Trustwave Securities Limited

Financial Services — Credit Services · BSE

₹280.20+₹5.45 (+1.98%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, negative free cash flow, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth. Solvency — whether it can keep funding itself at all — is 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 Trustwave Securities Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Trustwave Securities Limited provides financial services in India. The company offers advisory solutions, including statutory consulting, re-structuring consulting, tax consulting, financial consulting, business development, and re-organization consulting.

IndustryCredit Services

SectorFinancial Services

Employees1

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-41 reaches shareholders as profit, with ₹-40 left at the operating level before interest, tax and depreciation. Each of its 1 employees supports ₹15.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹15.0 lakh

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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +0% while net margin moved -275% 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+0%

Margin effect-275%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

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

Valuation

30/ 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

Multiples unreliable — equity base is negative

EV/EBITDA

—

PEG

—

Red Flags

4 items require attention · 4 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -75.3x — 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 63.1 points, from 23.0% to -40.1%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from 23.0% to -40.1%. 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
4 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 -42%✓ -40.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -75.3x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

4 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ 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 · 5 neutral · 5 weak

Market Cap

₹9 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)

₹-4.09

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

-5.1%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

64.3%

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

-6.8%

Weak

Thin margins leave little room for error

Net Margin

-90.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

20.94

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.04

Market-like

Moves roughly in line with the market

52W Range Position

45%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

249.1 / 298.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

98.2

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	—	—	₹0 Cr	+0.0%
EBITDA	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EBITDA Margin	23.0%	—	—	-40.1%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹1	₹-2.2	₹-5.2	₹-1.8	—
ROCE	367.0%	-748.0%	-24.9%	-5.1%	—
Total Debt	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+46.2%
Free Cash Flow	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟡 Revenue has been broadly flat over 3 years (0.0% a year).

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

🔴 EBITDA Margin has fallen from 23.0% to -40.1% over 3 years (-63.1 pts).

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹0 Cr.

🔴 EPS has turned negative, from ₹1 to ₹-1.8.

🔴 ROCE has fallen from 367.0% to -5.1% over 3 years (-372.1 pts).

🔴 Total Debt has grown at 46.2% a year over 3 years.

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

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1 Cr

Total Liabilities

₹2 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

51.4%

Corporate Actions

Ex-Dividend Date

13 Feb 1996

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 mixed1 negative4 general

Trustwave Securities passes all resolutions at 42nd AGM

scanx.trade, 24 Sept

Top stocks in news: RIL, Wipro, Axis Bank, Paytm, IndusInd Bank, RBL Bank, UPL, Lodha, LTF

Business Today, 27 Apr

Trustwave Securities Reports Q2 FY2026 Financial Results

scanx.trade, 08 NovResults

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

Windlas Biotech standalone net profit declines 0.11% in the June 2026 quarter

Business Standard, 10 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Upcoming dividends, rights issue this week: Vedanta, Hindustan Zinc, ABB India, Tanla Platforms among others in focus

Upstox, 26 Apr

Corporate Actions This Week: Vedanta, Vesuvius India, 360 One Wam, ABB India | Full List

NDTV Profit, 26 Apr

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.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Trustwave Securities Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑