Pilani Investment and Industries Corporation Limited

Financial Services — Asset Management · NSE

₹4,021.00+₹51.70 (+1.30%)

DalalBaazaar Score

47 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, 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. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Pilani Investment and Industries Corporation Limited, a non-banking financial company, engages in the investment and financing activities in India. It holds investments in shares and securities, loans and trade accounts receivable, and invests in mutual funds.

IndustryAsset Management

SectorFinancial Services

Employees15

Annual revenue₹266 Cr

How does it make money?

Turns over ₹266 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹96 left at the operating level before interest, tax and depreciation. Each of its 15 employees supports ₹17.76 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹17.76 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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -4% while net margin moved -87% 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-4%

Margin effect-87%

DalalBaazaar Score

47/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.2% is weak

Quality vs. Valuation

Company Quality

46/ 100

Average

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

Valuation

30/ 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

26.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Margins are compressing
EBITDA margin has slipped from 98.0% to 96.0% over 3 years.
Short-term liquidity is tight
Current ratio of 0.34 — near-term obligations exceed near-term assets.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.6x — little room if earnings dip.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 3.3x to 1.6x.
🟡Profit is decliningFinancial
Net profit is down 87% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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?

Margins are being competed away
EBITDA margin has fallen from 98.0% to 96.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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 94%✓ 96.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 0.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ 1.6x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 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 · 2 neutral · 6 weak

Market Cap

₹4,452 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

0.28x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-11.01

Loss-making

Negative earnings per share — the business is losing money

ROE

0.2%

Weak

Weak capital efficiency

ROCE

1.4%

Weak

Low return on total capital employed

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

-70.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-68.5%

Falling

Profits are shrinking

Dividend Yield

0.22%

Modest

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

Free Cash Flow

₹1,347 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

79.5%

Good

Healthy core-business profitability

Net Margin

-4.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.34

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3994.1 / 4190.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

47.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹278 Cr	₹286 Cr	₹302 Cr	₹266 Cr	-1.5%
EBITDA	₹273 Cr	₹276 Cr	₹293 Cr	₹256 Cr	-2.1%
EBITDA Margin	98.0%	96.6%	97.2%	96.0%	—
PAT (Net Profit)	₹246 Cr	₹166 Cr	₹98 Cr	₹31 Cr	-49.8%
EPS	₹222.11	₹150.34	₹88.95	₹28.05	-49.8%
ROE	2.2%	1.1%	0.6%	0.2%	—
ROCE	2.3%	1.8%	1.7%	1.4%	—
Total Debt	₹736 Cr	₹949 Cr	₹1,937 Cr	₹2,391 Cr	+48.1%
Free Cash Flow	₹417 Cr	-₹87 Cr	₹631 Cr	₹1,347 Cr	+47.8%

🟡 Revenue has been broadly flat over 3 years (-1.5% a year).

🔴 EBITDA has shrunk at 2.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 98.0% to 96.0% over 3 years (-2.0 pts).

🔴 PAT (Net Profit) has shrunk at 49.8% a year over 3 years.

🔴 EPS has shrunk at 49.8% a year over 3 years.

🔴 ROE has fallen from 2.2% to 0.2% over 3 years (-2.0 pts).

🟡 ROCE has held roughly flat at 1.4% over 3 years.

🔴 Total Debt has grown at 48.1% a year over 3 years.

🟢 Free Cash Flow has grown at 47.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹19,581 Cr

Total Liabilities

₹3,709 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹1,347 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

82.2%

Corporate Actions

Dividend Rate

₹9

Ex-Dividend Date

06 Jul 2026

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

1 positive5 general

Pilani Investment vs Gretex Corporate vs BF Investment: Which Stock Should You Track

Univest, 14 Oct

Pilani Investment And Industries Corporation Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 23 Sept

Pilani Investment Proposes ₹9 Per Share Dividend Following Annual Performance Review

Sahi, 04 JunCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

UltraTech promoter Pilani Investment sells nearly 1% stake for ₹2,896 crore

ET Manufacturing, 14 Aug

Pilani Investment to sell 1.7 million UltraTech Cement shares for ₹1,908 crore

The Economic Times, 12 Aug

Pilani Investment to sell UltraTech shares worth ₹1,952 crore

BusinessLine, 12 Aug

Watch Items

Revenue growth is negative (-70.5%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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

StrongFinancial Health

MiddlingBusiness Quality · Valuation · Risk

WeakGrowth · Profitability

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

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