Standard Capital Markets Limited

Financial Services — Credit Services · BSE

₹0.31₹0.00 (0.00%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, 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. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:55 pm

Understanding the Business

Company site ↗

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

What does this company do?

Standard Capital Markets Limited operates as a non-banking financial company in India. The company offers personal, syndicated, and working capital loans.

IndustryCredit Services

SectorFinancial Services

Employees14

Annual revenue₹240 Cr

How does it make money?

Turns over ₹240 Cr a year. Of every ₹100 of sales, about ₹33 reaches shareholders as profit, with ₹48 left at the operating level before interest, tax and depreciation. Each of its 14 employees supports ₹17.15 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹17.15 Cr

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%

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 +2027% while net margin moved +69% 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+2027%

Margin effect+69%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.93 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

79/ 100

Good

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

Valuation

46/ 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

31.0x

3Y Median

8.7x

40 monthly readings · mean 8.1x · range 0.9x–23.9x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 256% above its 3y median of 8.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 82% above the peer median of 17.0x.

vs. its own history

Expensive

8.7x median over 40 months · +256%

vs. sector peers

Expensive

17.0x median of 4 peers · +82%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.3x

PEG

0.13

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from 1.5% to 18.4%.
Return on capital is rising
ROCE has improved from 3.8% to 7.9%.
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

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 32.6 points, from 81.0% to 48.4%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 67% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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 81.0% to 48.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 256% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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 133% a year✓ 177.1% CAGR
Latest reported year was 274.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 46%✓ 48.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 16%✓ 18.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 8.7x✗ 31.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 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 · 3 neutral · 3 weak

Market Cap

₹76 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

31.0x

Fair

Fairly valued against the generic band

P/B Ratio

0.18x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.01

Profitable

Profitable on a per-share basis

ROE

18.4%

Strong

Strong capital efficiency

ROCE

7.9%

Weak

Low return on total capital employed

Debt/Equity

5.01x

High

High leverage

Revenue Growth (YoY)

274.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

186.9%

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

-₹723 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

362.1%

Good

Healthy core-business profitability

Net Margin

2.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.66

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.93

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

0.3 / 0.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

40.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹11 Cr	₹31 Cr	₹64 Cr	₹240 Cr	+177.1%
EBITDA	₹9 Cr	₹28 Cr	₹25 Cr	₹116 Cr	+133.4%
EBITDA Margin	81.0%	88.9%	39.0%	48.4%	—
PAT (Net Profit)	₹2 Cr	₹11 Cr	₹28 Cr	₹80 Cr	+229.8%
EPS	₹0.18	₹0.07	₹0.17	₹0.34	+24.8%
ROE	1.5%	6.6%	7.9%	18.4%	—
ROCE	3.8%	6.5%	3.4%	7.9%	—
Total Debt	₹93 Cr	₹248 Cr	₹1,134 Cr	₹2,175 Cr	+186.4%
Free Cash Flow	-₹229 Cr	-₹159 Cr	-₹680 Cr	-₹723 Cr	—

🟢 Revenue has grown at 177.1% a year over 3 years.

🟢 EBITDA has grown at 133.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 81.0% to 48.4% over 3 years (-32.6 pts).

🟢 PAT (Net Profit) has grown at 229.8% a year over 3 years.

🟢 EPS has grown at 24.8% a year over 3 years.

🟢 ROE has risen from 1.5% to 18.4% over 3 years (+16.9 pts).

🟢 ROCE has risen from 3.8% to 7.9% over 3 years (+4.1 pts).

🔴 Total Debt has grown at 186.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3,153 Cr

Total Liabilities

₹2,719 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

-₹723 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

38.4%

Corporate Actions

Ex-Dividend Date

13 May 2024

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

2 mixed4 general

Standard Capital Markets Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Standard Cap Nine Monthly Results, Nine Monthly Earnings for Standard Cap

The Economic Times, 15 OctResults

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

Standard Capital Markets reports consolidated net loss of Rs 62.82 crore in the June 2026 quarter

Business Standard, 15 AugResults

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

Standard Capital Markets Completes Final NCD Redemption Worth ₹232.02 Crore

scanx.trade, 24 Mar

Standard Capital Markets Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Aug

Standard Capital Markets seeks approval for ₹500 cr RPTs at 39th AGM

scanx.trade, 07 Sept

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.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation

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.

1 of 4 tripwires tripped — Valuation vs its own median of 8.7x · see Key things to watch ↑