BSEL Algo Limited

Financial Services — Asset Management · BSE

₹3.69+₹0.08 (+2.22%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, 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, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

BSEL Algo Limited engages in algorithmic and proprietary trading. The company offers proprietary algorithmic software for trading in F&O derivatives, commodity trading, and equities. It is also involved in the development of real estate and related activities.

IndustryAsset Management

SectorFinancial Services

Employees5

Annual revenue-₹30 Cr

How does it make money?

Turns over -₹30 Cr a year. Of every ₹100 of sales, about ₹117 reaches shareholders as profit, with ₹95 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹-6,06,14,200 of revenue a year, the signature of a people-led business.

Revenue / employee₹-6,06,14,200

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. 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%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 16.3 points over the period

Quality vs. Valuation

Company Quality

52/ 100

Average

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

Valuation

36/ 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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 8.8% to -7.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 9.0% to -7.4% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴The company is lossmakingFinancial
Net profit of -₹35 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 6.4 points, from 101.3% to 94.9%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 101.3% to 94.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 8.8% to -7.4%. 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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 93%✓ 94.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -7.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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 · 3 neutral · 5 weak

Market Cap

₹32 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.07x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-3.94

Loss-making

Negative earnings per share — the business is losing money

ROE

-7.4%

Weak

Weak capital efficiency

ROCE

-7.4%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

171.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

650.0%

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

-₹68 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

72.1%

Good

Healthy core-business profitability

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.76

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.31

High swing

Swings more than the market in both directions

52W Range Position

15%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3.7 / 3.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹22 Cr	₹28 Cr	-₹2 Cr	-₹30 Cr	—
EBITDA	₹22 Cr	₹3 Cr	-₹0 Cr	-₹29 Cr	—
EBITDA Margin	101.3%	9.9%	20.5%	94.9%	—
PAT (Net Profit)	₹39 Cr	₹25 Cr	₹10 Cr	-₹35 Cr	—
EPS	₹4.71	₹3.05	₹1.15	₹-4.08	—
ROE	8.8%	5.5%	2.1%	-7.4%	—
ROCE	9.0%	6.2%	2.8%	-7.4%	—
Free Cash Flow	-₹35 Cr	₹34 Cr	-₹7 Cr	-₹68 Cr	—

🔴 Revenue has turned negative, from ₹22 Cr to -₹30 Cr.

🔴 EBITDA has turned negative, from ₹22 Cr to -₹29 Cr.

🔴 EBITDA Margin has fallen from 101.3% to 94.9% over 3 years (-6.4 pts).

🔴 PAT (Net Profit) has turned negative, from ₹39 Cr to -₹35 Cr.

🔴 EPS has turned negative, from ₹4.71 to ₹-4.08.

🔴 ROE has fallen from 8.8% to -7.4% over 3 years (-16.3 pts).

🔴 ROCE has fallen from 9.0% to -7.4% over 3 years (-16.4 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,014 Cr

Total Liabilities

₹538 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹68 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

21.4%

Corporate Actions

Ex-Dividend Date

25 Sept 2008

Peer Comparison

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

Recent News

1 positive1 mixed4 general

BSEL Algo net profit rises 757% YoY to ₹1.29 crore in Q1FY26

scanx.trade, 08 AugResults

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

BSEL Algo schedules 31st AGM for September 28, 2026 via video conference

scanx.trade, 04 Sept

BSEL INFRASTRUCTURE REALTY Share Price - Live BSEL INFRASTRUCTURE REALTY Stock Price & Chart

Upstox, 20 Mar

BSEL Algo Limited (BSELALGO.BO) Stock Price, News, Quote & History

Yahoo! Finance Canada, 25 Nov

BSEL Algo FY26 Results: Net loss widens to ₹353.4 crore on MCX hits

scanx.trade, 04 SeptResults

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

BSEL Infrastructure Realty Ltd Share Price

Business Today, 31 Jan

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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingGrowth · Valuation

WeakBusiness Quality · Profitability · Risk

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. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑