Landmark Global Learning Limited

Industrials — Consulting Services · BSE

₹10.14−₹0.03 (−0.29%)

DalalBaazaar Score

32 / 100

🔴 Weak

Verdict

CAUTION

Risk

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, 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, 6:51 pm

Understanding the Business

Company site ↗

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

What does this company do?

Landmark Global Learning Limited provides overseas education consultancy and allied services.

IndustryConsulting Services

SectorIndustrials

Employees106

Annual revenue₹18 Cr

How does it make money?

Turns over ₹18 Cr a year. Of every ₹100 of sales, about ₹-40 reaches shareholders as profit, with ₹-33 left at the operating level before interest, tax and depreciation. Each of its 106 employees supports ₹17.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹17.3 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA 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?Little sign of one

Returns on capital of -7.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -6% while net margin moved -276% 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-6%

Margin effect-276%

DalalBaazaar Score

32/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 26.9 points over the period

Quality vs. Valuation

Company Quality

30/ 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 Well1

Very low debt
Debt/Equity of 0.23x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 17.3% to -9.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 24.0% to -7.8% — often a sign of competition or overexpansion.

Red Flags

7 items require attention · 5 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 595% over 3 years, from ₹3 Cr to ₹17 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only -35.4x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹7 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 74.0 points, from 40.9% to -33.1%.
🔴Receivables growing faster than salesFinancial
Receivables up 3794% against revenue up -6% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 69.8x to -35.4x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹39 Cr in the latest year.

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 40.9% to -33.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 3794% against revenue up -6%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 17.3% to -9.6%. 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.

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

1EBITDA margin holds above -35%✓ -33.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹39 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -35.4x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -7.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 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

2 good · 2 neutral · 7 weak

Market Cap

₹21 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

0.27x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-3.55

Loss-making

Negative earnings per share — the business is losing money

ROE

-9.1%

Weak

Weak capital efficiency

ROCE

-7.8%

Weak

Low return on total capital employed

Debt/Equity

0.23x

Low

Conservative leverage

Revenue Growth (YoY)

-86.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

-155.7%

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

-₹36 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

-6.4%

Weak

Assets generate little profit

Operating Margin

-362.0%

Weak

Thin margins leave little room for error

Net Margin

-39.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

14.65

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

10.3 / 10.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

54.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹20 Cr	₹35 Cr	₹38 Cr	₹18 Cr	-2.2%
EBITDA	₹8 Cr	₹16 Cr	₹19 Cr	-₹6 Cr	—
EBITDA Margin	40.9%	46.5%	49.5%	-33.1%	—
PAT (Net Profit)	₹4 Cr	₹12 Cr	₹13 Cr	-₹7 Cr	—
EPS	₹2.15	₹5.6	₹8.18	—	—
ROE	17.3%	31.4%	15.6%	-9.6%	—
ROCE	24.0%	42.9%	21.4%	-7.8%	—
Total Debt	₹3 Cr	₹1 Cr	₹0 Cr	₹17 Cr	+90.9%
Free Cash Flow	₹1 Cr	₹5 Cr	-₹4 Cr	-₹39 Cr	—

🔴 Revenue has shrunk at 2.2% a year over 3 years.

🔴 EBITDA has turned negative, from ₹8 Cr to -₹6 Cr.

🔴 EBITDA Margin has fallen from 40.9% to -33.1% over 3 years (-74.0 pts).

🔴 PAT (Net Profit) has turned negative, from ₹4 Cr to -₹7 Cr.

🔴 ROE has fallen from 17.3% to -9.6% over 3 years (-26.9 pts).

🔴 ROCE has fallen from 24.0% to -7.8% over 3 years (-31.9 pts).

🔴 Total Debt has grown at 90.9% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹39 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹96 Cr

Total Liabilities

₹20 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

-₹11 Cr

Capex

-₹28 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

79.8%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed5 general

LANDMARK GLOBAL LEARNING LIMIT Share Price - Live LGLL Stock Price & Chart

Upstox, 05 May

Landmark Global Learning schedules 16th AGM for September 30

scanx.trade, 04 Sept

Landmark Global Learning Limited (LGLL.BO) recent insider transactions

Yahoo Finance UK, 10 Oct

Landmark Global Learning FY26 Results: Net loss hits ₹730.65 lakh

scanx.trade, 11 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Landmark Global’s North America Cross-Border Confidence Index Finds 43% of Consumers Deterred by Hidden Costs When Shopping Internationally

Business Wire, 27 May

LGLL Stock Price and Chart — BSE:LGLL

TradingView, 10 Jul

Watch Items

Revenue growth is negative (-86.2%) 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.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Valuation

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. 5 high-severity red flags sit above this conclusion and should be read first.

3 of 4 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑