Beryl Securities Limited

Financial Services — Credit Services · BSE

₹32.37+₹0.50 (+1.57%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

NEUTRAL

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, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Beryl Securities Limited operates as a loan and investment company in India. It offers personal, EMI free, short-term usage, business, working capital, MSME term, e-bike, and car loans; loans against property; and invoice financing.

IndustryCredit Services

SectorFinancial Services

Annual revenue₹4 Cr

How does it make money?

Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation.

EBITDA margin13.3%

Net margin7.5%

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.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

STATE BANK OF INDIAP/E 10.3x · ROE 15.2%

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

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.

ROCE3.5%

ROE3.1%

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 +449% while net margin moved -56% 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+449%

Margin effect-56%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.32 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

69/ 100

Good

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

Valuation

56/ 100

Fair

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

28.6x

3Y Median

80.4x

40 monthly readings · mean 76.0x · range 44.4x–128.3x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 64% below its 3y median of 80.4x. 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 69% above the peer median of 17.0x.

vs. its own history

Cheap

80.4x median over 40 months · -64%

vs. sector peers

Expensive

17.0x median of 4 peers · +69%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

28.6x

P/B

1.53x

EV/EBITDA

39.9x

PEG

0.84

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Valuation below its historical average
At 28.6x the stock trades 64% below its own median of 80.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 26.5% to 13.3% over 3 years.

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 13.2 points, from 26.5% to 13.3%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 64% 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.
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 26.5% to 13.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 69% above the peer median. That premium needs a reason that persists, or it closes.
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 57% a year✓ 76.4% CAGR
Latest reported year was 104.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 13.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 3.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 80.4x✓ 28.6x 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

3 good · 4 neutral · 4 weak

Market Cap

₹16 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

28.6x

Fair

Fairly valued against the generic band

P/B Ratio

1.53x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.13

Profitable

Profitable on a per-share basis

ROE

3.1%

Weak

Weak capital efficiency

ROCE

3.5%

Weak

Low return on total capital employed

Debt/Equity

1.95x

High

High leverage

Revenue Growth (YoY)

104.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

160.0%

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

-₹5 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹32.37

Operating Margin

39.1%

Good

Healthy core-business profitability

Net Margin

13.6%

Good

Strong bottom-line conversion

Current Ratio

1.62

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.32

Defensive

Steadier than the market

52W Range Position

50%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

31.0 / 31.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

71.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹2 Cr	₹4 Cr	+76.4%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+40.2%
EBITDA Margin	26.5%	52.4%	17.4%	13.3%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+34.1%
EPS	₹0.27	₹0.35	₹0.53	₹0.65	+34.0%
ROE	1.4%	1.8%	2.6%	3.1%	—
ROCE	2.1%	2.7%	3.1%	3.5%	—
Total Debt	—	—	₹2 Cr	₹7 Cr	—
Free Cash Flow	-₹0 Cr	₹0 Cr	-₹2 Cr	-₹5 Cr	—

🟢 Revenue has grown at 76.4% a year over 3 years.

🟢 EBITDA has grown at 40.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 26.5% to 13.3% over 3 years (-13.2 pts).

🟢 PAT (Net Profit) has grown at 34.1% a year over 3 years.

🟢 EPS has grown at 34.0% a year over 3 years.

🟢 ROE has risen from 1.4% to 3.1% over 3 years (+1.7 pts).

🟢 ROCE has risen from 2.1% to 3.5% over 3 years (+1.4 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹19 Cr

Total Liabilities

₹9 Cr

Total Debt

₹7 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹5 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

61.8%

Corporate Actions

Ex-Dividend Date

31 May 2024

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

2 mixed4 general

Gujarat Winding Systems (BSE:541627) - Stock Analysis

Simply Wall Street, 24 Sept

Beryl Securities Shareholders Approve Preferential Issue of Up to 12.95 Lakh Equity Shares Worth Rs 2.98 Crore

EquityBulls, 25 AugFunding

🟡Mixed / dependsNew funding changes the capital structure. Debt raises leverage; an equity raise dilutes existing holders.

Home First Finance Company India Limited receives ESG rating

scanx.trade, 18 Jul

Q1 results: ABREL, Godrej, JSW Cement, FirstCry, and 693 more on Aug 13

Business Standard, 13 AugResults

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

Bacil Pharma board approves fund raising up to ₹50 crores

scanx.trade, 26 Jun

Beryl Securities Limited (531582) Company Information

Simply Wall Street, 14 Nov

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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟡Business QualityAdequate12.5/20

🟢Financial HealthStrong17/20

🟢GrowthStrong14.7/20

🟡ProfitabilityModerate7.9/15

🟡ValuationFair9.5/15

🔴RiskHigh4.4/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 57% a year76.4% CAGR
✓EBITDA margin holds above 11%13.3%
✗Return on equity stays above 8%3.1%
✓Valuation vs its own median of 80.4x28.6x today