Maruti Global Industries Limited

Financial Services — Capital Markets · BSE

₹43.10−₹0.22 (−0.51%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, with both sales and profits growing well. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Maruti Global Industries Limited engages in investment, Underwriting, and subunderwriting business in India. The company invests in, acquires and holds, sells, buys in shares, debentures, stocks, bonds, units, and other securities.

IndustryCapital Markets

SectorFinancial Services

Employees2

Annual revenue₹24 Cr

How does it make money?

Turns over ₹24 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹11.77 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹11.77 Cr

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%

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

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

Valuation

30/ 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.

Historical Valuation

Current P/E

20.2x

1.3Y Median

2.2x

16 monthly readings · mean 8.6x · range 1.2x–29.7x

Sector Median

58.4x

median of 3 sector peers

⚠️Current valuation is approximately 812% above its 1.3y median of 2.2x. 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 65% below the peer median of 58.4x.

vs. its own history

Expensive

2.2x median over 16 months · +812%

vs. sector peers

Cheap

58.4x median of 3 peers · -65%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

32.2x

PEG

—

Red Flags

2 items require attention · 2 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 136.3 points, from 139.5% to 3.2%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 65% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from 139.5% to 3.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 812% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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 1%✓ 3.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Valuation vs its own median of 2.2x✗ 20.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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

3 good · 5 neutral · 3 weak

Market Cap

₹22 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

20.2x

Fair

Fairly valued against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹2.13

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

30.0%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

1733.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

618.2%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

3.7%

Weak

Thin margins leave little room for error

Net Margin

2.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.43

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.59

Defensive

Steadier than the market

52W Range Position

37%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

42.6 / 39.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

55.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	-₹0 Cr	₹0 Cr	-₹1 Cr	₹24 Cr	—
EBITDA	-₹1 Cr	-₹0 Cr	₹13 Cr	₹1 Cr	—
EBITDA Margin	139.5%	-234900.0%	-2486.1%	3.2%	—
PAT (Net Profit)	-₹1 Cr	-₹0 Cr	₹13 Cr	₹1 Cr	—
EPS	₹-1.29	₹-0.47	₹26.02	₹1.45	—
ROCE	-85.7%	-33.0%	—	30.0%	—
Total Debt	₹15 Cr	₹15 Cr	₹1 Cr	₹3 Cr	-39.7%
Free Cash Flow	-₹0 Cr	-₹0 Cr	₹14 Cr	-₹1 Cr	—

🟢 Revenue has turned positive, from -₹0 Cr to ₹24 Cr.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹1 Cr.

🔴 EBITDA Margin has fallen from 139.5% to 3.2% over 3 years (-136.3 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-1.29 to ₹1.45.

🟢 ROCE has risen from -85.7% to 30.0% over 3 years (+115.6 pts).

🟢 Total Debt has shrunk at 39.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7 Cr

Total Liabilities

₹28 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.7%

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

Maruti Global Industries promoter raises stake to 60.76% via open market buys

scanx.trade, 14 Oct

MGIL Stock Price and Chart — BSE:MGIL

TradingView, 24 Feb

MARUTI GLOBAL INDUSTRIES LIMIT Share Price - Live MGIL Stock Price & Chart

Upstox, 05 May

Maruti Global Industries closes trading window ahead of Q2FY27 results

scanx.trade, 03 OctResults

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

Penny Stock Under Rs 100 Jumps Around 20% After UAV Manufacturing Announcement: Know Details

Dalal Street Investment Journal, 05 Aug

Dividends & stock splits: Maruti Suzuki, ICICI Bank among nearly 100 stocks turning ex-date this week. Do

The Economic Times, 02 Aug

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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Maruti Global Industries Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Valuation vs its own median of 2.2x · see Key things to watch ↑