Oswal Leasing Limited

Financial Services — Credit Services · BSE

₹82.57₹0.00 (0.00%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

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

What does this company do?

Oswal Leasing Limited operates as a non-banking financial company in India.

IndustryCredit Services

SectorFinancial Services

Employees2

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-37 reaches shareholders as profit, with ₹-38 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹7.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹7.0 lakh

Who are its competitors?

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

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -1% while net margin moved +123% 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-1%

Margin effect+123%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

40/ 100

Weak

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

Valuation

29/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

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

—

PEG

—

Red Flags

2 items require attention · 2 high

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 21.2 points, from -16.7% to -37.8%.

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 -16.7% to -37.8%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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
2 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

1EBITDA margin holds above -40%✓ -37.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -1.9%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

3 / 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

0 good · 4 neutral · 7 weak

Market Cap

₹4 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

1.52x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-1.11

Loss-making

Negative earnings per share — the business is losing money

ROE

-1.9%

Weak

Weak capital efficiency

ROCE

-1.9%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-9.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

-141.9%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-32.8%

Weak

Thin margins leave little room for error

Net Margin

-40.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

86.22

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.05

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

82.4 / 80.1

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-0.5%
EBITDA	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EBITDA Margin	-16.7%	-25.8%	-14.2%	-37.8%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.47	₹-0.84	₹-0.43	₹-1.04	—
ROE	-0.9%	-1.5%	-0.8%	-1.9%	—
ROCE	-0.9%	-1.4%	-0.8%	-1.9%	—
Free Cash Flow	₹0 Cr	₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟡 Revenue has been broadly flat over 3 years (-0.5% a year).

🔴 EBITDA Margin has fallen from -16.7% to -37.8% over 3 years (-21.2 pts).

🔴 ROE has fallen from -0.9% to -1.9% over 3 years (-1.1 pts).

🔴 ROCE has fallen from -0.9% to -1.9% over 3 years (-1.0 pts).

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

30.9%

Peer Comparison

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

Recent News

3 mixed3 general

Compare with

Equitymaster, 16 Oct

Oswal Leasing appoints K R Aggarwal as auditor for 5 years

scanx.trade, 28 Sept

Motilal Oswal Financial Services Share Price Rises 4.81%

Univest, 17 AugPrice 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.

GNG Electronics shares rise 5% in trade; Motilal Oswal initiates 'Buy'

Business Standard, 22 MayPrice 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.

TRIVENI POWER TRANSMISSION LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 12 Oct

Motilal Oswal Financial Services Ltd. (MOTILALOFS) Share Price Rises 3.05% Today

Univest, 20 AugPrice 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.

Watch Items

Revenue growth is negative (-9.4%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑