VJTF Eduservices Limited

Financial Services — Asset Management · BSE

₹64.14+₹1.14 (+1.81%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

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

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. 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 VJTF Eduservices Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

VJTF Eduservices Limited, a non-banking financial company, engages in investment and financial activities in India. The company was formerly known as Artheon Finance Limited and changed its name to VJTF Eduservices Limited in March 2013.

IndustryAsset Management

SectorFinancial Services

Employees21

Annual revenue₹3 Cr

How does it make money?

Turns over ₹3 Cr a year. Of every ₹100 of sales, about ₹-8 reaches shareholders as profit, with ₹-19 left at the operating level before interest, tax and depreciation. Each of its 21 employees supports ₹12.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹12.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. 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%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

47/ 100

Average

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

Valuation

31/ 100

Expensive

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

78.2x

3Y Median

27.5x

40 monthly readings · mean 148.6x · range 2.0x–715.3x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 184% above its 3y median of 27.5x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 360% above the peer median of 17.0x.

vs. its own history

Expensive

27.5x median over 40 months · +184%

vs. sector peers

Expensive

17.0x median of 4 peers · +360%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

—

PEG

—

Red Flags

3 items require attention · 2 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -7.3x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 4.1x to -7.3x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 184% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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
2 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 -21%✓ -19.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ -0.2%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Interest cover stays above 3x✗ -7.3x
How much operating profit can fall before interest stops being comfortably covered.
4Valuation vs its own median of 27.5x✗ 78.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

3 / 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

3 good · 2 neutral · 6 weak

Market Cap

₹113 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

78.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.92x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.82

Profitable

Profitable on a per-share basis

ROE

-0.2%

Weak

Weak capital efficiency

ROCE

-1.1%

Weak

Low return on total capital employed

Debt/Equity

3.70x

High

High leverage

Revenue Growth (YoY)

-32.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

-31.2%

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

₹52 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

73.1%

Good

Healthy core-business profitability

Net Margin

-58.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

3.14

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.03

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

66.6 / 68.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

26.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹7 Cr	₹11 Cr	₹3 Cr	—
EBITDA	₹3 Cr	₹4 Cr	₹7 Cr	-₹1 Cr	—
EBITDA Margin	—	53.3%	61.7%	-19.4%	—
PAT (Net Profit)	₹0 Cr	₹68 Cr	₹6 Cr	-₹0 Cr	—
EPS	₹0.19	₹38.89	₹3.04	₹-0.13	—
ROE	1.0%	67.4%	5.4%	-0.2%	—
ROCE	0.4%	77.8%	8.0%	-1.1%	—
Total Debt	₹69 Cr	₹57 Cr	₹1 Cr	₹32 Cr	-22.5%
Free Cash Flow	₹33 Cr	-₹74 Cr	-₹40 Cr	₹52 Cr	+16.5%

🔴 EBITDA has turned negative, from ₹3 Cr to -₹1 Cr.

🔴 EBITDA Margin has fallen from 53.3% to -19.4% over 3 years (-72.7 pts).

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

🔴 EPS has turned negative, from ₹0.19 to ₹-0.13.

🔴 ROE has fallen from 1.0% to -0.2% over 3 years (-1.2 pts).

🔴 ROCE has fallen from 0.4% to -1.1% over 3 years (-1.4 pts).

🟢 Total Debt has shrunk at 22.5% a year over 3 years.

🟢 Free Cash Flow has grown at 16.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹152 Cr

Total Liabilities

₹35 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹53 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

91.2%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 mixed5 general

VJTF Eduservices Lower Circuit Streak: Day 2 Price and Data

Univest, 16 Oct

VJTF Eduservices Ltd. Peer Comparison – Compare with Others

Value Research, 04 Sept

VJTF Eduservices shareholders approve all seven AGM resolutions

scanx.trade, 01 Oct

VJTF Eduservices Share Price Rises 13.8%; Valuation View

Univest, 04 SeptPrice 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.

VJTF Eduservices sets Sept 30 for 41st AGM; reappoints independent director

scanx.trade, 01 Sept

YATRA Stock Price and Chart — NSE:YATRA

TradingView, 02 Mar

Watch Items

Revenue growth is negative (-32.1%) on the latest reported period — check if this is one-off or a trend.
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.
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

MiddlingGrowth

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x; Valuation vs its own median of 27.5x · see Key things to watch ↑