Odyssey Corporation Limited

Financial Services — Capital Markets · NSE

₹6.70₹0.00 (0.00%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

NEUTRAL

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, 6:08 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Odyssey Corporation Limited engages in trading activities in India. It is also involved in the production of feature films; organization of events; selling, sourcing, shipping, and financing activities; and mining activities.

IndustryCapital Markets

SectorFinancial Services

Employees8

Annual revenue₹67 Cr

How does it make money?

Turns over ₹67 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹8.35 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin21.5%

Net margin14.7%

Revenue / employee₹8.35 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.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC LIFE INS CO LTDP/E 58.4x · ROE 11.3%

SBI LIFE INSURANCE CO LTDP/E 63.9x · ROE 13.7%

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.

ROCE6.4%

ROE5.5%

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -14% while net margin moved +694% 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-14%

Margin effect+694%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.62 — 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

69/ 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

4.0x

Sector Median

58.4x

median of 3 sector peers

🟢Against its sector it trades 93% below the peer median of 58.4x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

58.4x median of 3 peers · -93%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

4.0x

P/B

0.31x

EV/EBITDA

4.2x

PEG

0.04

Dividend Yield

0.75%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 2.2% to 21.5% over 3 years.
Return on equity is rising
ROE has improved from 2.0% to 5.5%.
Return on capital is rising
ROCE has improved from 2.1% to 6.4%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Inventory building faster than sales
Inventory is up 125% against revenue growth of -14% — stock may not be moving.

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 107% 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 2.2% to 21.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 93% 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?

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

1EBITDA margin holds above 19%✓ 21.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 5.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

5 / 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
✗ 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

Price history

Quick Metrics

5 good · 2 neutral · 4 weak

Market Cap

₹60 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

4.0x

Cheap

Cheap against the generic band

P/B Ratio

0.31x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.67

Profitable

Profitable on a per-share basis

ROE

5.5%

Weak

Weak capital efficiency

ROCE

6.4%

Weak

Low return on total capital employed

Debt/Equity

3.86x

High

High leverage

Revenue Growth (YoY)

118.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

161.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.75%

Modest

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

Free Cash Flow

-₹35 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹6.7

Operating Margin

39.3%

Good

Healthy core-business profitability

Net Margin

9.2%

Average

Average bottom-line conversion

Current Ratio

18.57

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.62

Defensive

Steadier than the market

52W Range Position

25%

Mid-range

Technical Snapshot

RSI (14)

37.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹78 Cr	₹36 Cr	₹33 Cr	₹67 Cr	-5.0%
EBITDA	₹2 Cr	₹4 Cr	₹5 Cr	₹14 Cr	+101.8%
EBITDA Margin	2.2%	10.7%	15.3%	21.5%	—
PAT (Net Profit)	₹1 Cr	₹4 Cr	₹4 Cr	₹10 Cr	+89.6%
EPS	₹0.37	₹0.91	₹0.38	₹1.1	+43.8%
ROE	2.0%	4.2%	2.2%	5.5%	—
ROCE	2.1%	4.2%	2.8%	6.4%	—
Total Debt	₹2 Cr	₹3 Cr	₹7 Cr	₹7 Cr	+55.0%
Free Cash Flow	-₹6 Cr	₹5 Cr	-₹33 Cr	-₹35 Cr	—

🔴 Revenue has shrunk at 5.0% a year over 3 years.

🟢 EBITDA has grown at 101.8% a year over 3 years.

🟢 EBITDA Margin has risen from 2.2% to 21.5% over 3 years (+19.3 pts).

🟢 PAT (Net Profit) has grown at 89.6% a year over 3 years.

🟢 EPS has grown at 43.8% a year over 3 years.

🟢 ROE has risen from 2.0% to 5.5% over 3 years (+3.5 pts).

🟢 ROCE has risen from 2.1% to 6.4% over 3 years (+4.2 pts).

🔴 Total Debt has grown at 55.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹194 Cr

Total Liabilities

₹16 Cr

Total Debt

₹7 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

-₹35 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

45.0%

Corporate Actions

Dividend Rate

₹0.05

Ex-Dividend Date

23 Sept 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 positive2 mixed3 general

Compare ODYSSEY CORP with MCDOWELL HOLD

Equitymaster, 16 Oct

Odyssey Corporation Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Odyssey Corporation shareholders approve all resolutions at 31st AGM

scanx.trade, 30 Sept

Odyssey Corporation consolidated net profit rises 449.12% in the June 2026 quarter

Business Standard, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Odyssey Corporation Q1 FY27 Results: Revenue Rs 13 Cr, PAT Rs 6 Cr and Key Highlights

Univest, 11 AugResults

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

Odyssey Marine Exploration Announces Corporate Update on Proposed Merger with American Ocean Minerals Corporation

Business Wire, 16 OctM&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.

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

🟢Business QualityStrong15.9/20

🟢Financial HealthStrong17/20

🟡GrowthModest10.5/20

🟡ProfitabilityModerate8.3/15

🟢ValuationAttractive13/15

🔴RiskHigh4/10

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.

This thesis breaks if

✓EBITDA margin holds above 19%21.5%
✗Return on equity stays above 8%5.5%