Longspur International Ventures Limited

Financial Services — Capital Markets · BSE

₹7.50+₹0.35 (+4.90%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, 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, 6:09 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 Longspur International Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Longspur International Ventures Limited engages in the business of finance, trading, and investment in India. It is also involved in trading.

IndustryCapital Markets

SectorFinancial Services

Employees8

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹25 reaches shareholders as profit, with ₹54 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹26.0 lakh of revenue a year, the signature of a people-led business.

EBITDA margin54.3%

Net margin25.5%

Revenue / employee₹26.0 lakh

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.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC LIFE INS CO LTDP/E 58.4x · ROE 11.3%

SBI LIFE INSURANCE CO LTDP/E 63.9x · ROE 13.7%

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.

ROCE2.1%

ROE1.8%

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -84% while net margin moved +4511% 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-84%

Margin effect+4511%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.81 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

66/ 100

Good

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

Valuation

69/ 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

21.4x

3Y Median

22.2x

40 monthly readings · mean 49.7x · range 13.1x–167.3x

Sector Median

58.4x

median of 3 sector peers

🟡Currently trading close to its 3y median of 22.2x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 63% below the peer median of 58.4x.

vs. its own history

Fair

22.2x median over 40 months · -3%

vs. sector peers

Cheap

58.4x median of 3 peers · -63%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

21.4x

P/B

0.33x

EV/EBITDA

17.9x

PEG

0.23

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 1.9% to 54.3% 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 45% against revenue growth of -84% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 33% 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 1.9% to 54.3%. 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 63% 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

1EBITDA margin holds above 52%✓ 54.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 1.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 22.2x✓ 21.4x today
A re-rating above its own history needs a reason; without one it is just a higher price.

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

₹10 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.4x

Fair

Fairly valued against the generic band

P/B Ratio

0.33x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.35

Profitable

Profitable on a per-share basis

ROE

1.8%

Weak

Weak capital efficiency

ROCE

2.1%

Weak

Low return on total capital employed

Debt/Equity

0.33x

Low

Conservative leverage

Revenue Growth (YoY)

15.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-21.4%

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

-₹5 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹7.5

Operating Margin

30.3%

Good

Healthy core-business profitability

Net Margin

11.7%

Good

Strong bottom-line conversion

Current Ratio

1.06

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.81

Market-like

Moves roughly in line with the market

52W Range Position

39%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

7.6 / 8.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

52.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹13 Cr	₹2 Cr	₹7 Cr	₹2 Cr	-46.0%
EBITDA	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+65.0%
EBITDA Margin	1.9%	33.2%	15.8%	54.3%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+93.5%
EPS	₹0.07	₹0.33	₹0.44	₹0.39	+76.4%
ROE	0.3%	1.6%	2.0%	1.8%	—
ROCE	0.8%	2.7%	3.3%	2.1%	—
Total Debt	₹0 Cr	₹0 Cr	₹3 Cr	₹10 Cr	+174.2%
Free Cash Flow	₹0 Cr	-₹1 Cr	-₹3 Cr	-₹5 Cr	—

🔴 Revenue has shrunk at 46.0% a year over 3 years.

🟢 EBITDA has grown at 65.0% a year over 3 years.

🟢 EBITDA Margin has risen from 1.9% to 54.3% over 3 years (+52.4 pts).

🟢 PAT (Net Profit) has grown at 93.5% a year over 3 years.

🟢 EPS has grown at 76.4% a year over 3 years.

🟢 ROE has risen from 0.3% to 1.8% over 3 years (+1.4 pts).

🟢 ROCE has risen from 0.8% to 2.1% over 3 years (+1.3 pts).

🔴 Total Debt has grown at 174.2% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹5 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹41 Cr

Total Liabilities

₹11 Cr

Total Debt

₹10 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹5 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

50.3%

Corporate Actions

Ex-Dividend Date

19 Sept 2013

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

1 mixed1 negative4 general

Longspur International Ventures gets BSE nod for preferential issue

scanx.trade, 15 Jun

Longspur International Ventures standalone net profit declines 15.79% in the June 2026 quarter

Business Standard, 11 JulResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Longspur International Ventures Board Approves ₹15 Crore Preferential Issue to 30 Allottees

scanx.trade, 04 Mar

Longspur International Ventures (BSE:504340) - Stock Analysis

Simply Wall Street, 23 Jan

Longspur International Ventures Submits EGM Notice with Book Closure March 31-April 6, 2026

scanx.trade, 06 Apr

Q1 results: Indian Bank, L&T Finance, Bank of Maharashtra, Just Dial, others to post earnings on July 10

Upstox, 10 JulResults

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

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

🟢Business QualityStrong14.2/20

🟢Financial HealthStrong17/20

🟡GrowthModest10.5/20

🟡ProfitabilityModerate7.9/15

🟢ValuationAttractive10.6/15

🔴RiskHigh3.5/10

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.

This thesis breaks if

✓EBITDA margin holds above 52%54.3%
✗Return on equity stays above 8%1.8%
✓Valuation vs its own median of 22.2x21.4x today