Bazel International Limited

Financial Services — Credit Services · BSE

₹22.00₹0.00 (0.00%)

DalalBaazaar Score

74 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

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 modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:52 pm

Understanding the Business

Company site ↗

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

What does this company do?

Bazel International Limited, a non-banking financial company, provides financial services in India. The company offers personal and business loans, and a virtual CFO to individuals and body corporates. It is involved in trading in shares and investment activities.

IndustryCredit Services

SectorFinancial Services

Employees11

Annual revenue₹4 Cr

How does it make money?

Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹31 left at the operating level before interest, tax and depreciation. Each of its 11 employees supports ₹40.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹40.2 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?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +123% while net margin moved -128% 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+123%

Margin effect-128%

DalalBaazaar Score

74/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 1.09 — moves roughly with the market
✗ 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

84/ 100

Excellent

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

Valuation

35/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

26.5x

2Y Median

10.9x

28 monthly readings · mean 1623.4x · range 3.5x–5038.5x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 143% above its 2y median of 10.9x. 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 56% above the peer median of 17.0x.

vs. its own history

Expensive

10.9x median over 28 months · +143%

vs. sector peers

Expensive

17.0x median of 4 peers · +56%

vs. generic bands

Fair

15x–35x

EV/EBITDA

23.4x

PEG

4.08

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -51.2% to 31.1% over 3 years.
Return on equity is rising
ROE has improved from -2.6% to 1.1%.
Return on capital is rising
ROCE has improved from -2.1% to 1.5%.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 140% 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 -51.2% to 31.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 143% 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.
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 23% a year✓ 30.7% CAGR
Latest reported year was 86.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 29%✓ 31.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 1.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 10.9x✗ 26.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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 · 4 neutral · 3 weak

Market Cap

₹21 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

26.5x

Fair

Fairly valued against the generic band

P/B Ratio

0.32x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.83

Profitable

Profitable on a per-share basis

ROE

1.1%

Weak

Weak capital efficiency

ROCE

1.5%

Weak

Low return on total capital employed

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

86.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.5%

Modest

Slow profit growth

Dividend Yield

None

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

Free Cash Flow

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

48.8%

Good

Healthy core-business profitability

Net Margin

23.0%

Good

Strong bottom-line conversion

Current Ratio

46.58

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.09

Market-like

Moves roughly in line with the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

21.4 / 21.3

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

53.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹2 Cr	₹3 Cr	₹4 Cr	+30.7%
EBITDA	-₹1 Cr	-₹14 Cr	₹2 Cr	₹1 Cr	—
EBITDA Margin	-51.2%	-603.0%	55.3%	31.1%	—
PAT (Net Profit)	-₹1 Cr	₹0 Cr	₹1 Cr	₹1 Cr	—
EPS	₹-3.78	₹0.01	₹4.91	₹2.02	—
ROE	-2.6%	0.8%	2.0%	1.1%	—
ROCE	-2.1%	0.9%	1.2%	1.5%	—
Total Debt	₹8 Cr	₹9 Cr	₹21 Cr	₹13 Cr	+17.9%
Free Cash Flow	-₹33 Cr	-₹1 Cr	-₹9 Cr	-₹2 Cr	—

🟢 Revenue has grown at 30.7% a year over 3 years.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -51.2% to 31.1% over 3 years (+82.3 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-3.78 to ₹2.02.

🟢 ROE has risen from -2.6% to 1.1% over 3 years (+3.7 pts).

🟢 ROCE has risen from -2.1% to 1.5% over 3 years (+3.6 pts).

🔴 Total Debt has grown at 17.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹87 Cr

Total Liabilities

₹16 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

85.0%

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 mixed1 negative3 general

Compare with SP CAPITAL

Equitymaster, 26 Sept

Bazel International appoints Anita Sethia as independent director

scanx.trade, 30 Sept

1:1 Bonus Issue Alert: Bazel International Bonus Share Record Date This Week; Trading Date, Allotment Details

Goodreturns, 09 FebCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Bazel International files Q1FY27 results with BSE

scanx.trade, 15 AugResults

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

Compare with

Equitymaster, 26 Sept

Ingersoll-Rand (India) standalone net profit declines 4.21% in the March 2026 quarter

Business Standard, 30 MayResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

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 · Growth · Profitability

MiddlingValuation

WeakRisk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

2 of 4 tripwires tripped — Return on equity stays above 8%; Valuation vs its own median of 10.9x · see Key things to watch ↑