Setubandhan Infrastructure Limited

Industrials — Engineering & Construction · BSE

₹0.64₹0.00 (0.00%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, 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. Debt 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 Setubandhan Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Setubandhan Infrastructure Limited does not have significant operations.

IndustryEngineering & Construction

SectorIndustrials

Annual revenue₹70 Cr

How does it make money?

Turns over ₹70 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS 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?Little sign of one

Returns on capital of 0.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE14.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 1 years revenue moved -36% while net margin moved -102% 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-36%

Margin effect-102%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 36.5% a year

Quality vs. Valuation

Company Quality

36/ 100

Weak

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

Valuation

32/ 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.

Historical Valuation

Current P/E

64.0x

Sector Median

30.1x

median of 3 sector peers

⚠️Against its sector it trades 113% above the peer median of 30.1x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

30.1x median of 3 peers · +113%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

60.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -3.2% to 2.0% over 1 years.
Return on equity is rising
ROE has improved from -12.4% to 0.2%.
Return on capital is rising
ROCE has improved from -6.4% to 0.8%.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 1.59x — earnings must service borrowings before shareholders see anything.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.95 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -3.2% to 2.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 55.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 113% above the peer median. That premium needs a reason that persists, or it closes.
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 0%✓ 2.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 55.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ not reported
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 0.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ 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

4 good · 3 neutral · 4 weak

Market Cap

₹8 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

64.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.16x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.01

Profitable

Profitable on a per-share basis

ROE

0.2%

Weak

Weak capital efficiency

ROCE

0.8%

Weak

Low return on total capital employed

Debt/Equity

1.59x

High

High leverage

Revenue Growth (YoY)

13.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

101.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

Not available

No data

Source didn't return this field

More Metrics

ROA

0.2%

Weak

Assets generate little profit

Operating Margin

-1.2%

Weak

Thin margins leave little room for error

Net Margin

0.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.95

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.58

Defensive

Steadier than the market

52W Range Position

82%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.6 / 0.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

0.0

Oversold zone

Financial Trend (2-Year)

Metric	FY22	FY23	1Y CAGR
Revenue	₹110 Cr	₹70 Cr	-36.5%
EBITDA	-₹3 Cr	₹1 Cr	—
EBITDA Margin	-3.2%	2.0%	—
PAT (Net Profit)	-₹6 Cr	₹0 Cr	—
ROE	-12.4%	0.2%	—
ROCE	-6.4%	0.8%	—
Total Debt	₹79 Cr	₹79 Cr	-1.0%

🔴 Revenue has shrunk at 36.5% a year over 1 years.

🟢 EBITDA has turned positive, from -₹3 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -3.2% to 2.0% over 1 years (+5.2 pts).

🟢 PAT (Net Profit) has turned positive, from -₹6 Cr to ₹0 Cr.

🟢 ROE has risen from -12.4% to 0.2% over 1 years (+12.6 pts).

🟢 ROCE has risen from -6.4% to 0.8% over 1 years (+7.1 pts).

🟡 Total Debt has been broadly flat over 1 years (-1.0% a year).

Balance Sheet & Cash Flow — FY2023

Total Assets

₹207 Cr

Total Liabilities

₹157 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

—

Capex

—

Shareholding (proxy)

Institutional Holding

1.5%

Insider Holding

35.1%

Corporate Actions

Ex-Dividend Date

07 Oct 2016

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

6 general

Setubandhan Infrastructure Share Price Forecast to 2030

Univest, 28 Jul

Setubandhan Infrastructure Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

SJP ULTRASONICS LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 08 Oct

Setubandhan Infrastructure (NSEI:SETUINFRA) - Stock Analysis

Simply Wall Street, 31 Jul

Setubandhan Infrastructure shines on getting nod to divest 99.99% stake in Bhumit Real Estate

Investment Guru India, 28 Jun

TGL Stock Price and Chart — NSE:TGL

TradingView, 02 May

Watch Items

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 oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

MiddlingProfitability · Valuation

WeakBusiness Quality · Financial Health · Growth · 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. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 4 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑