Market Creators Limited

Financial Services — Capital Markets · BSE

₹15.43−₹0.07 (−0.45%)

DalalBaazaar Score

44 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very 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, 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, 7:01 pm

Understanding the Business

Company site ↗

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

What does this company do?

Market Creators Limited engages in direct equity broking, trading, and financial products distribution in India.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹-3 reaches shareholders as profit, with ₹15 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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +3% while net margin moved -319% 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+3%

Margin effect-319%

DalalBaazaar Score

44/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

46/ 100

Average

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

Valuation

31/ 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.

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

22.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Return on capital is rising
ROCE has improved from 5.7% to 8.0%.

🔴 What Needs Attention1

Inventory building faster than sales
Inventory is up 66% against revenue growth of 3% — stock may not be moving.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 0.8x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1.2x to 0.8x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 1.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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 13%✓ 14.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -2.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ 0.8x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 1.1% CAGR
Latest reported year was 19.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

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

1 good · 4 neutral · 6 weak

Market Cap

₹16 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

1.54x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.43

Loss-making

Negative earnings per share — the business is losing money

ROE

-2.0%

Weak

Weak capital efficiency

ROCE

8.0%

Weak

Low return on total capital employed

Debt/Equity

0.66x

Moderate

Moderate leverage

Revenue Growth (YoY)

19.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-219.3%

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

-₹10 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-1.2%

Weak

Thin margins leave little room for error

Net Margin

-1.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.23

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.46

Defensive

Steadier than the market

52W Range Position

87%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

15.8 / 15.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹6 Cr	₹8 Cr	₹9 Cr	₹7 Cr	+1.1%
EBITDA	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+0.5%
EBITDA Margin	14.8%	13.5%	16.8%	14.6%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	₹0 Cr	-₹0 Cr	—
EPS	₹0.09	₹-0.03	₹0.17	₹-0.2	—
ROE	0.9%	-0.3%	1.6%	-2.0%	—
ROCE	5.7%	6.3%	12.4%	8.0%	—
Total Debt	₹11 Cr	₹13 Cr	₹14 Cr	₹6 Cr	-19.2%
Free Cash Flow	-₹3 Cr	-₹3 Cr	₹0 Cr	-₹10 Cr	—

🟡 Revenue has been broadly flat over 3 years (1.1% a year).

🟡 EBITDA has been broadly flat over 3 years (0.5% a year).

🟡 EBITDA Margin has held roughly flat at 14.6% over 3 years.

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EPS has turned negative, from ₹0.09 to ₹-0.2.

🔴 ROE has fallen from 0.9% to -2.0% over 3 years (-2.9 pts).

🟢 ROCE has risen from 5.7% to 8.0% over 3 years (+2.3 pts).

🟢 Total Debt has shrunk at 19.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹49 Cr

Total Liabilities

₹38 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹10 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.9%

Corporate Actions

Ex-Dividend Date

29 Mar 2007

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

3 mixed3 general

Market Creators Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

The 2026 Value Creators Rankings: Strong Markets, Hard Strategic Choices

Boston Consulting Group, 30 Jun

Market Creators posts ₹20.90 lakh net loss in FY26, schedules AGM

scanx.trade, 05 Sept

Meesho Share Price Jumps 6%: What 152% Content Commerce Growth Really Means

NiftyTrader, 06 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Meesho shares jump 6% as content commerce NMV grows 152% in Q2. Buy, sell or hold the stock?

The Economic Times, 06 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

HFCL share price: Why recent rally is a red flag; analyst says this on fresh entry

Business Today, 10 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

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.
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

StrongFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · 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.

3 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x; Revenue growth stays above 4% a year · see Key things to watch ↑