IIRM Holdings India Limited

Financial Services — Insurance Brokers · BSE

₹119.00+₹1.00 (+0.85%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:50 pm

Understanding the Business

Company site ↗

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

What does this company do?

IIRM Holdings India Limited engages in the provision of professional and consultancy services in India and internationally.

IndustryInsurance Brokers

SectorFinancial Services

Employees500

Annual revenue₹252 Cr

How does it make money?

Turns over ₹252 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹24 left at the operating level before interest, tax and depreciation. Each of its 500 employees supports ₹50.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹50.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD, ICICI PRU LIFE INS CO LTD, ICICI LOMBARD GIC LIMITED. 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 ROE13.6%

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 +27575% while net margin moved -40% 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+27575%

Margin effect-40%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 33.1x already prices in growth
• P/E is close to its own historical median of 28.6x
✗ P/B of 5.17x is a steep premium to book

Quality vs. Valuation

Company Quality

74/ 100

Good

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

Valuation

68/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

33.1x

3Y Median

28.6x

40 monthly readings · mean 62.8x · range 5.8x–437.2x

Sector Median

47.6x

median of 4 sector peers

⚠️Current valuation is approximately 16% above its 3y median of 28.6x. 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 31% below the peer median of 47.6x.

vs. its own history

Fair

28.6x median over 40 months · +16%

vs. sector peers

Cheap

47.6x median of 4 peers · -31%

vs. generic bands

Fair

15x–35x

EV/EBITDA

14.6x

PEG

0.07

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 20.0% to 23.5% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 29333% against revenue growth of 27575% — customers are taking longer to pay.

Red Flags

2 items require attention · 2 watch

🟡Interest coverage is deterioratingFinancial
Cover has fallen from 12.2x to 5.5x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 1122% 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 20.0% to 23.5%. 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 31% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 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 414% a year✓ 551.7% CAGR
Latest reported year was 8.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 22%✓ 23.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 14%✓ 15.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 4x✓ 5.5x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 28.6x✓ 33.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

9 / 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 · 6 neutral · 1 weak

Market Cap

₹848 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

33.1x

Fair

Fairly valued against the generic band

P/B Ratio

5.17x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹3.6

Profitable

Profitable on a per-share basis

ROE

15.5%

Strong

Strong capital efficiency

ROCE

17.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.60x

Moderate

Moderate leverage

Revenue Growth (YoY)

8.1%

Modest

Modest growth

Profit Growth (YoY)

2.7%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹16 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

19.2%

Good

Healthy core-business profitability

Net Margin

9.5%

Average

Average bottom-line conversion

Current Ratio

4.66

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

124.2 / 130.5

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹178 Cr	₹219 Cr	₹252 Cr	+551.7%
EBITDA	₹0 Cr	₹46 Cr	₹47 Cr	₹59 Cr	+587.3%
EBITDA Margin	20.0%	26.1%	21.4%	23.5%	—
PAT (Net Profit)	₹0 Cr	₹23 Cr	₹22 Cr	₹24 Cr	+449.9%
EPS	₹0.17	₹12.91	₹3.17	₹3.58	+174.1%
ROE	—	20.8%	16.4%	15.5%	—
ROCE	—	28.6%	22.1%	17.6%	—
Total Debt	—	₹18 Cr	₹29 Cr	₹94 Cr	—
Free Cash Flow	-₹0 Cr	-₹82 Cr	-₹26 Cr	₹16 Cr	—

🟢 Revenue has grown at 551.7% a year over 3 years.

🟢 EBITDA has grown at 587.3% a year over 3 years.

🟢 EBITDA Margin has risen from 20.0% to 23.5% over 3 years (+3.5 pts).

🟢 PAT (Net Profit) has grown at 449.9% a year over 3 years.

🟢 EPS has grown at 174.1% a year over 3 years.

🔴 ROE has fallen from 20.8% to 15.5% over 3 years (-5.2 pts).

🔴 ROCE has fallen from 28.6% to 17.6% over 3 years (-11.0 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹16 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹282 Cr

Total Liabilities

₹125 Cr

Cash & Equivalents

₹76 Cr

Operating Cash Flow

₹22 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.4%

Peer Comparison

Company	P/E	ROE
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%
ICICI PRU LIFE INS CO LTD	36.7x	12.9%
ICICI LOMBARD GIC LIMITED	33.0x	13.6%

Recent News

1 mixed5 general

IIRM Holdings India Ltd. Lower Circuit Streak: Day 2 Price and Data

Univest, 25 Sept

IIRM Holdings announces Rs 1500 million strategic capital raise

bfsi.economictimes.indiatimes.com, 01 Aug

IIRM Holdings gets BSE nod for 15.59 lakh preferential shares

scanx.trade, 09 Oct

IIRM Holdings raises ₹150 crore to fund expansion and strategic acquisitions

BusinessLine, 08 AugCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Compare with

Equitymaster, 06 Oct

Carpediem files SAST Reg 29(1) disclosure for IIRM Holdings stake

scanx.trade, 11 Sept

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 · Profitability

MiddlingGrowth

WeakValuation · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 5 tripwires holding · see Key things to watch ↑