Forensic Analysis · Consulting & Engineering Services · as of Nov 9, 2026
Nordicus Partners Corp (NORD)
A forensic read on Nordicus Partners Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
3.4
Distress distance
3
Forensic signals
-6.4%
ROE
100.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Nordicus Partners Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 3.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+318.5%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +1651% over the last 2 years to FY2026 (+318.5%/yr). The count is growing — 1.0M shares in FY2024, 18.1M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~318.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~94%.
FCF ($4M)
FY2026
Shareholder returns.Returned $78,394 to shareholders (buybacks + dividends) in FY2026, but free cash flow was ($4M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
10552% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 10552% of revenue in FY2025 — about $0.06 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 318.5% a year across FY2024–FY2026, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$5,000
Revenue Growth YoY+100.0%
Net Margin-58026.4%
Free Cash Flow-$4.3M
Return on Equity-6.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Nordicus Partners Corp's actual 10-K/10-Q/8-K filings?