Fundviser Capital (India) Limited

Financial Services — Capital Markets · BSE

₹448.95+₹8.60 (+1.95%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

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, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Fundviser Capital (India) Limited operates as an investment company in India. The company operates in five segments: Investment Activities & Derivatives, Bullion, Media & Entertainment, Merchant & Foreign Trading, and Real Estate.

IndustryCapital Markets

SectorFinancial Services

Employees9

Annual revenue₹124 Cr

How does it make money?

Turns over ₹124 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 9 employees supports ₹13.82 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹13.82 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 +106052% while net margin moved -130% 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+106052%

Margin effect-130%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -0.22 — 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
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

63/ 100

Average

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

Valuation

34/ 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

114.2x

2Y Median

131.4x

28 monthly readings · mean 108.2x · range 42.6x–160.6x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 13% below its 2y median of 131.4x. 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 96% above the peer median of 58.4x.

vs. its own history

Fair

131.4x median over 28 months · -13%

vs. sector peers

Expensive

58.4x median of 3 peers · +96%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

104.9x

PEG

5.24

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -4.1% to 2.7% over 3 years.
Return on equity is rising
ROE has improved from -0.2% to 5.1%.
Return on capital is rising
ROCE has improved from -0.1% to 7.3%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 114% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -4.1% to 2.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 96% above the peer median. That premium needs a reason that persists, or it closes.
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 690% a year✓ 920.1% CAGR
Latest reported year was 116.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 2.7%
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 4x✓ 6.7x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 131.4x✓ 114.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

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

3 good · 3 neutral · 5 weak

Market Cap

₹355 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

114.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

4.45x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹3.93

Profitable

Profitable on a per-share basis

ROE

5.1%

Weak

Weak capital efficiency

ROCE

7.3%

Weak

Low return on total capital employed

Debt/Equity

4.30x

High

High leverage

Revenue Growth (YoY)

116.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

21.8%

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

-₹43 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-2.3%

Weak

Thin margins leave little room for error

Net Margin

3.0%

Average

Average bottom-line conversion

Current Ratio

2.74

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.22

Defensive

Steadier than the market

52W Range Position

88%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

430.6 / 417.3

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	₹32 Cr	₹124 Cr	+920.1%
EBITDA	-₹0 Cr	₹1 Cr	₹3 Cr	₹3 Cr	—
EBITDA Margin	-4.1%	77.8%	9.3%	2.7%	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	₹3 Cr	₹3 Cr	—
EPS	₹-0.03	₹1.1	₹4.5	₹2.96	—
ROE	-0.2%	3.4%	12.6%	5.1%	—
ROCE	-0.1%	4.5%	11.6%	7.3%	—
Total Debt	—	—	₹2 Cr	₹3 Cr	—
Free Cash Flow	-₹0 Cr	-₹3 Cr	-₹5 Cr	-₹43 Cr	—

🟢 Revenue has grown at 920.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹3 Cr.

🟢 EBITDA Margin has risen from -4.1% to 2.7% over 3 years (+6.8 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹3 Cr.

🟢 EPS has turned positive, from ₹-0.03 to ₹2.96.

🟢 ROE has risen from -0.2% to 5.1% over 3 years (+5.2 pts).

🟢 ROCE has risen from -0.1% to 7.3% over 3 years (+7.4 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹96 Cr

Total Liabilities

₹26 Cr

Cash & Equivalents

₹12 Cr

Operating Cash Flow

-₹42 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.8%

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 negative5 general

Fundviser Capital (India) Ltd. Peer Comparison – Compare with Others

Value Research, 02 Sept

Dam Capital Advisors consolidated net profit declines 34.78% in the June 2026 quarter

Business Standard, 12 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Fundviser Capital (India) Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Innovassynth Technologies (India) (BSE:533315) - Stock Analysis

Simply Wall Street, 07 Jan

Fundviser Capital (India) Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 04 Sept

Fundviser Capital (India) Ltd

Equitypandit, 02 Dec

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 · Growth

MiddlingBusiness Quality · Profitability · Valuation

WeakRisk

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