Stellant Securities (India) Limited

Financial Services — Capital Markets · BSE

₹884.90+₹42.10 (+5.00%)

DalalBaazaar Score

76 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, 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, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Stellant Securities (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Stellant Securities (India) Limited provides consultancy services in India. It is also involved in securities market trading and advisory and bullion trading.

IndustryCapital Markets

SectorFinancial Services

Employees2

Annual revenue₹51 Cr

How does it make money?

Turns over ₹51 Cr a year. Of every ₹100 of sales, about ₹42 reaches shareholders as profit, with ₹57 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹25.25 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin57.1%

Net margin42.2%

Revenue / employee₹25.25 Cr

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.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC LIFE INS CO LTDP/E 58.4x · ROE 11.3%

SBI LIFE INSURANCE CO LTDP/E 63.9x · ROE 13.7%

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.

ROCE36.9%

ROE27.3%

Peer median ROE13.7%

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 +32210% while net margin moved +111% 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+32210%

Margin effect+111%

DalalBaazaar Score

76/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.22 — 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
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

84/ 100

Excellent

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

Valuation

71/ 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

17.7x

3Y Median

32.7x

40 monthly readings · mean 54.9x · range 1.5x–228.3x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 46% below its 3y median of 32.7x. 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 70% below the peer median of 58.4x.

vs. its own history

Cheap

32.7x median over 40 months · -46%

vs. sector peers

Cheap

58.4x median of 3 peers · -70%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

17.7x

P/B

6.27x

EV/EBITDA

16.1x

PEG

0.02

Dividend Yield

0.02%

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 20.0% to 57.1% over 3 years.
Return on equity is rising
ROE has improved from 5.5% to 27.3%.
Return on capital is rising
ROCE has improved from 1.5% to 36.9%.
Valuation below its historical average
At 17.7x the stock trades 46% below its own median of 32.7x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Inventory building faster than sales
Inventory is up 1299645% against revenue growth of 32210% — stock may not be moving.

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 648% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 20.0% to 57.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 46% 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 70% 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?

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 440% a year✓ 586.2% CAGR
Latest reported year was 419.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 55%✓ 57.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 25%✓ 27.3%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 32.7x✓ 17.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 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

5 good · 4 neutral · 2 weak

Market Cap

₹503 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

17.7x

Fair

Fairly valued against the generic band

P/B Ratio

6.27x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹49.88

Profitable

Profitable on a per-share basis

ROE

27.3%

Strong

Strong capital efficiency

ROCE

36.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

419.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

573.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.02%

Modest

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

Free Cash Flow

-₹19 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹884.9

Operating Margin

191.2%

Good

Healthy core-business profitability

Net Margin

60.5%

Good

Strong bottom-line conversion

Current Ratio

22.19

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.22

Defensive

Steadier than the market

52W Range Position

76%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

895.5 / 969.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

36.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹2 Cr	₹51 Cr	+586.2%
EBITDA	₹0 Cr	₹0 Cr	₹2 Cr	₹29 Cr	+874.0%
EBITDA Margin	20.0%	82.5%	92.6%	57.1%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹1 Cr	₹21 Cr	+780.6%
EPS	₹0.08	₹4.81	₹3.49	₹80.75	+886.9%
ROE	5.5%	38.4%	58.2%	27.3%	—
ROCE	1.5%	40.0%	75.7%	36.9%	—
Free Cash Flow	₹0 Cr	₹0 Cr	₹1 Cr	-₹19 Cr	—

🟢 Revenue has grown at 586.2% a year over 3 years.

🟢 EBITDA has grown at 874.0% a year over 3 years.

🟢 EBITDA Margin has risen from 20.0% to 57.1% over 3 years (+37.1 pts).

🟢 PAT (Net Profit) has grown at 780.6% a year over 3 years.

🟢 EPS has grown at 886.9% a year over 3 years.

🟢 ROE has risen from 5.5% to 27.3% over 3 years (+21.8 pts).

🟢 ROCE has risen from 1.5% to 36.9% over 3 years (+35.3 pts).

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹19 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹82 Cr

Total Liabilities

₹4 Cr

Total Debt

—

Cash & Equivalents

₹38 Cr

Operating Cash Flow

-₹19 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

3.0%

Insider Holding

63.6%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

16 Sept 2026

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 positive5 general

Stellant Securities (India) Upper Circuit Streak: Day 2 Price and Data

Univest, 15 Oct

Stellant Securities (India) Upper Circuit Today: Price, Data and Peers

Univest, 14 Oct

Stellant Securities (India) Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Stellant Securities (India) standalone net profit rises 904.12% in the June 2026 quarter

Business Standard, 06 JulResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Stellant Securities (India) Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Rs 1 lakh turned to Rs 21 crore! Do you own these 11 penny stocks that delivered over 10,000% returns?

The Economic Times, 20 May

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

🟢Business QualityStrong17.5/20

🟢Financial HealthStrong17/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong13.5/15

🟡ValuationFair9.1/15

🔴RiskHigh4/10

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.

This thesis breaks if

✓Revenue growth stays above 440% a year586.2% CAGR
✓EBITDA margin holds above 55%57.1%
✓Return on equity stays above 25%27.3%
✓Valuation vs its own median of 32.7x17.7x today