Mizzen Ventures Limited

Industrials — Infrastructure Operations · BSE

₹24.20−₹0.47 (−1.91%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Mizzen Ventures Limited engages in construction works and infrastructure activities in India. It is involved in trading of infrastructure building materials and infra works.

IndustryInfrastructure Operations

SectorIndustrials

Employees4

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹52 reaches shareholders as profit, with ₹95 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹48.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹48.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ 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?Little sign of one

Returns on capital of 3.2% 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%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 2.0% is weak

Quality vs. Valuation

Company Quality

51/ 100

Average

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

Valuation

39/ 100

Expensive

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

403.3x

1.3Y Median

354.3x

16 monthly readings · mean 335.6x · range 52.6x–711.5x

Sector Median

30.0x

median of 2 sector peers

⚠️Current valuation is approximately 14% above its 1.3y median of 354.3x. 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 1245% above the peer median of 30.0x.

vs. its own history

Fair

354.3x median over 16 months · +14%

vs. sector peers

Expensive

30.0x median of 2 peers · +1245%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

29.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 24% over 3 years.
Return on capital is rising
ROCE has improved from -0.2% to 3.2%.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 2 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 2.94x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 1321% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 24% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.94x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 1245% 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.
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 93%✓ 94.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹19 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 3.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 354.3x✓ 403.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

3 / 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

3 good · 2 neutral · 6 weak

Market Cap

₹53 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

403.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.11x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.06

Profitable

Profitable on a per-share basis

ROE

2.0%

Weak

Weak capital efficiency

ROCE

3.2%

Weak

Low return on total capital employed

Debt/Equity

2.94x

High

High leverage

Revenue Growth (YoY)

-13.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

135.0%

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

-₹19 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-67.4%

Weak

Thin margins leave little room for error

Net Margin

4.4%

Average

Average bottom-line conversion

Current Ratio

4.37

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

31.9 / 35.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

2.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	—	₹0 Cr	₹2 Cr	—
EBITDA	-₹0 Cr	-₹1 Cr	₹1 Cr	₹2 Cr	—
EBITDA Margin	—	—	296.3%	94.8%	—
PAT (Net Profit)	-₹0 Cr	-₹2 Cr	₹0 Cr	₹1 Cr	—
EPS	₹-0.02	₹-12.13	₹0.37	₹0.46	—
ROE	—	—	0.9%	2.0%	—
ROCE	-0.2%	—	1.1%	3.2%	—
Total Debt	₹2 Cr	₹3 Cr	₹0 Cr	₹1 Cr	-8.6%
Free Cash Flow	-₹0 Cr	-₹1 Cr	-₹21 Cr	-₹19 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹2 Cr.

🔴 EBITDA Margin has fallen from 296.3% to 94.8% over 3 years (-201.5 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-0.02 to ₹0.46.

🟢 ROE has risen from 0.9% to 2.0% over 3 years (+1.1 pts).

🟢 ROCE has risen from -0.2% to 3.2% over 3 years (+3.5 pts).

🟢 Total Debt has shrunk at 8.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹54 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹21 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

78.0%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%

Recent News

1 positive2 mixed3 general

Mizzen Ventures approves preferential issue at EGM

scanx.trade, 09 Jul

Mizzen Ventures closes trading window ahead of Q2FY27 results

scanx.trade, 26 SeptResults

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

Mizzen Ventures Shareholders Approve Capital Hike and Preferential Share Issue

Whalesbook, 15 Jul

Mizzen Ventures FY26 net profit rises to ₹100.54 lakh

scanx.trade, 26 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Mizzen Ventures Limited Revises Board Meeting Date to May 26, 2026 for FY26 Results

scanx.trade, 18 MayResults

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

Mizzen Ventures: Hitesh Kawa Acquires 3.68% Stake Through Warrant Conversion

scanx.trade, 31 Mar

Watch Items

Revenue growth is negative (-13.8%) 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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

MiddlingBusiness Quality · Financial Health · Growth · Valuation

WeakProfitability · 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. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑