SIL Investments Limited

Financial Services — Asset Management · NSE

₹474.00+₹12.80 (+2.78%)

DalalBaazaar Score

77 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by 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. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

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 SIL Investments Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

SIL Investments Limited, a non-banking financial company, engages in the business of investment and lending activities in India. It invests in the shares, securities, debts, etc.

IndustryAsset Management

SectorFinancial Services

Employees7

Annual revenue₹58 Cr

How does it make money?

Turns over ₹58 Cr a year. Of every ₹100 of sales, about ₹65 reaches shareholders as profit, with ₹93 left at the operating level before interest, tax and depreciation. Each of its 7 employees supports ₹8.26 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹8.26 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 +52% while net margin moved -11% 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+52%

Margin effect-11%

DalalBaazaar Score

77/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROE of 1.5% is weak

Quality vs. Valuation

Company Quality

77/ 100

Good

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

Valuation

84/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

10.0x

3Y Median

17.8x

40 monthly readings · mean 17.9x · range 12.1x–24.7x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 44% below its 3y median of 17.8x. 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 41% below the peer median of 17.0x.

vs. its own history

Cheap

17.8x median over 40 months · -44%

vs. sector peers

Cheap

17.0x median of 4 peers · -41%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

9.1x

PEG

0.96

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

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 19.7 points, from 113.0% to 93.3%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 44% 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 41% 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 113.0% to 93.3%. 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

1Revenue growth stays above 11% a year✓ 15.0% CAGR
Latest reported year was 87.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 91%✓ 93.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 1.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 17.8x✓ 10.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 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
✓ 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

6 good · 3 neutral · 2 weak

Market Cap

₹502 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

10.0x

Cheap

Cheap against the generic band

P/B Ratio

0.20x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹47.31

Profitable

Profitable on a per-share basis

ROE

1.5%

Weak

Weak capital efficiency

ROCE

1.8%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

87.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

155.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.53%

Modest

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

Free Cash Flow

₹46 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

87.6%

Good

Healthy core-business profitability

Net Margin

67.9%

Good

Strong bottom-line conversion

Current Ratio

91.70

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

453.0 / 456.2

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

57.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹38 Cr	₹47 Cr	₹54 Cr	₹58 Cr	+15.0%
EBITDA	₹43 Cr	₹44 Cr	₹44 Cr	₹54 Cr	+7.9%
EBITDA Margin	113.0%	93.2%	82.9%	93.3%	—
PAT (Net Profit)	₹28 Cr	₹29 Cr	₹31 Cr	₹38 Cr	+10.4%
EPS	₹26.5	₹27.76	₹29.19	₹35.69	+10.4%
ROE	1.7%	1.3%	1.0%	1.5%	—
ROCE	2.2%	1.7%	1.2%	1.8%	—
Free Cash Flow	₹100 Cr	-₹2 Cr	₹9 Cr	₹46 Cr	-22.5%

🟢 Revenue has grown at 15.0% a year over 3 years.

🟢 EBITDA has grown at 7.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 113.0% to 93.3% over 3 years (-19.7 pts).

🟢 PAT (Net Profit) has grown at 10.4% a year over 3 years.

🟢 EPS has grown at 10.4% a year over 3 years.

🟡 ROE has held roughly flat at 1.5% over 3 years.

🟡 ROCE has held roughly flat at 1.8% over 3 years.

🔴 Free Cash Flow has shrunk at 22.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,857 Cr

Total Liabilities

₹227 Cr

Total Debt

—

Cash & Equivalents

₹12 Cr

Operating Cash Flow

₹48 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

82.1%

Corporate Actions

Dividend Rate

₹2.5

Ex-Dividend Date

24 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

4 mixed2 general

SIL Investments Share Price Target 2027 to 2030: Analyst Outlook

Univest, 14 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

SIL Investments Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

SIL Investments Q1 Results: Board approves Q1FY27 financials

scanx.trade, 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.

SIL Investments Q4 Net Loss Widens to ₹91M Despite Marginal Revenue Growth to ₹42M

Sahi, 12 MayResults

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

SIL Investments Q2 2026 Earnings: Revenue Grows 7.88% YoY to ₹57.85 Crore; EPS Comes In at ₹35.69

https://www.siam.in/, 03 SeptResults

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

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

Value Research, 30 Aug

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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Valuation

MiddlingProfitability · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 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 ↑