Swati Projects Limited

Financial Services — Credit Services · BSE

₹43.84+₹2.08 (+4.98%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:02 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 Swati Projects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Swati Projects Limited, a non-banking finance company, invests in shares and securities in India. It offers inter-corporate and personal loans. The company was incorporated in 1983 and is based in Kolkata, India.

IndustryCredit Services

SectorFinancial Services

Annual revenue₹34 Cr

How does it make money?

Turns over ₹34 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation.

EBITDA margin30.2%

Net margin17.7%

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.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

STATE BANK OF INDIAP/E 10.3x · ROE 15.2%

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

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.

ROCE50.1%

ROE37.4%

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 +2200% 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+2200%

Margin effect-69%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✗ 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

88/ 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

4.8x

3Y Median

116.9x

40 monthly readings · mean 173.0x · range 5.0x–400.0x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 96% below its 3y median of 116.9x. 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 72% below the peer median of 17.0x.

vs. its own history

Cheap

116.9x median over 40 months · -96%

vs. sector peers

Cheap

17.0x median of 4 peers · -72%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

4.8x

P/B

—

EV/EBITDA

4.1x

PEG

0.05

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Return on equity is rising
ROE has improved from 7.1% to 37.4%.
Return on capital is rising
ROCE has improved from 8.7% to 50.1%.
Valuation below its historical average
At 4.8x the stock trades 96% below its own median of 116.9x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Margins are compressing
EBITDA margin has slipped from 74.6% to 30.2% over 3 years.
Receivables growing faster than sales
Receivables are up 108988% against revenue growth of 2200% — customers are taking longer to pay.

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 44.4 points, from 74.6% to 30.2%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 96% 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 72% 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 74.6% to 30.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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 138% a year✓ 184.4% CAGR
Latest reported year was 2323.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 28%✓ 30.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 35%✓ 37.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 116.9x✓ 4.8x 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

7 good · 3 neutral · 1 weak

Market Cap

₹44 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

4.8x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹9.2

Profitable

Profitable on a per-share basis

ROE

37.4%

Strong

Strong capital efficiency

ROCE

50.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

3.66x

High

High leverage

Revenue Growth (YoY)

2323.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6799.6%

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

₹10 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹43.84

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

2.33

Comfortable

Healthy short-term liquidity

52W Range Position

40%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

39.8 / 44.2

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

60.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹1 Cr	₹34 Cr	+184.4%
EBITDA	₹1 Cr	₹1 Cr	₹0 Cr	₹10 Cr	+110.4%
EBITDA Margin	74.6%	55.9%	27.0%	30.2%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹0 Cr	₹6 Cr	+91.7%
EPS	₹0.85	₹0.55	₹0.09	₹7.7	+108.4%
ROE	7.1%	4.4%	0.7%	37.4%	—
ROCE	8.7%	5.7%	1.2%	50.1%	—
Total Debt	—	—	₹2 Cr	₹1 Cr	—
Free Cash Flow	-₹0 Cr	-₹1 Cr	-₹10 Cr	₹10 Cr	—

🟢 Revenue has grown at 184.4% a year over 3 years.

🟢 EBITDA has grown at 110.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 74.6% to 30.2% over 3 years (-44.4 pts).

🟢 PAT (Net Profit) has grown at 91.7% a year over 3 years.

🟢 EPS has grown at 108.4% a year over 3 years.

🟢 ROE has risen from 7.1% to 37.4% over 3 years (+30.3 pts).

🟢 ROCE has risen from 8.7% to 50.1% over 3 years (+41.4 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹10 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹28 Cr

Total Liabilities

₹10 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹11 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

67.4%

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

1 positive3 mixed2 general

Swati Projects Ltd. (SWATIPRO) Share Price Surges 8.2% Today

Univest, 28 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Swati Projects shareholders approve FY26 financials with 100% votes

scanx.trade, 30 Sept

'Be hungry like Samsung': Vedanta's Anil Agarwal shares S. Korean firm's growth story as it projects $80 bn in Q3 profit

Livemint, 13 OctResults

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

NTPC board approves ₹20,457 crore investment in Lara Stage-III thermal project; shares rise

Upstox, 13 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Kranti Industries consolidated net profit rises 50.00% in the March 2026 quarter

Business Standard, 01 JunResults

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

DLF, Phoenix Mills, Anant Raj gain as Nifty Realty index jumps 2%: Key triggers explained

Upstox, 17 Sept

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 QualityAdequate12.2/20

🟢Financial HealthStrong17/20

🟢GrowthStrong14.7/20

🟢ProfitabilityStrong10.6/15

🟢ValuationAttractive13.4/15

🔴RiskHigh2.3/10

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. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 138% a year184.4% CAGR
✓EBITDA margin holds above 28%30.2%
✓Return on equity stays above 35%37.4%
✓Valuation vs its own median of 116.9x4.8x today