Anjani Finance Limited

Financial Services — Credit Services · BSE

₹8.38₹0.00 (0.00%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

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

What does this company do?

Anjani Finance Limited operates as a non-banking finance company in India. It offers secured and unsecured loans to individuals and corporates; and invests in shares, stocks, debentures, bonds, and other financial securities.

IndustryCredit Services

SectorFinancial Services

Employees3

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹31 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹17.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹17.3 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 -62% while net margin moved -94% 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-62%

Margin effect-94%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 27.8% a year
✗ Profit has declined at 71.7% a year
✗ Profit fell 65.7% in the latest year

Quality vs. Valuation

Company Quality

54/ 100

Average

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

Valuation

29/ 100

Expensive

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

52.4x

3Y Median

25.4x

40 monthly readings · mean 20.6x · range 1.1x–52.4x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 106% above its 3y median of 25.4x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 208% above the peer median of 17.0x.

vs. its own history

Expensive

25.4x median over 40 months · +106%

vs. sector peers

Expensive

17.0x median of 4 peers · +208%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

31.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 30.6% to 1.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 7.4% to 0.8% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 136.0 points, from 159.0% to 23.1%.
🟡Profit is decliningFinancial
Net profit is down 98% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 159.0% to 23.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 106% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 30.6% to 1.0%. 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.
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 21%✓ 23.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 1.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 25.4x✗ 52.4x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

4 good · 2 neutral · 5 weak

Market Cap

₹9 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

52.4x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.54x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.16

Profitable

Profitable on a per-share basis

ROE

1.0%

Weak

Weak capital efficiency

ROCE

0.8%

Weak

Low return on total capital employed

Debt/Equity

0.02x

Low

Conservative leverage

Revenue Growth (YoY)

-12.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

-65.7%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-3.9%

Weak

Thin margins leave little room for error

Net Margin

33.2%

Good

Strong bottom-line conversion

Current Ratio

170.57

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.80

Defensive

Steadier than the market

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

8.1 / 8.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

46.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-27.8%
EBITDA	₹2 Cr	₹1 Cr	₹0 Cr	₹0 Cr	-62.1%
EBITDA Margin	159.0%	48.0%	44.6%	23.1%	—
PAT (Net Profit)	₹7 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-71.7%
EPS	₹6.89	₹0.48	₹0.46	₹0.16	-71.5%
ROE	30.6%	3.3%	3.1%	1.0%	—
ROCE	7.4%	4.1%	3.9%	0.8%	—
Total Debt	₹7 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-92.0%
Free Cash Flow	₹0 Cr	₹6 Cr	₹0 Cr	₹0 Cr	-28.7%

🔴 Revenue has shrunk at 27.8% a year over 3 years.

🔴 EBITDA has shrunk at 62.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 159.0% to 23.1% over 3 years (-136.0 pts).

🔴 PAT (Net Profit) has shrunk at 71.7% a year over 3 years.

🔴 EPS has shrunk at 71.5% a year over 3 years.

🔴 ROE has fallen from 30.6% to 1.0% over 3 years (-29.6 pts).

🔴 ROCE has fallen from 7.4% to 0.8% over 3 years (-6.6 pts).

🟢 Total Debt has shrunk at 92.0% a year over 3 years.

🔴 Free Cash Flow has shrunk at 28.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹15 Cr

Total Liabilities

₹0 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.6%

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

1 positive1 mixed4 general

SHAH INVESTOR'S HOME LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 18 Oct

Anjani Finance Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 01 Sept

Anjani Portland Nine Monthly Results, Nine Monthly Earnings for Anjani Portland

The Economic Times, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Anjani Finance Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

BLUECHIP Stock Price and Chart — NSE:BLUECHIP

TradingView, 20 May

NBCC (India) consolidated net profit rises 37.22% in the March 2026 quarter

Business Standard, 25 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Revenue growth is negative (-12.3%) on the latest reported period — check if this is one-off or a trend.
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

MiddlingProfitability · Risk

WeakGrowth · Valuation

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 3 tripwires tripped — Return on equity stays above 8%; Valuation vs its own median of 25.4x · see Key things to watch ↑