The Motor & General Finance Limited

Real Estate — Real Estate Services · NSE

₹24.92−₹1.05 (−4.04%)

DalalBaazaar Score

75 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

The Motor & General Finance Limited engages in the rental, leasing, and sale of immovable properties in India. It also engages in the development of real estate properties. The Motor & General Finance Limited was incorporated in 1930 and is headquartered in New Delhi, India.

IndustryReal Estate Services

SectorReal Estate

Employees13

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹2145 reaches shareholders as profit, with ₹2361 left at the operating level before interest, tax and depreciation. Each of its 13 employees supports ₹52.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹52.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. 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?Some evidence

ROCE of 71.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE10.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +26% while net margin moved -4539% 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+26%

Margin effect-4539%

DalalBaazaar Score

75/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.46 — historically steadier than the index
✗ 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

78/ 100

Good

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

Valuation

88/ 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

0.6x

2Y Median

104.4x

28 monthly readings · mean 94.2x · range 0.7x–137.6x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 99% below its 2y median of 104.4x. 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 98% below the peer median of 30.2x.

vs. its own history

Cheap

104.4x median over 28 months · -99%

vs. sector peers

Cheap

30.2x median of 3 peers · -98%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

-0.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 37.3% to 2360.9% over 3 years.
Return on equity is rising
ROE has improved from -3.6% to 66.0%.
Return on capital is rising
ROCE has improved from -1.9% to 71.0%.
High return on capital employed
ROCE of 71.0% is the mark of a business that converts capital into profit efficiently.

🔴 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

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 521% against revenue up 26% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹45 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 71.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 37.3% to 2360.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 99% 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.
Cheaper than its peers
It trades 98% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 521% against revenue up 26%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 2359%✓ 2360.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹45 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 6% a year✓ 8.0% CAGR
Latest reported year was 80.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4ROCE stays above 68%✓ 71.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 104.4x✓ 0.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ 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

7 good · 3 neutral · 1 weak

Market Cap

₹97 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

0.6x

Cheap

Cheap against the generic band

P/B Ratio

0.43x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹38.43

Profitable

Profitable on a per-share basis

ROE

66.0%

Strong

Strong capital efficiency

ROCE

71.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

80.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

883.3%

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

-₹45 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

63.7%

Good

Healthy core-business profitability

Net Margin

1283.0%

Good

Strong bottom-line conversion

Current Ratio

3.38

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.46

Defensive

Steadier than the market

52W Range Position

44%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

25.6 / 26.3

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

42.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5 Cr	₹6 Cr	₹7 Cr	₹7 Cr	+8.0%
EBITDA	₹2 Cr	₹1 Cr	₹2 Cr	₹162 Cr	+330.3%
EBITDA Margin	37.3%	21.5%	27.5%	2360.9%	—
PAT (Net Profit)	-₹3 Cr	₹1 Cr	₹1 Cr	₹147 Cr	—
EPS	₹-0.68	₹0.3	₹0.21	₹37.9	—
ROE	-3.6%	1.5%	1.1%	66.0%	—
ROCE	-1.9%	1.4%	0.9%	71.0%	—
Total Debt	₹2 Cr	₹1 Cr	₹0 Cr	—	—
Free Cash Flow	₹1 Cr	₹1 Cr	₹1 Cr	-₹45 Cr	—

🟢 Revenue has grown at 8.0% a year over 3 years.

🟢 EBITDA has grown at 330.3% a year over 3 years.

🟢 EBITDA Margin has risen from 37.3% to 2360.9% over 3 years (+2323.6 pts).

🟢 PAT (Net Profit) has turned positive, from -₹3 Cr to ₹147 Cr.

🟢 EPS has turned positive, from ₹-0.68 to ₹37.9.

🟢 ROE has risen from -3.6% to 66.0% over 3 years (+69.6 pts).

🟢 ROCE has risen from -1.9% to 71.0% over 3 years (+72.9 pts).

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹45 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹307 Cr

Total Liabilities

₹84 Cr

Cash & Equivalents

₹156 Cr

Operating Cash Flow

-₹44 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

2.7%

Insider Holding

78.1%

Corporate Actions

Ex-Dividend Date

22 Sept 2011

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

The Motor & General Finance Limited (MOTOGENFIN.NS) Eases 2.19% to ₹24.53 as Focus Shifts to Support Near ₹23.30 - Risk Reward Setups

https://www.siam.in/, 05 Oct

Motor & General Finance board to approve 12.5% ED pay hike

scanx.trade, 12 Oct

The Motor and General Finance Share: Bull Case vs Bear Case for 2026

Univest, 25 Sept

Motor & General Finance (MOTOGENFIN.NS) Slips 1.96% to ₹25.00, Holding Mid-Range Above ₹23.75 Support - Stock Analysis

siam.in, 01 Oct

The Motor & General Finance (MOTOGENFIN) Share Price Falls 11.93% Today

Univest, 08 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Motor & General Finance (MOTOGENFIN.NS) Edges Up to ₹26.45 as Buyers Test Resistance Near ₹27.77

https://www.siam.in/, 23 Sept

Watch Items

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

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

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

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑