Crest Ventures Limited

Financial Services — Financial Conglomerates · NSE

₹360.00+₹3.35 (+0.94%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 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 Crest Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Crest Ventures Limited operates as a non-banking finance company in India. The company operates through two segments: financial services/credit and real estate. The company develops various real estate projects, such as residential and commercial projects.

IndustryFinancial Conglomerates

SectorFinancial Services

Employees206

Annual revenue₹143 Cr

How does it make money?

Turns over ₹143 Cr a year. Of every ₹100 of sales, about ₹33 reaches shareholders as profit, with ₹48 left at the operating level before interest, tax and depreciation. Each of its 206 employees supports ₹69.5 lakh of revenue a year, the signature of a people-led business.

EBITDA margin47.6%

Net margin32.7%

Revenue / employee₹69.5 lakh

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.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

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

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.

ROCE3.7%

ROE3.6%

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +49% while net margin moved -92% 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+49%

Margin effect-92%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 14.3% is steady
✗ Profit has declined at 50.9% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of -52.0% is below the longer-term trend — momentum is fading
✗ Profit fell 55.3% in the latest year

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

37/ 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.

Historical Valuation

Current P/E

29.7x

3Y Median

12.1x

40 monthly readings · mean 12.5x · range 1.7x–25.3x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 146% above its 3y median of 12.1x. 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 75% above the peer median of 17.0x.

vs. its own history

Expensive

12.1x median over 40 months · +146%

vs. sector peers

Expensive

17.0x median of 4 peers · +75%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

29.7x

P/B

0.78x

EV/EBITDA

17.2x

PEG

—

Dividend Yield

0.28%

What's Good / What's Bad

🟢 What's Going Well1

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

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 609.5% to 47.6% over 3 years.
Return on equity is falling
ROE has dropped from 40.5% to 3.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 49.9% to 3.7% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 829% against revenue growth of 49% — stock may not be moving.
Valuation above its historical average
At 29.7x the stock trades 146% above its own median of 12.1x.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 562.0 points, from 609.5% to 47.6%.
🟡Profit is decliningFinancial
Net profit is down 88% over 3 years.

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 609.5% to 47.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 146% 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.
Returns on shareholder capital are falling
ROE has dropped from 40.5% to 3.6%. 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

1Revenue growth stays above 11% a year✓ 14.3% CAGR
Latest reported year was -52.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 46%✓ 47.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 3.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 12.1x✗ 29.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 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 · 3 neutral · 4 weak

Market Cap

₹1,018 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

29.7x

Fair

Fairly valued against the generic band

P/B Ratio

0.78x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹12.12

Profitable

Profitable on a per-share basis

ROE

3.6%

Weak

Weak capital efficiency

ROCE

3.7%

Weak

Low return on total capital employed

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

-52.0%

Shrinking

Sales are contracting

Profit Growth (YoY)

-55.3%

Falling

Profits are shrinking

Dividend Yield

0.28%

Modest

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

Free Cash Flow

₹35 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹360

Operating Margin

45.5%

Good

Healthy core-business profitability

Net Margin

26.1%

Good

Strong bottom-line conversion

Current Ratio

7.12

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.00

Defensive

Steadier than the market

52W Range Position

52%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

359.7 / 362.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹96 Cr	₹144 Cr	₹160 Cr	₹143 Cr	+14.3%
EBITDA	₹584 Cr	₹89 Cr	₹111 Cr	₹68 Cr	-51.2%
EBITDA Margin	609.5%	61.6%	69.4%	47.6%	—
PAT (Net Profit)	₹396 Cr	₹60 Cr	₹89 Cr	₹47 Cr	-50.9%
EPS	₹139.14	₹21.14	₹31.11	₹16.46	-50.9%
ROE	40.5%	5.4%	7.4%	3.6%	—
ROCE	49.9%	6.8%	8.6%	3.7%	—
Total Debt	₹175 Cr	₹205 Cr	₹166 Cr	₹282 Cr	+17.3%
Free Cash Flow	-₹700 Cr	-₹20 Cr	-₹15 Cr	₹35 Cr	—

🟢 Revenue has grown at 14.3% a year over 3 years.

🔴 EBITDA has shrunk at 51.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 609.5% to 47.6% over 3 years (-562.0 pts).

🔴 PAT (Net Profit) has shrunk at 50.9% a year over 3 years.

🔴 EPS has shrunk at 50.9% a year over 3 years.

🔴 ROE has fallen from 40.5% to 3.6% over 3 years (-36.9 pts).

🔴 ROCE has fallen from 49.9% to 3.7% over 3 years (-46.2 pts).

🔴 Total Debt has grown at 17.3% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹700 Cr to ₹35 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,925 Cr

Total Liabilities

₹592 Cr

Total Debt

₹282 Cr

Cash & Equivalents

₹129 Cr

Operating Cash Flow

₹46 Cr

Capex

-₹11 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.8%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

14 Aug 2026

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

CREST VENTURES Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 17 Oct

Is It Smart To Buy Crest Ventures Limited (NSE:CREST) Before It Goes Ex-Dividend?

Simply Wall Street, 10 AugCapital return

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

Crest Ventures Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Crest Ventures Ltd Forms Death Cross, Signalling Potential Bearish Trend

MarketsMojo, 14 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Crest Ventures jumps 6% as board approves financial services biz demerger

Business Standard, 19 Dec

Crest Ventures Share: Bull Case vs Bear Case for 2026

Univest, 09 Sept

Watch Items

Revenue growth is negative (-52.0%) on the latest reported period — check if this is one-off or a trend.
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

🟢Business QualityStrong13.9/20

🟢Financial HealthStrong17/20

🔴GrowthWeak7.7/20

🟡ProfitabilityModerate7.5/15

🟡ValuationFair7.5/15

🟡RiskModerate5.2/10

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 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 11% a year14.3% CAGR
✓EBITDA margin holds above 46%47.6%
✗Return on equity stays above 8%3.6%
✗Valuation vs its own median of 12.1x29.7x today