GSL Securities Limited

Financial Services — Credit Services · BSE

₹64.68₹0.00 (0.00%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:03 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 GSL Securities Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GSL Securities Limited engages in financing activities in India. It also invests in the capital markets. The company was incorporated in 1994 and is based in Mumbai, India.

IndustryCredit Services

SectorFinancial Services

Employees4

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-561 reaches shareholders as profit, with ₹-561 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹1.4 lakh of revenue a year, the signature of a people-led business.

EBITDA margin-561.2%

Net margin-561.4%

Revenue / employee₹1.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

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

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

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.

ROCE-3.2%

ROE-3.2%

Peer median ROE16.5%

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 +916% while net margin moved -73% 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+916%

Margin effect-73%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

29/ 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

P/E (Trailing)

Not meaningful

P/B

2.78x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -2038.2% to -561.2% over 3 years.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 32% 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 -2038.2% to -561.2%. 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.

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

1Revenue growth stays above 87% a year✓ 116.6% CAGR
Latest reported year was 232.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -563%✓ -561.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ -3.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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

1 good · 4 neutral · 6 weak

Market Cap

₹28 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

2.78x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.81

Loss-making

Negative earnings per share — the business is losing money

ROE

-3.2%

Weak

Weak capital efficiency

ROCE

-3.2%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

232.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-90.6%

Falling

Profits are shrinking

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

CMP

₹64.68

Operating Margin

-672.4%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

30.82

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.56

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

58.4 / 45.3

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	₹0 Cr	₹0 Cr	₹0 Cr	+116.6%
EBITDA	-₹0 Cr	₹1 Cr	-₹0 Cr	-₹0 Cr	—
EBITDA Margin	-2038.2%	295.2%	-1450.0%	-561.2%	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.35	₹1.43	₹-0.51	₹-0.73	—
ROE	-2.1%	8.2%	-2.8%	-3.2%	—
ROCE	-2.0%	—	-4.2%	-3.2%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 Revenue has grown at 116.6% a year over 3 years.

🟢 EBITDA Margin has risen from -2038.2% to -561.2% over 3 years (+1477.0 pts).

🔴 ROE has fallen from -2.1% to -3.2% over 3 years (-1.1 pts).

🔴 ROCE has fallen from -2.0% to -3.2% over 3 years (-1.2 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹10 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹4 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

62.2%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

6 general

Global Ship Lease (NYSE:GSL) - Stock Analysis

Simply Wall Street, 15 Oct

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

Value Research, 30 Aug

44% Stake Transfer: This Small-Cap Stock Gets A New Power Structure

Dalal Street Investment Journal, 17 Sept

GSL Securities (BSE: 530469) Open Offer: Bhangdiya Group Files Draft Letter of Offer at ₹42 per Share

Kalkine India, 01 Oct

GSL Securities receives Draft Letter of Offer for Bhangdiya open offer at ₹42

scanx.trade, 17 Sept

Global Ship Lease (NYSE:GSL) Stock Breaks Above Two Hundred Day Moving Average - Here's Why

MarketBeat, 30 Sept

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🔴Business QualityWeak6.8/20

🟢Financial HealthStrong17/20

🟢GrowthStrong18.4/20

🔴ProfitabilityWeak3.2/15

🔴ValuationDemanding5.1/15

🔴RiskHigh4.1/10

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 87% a year116.6% CAGR
✓EBITDA margin holds above -563%-561.2%
✗Return on equity stays above 8%-3.2%