Naga Dhunseri Group Limited

Financial Services — Capital Markets · NSE

₹2,449.00+₹88.00 (+3.73%)

DalalBaazaar Score

48 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The company is currently losing money, 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, 8:26 pm

Understanding the Business

Company site ↗

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

What does this company do?

Naga Dhunseri Group Limited, an investment company, operates as a non-banking financial company. It operates in investments in Shares and Securities.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹464 Cr

How does it make money?

Turns over ₹464 Cr a year. Of every ₹100 of sales, about ₹-2 reaches shareholders as profit, with ₹3 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 +16554% 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+16554%

Margin effect-100%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

59/ 100

Average

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

Valuation

19/ 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

29.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 9.9% to -0.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 10.0% to 0.3% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 0.3x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹9 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 2597.3 points, from 2600.7% to 3.4%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 11.5x to 0.3x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 2600.7% to 3.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 9.9% to -0.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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
3 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

1Revenue growth stays above 338% a year✓ 450.2% CAGR
Latest reported year was 584.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 3.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ -0.7%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 0.3x
How much operating profit can fall before interest stops being comfortably covered.

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

3 good · 3 neutral · 5 weak

Market Cap

₹245 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-3.28

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.7%

Weak

Weak capital efficiency

ROCE

0.3%

Weak

Low return on total capital employed

Debt/Equity

0.20x

Low

Conservative leverage

Revenue Growth (YoY)

584.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-127.1%

Falling

Profits are shrinking

Dividend Yield

0.10%

Modest

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

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

3.38

Comfortable

Healthy short-term liquidity

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2457.7 / 2635.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

33.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹8 Cr	₹68 Cr	₹464 Cr	+450.2%
EBITDA	₹73 Cr	₹27 Cr	₹17 Cr	₹16 Cr	-40.0%
EBITDA Margin	2600.7%	349.1%	24.4%	3.4%	—
PAT (Net Profit)	₹70 Cr	₹34 Cr	₹34 Cr	-₹9 Cr	—
EPS	₹704.2	₹338.42	₹272.22	₹-93.33	—
ROE	9.9%	3.9%	2.7%	-0.7%	—
ROCE	10.0%	3.0%	0.9%	0.3%	—
Total Debt	—	₹5 Cr	₹267 Cr	₹258 Cr	—
Free Cash Flow	-₹2 Cr	₹5 Cr	-₹18 Cr	₹3 Cr	—

🟢 Revenue has grown at 450.2% a year over 3 years.

🔴 EBITDA has shrunk at 40.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 2600.7% to 3.4% over 3 years (-2597.3 pts).

🔴 PAT (Net Profit) has turned negative, from ₹70 Cr to -₹9 Cr.

🔴 EPS has turned negative, from ₹704.2 to ₹-93.33.

🔴 ROE has fallen from 9.9% to -0.7% over 3 years (-10.6 pts).

🔴 ROCE has fallen from 10.0% to 0.3% over 3 years (-9.7 pts).

🟢 Free Cash Flow has turned positive, from -₹2 Cr to ₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,825 Cr

Total Liabilities

₹450 Cr

Cash & Equivalents

₹44 Cr

Operating Cash Flow

₹48 Cr

Capex

-₹46 Cr

Corporate Actions

Dividend Rate

₹2.5

Ex-Dividend Date

13 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

Naga Dhunseri Group vs Nifty 50: Share Price Performance Compared

Univest, 08 Oct

Compare with

Equitymaster, 11 Oct

Naga Dhunseri Group (NSE:NDGL): Has It Confirmed Q2 FY27 Demat Compliance?

Kalkine India, 07 OctResults

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

Dhunseri Tea & Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Naga Dhunseri Group Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Naga Dhunseri Group Share Price Forecast: 3 Year Outlook to 2030

Univest, 22 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Growth

WeakBusiness Quality · 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. 3 high-severity red flags sit above this conclusion and should be read first.

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