MSL Global Limited

Financial Services — Capital Markets · BSE

₹17.52+₹0.12 (+0.69%)

DalalBaazaar Score

80 / 100

🟢 Strong

Verdict

REASONABLE

Risk

Moderate

Driven by 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, 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, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

MSL Global Limited engages in investment activities in India. The company was formerly known as Madhusudan Securities Limited and changed its name to MSL Global Limited in July 2025. The company was incorporated in 1983 and is based in Mumbai, 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 ₹30 reaches shareholders as profit, with ₹62 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1315753% while net margin moved -100% 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+1315753%

Margin effect-100%

DalalBaazaar Score

80/ 100

Strong

Weighted across six categories. Every point is explained below.

✓ Beta of -2.09 — 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

84/ 100

Excellent

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

13.0x

2Y Median

157.5x

28 monthly readings · mean 140.2x · range 13.4x–226.8x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 92% below its 2y median of 157.5x. 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 78% below the peer median of 58.4x.

vs. its own history

Cheap

157.5x median over 28 months · -92%

vs. sector peers

Cheap

58.4x median of 3 peers · -78%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -24982.8% to 61.5% over 3 years.
Return on equity is rising
ROE has improved from -0.3% to 2.8%.
Return on capital is rising
ROCE has improved from -0.3% to 3.6%.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 146% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -24982.8% to 61.5%. 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 92% 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 78% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

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

1Revenue growth stays above 1696% a year✓ 2260.9% CAGR
Latest reported year was 717040.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 60%✓ 61.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 2.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 157.5x✓ 13.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

6 good · 2 neutral · 3 weak

Market Cap

₹38 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.0x

Cheap

Cheap against the generic band

P/B Ratio

0.50x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.35

Profitable

Profitable on a per-share basis

ROE

2.8%

Weak

Weak capital efficiency

ROCE

3.6%

Weak

Low return on total capital employed

Debt/Equity

0.07x

Low

Conservative leverage

Revenue Growth (YoY)

717040.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

359.0%

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

-₹12 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-1156.3%

Weak

Thin margins leave little room for error

Net Margin

26.9%

Good

Strong bottom-line conversion

Current Ratio

9.35

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-2.09

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

18.0 / 17.3

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

55.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹7 Cr	+2260.9%
EBITDA	-₹0 Cr	₹0 Cr	-₹1 Cr	₹4 Cr	—
EBITDA Margin	-24982.8%	29200.0%	-82370.0%	61.5%	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	-₹1 Cr	₹2 Cr	—
EPS	₹-0.02	₹0.14	₹-0.74	₹1.31	—
ROE	-0.3%	0.1%	-1.0%	2.8%	—
ROCE	-0.3%	0.1%	-1.0%	3.6%	—
Free Cash Flow	-₹0 Cr	₹10 Cr	-₹9 Cr	-₹12 Cr	—

🟢 Revenue has grown at 2260.9% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹4 Cr.

🟢 EBITDA Margin has risen from -24982.8% to 61.5% over 3 years (+25044.3 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-0.02 to ₹1.31.

🟢 ROE has risen from -0.3% to 2.8% over 3 years (+3.1 pts).

🟢 ROCE has risen from -0.3% to 3.6% over 3 years (+3.8 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹80 Cr

Total Liabilities

₹1 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹10 Cr

Operating Cash Flow

-₹6 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.6%

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

2 mixed4 general

MSL Global promoter stake rises to 17.42% after September buy

scanx.trade, 01 Sept

Mangalam Seeds Share Price gains 19.70% amid sector context

Univest, 07 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.

MSL Global Limited: Promoter Group Acquires Additional 36,386 Equity Shares

scanx.trade, 27 Mar

MSL Global Limited Insider Trading & Ownership Structure

Simply Wall Street, 19 Jul

MSL Global promoter stake rises to 19.45% after open market acquisition

scanx.trade, 11 SeptM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Heineken Helps South African Fans Beat World Cup Beer Prices with Return of Bar De Change — LBB

LBB - Little Black Book, 10 Jul

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.

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.

1 of 4 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑