Systematix Securities Ltd.

Financial Services — Capital Markets · BSE

₹11.78−₹0.62 (−5.00%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Systematix Securities Ltd. — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Systematix Securities Ltd., an investment advisory company, provides equity trading, leasing and equity research, and investment consultancy services. It also offers retail and institutional equity; and corporate finance services.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-19 reaches shareholders as profit, with ₹-18 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%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -22% while net margin moved +315% 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-22%

Margin effect+315%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

37/ 100

Weak

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

Valuation

36/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

Red Flags

4 items require attention · 3 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -2726.4x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 38.3 points, from 20.4% to -17.8%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -258.6x to -2726.4x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 20.4% to -17.8%. 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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -20%✓ -17.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -0.7%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ -2726.4x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 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

2 good · 4 neutral · 5 weak

Market Cap

₹6 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.42x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.06

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.7%

Weak

Weak capital efficiency

ROCE

-0.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

9.1%

Modest

Modest growth

Profit Growth (YoY)

27.0%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-30.3%

Weak

Thin margins leave little room for error

Net Margin

-9.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

50.52

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.01

Defensive

Steadier than the market

52W Range Position

20%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

12.8 / 13.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-8.0%
EBITDA	₹0 Cr	₹0 Cr	-₹0 Cr	-₹0 Cr	—
EBITDA Margin	20.4%	0.3%	-17.7%	-17.8%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0.04	₹-0.07	₹-0.16	₹-0.12	—
ROE	-0.2%	-0.4%	-0.9%	-0.7%	—
ROCE	0.2%	-0.5%	-1.0%	-0.7%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🔴 Revenue has shrunk at 8.0% a year over 3 years.

🔴 EBITDA has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EBITDA Margin has fallen from 20.4% to -17.8% over 3 years (-38.3 pts).

🟡 ROE has held roughly flat at -0.7% over 3 years.

🟡 ROCE has held roughly flat at -0.7% over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹9 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

66.6%

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 positive2 mixed3 general

Systematix Corporate Services Upper Circuit Streak: Day 2

Univest, 13 Oct

HDFC Life Insurance sheds 3% post Q2 results; brokerages remain upbeat

Business Standard, 16 OctResults

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

Compare with

Equitymaster, 27 Sept

Why Systematix is bullish on Apollo Micro Systems after 47% YTD rally; check target price

The Economic Times, 07 SeptAnalyst view

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

Rs 12,000-crore orders expected, 46% upside: Systematix initiates coverage on this defence stock

Business Today, 07 Sept

Systematix Corporate Services declares ₹0.10 per share final dividend for FY26

scanx.trade, 28 AugCapital 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

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