Fine Line Circuits Ltd

FINELINE

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Market Cap

₹ 37 Cr

P/E

166.39

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Fine-Line Circuits Limited specializes in manufacturing diverse printed circuit boards (PCBs) including multi-layer and high copper boards.

The company is strategically expanding into new markets like the USA, Germany, and India with a new product pipeline.

Offering small volume PCB supplies rapidly is a key differentiator in global markets, focusing on complexity and quick delivery.

Investment is directed towards enhancing capabilities for higher PCB complexity and reducing lead times to maintain competitive pricing.

The company emphasizes quality management and precision in PCB manufacturing, committed to defect-free products.

Sector

Electronics

Industry

Electronics - PCBs

Market Cap

37 Cr

Volatility

Low Risk

P/E Ratio

166.4

Industry P/E

29.1

PEG Ratio

2.0

P/B Ratio

4.1

52W High

114.65

52W Low

52.35

Sales CAGR

25.08%

0.34%

2.61%

10Y

2.05%

Profit CAGR

81.82%

-39.23%

—

10Y

9.79%

ROE

TTM

2.44%

1.45%

3.14%

10Y

2.08%

ROCE

TTM

4.05%

5.82%

7.91%

10Y

7.34%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JGTL	562.35	255 Cr	15.85	2.75	1.33	17.33	23.89	14.86
NITIRAJ	192.85	198 Cr	—	2.93	0.78	-0.34	0.39	-0.28
APLAB	76.39	174 Cr	86.55	6.00	0.00	5.79	-3.10	1.59
APLABPP	63.40	80 Cr	—	12.68	0.00	—	—	0.00
PULZ	31.45	69 Cr	11.00	2.05	0.00	11.22	12.53	2.82
FIVECORE	—	40 Cr	1.87	0.34	0.00	19.14	21.35	12.57
FINELINE	76.20	37 Cr	166.39	4.10	0.00	2.44	4.05	1.00

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5.18	5.26	6.50	7.34	7.05	6.95	9.77	6.60	7.25	9.65
Expenses	5.03	5.09	6.10	7.04	6.76	6.69	9.38	6.37	6.93	9.30
Operating Profit	0.15	0.17	0.40	0.30	0.29	0.26	0.39	0.23	0.32	0.35
OPM %	2.90	3.23	6.15	4.09	4.11	3.74	3.99	3.48	4.41	3.63
Other Income	0.03	0.03	0.00	0.01	0.00	0.00	0.00	0.01	0.00	0.00
Interest	0.15	0.14	0.07	0.07	0.07	0.06	0.13	0.09	0.09	0.09
Depreciation	0.14	0.14	0.14	0.15	0.14	0.15	0.16	0.16	0.17	0.19
Profit Before Tax	-0.11	-0.08	0.20	0.10	0.08	0.05	0.11	-0.01	0.06	0.08
Tax %	0.00	12.50	5.00	0.00	12.50	20.00	0.00	-100.00	0.00	12.50
Net Profit	-0.11	-0.07	0.20	0.09	0.07	0.04	0.10	-0.02	0.06	0.07
EPS in Rs	-0.23	-0.15	0.41	0.20	0.14	0.08	0.22	-0.03	0.13	0.14

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	26	28	32	27	23	30	27	24	30	31
Expenses	24	27	30	26	22	28	27	23	29	29
Operating Profit	1.21	1.36	1.46	1.17	1.00	1.76	0.92	1.04	1.16	1.20
OPM %	4.72	4.80	4.64	4.39	4.40	5.85	3.33	4.29	3.82	3.93
Other Income	0.02	0.03	0.04	0.09	0.09	0.08	0.10	0.07	0.02	NaN
Interest	0.40	0.44	0.54	0.55	0.44	0.42	0.45	0.43	0.36	0.37
Depreciation	0.67	0.81	0.80	0.80	0.60	0.50	0.50	0.58	0.60	0.64
Profit Before Tax	0.16	0.13	0.16	-0.09	0.06	0.92	0.07	0.11	0.22	0.21
Tax %	77.30	30.80	-1.61	-0.81	7.36	4.08	-8.46	2.01	9.28	14.29
Net Profit	0.04	0.09	0.16	-0.09	0.05	0.88	0.07	0.11	0.20	0.18
EPS in Rs	0.09	0.19	0.34	-0.18	0.10	1.83	0.15	0.23	0.41	0.46
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.83	4.83	4.83	4.83	4.83	4.83	4.83	4.83	4.83	4.83
Reserves	2.02	2.07	2.19	2.43	2.51	2.66	3.50	3.69	3.72	3.99
Borrowings	2.80	3.09	4.28	6.01	5.29	4.03	3.63	6.32	6.03	5.80
Other Liabilities	4.72	4.24	4.98	4.99	3.82	3.47	4.17	3.66	3.37	3.23
Total Liabilities	14	14	16	18	16	15	16	18	18	18
Fixed Assets	2.98	3.86	3.57	3.28	2.84	2.60	2.67	2.83	2.84	3.30
CWIP	0.00	0.00	0.00	0.06	0.06	0.00	0.00	0.12	0.00	0.00
Investments	0.00	0.00	0.01	0.04	0.05	0.05	0.05	0.05	0.05	0.05
Other Assets	11	10	13	15	14	12	13	15	15	14
Total Assets	14	14	16	18	16	15	16	18	18	18

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0.20	0.23	1.01	0.09	1.65	2.43	1.02	0.05	-1.91	1.89
Cash from Investing Activity	-0.46	-1.27	-0.77	-0.53	-0.29	-0.15	-0.49	-2.69	1.56	-1.04
Cash from Financing Activity	1.29	-0.08	0.77	1.38	-1.22	-2.22	-0.83	2.30	-0.60	-0.59
Net Cash Flow	0.63	-1.12	1.01	0.94	0.13	0.06	-0.30	-0.34	-0.96	0.27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%	33.40%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%	66.60%
Total Shareholders	10,799	10,748	10,664	10,583	10,494	10,485	10,382	10,360	10,331	10,320	10,316	10,439

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

4 days ago

Opening of Special Window for Share Transfer Re-lodgement

The company announced the opening of a special window for re-lodgement of physical share transfer requests from July 7, 2025, to January 6, 2026.

Documents

Presentations

Concalls

Reports

Presentations

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Overview

Detailed Summary

Fine-Line Circuits Limited specializes in manufacturing diverse printed circuit boards (PCBs) including multi-layer and high copper boards.

The company is strategically expanding into new markets like the USA, Germany, and India with a new product pipeline.

Offering small volume PCB supplies rapidly is a key differentiator in global markets, focusing on complexity and quick delivery.

Investment is directed towards enhancing capabilities for higher PCB complexity and reducing lead times to maintain competitive pricing.

The company emphasizes quality management and precision in PCB manufacturing, committed to defect-free products.

Sector

Electronics

Industry

Electronics - PCBs

Market Cap

37 Cr

Volatility

Low Risk

P/E Ratio

166.4

Industry P/E

29.1

PEG Ratio

2.0

P/B Ratio

4.1

52W High

114.65

52W Low

52.35

Sales CAGR

25.08%

0.34%

2.61%

10Y

2.05%

Profit CAGR

81.82%

-39.23%

—

10Y

9.79%

ROE

TTM

2.44%

1.45%

3.14%

10Y

2.08%

ROCE

TTM

4.05%

5.82%

7.91%

10Y

7.34%