GCM Securities Limited

Financial Services — Capital Markets · BSE

₹0.64+₹0.01 (+1.59%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by short-term liabilities exceed short-term assets, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with both sales and profits growing well. Short-term liquidity is 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 GCM Securities Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GCM Securities Limited engages in stock broking activities in India. It is involved in broking; investing in shares and other securities, commodities, and other related activities of capital market. The company was incorporated in 1995 and is based in Mumbai, India.

IndustryCapital Markets

SectorFinancial Services

Employees11

Annual revenue-₹0 Cr

How does it make money?

Turns over -₹0 Cr a year. Of every ₹100 of sales, about ₹258 reaches shareholders as profit, with ₹163 left at the operating level before interest, tax and depreciation. Each of its 11 employees supports ₹-4,18,273 of revenue a year, the signature of a people-led business.

Revenue / employee₹-4,18,273

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

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

52/ 100

Average

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

Valuation

36/ 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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -8059.3% to 163.2% over 3 years.
Return on capital is rising
ROCE has improved from -9.3% to -6.6%.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.44 — near-term obligations exceed near-term assets.

Red Flags

2 items require attention · 2 high

🔴Thin interest coverageFinancial
Operating profit covers interest only -14.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -8059.3% to 163.2%. 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?

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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 161%✓ 163.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -11.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ -14.0x
How much operating profit can fall before interest stops being comfortably covered.

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

₹12 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.31x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.05

Loss-making

Negative earnings per share — the business is losing money

ROE

-11.8%

Weak

Weak capital efficiency

ROCE

-6.6%

Weak

Low return on total capital employed

Debt/Equity

0.62x

Moderate

Moderate leverage

Revenue Growth (YoY)

36.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

100.0%

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

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

62.4%

Good

Healthy core-business profitability

Net Margin

-151.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.44

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.49

Defensive

Steadier than the market

52W Range Position

29%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.6 / 0.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	-₹1 Cr	-₹0 Cr	—
EBITDA	-₹1 Cr	-₹0 Cr	-₹2 Cr	-₹1 Cr	—
EBITDA Margin	-8059.3%	-209.0%	172.4%	163.2%	—
PAT (Net Profit)	-₹1 Cr	-₹0 Cr	-₹3 Cr	-₹1 Cr	—
EPS	₹-0.06	₹-0.02	₹-0.14	₹-0.06	—
ROE	-9.7%	-2.4%	-18.2%	-11.8%	—
ROCE	-9.3%	-2.0%	-12.9%	-6.6%	—
Total Debt	—	₹5 Cr	₹7 Cr	₹6 Cr	—
Free Cash Flow	₹1 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	-31.0%

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

🟢 EBITDA Margin has risen from -8059.3% to 163.2% over 3 years (+8222.4 pts).

🔴 ROE has fallen from -9.7% to -11.8% over 3 years (-2.1 pts).

🟢 ROCE has risen from -9.3% to -6.6% over 3 years (+2.7 pts).

🔴 Free Cash Flow has shrunk at 31.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹22 Cr

Total Liabilities

₹12 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

46.8%

Corporate Actions

Ex-Dividend Date

28 Oct 2014

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

GCM Securities Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 07 Oct

GCM Securities sets Sept 19-25 book closure for 31st AGM

scanx.trade, 29 Aug

GCM Securities Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Noble Polymers (BSE:539200) - Stock Analysis

Simply Wall Street, 18 Sept

GCM Corporation Announces Shareholder Approval for Security Consolidation

Kalkine, 08 Jul

GCM SECURITIES LTD Share Price - Live GCMSECU Stock Price & Chart

Upstox, 04 Apr

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

StrongFinancial Health

MiddlingBusiness Quality · Growth · Valuation

WeakProfitability · 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. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 3 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑