N.B.I. Industrial Finance Company Limited

Financial Services — Capital Markets · NSE

₹1,826.90+₹1.80 (+0.10%)

DalalBaazaar Score

76 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by 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. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of N.B.I. Industrial Finance Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

N.B.I. Industrial Finance Company Limited, a non-banking financial company, engages in the investing in shares, securities, and financial activities in India.

IndustryCapital Markets

SectorFinancial Services

Employees6

Annual revenue₹18 Cr

How does it make money?

Turns over ₹18 Cr a year. Of every ₹100 of sales, about ₹71 reaches shareholders as profit, with ₹95 left at the operating level before interest, tax and depreciation. Each of its 6 employees supports ₹2.92 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.92 Cr

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 +73% while net margin moved +37% 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+73%

Margin effect+37%

DalalBaazaar Score

76/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.24 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

80/ 100

Excellent

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

Valuation

65/ 100

Fair

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

38.9x

3Y Median

80.3x

40 monthly readings · mean 78.0x · range 43.4x–115.3x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 52% below its 3y median of 80.3x. 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 33% below the peer median of 58.4x.

vs. its own history

Cheap

80.3x median over 40 months · -52%

vs. sector peers

Cheap

58.4x median of 3 peers · -33%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

32.3x

PEG

1.18

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 77.5% to 95.2% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 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 20% 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 77.5% to 95.2%. 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 52% 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 33% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

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 15% a year✓ 20.0% CAGR
Latest reported year was 419.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 93%✓ 95.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 0.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 80.3x✓ 38.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 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

5 good · 4 neutral · 2 weak

Market Cap

₹540 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

38.9x

Fair

Fairly valued against the generic band

P/B Ratio

0.20x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹46.99

Profitable

Profitable on a per-share basis

ROE

0.5%

Weak

Weak capital efficiency

ROCE

0.6%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

419.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

46.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.04%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹6 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

69.0%

Good

Healthy core-business profitability

Net Margin

64.2%

Good

Strong bottom-line conversion

Current Ratio

107.99

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.24

Defensive

Steadier than the market

52W Range Position

25%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1877.3 / 1964.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹10 Cr	₹13 Cr	₹13 Cr	₹18 Cr	+20.0%
EBITDA	₹8 Cr	₹11 Cr	₹11 Cr	₹17 Cr	+28.4%
EBITDA Margin	77.5%	83.5%	82.7%	95.2%	—
PAT (Net Profit)	₹5 Cr	₹8 Cr	₹8 Cr	₹12 Cr	+33.1%
EPS	₹21.46	₹32.02	₹28.72	₹42.06	+25.1%
ROE	0.2%	0.3%	0.3%	0.5%	—
ROCE	0.3%	0.4%	—	0.6%	—
Free Cash Flow	₹6 Cr	₹6 Cr	₹5 Cr	₹6 Cr	+1.5%

🟢 Revenue has grown at 20.0% a year over 3 years.

🟢 EBITDA has grown at 28.4% a year over 3 years.

🟢 EBITDA Margin has risen from 77.5% to 95.2% over 3 years (+17.6 pts).

🟢 PAT (Net Profit) has grown at 33.1% a year over 3 years.

🟢 EPS has grown at 25.1% a year over 3 years.

🟡 ROE has held roughly flat at 0.5% over 3 years.

🟡 ROCE has held roughly flat at 0.6% over 3 years.

🟡 Free Cash Flow has been broadly flat over 3 years (1.5% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,726 Cr

Total Liabilities

₹87 Cr

Total Debt

—

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹6 Cr

Capex

—

Corporate Actions

Dividend Rate

₹0.75

Ex-Dividend Date

14 Aug 2026

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

1 mixed5 general

N.B.. Industrial Finance (NBIFIN.NS) Firm at ₹1839.3 as Stock Tests Upper Range - Stock Picks

https://www.siam.in/, 07 Oct

NBIFIN Share/Stock Price Live, NSE

TechGraph, 09 Oct

Here's Why We Think N.B.I. Industrial Finance (NSE:NBIFIN) Is Well Worth Watching

Simply Wall Street, 08 Apr

NBI Industrial Finance vs Nifty 50: Returns Compared

Univest, 08 Oct

N B I Industrial Finance Company Ltd (NBIFIN): A Holding Company Explained

Kalkine India, 14 Sept

N. B. I. Industrial Finance Company Share Price Target 2026 Analyst Forecast Bull and Bear Case

Univest, 02 JulAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

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.
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 · Valuation

MiddlingProfitability · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

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