CIL Securities Limited

Financial Services — Capital Markets · BSE

₹39.88+₹2.30 (+6.12%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by 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. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

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

What does this company do?

CIL Securities Limited provides diversified financial services in India.

IndustryCapital Markets

SectorFinancial Services

Employees38

Annual revenue₹8 Cr

How does it make money?

Turns over ₹8 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation. Each of its 38 employees supports ₹22.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹22.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO 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 ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -14% while net margin moved -25% 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-14%

Margin effect-25%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 4.9% a year
✗ Profit has declined at 13.7% a year

Quality vs. Valuation

Company Quality

54/ 100

Average

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

Valuation

88/ 100

Cheap

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

5.8x

3Y Median

9.8x

40 monthly readings · mean 9.4x · range 5.0x–12.5x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 41% below its 3y median of 9.8x. 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 90% below the peer median of 58.4x.

vs. its own history

Cheap

9.8x median over 40 months · -41%

vs. sector peers

Cheap

58.4x median of 3 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

4.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 9.8% to 5.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 11.9% to 6.7% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 watch

🟡Profit is decliningFinancial
Net profit is down 36% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 3.6 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 41% 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 90% 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 33.6% to 30.0%. 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 9.8% to 5.0%. 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.
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

1EBITDA margin holds above 28%✓ 30.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 5.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 9.8x✓ 5.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

5 good · 4 neutral · 2 weak

Market Cap

₹20 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.8x

Cheap

Cheap against the generic band

P/B Ratio

0.61x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹6.85

Profitable

Profitable on a per-share basis

ROE

5.0%

Weak

Weak capital efficiency

ROCE

6.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

1.9%

Modest

Modest growth

Profit Growth (YoY)

428.0%

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

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

22.5%

Good

Healthy core-business profitability

Net Margin

40.9%

Good

Strong bottom-line conversion

Current Ratio

3.22

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.44

Defensive

Steadier than the market

52W Range Position

33%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

37.6 / 37.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

57.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹10 Cr	₹11 Cr	₹10 Cr	₹8 Cr	-4.9%
EBITDA	₹3 Cr	₹4 Cr	₹3 Cr	₹3 Cr	-8.4%
EBITDA Margin	33.6%	38.9%	33.1%	30.0%	—
PAT (Net Profit)	₹3 Cr	₹3 Cr	₹2 Cr	₹2 Cr	-13.7%
EPS	₹5.19	₹5.76	₹4.12	₹3.34	-13.7%
ROE	9.8%	9.8%	6.6%	5.0%	—
ROCE	11.9%	13.4%	9.1%	6.7%	—
Free Cash Flow	-₹17 Cr	-₹5 Cr	-₹0 Cr	₹2 Cr	—

🔴 Revenue has shrunk at 4.9% a year over 3 years.

🔴 EBITDA has shrunk at 8.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 33.6% to 30.0% over 3 years (-3.6 pts).

🔴 PAT (Net Profit) has shrunk at 13.7% a year over 3 years.

🔴 EPS has shrunk at 13.7% a year over 3 years.

🔴 ROE has fallen from 9.8% to 5.0% over 3 years (-4.8 pts).

🔴 ROCE has fallen from 11.9% to 6.7% over 3 years (-5.2 pts).

🟢 Free Cash Flow has turned positive, from -₹17 Cr to ₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹48 Cr

Total Liabilities

₹15 Cr

Total Debt

—

Cash & Equivalents

₹9 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

77.6%

Corporate Actions

Ex-Dividend Date

20 Sept 2019

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive2 mixed3 general

Compare UPASANA FIN. with CIL SECURITS

Equitymaster, 17 Oct

CIL Securities shareholders approve FY26 financials at virtual AGM

scanx.trade, 30 Sept

CIL Nova Petrochemicals Upper Circuit Today: Price, Data and Peers

Univest, 08 Oct

Coal India shares: Brokerage upgrades stock to 'Buy'; Q2 volume, MCL listing likely to boost outlook, target price raised

Business Today, 05 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Coal India shares rise 5%, emerge as top Nifty gainer amid West Asia crisis: Here's why

Moneycontrol.com, 12 MarPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Coal India, BCCL, CMPDI earnings review: How the group companies stacked up in Q4 FY26

Upstox, 21 MayResults

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

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

StrongBusiness Quality · Financial Health · Valuation

MiddlingProfitability · Risk

WeakGrowth

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.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑