkcplMainboardDRHP filed-2.4×yes
Shivalaya ConstructionMainboardDRHP filed-2.6×yes
Solitario Lab Grown SMESMEDRHP filed-2.7×yes
Rkb GlobalMainboardDRHP filed-2.9×yes
Soleos EnergyMainboardDRHP filed-3.2×yes
Absolute Projects (India)MainboardDRHP filed-3.4×yes
Sadbhav FuturetechMainboardDRHP filed-3.6×yes
Shriram Food IndustryMainboardDRHP filed-3.6×yes
MoneyviewMainboardListed-3.9×yes
Silver Consumer ElectricalsMainboardDRHP filed-3.9×yes
R.K. Steel Manufacturing CompanyMainboardDRHP filed-4.1×yes
Social Worth TechnologiesMainboardDRHP filed-6.7×yes
Incred HoldingsMainboardUDRHP filed-7.5×yes
Tata CapitalMainboardDRHP filed-8.2×yes
Svatantra MicrofinMainboardDRHP filed-8.3×yes
Truhome FinanceMainboardDRHP filed-8.4×yes
Muthoot FincorpMainboardDRHP filed-10.6×yes
InnoterraMainboardDRHP filed-117×yes

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