Viji Finance Limited

Financial Services — Credit Services · NSE

₹16.66+₹0.32 (+1.96%)

DalalBaazaar Score

76 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Viji Finance Limited, a non-banking finance company, provides financial products and services in India.

IndustryCredit Services

SectorFinancial Services

Employees3

Annual revenue₹5 Cr

How does it make money?

Turns over ₹5 Cr a year. Of every ₹100 of sales, about ₹39 reaches shareholders as profit, with ₹61 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹1.69 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.69 Cr

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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +144% while net margin moved +87% 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+144%

Margin effect+87%

DalalBaazaar Score

76/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.16 — 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
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk

Quality vs. Valuation

Company Quality

86/ 100

Excellent

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

Valuation

49/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

50.5x

3Y Median

282.0x

40 monthly readings · mean 256.3x · range 34.4x–1021.0x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 82% below its 3y median of 282.0x. 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 197% above the peer median of 17.0x.

vs. its own history

Cheap

282.0x median over 40 months · -82%

vs. sector peers

Expensive

17.0x median of 4 peers · +197%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

127.3x

PEG

0.77

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 48.0% to 60.5% over 3 years.
Return on equity is rising
ROE has improved from 3.6% to 8.5%.
Return on capital is rising
ROCE has improved from 3.1% to 10.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 27% 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 48.0% to 60.5%. 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 82% 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.
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?

A premium to the sector to defend
It trades 197% above the peer median. That premium needs a reason that persists, or it closes.
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 26% a year✓ 34.6% CAGR
Latest reported year was 465.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 59%✓ 60.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 12%✓ 14.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 282.0x✓ 50.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 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

4 good · 4 neutral · 3 weak

Market Cap

₹385 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

50.5x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.58x

Rich

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

EPS (TTM)

₹0.33

Profitable

Profitable on a per-share basis

ROE

14.1%

Moderate

Moderate capital efficiency

ROCE

10.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

6.64x

High

High leverage

Revenue Growth (YoY)

465.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

1070.5%

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

₹2 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

11.1%

Good

Assets are working hard

Operating Margin

73.5%

Good

Healthy core-business profitability

Net Margin

61.0%

Good

Strong bottom-line conversion

Current Ratio

23.38

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.16

Defensive

Steadier than the market

52W Range Position

96%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

15.1 / 14.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

51.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹2 Cr	₹2 Cr	₹5 Cr	+34.6%
EBITDA	₹1 Cr	₹1 Cr	₹1 Cr	₹3 Cr	+45.4%
EBITDA Margin	48.0%	29.4%	26.2%	60.5%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	+65.8%
EPS	₹0.04	₹0.01	₹0.01	₹0.14	+56.2%
ROE	3.6%	1.0%	0.8%	8.5%	—
ROCE	3.1%	1.5%	0.7%	10.9%	—
Total Debt	₹9 Cr	₹13 Cr	₹13 Cr	₹7 Cr	-7.6%
Free Cash Flow	-₹4 Cr	-₹4 Cr	-₹3 Cr	₹2 Cr	—

🟢 Revenue has grown at 34.6% a year over 3 years.

🟢 EBITDA has grown at 45.4% a year over 3 years.

🟢 EBITDA Margin has risen from 48.0% to 60.5% over 3 years (+12.5 pts).

🟢 PAT (Net Profit) has grown at 65.8% a year over 3 years.

🟢 EPS has grown at 56.2% a year over 3 years.

🟢 ROE has risen from 3.6% to 8.5% over 3 years (+4.9 pts).

🟢 ROCE has risen from 3.1% to 10.9% over 3 years (+7.8 pts).

🟢 Total Debt has shrunk at 7.6% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹4 Cr to ₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹34 Cr

Total Liabilities

₹10 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.3%

Corporate Actions

Ex-Dividend Date

12 Sept 2018

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 positive2 mixed3 general

Do Viji Finance's (NSE:VIJIFIN) Earnings Warrant Your Attention?

Simply Wall Street, 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.

Viji Finance VIJIFIN Trading Approval 1 Crore Preferential Shares

Kalkine India, 15 Oct

Viji Finance Q2FY27 Results: Net profit turns positive at ₹151 lakh

scanx.trade, 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.

Viji Finance Lower Circuit Today: Price, Data and Peers

Univest, 09 Oct

Viji Finance Ltd Upgraded to Hold as Technicals and Financials Show Improvement

MarketsMojo, 15 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Viji Finance Limited (VIJIFIN.NS) Gains 1.97%: Stock Approaches Key Resistance at ₹15.79 - Advance Decline Volume

siam.in, 28 Aug

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
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.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑