Thirani Projects Limited

Financial Services — Credit Services · BSE

₹3.10−₹0.15 (−4.62%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very 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, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:06 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Thirani Projects Limited, a non-banking financial company, engages in the investment and finance businesses in India. The company offers short and long-term loans. It also provides long and short-term investments in quoted and unquoted shares.

IndustryCredit Services

SectorFinancial Services

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹46 reaches shareholders as profit, with ₹61 left at the operating level before interest, tax and depreciation.

EBITDA margin60.9%

Net margin46.4%

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.

ROCE4.2%

ROE3.7%

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +31% while net margin moved -153% 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+31%

Margin effect-153%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

66/ 100

Good

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.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

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

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

11.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -87.9% to 60.9% over 3 years.
Return on equity is rising
ROE has improved from -3.5% to 3.7%.
Return on capital is rising
ROCE has improved from -3.5% to 4.2%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -87.9% to 60.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 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

1EBITDA margin holds above 59%✓ 60.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 3.7%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 7% a year✓ 9.4% CAGR
Latest reported year was 19.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

4 / 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

1 good · 3 neutral · 7 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-1.21

Loss-making

Negative earnings per share — the business is losing money

ROE

3.7%

Weak

Weak capital efficiency

ROCE

4.2%

Weak

Low return on total capital employed

Debt/Equity

8.81x

High

High leverage

Revenue Growth (YoY)

19.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-36.8%

Falling

Profits are shrinking

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

CMP

₹3.1

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

2007.30

Comfortable

Healthy short-term liquidity

52W Range Position

12%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3.3 / 3.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	-₹5 Cr	₹1 Cr	₹1 Cr	+9.4%
EBITDA	-₹1 Cr	-₹6 Cr	₹0 Cr	₹1 Cr	—
EBITDA Margin	-87.9%	137.7%	48.9%	60.9%	—
PAT (Net Profit)	-₹1 Cr	-₹6 Cr	₹1 Cr	₹0 Cr	—
EPS	₹-0.34	₹-3.16	₹0.37	₹0.23	—
ROE	-3.5%	-54.4%	6.0%	3.7%	—
ROCE	-3.5%	-48.2%	3.0%	4.2%	—
Free Cash Flow	-₹2 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 Revenue has grown at 9.4% a year over 3 years.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -87.9% to 60.9% over 3 years (+148.8 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-0.34 to ₹0.23.

🟢 ROE has risen from -3.5% to 3.7% over 3 years (+7.2 pts).

🟢 ROCE has risen from -3.5% to 4.2% over 3 years (+7.7 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹16 Cr

Total Liabilities

₹3 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

7.1%

Insider Holding

59.1%

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 mixed3 general

Thirani Projects Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Thirani Projects schedules AGM for Sept 30, approves share capital hike

scanx.trade, 05 Sept

Q3 results 2026: IndiGo, Zee, Bandhan Bank to Coforge - 58 companies to declare earnings today; check full list

Livemint, 22 JanResults

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

Filmcity Media appoints two independent directors, accepts two resignations

scanx.trade, 12 Aug

Q2 Results Today: Hero MotoCorp, Lemon Tree Hotels, HAL, Glenmark Pharma among 1181 companies to post earnings on Nov 14

Livemint, 14 NovResults

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

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

🟢GrowthStrong13.6/20

🟡ProfitabilityModerate7.1/15

🔴ValuationDemanding1.5/15

🔴RiskHigh2.5/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

This thesis breaks if

✓EBITDA margin holds above 59%60.9%
✗Return on equity stays above 8%3.7%
✓Revenue growth stays above 7% a year9.4% CAGR