Aartech Solonics (542580) Mar 2026 Filing Analysis

The FY26 financial statements show ₹5.60 crore of bank overdraft borrowings and a standalone gearing ratio of 6.53%, while operating cash flow was negative ₹2.81 crore because receivables increased sharply. This is weaker than the later baseline description of a cash-rich company with negligible debt. The balance-sheet moat therefore contracted over time. (1 contracting, 1 expanding)