Pulsar International Limited

Financial Services — Asset Management · BSE

₹0.37₹0.00 (0.00%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Pulsar International Limited engages in the trade of consumer products in India. Pulsar International Limited was incorporated in 1990 and is based in Banaskantha, India.

IndustryAsset Management

SectorFinancial Services

Employees18

Annual revenue₹129 Cr

How does it make money?

Turns over ₹129 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹0 left at the operating level before interest, tax and depreciation. Each of its 18 employees supports ₹7.16 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹7.16 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +68189% 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+68189%

Margin effect-100%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.2% is weak

Quality vs. Valuation

Company Quality

44/ 100

Weak

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

Valuation

75/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

0.9x

3Y Median

36.7x

40 monthly readings · mean 576.0x · range 1.8x–3007.9x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 97% below its 3y median of 36.7x. 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 94% below the peer median of 17.0x.

vs. its own history

Cheap

36.7x median over 40 months · -97%

vs. sector peers

Cheap

17.0x median of 4 peers · -94%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

65.1x

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 Attention0

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

Red Flags

4 items require attention · 1 high · 3 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 70.1 points, from 70.3% to 0.2%.
🟡Profit is decliningFinancial
Net profit is down 21% over 3 years.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 883% over 3 years — each existing share owns a smaller slice of the company.
🟡Low reported insider holdingOwnership
Reported insider holding is 3.5%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 97% 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 94% 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?

Margins are being competed away
EBITDA margin has fallen from 70.3% to 0.2%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 585% a year✓ 780.6% CAGR
Latest reported year was 208.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -2%✓ 0.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 0.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 36.7x✓ 0.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

5 good · 2 neutral · 4 weak

Market Cap

₹16 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

0.9x

Cheap

Cheap against the generic band

P/B Ratio

0.32x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.39

Profitable

Profitable on a per-share basis

ROE

0.2%

Weak

Weak capital efficiency

ROCE

-0.3%

Weak

Low return on total capital employed

Debt/Equity

0.10x

Low

Conservative leverage

Revenue Growth (YoY)

208.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-94.1%

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

-₹36 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-0.3%

Weak

Thin margins leave little room for error

Net Margin

-0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.85

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.47

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

0.4 / 0.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

28.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹20 Cr	₹31 Cr	₹129 Cr	+780.6%
EBITDA	₹0 Cr	₹2 Cr	₹2 Cr	₹0 Cr	+22.3%
EBITDA Margin	70.3%	12.6%	5.7%	0.2%	—
PAT (Net Profit)	₹0 Cr	₹2 Cr	₹2 Cr	₹0 Cr	-7.5%
EPS	₹0.03	₹0.26	₹0.25	₹0.02	-12.9%
ROE	2.6%	22.7%	13.9%	0.2%	—
ROCE	—	22.7%	14.6%	-0.3%	—
Total Debt	—	—	₹0 Cr	₹0 Cr	—
Free Cash Flow	-₹0 Cr	-₹5 Cr	-₹0 Cr	-₹36 Cr	—

🟢 Revenue has grown at 780.6% a year over 3 years.

🟢 EBITDA has grown at 22.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 70.3% to 0.2% over 3 years (-70.1 pts).

🔴 PAT (Net Profit) has shrunk at 7.5% a year over 3 years.

🔴 EPS has shrunk at 12.9% a year over 3 years.

🔴 ROE has fallen from 2.6% to 0.2% over 3 years (-2.4 pts).

🔴 ROCE has fallen from 22.7% to -0.3% over 3 years (-23.0 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹108 Cr

Total Liabilities

₹60 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹29 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

3.5%

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

2 mixed4 general

PULSAR INTERNATIONAL LTD. Share Price

Upstox, 16 Oct

Pulsar International Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 09 Oct

Pulsar International reports Q1FY27 net loss of ₹7.3 lakh

scanx.trade, 14 Aug

Pulsar International Share Price Jumps 1,357% Since Listing | Stock Market Today Update

Samco, 16 FebPrice 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.

Pulsar International reports standalone net loss of Rs 0.07 crore in the June 2026 quarter

Business Standard, 14 AugResults

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

Pulsar International - 15 penny stocks crash up to 50% in 3 months: Are you holding any?

The Economic Times, 23 Aug

Watch Items

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.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

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