Shikhar Consultants Limited

Financial Services — Credit Services · BSE

₹7.23−₹0.38 (−4.99%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shikhar Consultants Limited operates as a finance and investment company that offers non-banking financial services in Maharashtra. It grants loans and advances, as well as invests/deals in shares and securities. The company was incorporated in 1993 and is based in Mumbai, India.

IndustryCredit Services

SectorFinancial Services

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%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

50/ 100

Average

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

Valuation

20/ 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

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.58 — near-term obligations exceed near-term assets.

Red Flags

1 item require attention · 1 high

🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 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

1Return on equity stays above 8%✗ -6.3%
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
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ 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

1 good · 4 neutral · 6 weak

Market Cap

₹3 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-0.22

Loss-making

Negative earnings per share — the business is losing money

ROE

-6.3%

Weak

Weak capital efficiency

ROCE

-4.0%

Weak

Low return on total capital employed

Debt/Equity

0.59x

Low

Conservative leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-19.4%

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

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.58

Tight

Tight short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

9.5 / 10.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

13.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.24	₹-1.1	₹-0.2	₹-0.24	—
ROE	-4.4%	-26.0%	-5.0%	-6.3%	—
ROCE	-4.0%	-18.0%	-3.3%	-4.0%	—
Total Debt	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+52.1%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🔴 ROE has fallen from -4.4% to -6.3% over 3 years (-1.9 pts).

🟡 ROCE has held roughly flat at -4.0% over 3 years.

🔴 Total Debt has grown at 52.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3 Cr

Total Liabilities

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

56.3%

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

6 general

Compare Vardhman Holdings with

Equitymaster, 16 Oct

Shikhar Consultants Ltd. Peer Comparison – Compare with Others

Value Research, 15 Sept

Shikhar Consultants sets Sept 30 for 33rd AGM; register closes Sept 26-30

scanx.trade, 08 Sept

Compare with

Equitymaster, 08 Oct

Compare with

Equitymaster, 27 Sept

Shikhar Consultants appoints Pratik Lalwani as Company Secretary

scanx.trade, 09 Jul

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.
2 metrics 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

StrongFinancial Health

MiddlingGrowth

WeakBusiness Quality · Profitability · Valuation · Risk

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.

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