Shyamkamal Investments Limited

Financial Services — Capital Markets · BSE

₹13.27+₹0.24 (+1.84%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by 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. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shyamkamal Investments Limited, a non-banking financial company, engages in the securities trading and investment activities in India. It also provides short-term and long-term financing services. The company was incorporated in 1982 and is based in Ahmedabad, India.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹62 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO 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 ROE13.7%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.34 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

73/ 100

Good

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

Valuation

59/ 100

Fair

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.

Historical Valuation

Current P/E

30.9x

1.3Y Median

29.9x

16 monthly readings · mean 47.0x · range 25.2x–113.1x

Sector Median

58.4x

median of 3 sector peers

🟡Currently trading close to its 1.3y median of 29.9x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 47% below the peer median of 58.4x.

vs. its own history

Fair

29.9x median over 16 months · +3%

vs. sector peers

Cheap

58.4x median of 3 peers · -47%

vs. generic bands

Fair

15x–35x

EV/EBITDA

35.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from -13.6% to 1.2%.
Return on capital is rising
ROCE has improved from -12.3% to 4.2%.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 1 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.2x — little room if earnings dip.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 2.7x to 1.2x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 219% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 47% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 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

1EBITDA margin holds above 60%✓ 62.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 1.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ 1.2x
How much operating profit can fall before interest stops being comfortably covered.
4Valuation vs its own median of 29.9x✓ 30.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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 · 5 neutral · 3 weak

Market Cap

₹35 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

30.9x

Fair

Fairly valued against the generic band

P/B Ratio

1.84x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.43

Profitable

Profitable on a per-share basis

ROE

1.2%

Weak

Weak capital efficiency

ROCE

4.2%

Weak

Low return on total capital employed

Debt/Equity

0.60x

Moderate

Moderate leverage

Revenue Growth (YoY)

54.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-53.8%

Falling

Profits are shrinking

Dividend Yield

0.75%

Modest

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

Free Cash Flow

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

86.9%

Good

Healthy core-business profitability

Net Margin

30.4%

Good

Strong bottom-line conversion

Current Ratio

826.67

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.34

Defensive

Steadier than the market

52W Range Position

52%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

13.0 / 12.4

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

57.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹0 Cr	₹2 Cr	₹2 Cr	—
EBITDA	-₹0 Cr	-₹0 Cr	₹1 Cr	₹1 Cr	—
EBITDA Margin	—	-2148.4%	56.5%	62.0%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹1 Cr	₹0 Cr	—
EPS	₹-0.32	₹-0.25	₹0.43	₹0.13	—
ROE	-13.6%	-5.8%	6.7%	1.2%	—
ROCE	-12.3%	-4.6%	4.1%	4.2%	—
Total Debt	₹0 Cr	₹0 Cr	₹12 Cr	₹12 Cr	+517.1%
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	₹2 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -2148.4% to 62.0% over 3 years (+2210.4 pts).

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

🟢 EPS has turned positive, from ₹-0.32 to ₹0.13.

🟢 ROE has risen from -13.6% to 1.2% over 3 years (+14.8 pts).

🟢 ROCE has risen from -12.3% to 4.2% over 3 years (+16.5 pts).

🔴 Total Debt has grown at 517.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹31 Cr

Total Liabilities

₹12 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

58.4%

Corporate Actions

Dividend Rate

₹0.1

Ex-Dividend Date

26 Nov 2025

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive1 mixed1 negative3 general

Shyamkamal Investments Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 15 Sept

Shyamkamal Investments AGM passes all resolutions with 99.99% approval

scanx.trade, 26 Sept

Shyamkamal Investments reports standalone net profit of Rs 0.39 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.

Shyamkamal Investments Ltd Downgraded to Strong Sell Amid Valuation and Technical Concerns

MarketsMojo, 07 OctAnalyst view

🔴Potentially negativeAn analyst opinion changing, which moves the price without changing the business.

Shyamkamal Investments seeks ₹152 crore authorised capital hike

scanx.trade, 17 Sept

Last day to buy PFC shares to qualify for dividend as stock approaches ex-date

The Economic Times, 25 NovCapital return

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

Watch Items

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

StrongBusiness Quality · Financial Health · Profitability

MiddlingGrowth · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑