Elixir Capital Limited

Financial Services — Capital Markets · BSE

₹101.48+₹5.48 (+5.71%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

REASONABLE

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 both sales and profits growing well. 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 Elixir Capital Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Elixir Capital Limited, together with its subsidiaries, trades and invests in shares and securities in India. The company offers stock and commodity broking, portfolio management, arbitrage and proprietary trading, and demat services.

IndustryCapital Markets

SectorFinancial Services

Employees1

Annual revenue₹36 Cr

How does it make money?

Turns over ₹36 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation. Each of its 1 employees supports ₹35.81 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹35.81 Cr

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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +782% while net margin moved -114% 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+782%

Margin effect-114%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.50 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

76/ 100

Good

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

Valuation

64/ 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

9.2x

2Y Median

6.8x

28 monthly readings · mean 8.2x · range 4.1x–19.4x

Sector Median

58.4x

median of 3 sector peers

⚠️Current valuation is approximately 35% above its 2y median of 6.8x. 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 84% below the peer median of 58.4x.

vs. its own history

Expensive

6.8x median over 28 months · +35%

vs. sector peers

Cheap

58.4x median of 3 peers · -84%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -32.0% to 22.4% over 3 years.
Return on equity is rising
ROE has improved from -7.2% to 5.1%.
Return on capital is rising
ROCE has improved from -3.4% to 9.0%.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 1860% against revenue growth of 782% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 watch

🟡Interest coverage is deterioratingFinancial
Cover has fallen from 10.1x to 3.4x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -32.0% to 22.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 84% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 35% 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.
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

1Revenue growth stays above 80% a year✓ 106.7% CAGR
Latest reported year was 73.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 20%✓ 22.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 5.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✓ 3.4x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 6.8x✗ 9.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

7 good · 3 neutral · 1 weak

Market Cap

₹59 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.2x

Cheap

Cheap against the generic band

P/B Ratio

1.00x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹11.09

Profitable

Profitable on a per-share basis

ROE

5.1%

Weak

Weak capital efficiency

ROCE

9.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.50x

Low

Conservative leverage

Revenue Growth (YoY)

73.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

124.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.23%

Modest

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

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

61.0%

Good

Healthy core-business profitability

Net Margin

15.2%

Good

Strong bottom-line conversion

Current Ratio

2.01

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.50

Defensive

Steadier than the market

52W Range Position

38%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

99.1 / 100.8

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	₹4 Cr	₹35 Cr	₹42 Cr	₹36 Cr	+106.7%
EBITDA	-₹1 Cr	₹27 Cr	₹21 Cr	₹8 Cr	—
EBITDA Margin	-32.0%	78.6%	49.6%	22.4%	—
PAT (Net Profit)	-₹2 Cr	₹16 Cr	₹9 Cr	₹3 Cr	—
EPS	₹-4.2	₹26.89	₹16.07	₹5.23	—
ROE	-7.2%	32.2%	16.4%	5.1%	—
ROCE	-3.4%	40.0%	24.9%	9.0%	—
Total Debt	₹7 Cr	₹24 Cr	₹31 Cr	₹40 Cr	+76.7%
Free Cash Flow	₹6 Cr	-₹17 Cr	₹1 Cr	₹3 Cr	-22.3%

🟢 Revenue has grown at 106.7% a year over 3 years.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹8 Cr.

🟢 EBITDA Margin has risen from -32.0% to 22.4% over 3 years (+54.4 pts).

🟢 PAT (Net Profit) has turned positive, from -₹2 Cr to ₹3 Cr.

🟢 EPS has turned positive, from ₹-4.2 to ₹5.23.

🟢 ROE has risen from -7.2% to 5.1% over 3 years (+12.3 pts).

🟢 ROCE has risen from -3.4% to 9.0% over 3 years (+12.3 pts).

🔴 Total Debt has grown at 76.7% a year over 3 years.

🔴 Free Cash Flow has shrunk at 22.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹131 Cr

Total Liabilities

₹48 Cr

Cash & Equivalents

₹19 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

82.3%

Corporate Actions

Dividend Rate

₹1.25

Ex-Dividend Date

18 Aug 2026

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 mixed5 general

Elixir Capital Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Elixir Capital closes trading window from Oct 1 for Q2FY27 results

scanx.trade, 24 SeptResults

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

Elixir Capital appoints M. Parashar & Co as statutory auditor

scanx.trade, 25 Aug

Top stocks in news: Paytm, Milky Mist, Netweb, Manipal Health, Indo-MIM, Jyoti CNC, Nelco, DCX Systems

Business Today, 18 Aug

Bonus, stock splits & dividends: Bandhan Bank, MGL, Mazagon Dock among nearly 100 stocks turning ex-record

The Economic Times, 16 Aug

Elixir Capital Limited Share Price

Upstox, 26 Mar

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.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Valuation

MiddlingProfitability

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

2 of 5 tripwires tripped — Return on equity stays above 8%; Valuation vs its own median of 6.8x · see Key things to watch ↑