Mask Investments Limited

Financial Services — Capital Markets · NSE

₹130.48−₹10.02 (−7.13%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Mask Investment Limited engages in the finance and investment activities in India. It invests in quoted and unquoted securities. The company was formerly known as Mask Investment Private Limited and changed its name to Mask Investment limited in March 1996.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹28 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, 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.

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 ROE13.7%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -4% while net margin moved +4% 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-4%

Margin effect+4%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 1.4% a year
✗ Profit has declined at 0.0% a year
✗ Latest-year revenue growth of -14.2% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

47/ 100

Fair

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.

Historical Valuation

Current P/E

521.9x

3Y Median

1322.0x

40 monthly readings · mean 1312.3x · range 266.6x–3148.0x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 61% below its 3y median of 1322.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 794% above the peer median of 58.4x.

vs. its own history

Cheap

1322.0x median over 40 months · -61%

vs. sector peers

Expensive

58.4x median of 3 peers · +794%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

484.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.4 points, from 33.5% to 28.1%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 61% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
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?

Margins are being competed away
EBITDA margin has fallen from 33.5% to 28.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 794% above the peer median. That premium needs a reason that persists, or it closes.
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 26%✓ 28.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 0.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 1322.0x✓ 521.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

₹40 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

521.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.67x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.25

Profitable

Profitable on a per-share basis

ROE

0.1%

Weak

Weak capital efficiency

ROCE

0.1%

Weak

Low return on total capital employed

Debt/Equity

1.19x

Moderate

Moderate leverage

Revenue Growth (YoY)

-14.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

70.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-109.8%

Weak

Thin margins leave little room for error

Net Margin

81.4%

Good

Strong bottom-line conversion

Current Ratio

1.79

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.14

Defensive

Steadier than the market

52W Range Position

14%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

143.5 / 146.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

34.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹1 Cr	₹0 Cr	₹0 Cr	-1.4%
EBITDA	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-7.1%
EBITDA Margin	33.5%	6.1%	11.5%	28.1%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+0.0%
EPS	₹0.19	₹0.07	₹0.11	₹0.19	+0.0%
ROE	0.1%	0.0%	0.0%	0.1%	—
ROCE	0.1%	0.0%	0.0%	0.1%	—
Total Debt	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-2.1%
Free Cash Flow	-₹0 Cr	-₹1 Cr	-₹0 Cr	₹0 Cr	—

🟡 Revenue has been broadly flat over 3 years (-1.4% a year).

🔴 EBITDA has shrunk at 7.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 33.5% to 28.1% over 3 years (-5.4 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (0.0% a year).

🟡 EPS has been broadly flat over 3 years (0.0% a year).

🟡 ROE has held roughly flat at 0.1% over 3 years.

🟡 ROCE has held roughly flat at 0.1% over 3 years.

🟢 Total Debt has shrunk at 2.1% a year over 3 years.

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

Balance Sheet & Cash Flow — FY2026

Total Assets

₹62 Cr

Total Liabilities

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

—

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 mixed5 general

Mask Investments Q2 Results: Why Scale Matters More Than the Numbers

Univest, 23 SeptResults

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

Mask Investments Ltd (MASKINVEST.NS) Slips 3.11% to ₹144.0 as Stock Drifts Toward Lower Support Band - Gap Up Stocks

https://www.siam.in/, 14 Sept

Transitory Storm and Regulatory Noise Mask NiSource’s (NI) GenCo Data Center Opportunity

Yahoo Finance, 15 Oct

Volume Gainers on September 9, 2026 at 4:00 PM

HDFC Sky, 09 Sept

SOLLFEGE SMART ELECTRONICS LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 09 Oct

Mask Investments Share: Bull Case vs Bear Case for 2026

Univest, 16 Sept

Watch Items

Revenue growth is negative (-14.2%) on the latest reported period — check if this is one-off or a trend.
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

MiddlingProfitability · Valuation

WeakGrowth · Risk

Points for each in the Score ↑

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.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑