AMPL Capital Limited

Financial Services — Credit Services · BSE

₹33.10−₹0.25 (−0.75%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:48 pm

Understanding the Business

Company site ↗

The 60-second version of AMPL Capital Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

AMPL Capital Limited operates as a non-deposit accepting non-banking financial company in India and United Kingdom. The company engages in granting loans, making investments; and providing portfolio management services.

IndustryCredit Services

SectorFinancial Services

Employees20

Annual revenue₹9 Cr

How does it make money?

Turns over ₹9 Cr a year. Of every ₹100 of sales, about ₹268 reaches shareholders as profit, with ₹410 left at the operating level before interest, tax and depreciation. Each of its 20 employees supports ₹46.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹46.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -9% while net margin moved +308% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-9%

Margin effect+308%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.97 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

7.2x

3Y Median

83.7x

40 monthly readings · mean 90.7x · range 6.1x–473.7x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 91% below its 3y median of 83.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 58% below the peer median of 17.0x.

vs. its own history

Cheap

83.7x median over 40 months · -91%

vs. sector peers

Cheap

17.0x median of 4 peers · -58%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.9x

PEG

0.13

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 127.2% to 409.8% over 3 years.
Return on capital is rising
ROCE has improved from 14.6% to 23.4%.

🔴 What Needs Attention1

Return on equity is falling
ROE has dropped from 27.5% to 18.2% — each rupee of shareholder capital earns less than it did.

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 72% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 127.2% to 409.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 91% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 58% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 27.5% to 18.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 408%✓ 409.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 16%✓ 18.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 83.7x✓ 7.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹203 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.2x

Cheap

Cheap against the generic band

P/B Ratio

1.35x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹4.61

Profitable

Profitable on a per-share basis

ROE

18.2%

Strong

Strong capital efficiency

ROCE

23.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.76x

Moderate

Moderate leverage

Revenue Growth (YoY)

55.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

471.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹22 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-25.8%

Weak

Thin margins leave little room for error

Net Margin

50.5%

Good

Strong bottom-line conversion

Current Ratio

1.49

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.97

Defensive

Steadier than the market

52W Range Position

48%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

34.1 / 32.1

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹10 Cr	₹11 Cr	₹17 Cr	₹9 Cr	-3.1%
EBITDA	₹13 Cr	₹2 Cr	₹7 Cr	₹38 Cr	+43.2%
EBITDA Margin	127.2%	20.7%	41.5%	409.8%	—
PAT (Net Profit)	₹7 Cr	₹1 Cr	-₹7 Cr	₹25 Cr	+54.8%
EPS	₹2.99	₹0.3	₹-1.31	₹4.76	+16.8%
ROE	27.5%	1.8%	-9.0%	18.2%	—
ROCE	14.6%	0.3%	-5.5%	23.4%	—
Total Debt	₹40 Cr	₹22 Cr	₹22 Cr	₹104 Cr	+37.0%
Free Cash Flow	-₹25 Cr	-₹24 Cr	-₹24 Cr	-₹22 Cr	—

🔴 Revenue has shrunk at 3.1% a year over 3 years.

🟢 EBITDA has grown at 43.2% a year over 3 years.

🟢 EBITDA Margin has risen from 127.2% to 409.8% over 3 years (+282.5 pts).

🟢 PAT (Net Profit) has grown at 54.8% a year over 3 years.

🟢 EPS has grown at 16.8% a year over 3 years.

🔴 ROE has fallen from 27.5% to 18.2% over 3 years (-9.3 pts).

🟢 ROCE has risen from 14.6% to 23.4% over 3 years (+8.8 pts).

🔴 Total Debt has grown at 37.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹264 Cr

Total Liabilities

₹127 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

-₹20 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

79.6%

Corporate Actions

Ex-Dividend Date

21 Feb 2023

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

6 general

AMPL Capital (BSE:539598) - Stock Analysis

Simply Wall Street, 08 Jul

AMPL Capital Limited (AMPL.BO) valuation measures and financial statistics

Yahoo Finance UK, 14 Oct

Corrigendum issued for AMPL Capital open offer details

scanx.trade, 01 Jul

DP Global Wealth Management along with investors launch 26% open offer for AMPL Capital

Moneycontrol.com, 02 Jul

DP Global Wealth Management along with investors launch 26% open offer for AMPL Capital

Zawya, 01 Jul

AMPL Capital name change effective July 07, 2026

scanx.trade, 07 Jul

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingGrowth

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 3 tripwires holding · see Key things to watch ↑