Nagreeka Capital & Infrastructure Ltd.

Financial Services — Asset Management · NSE

₹26.15−₹1.12 (−4.11%)

DalalBaazaar Score

79 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

The 60-second version of Nagreeka Capital & Infrastructure Ltd. — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Nagreeka Capital & Infrastructure Ltd. is a publicly owned investment manager. The firm invests in equity markets, private equity, mutual funds, real estate, and renewable energy.

IndustryAsset Management

SectorFinancial Services

Employees5

Annual revenue₹47 Cr

How does it make money?

Turns over ₹47 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹37 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹9.35 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹9.35 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. 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 ROE16.5%

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 +211% while net margin moved -107% 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+211%

Margin effect-107%

DalalBaazaar Score

79/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.45 — 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

Quality vs. Valuation

Company Quality

86/ 100

Excellent

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

Valuation

69/ 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

4.5x

2Y Median

2.5x

28 monthly readings · mean 2.6x · range 1.4x–4.9x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 82% above its 2y median of 2.5x. 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 74% below the peer median of 17.0x.

vs. its own history

Expensive

2.5x median over 28 months · +82%

vs. sector peers

Cheap

17.0x median of 4 peers · -74%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Return on capital is rising
ROCE has improved from 8.7% to 12.6%.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 23.0 points, from 60.2% to 37.1%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 5.0x to 2.3x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 74% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 60.2% to 37.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 82% 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

1Revenue growth stays above 34% a year✓ 46.0% CAGR
Latest reported year was 108.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 35%✓ 37.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 24%✓ 26.0%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 2.5x✗ 4.5x 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 · 3 neutral · 2 weak

Market Cap

₹33 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

4.5x

Cheap

Cheap against the generic band

P/B Ratio

1.16x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹5.85

Profitable

Profitable on a per-share basis

ROE

26.0%

Strong

Strong capital efficiency

ROCE

12.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

3.80x

High

High leverage

Revenue Growth (YoY)

108.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-0.7%

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

₹9 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

27.3%

Good

Healthy core-business profitability

Net Margin

11.6%

Good

Strong bottom-line conversion

Current Ratio

15.63

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.45

Defensive

Steadier than the market

52W Range Position

37%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

27.4 / 25.1

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

40.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹15 Cr	₹63 Cr	₹55 Cr	₹47 Cr	+46.0%
EBITDA	₹9 Cr	₹33 Cr	₹31 Cr	₹17 Cr	+24.3%
EBITDA Margin	60.2%	53.0%	57.0%	37.1%	—
PAT (Net Profit)	-₹36 Cr	₹13 Cr	₹19 Cr	₹7 Cr	—
EPS	₹-28.87	₹10.57	₹14.71	₹5.38	—
ROE	—	520.0%	87.8%	26.0%	—
ROCE	8.7%	31.2%	25.9%	12.6%	—
Total Debt	₹106 Cr	₹84 Cr	₹83 Cr	₹83 Cr	-8.0%
Free Cash Flow	₹28 Cr	₹29 Cr	₹3 Cr	₹9 Cr	-31.6%

🟢 Revenue has grown at 46.0% a year over 3 years.

🟢 EBITDA has grown at 24.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 60.2% to 37.1% over 3 years (-23.0 pts).

🟢 PAT (Net Profit) has turned positive, from -₹36 Cr to ₹7 Cr.

🟢 EPS has turned positive, from ₹-28.87 to ₹5.38.

🔴 ROE has fallen from 520.0% to 26.0% over 3 years (-494.0 pts).

🟢 ROCE has risen from 8.7% to 12.6% over 3 years (+3.9 pts).

🟢 Total Debt has shrunk at 8.0% a year over 3 years.

🔴 Free Cash Flow has shrunk at 31.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹145 Cr

Total Liabilities

₹116 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹9 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.2%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

2 mixed4 general

Nagreeka Capital & Infrastructure Share Price Forecast to 2030

Univest, 22 Jul

Nagreeka Capital & Infrastructure (NAGREEKCAP.NS) Slips 1.59% to ₹22.87, Hovers Near Support Zone - Fibonacci Entry Signals

siam.in, 03 Sept

Nagreeka Capital & Infrastructure Ltd is Rated Sell

MarketsMojo, 07 Oct

Nagreeka Capital AGM results: All six resolutions passed with high majority

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.

Nagreeka Capital Q2 FY27 Results Preview

Univest, 17 SeptResults

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

MANTRA Stock Price and Chart — BSE:MANTRA

TradingView, 09 Feb

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 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Interest cover stays above 3x; Valuation vs its own median of 2.5x · see Key things to watch ↑