Anupam Finserv Limited

Financial Services — Credit Services · BSE

₹1.58−₹0.02 (−1.25%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, 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, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Anupam Finserv Limited, a non-deposit accepting non-banking finance company, engages in granting of loans and advances in India. It operates through two segments, Financing and Leasing.

IndustryCredit Services

SectorFinancial Services

Employees10

Annual revenue₹5 Cr

How does it make money?

Turns over ₹5 Cr a year. Of every ₹100 of sales, about ₹42 reaches shareholders as profit, with ₹61 left at the operating level before interest, tax and depreciation. Each of its 10 employees supports ₹46.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹46.8 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +93% while net margin moved +31% 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+93%

Margin effect+31%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.20 — 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

80/ 100

Excellent

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

Valuation

84/ 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

13.2x

3Y Median

31.4x

40 monthly readings · mean 35.1x · range 15.8x–65.0x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 58% below its 3y median of 31.4x. 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 23% below the peer median of 17.0x.

vs. its own history

Cheap

31.4x median over 40 months · -58%

vs. sector peers

Cheap

17.0x median of 4 peers · -23%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

13.7x

PEG

0.36

What's Good / What's Bad

🟢 What's Going Well1

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

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 8.7 points, from 70.0% to 61.3%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 49% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 58% 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 23% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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 70.0% to 61.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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

1Revenue growth stays above 18% a year✓ 24.5% CAGR
Latest reported year was 28.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 59%✓ 61.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 6.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 31.4x✓ 13.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 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

6 good · 2 neutral · 3 weak

Market Cap

₹30 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.2x

Cheap

Cheap against the generic band

P/B Ratio

0.81x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.12

Profitable

Profitable on a per-share basis

ROE

6.4%

Weak

Weak capital efficiency

ROCE

7.1%

Weak

Low return on total capital employed

Debt/Equity

0.30x

Low

Conservative leverage

Revenue Growth (YoY)

28.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

50.0%

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

-₹4 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

64.7%

Good

Healthy core-business profitability

Net Margin

40.3%

Good

Strong bottom-line conversion

Current Ratio

71.17

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.20

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1.7 / 1.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

29.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹3 Cr	₹4 Cr	₹5 Cr	+24.5%
EBITDA	₹2 Cr	₹2 Cr	₹2 Cr	₹3 Cr	+19.1%
EBITDA Margin	70.0%	61.3%	65.6%	61.3%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹2 Cr	+36.2%
EPS	₹0.06	₹0.08	₹0.04	₹0.1	+16.2%
ROE	5.3%	6.0%	1.8%	6.4%	—
ROCE	7.0%	8.0%	2.4%	7.1%	—
Total Debt	₹4 Cr	₹2 Cr	₹3 Cr	₹9 Cr	+33.6%
Free Cash Flow	-₹2 Cr	₹1 Cr	-₹14 Cr	-₹4 Cr	—

🟢 Revenue has grown at 24.5% a year over 3 years.

🟢 EBITDA has grown at 19.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 70.0% to 61.3% over 3 years (-8.7 pts).

🟢 PAT (Net Profit) has grown at 36.2% a year over 3 years.

🟢 EPS has grown at 16.2% a year over 3 years.

🟢 ROE has risen from 5.3% to 6.4% over 3 years (+1.1 pts).

🟡 ROCE has held roughly flat at 7.1% over 3 years.

🔴 Total Debt has grown at 33.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹40 Cr

Total Liabilities

₹10 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹4 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

53.7%

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

3 positive1 mixed2 general

Anupam Finserv FY26 profit surges 285%, approves ₹20 crore NCD issue

scanx.trade, 25 MayResults

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

Anupam Finserv Q1 Results FY27: PAT Rs 0.56 Cr, Revenue Rs 1 cror

Univest, 14 AugResults

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

Anupam Finserv net profit rises 64% in Q1FY27, led by interest income surge

scanx.trade, 12 AugResults

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

ANUPAM FINSERV LIMITED Share Price

Upstox, 05 Apr

Nandan Denim standalone net profit rises 32.14% in the June 2026 quarter

Business Standard, 12 AugResults

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

ANUPAM Stock Price and Chart — BSE:ANUPAM

TradingView, 17 Apr

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Valuation

MiddlingProfitability

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. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 4 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑