Easun Capital Markets Limited

Financial Services — Capital Markets · BSE

₹55.00₹0.00 (0.00%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

CAUTION

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, 7:45 pm

Understanding the Business

Company site ↗

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

What does this company do?

Easun Capital Markets Limited, a non-banking finance company, engages in the investment and financing businesses in India. The company invests in, acquires, and holds shares, stocks, debentures, bonds, securities, and mutual funds.

IndustryCapital Markets

SectorFinancial Services

Employees4

Annual revenue-₹1 Cr

How does it make money?

Turns over -₹1 Cr a year. Of every ₹100 of sales, about ₹-23 reaches shareholders as profit, with ₹-29 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹-26,29,000 of revenue a year, the signature of a people-led business.

Revenue / employee₹-26,29,000

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%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Profit has declined at 1.4% a year

Quality vs. Valuation

Company Quality

54/ 100

Average

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

44.4x

3Y Median

40.6x

40 monthly readings · mean 63.1x · range 24.6x–122.2x

Sector Median

58.4x

median of 3 sector peers

🟡Currently trading close to its 3y median of 40.6x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 24% below the peer median of 58.4x.

vs. its own history

Fair

40.6x median over 40 months · +9%

vs. sector peers

Cheap

58.4x median of 3 peers · -24%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

95.4x

PEG

—

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 150.8 points, from 122.0% to -28.8%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 24% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 122.0% to -28.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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.

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

1EBITDA margin holds above -31%✓ -28.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 1.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 40.6x✓ 44.4x 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

4 good · 3 neutral · 4 weak

Market Cap

₹29 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

44.4x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.25x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.24

Profitable

Profitable on a per-share basis

ROE

1.0%

Weak

Weak capital efficiency

ROCE

1.3%

Weak

Low return on total capital employed

Debt/Equity

0.67x

Moderate

Moderate leverage

Revenue Growth (YoY)

14.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6697.2%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

70.6%

Good

Healthy core-business profitability

Net Margin

32.0%

Good

Strong bottom-line conversion

Current Ratio

89.05

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.27

Defensive

Steadier than the market

52W Range Position

80%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

55.0 / 47.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹1 Cr	-₹0 Cr	-₹1 Cr	—
EBITDA	₹0 Cr	₹1 Cr	₹0 Cr	₹0 Cr	-12.2%
EBITDA Margin	122.0%	106.9%	-25.6%	-28.8%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	-₹0 Cr	₹0 Cr	-1.4%
EPS	₹0.47	₹1.35	₹-0.01	₹0.45	-1.4%
ROE	1.2%	3.3%	-0.0%	1.0%	—
ROCE	2.2%	3.2%	0.5%	1.3%	—
Free Cash Flow	₹2 Cr	-₹1 Cr	-₹0 Cr	-₹0 Cr	—

🔴 Revenue has turned negative, from ₹0 Cr to -₹1 Cr.

🔴 EBITDA has shrunk at 12.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 122.0% to -28.8% over 3 years (-150.8 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-1.4% a year).

🟡 EPS has been broadly flat over 3 years (-1.4% a year).

🟡 ROE has held roughly flat at 1.0% over 3 years.

🟡 ROCE has held roughly flat at 1.3% over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹23 Cr

Total Liabilities

₹1 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

79.1%

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

6 general

Compare MEGA CORPORATION with

Equitymaster, 16 Oct

Easun Capital Markets holds 44th AGM, approves FY26 financials

scanx.trade, 19 Sept

Compare with

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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

StrongFinancial Health

MiddlingBusiness Quality · Profitability · Valuation

WeakGrowth · 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. 1 high-severity red flag sits above this conclusion and should be read first.

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