Caspian Corporate Services Limited

Industrials — Specialty Business Services · BSE

₹33.90−₹0.19 (−0.56%)

DalalBaazaar Score

43 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

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

What does this company do?

Caspian Corporate Services Limited provides advisory and consultancy services in India.

IndustrySpecialty Business Services

SectorIndustrials

Employees8

Annual revenue₹93 Cr

How does it make money?

Turns over ₹93 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹11.59 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹11.59 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. 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?Little sign of one

Returns on capital of 9.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

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 +8287% while net margin moved -98% 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+8287%

Margin effect-98%

DalalBaazaar Score

43/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 2.3% is weak

Quality vs. Valuation

Company Quality

43/ 100

Weak

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.

Weak on business quality and not cheap enough to compensate.

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

16.1x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 2.7% to 9.0%.
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

5 items require attention · 3 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 1.54x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.3x — little room if earnings dip.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 53.9 points, from 59.5% to 5.6%.
🟡Debt is increasingFinancial
Total debt is up 37% over 3 years.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 2.5x to 1.3x.

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 59.5% to 5.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 8.6x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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
3 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

1Revenue growth stays above 253% a year✓ 337.7% CAGR
Latest reported year was 4.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 5.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 8.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 1.3x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹2 Cr
Profit that never becomes cash eventually stops being profit.

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

2 good · 4 neutral · 5 weak

Market Cap

₹43 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

1.44x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-2.71

Loss-making

Negative earnings per share — the business is losing money

ROE

2.3%

Weak

Weak capital efficiency

ROCE

9.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.54x

High

High leverage

Revenue Growth (YoY)

4.1%

Modest

Modest growth

Profit Growth (YoY)

-74.0%

Falling

Profits are shrinking

Dividend Yield

1.47%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-9.9%

Weak

Thin margins leave little room for error

Net Margin

-2.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.49

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.27

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

34.1 / 34.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹87 Cr	₹83 Cr	₹93 Cr	+337.7%
EBITDA	₹1 Cr	₹12 Cr	₹14 Cr	₹5 Cr	+99.3%
EBITDA Margin	59.5%	13.8%	17.1%	5.6%	—
PAT (Net Profit)	₹0 Cr	₹8 Cr	₹3 Cr	₹1 Cr	+15.3%
EPS	₹0.47	₹2	₹2.05	₹0.53	+4.6%
ROE	2.3%	29.2%	8.9%	2.3%	—
ROCE	2.7%	39.2%	19.9%	9.0%	—
Total Debt	₹33 Cr	₹38 Cr	₹44 Cr	₹45 Cr	+11.1%
Free Cash Flow	-₹41 Cr	-₹2 Cr	-₹8 Cr	₹2 Cr	—

🟢 Revenue has grown at 337.7% a year over 3 years.

🟢 EBITDA has grown at 99.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 59.5% to 5.6% over 3 years (-53.9 pts).

🟢 PAT (Net Profit) has grown at 15.3% a year over 3 years.

🟢 EPS has grown at 4.6% a year over 3 years.

🟡 ROE has held roughly flat at 2.3% over 3 years.

🟢 ROCE has risen from 2.7% to 9.0% over 3 years (+6.4 pts).

🔴 Total Debt has grown at 11.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹41 Cr to ₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹89 Cr

Total Liabilities

₹60 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹4 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.3%

Corporate Actions

Dividend Rate

₹0.5

Ex-Dividend Date

09 Oct 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 positive4 general

Skyways Air Services, Accelya Solutions, Caspian Dividend Record Date: Last Day To Buy Shares To Qualify

NDTV Profit, 08 OctCapital return

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

Caspian Corporate Services Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 17 Sept

Caspian Corporate Services Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Caspian Corporate Services sets book closure dates for 15th AGM

scanx.trade, 01 Sept

Penny stock approaches record date for 1:10 stock split. Last chance to buy today

The Economic Times, 26 DecCapital return

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

Caspian Corporate Services Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth · Valuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑