Inditrade Capital Limited

Financial Services — Credit Services · BSE

₹2.51₹0.00 (0.00%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

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

What does this company do?

Inditrade Capital Limited provides financial services to the under-served and marginalized sectors in India.

IndustryCredit Services

SectorFinancial Services

Annual revenue₹53 Cr

How does it make money?

Turns over ₹53 Cr a year. Of every ₹100 of sales, about ₹-128 reaches shareholders as profit, with ₹-7 left at the operating level before interest, tax and depreciation.

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.

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 ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -67% while net margin moved -4186% 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-67%

Margin effect-4186%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 99.7 points over the period

Quality vs. Valuation

Company Quality

39/ 100

Weak

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.

Weak on business quality and not cheap enough to compensate.

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 Well0

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

🔴 What Needs Attention4

Return on equity is falling
ROE has dropped from 3.6% to -96.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 9.1% to -22.0% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 164% against revenue growth of -67% — customers are taking longer to pay.
Short-term liquidity is tight
Current ratio of 0.93 — near-term obligations exceed near-term assets.

Red Flags

2 items require attention · 2 high

🔴The company is lossmakingFinancial
Net profit of -₹68 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 52.6 points, from 45.8% to -6.7%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 45.8% to -6.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 3.6% to -96.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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 -9%✓ -6.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -2.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

2 / 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

1 good · 2 neutral · 8 weak

Market Cap

₹6 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

0.07x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-29.39

Loss-making

Negative earnings per share — the business is losing money

ROE

-2.1%

Weak

Weak capital efficiency

ROCE

-22.0%

Weak

Low return on total capital employed

Debt/Equity

1.58x

High

High leverage

Revenue Growth (YoY)

-67.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

-3575.8%

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

-₹45 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

-1.1%

Weak

Assets generate little profit

Operating Margin

217.8%

Good

Healthy core-business profitability

Net Margin

-146.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.93

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.83

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

2.5 / 2.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹162 Cr	₹163 Cr	₹162 Cr	₹53 Cr	-30.9%
EBITDA	₹74 Cr	₹49 Cr	₹31 Cr	-₹4 Cr	—
EBITDA Margin	45.8%	30.1%	19.4%	-6.7%	—
PAT (Net Profit)	₹5 Cr	-₹14 Cr	₹2 Cr	-₹68 Cr	—
EPS	₹2.18	₹-5.98	₹0.85	—	—
ROE	3.6%	-11.7%	1.7%	-96.1%	—
ROCE	9.1%	5.0%	4.6%	-22.0%	—
Total Debt	₹356 Cr	₹256 Cr	₹150 Cr	₹140 Cr	-26.8%
Free Cash Flow	-₹111 Cr	₹101 Cr	₹87 Cr	-₹45 Cr	—

🔴 Revenue has shrunk at 30.9% a year over 3 years.

🔴 EBITDA has turned negative, from ₹74 Cr to -₹4 Cr.

🔴 EBITDA Margin has fallen from 45.8% to -6.7% over 3 years (-52.6 pts).

🔴 PAT (Net Profit) has turned negative, from ₹5 Cr to -₹68 Cr.

🔴 ROE has fallen from 3.6% to -96.1% over 3 years (-99.7 pts).

🔴 ROCE has fallen from 9.1% to -22.0% over 3 years (-31.1 pts).

🟢 Total Debt has shrunk at 26.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹319 Cr

Total Liabilities

₹210 Cr

Cash & Equivalents

₹16 Cr

Operating Cash Flow

-₹45 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

6.4%

Corporate Actions

Ex-Dividend Date

20 Jun 2019

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

Inditrade Capital Ltd Share Price

Business Today, 07 Sept

Inditrade Capital Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

Compare JRG SECURITIES with

Equitymaster, 28 Sept

Defence stocks dip? Buy the correction, stay for 5 years; go for niche tech over big IT: Sudip Bandyopadhy

The Economic Times, 17 Nov

INDITRADE CAPITAL LIMITED Share Price

Upstox, 05 May

INDICAP Stock Price and Chart — BSE:INDICAP

TradingView, 05 Jul

Watch Items

Revenue growth is negative (-67.2%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑