Wagend Infra Venture Limited

Financial Services — Credit Services · BSE

₹1.12−₹0.09 (−7.44%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

CAUTION

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: The business is earning a fairly low return on the money invested in it, 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, 6:07 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 Wagend Infra Venture Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Wagend Infra Venture Limited engages in investing activities primarily in India. It focuses on exploring opportunities in the infrastructure sector. The company was formerly known as Agarwal Holdings Limited and changed its name to Wagend Infra Venture Limited in May 2012.

IndustryCredit Services

SectorFinancial Services

Employees3

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹81.0 lakh of revenue a year, the signature of a people-led business.

EBITDA margin7.6%

Net margin1.4%

Revenue / employee₹81.0 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.

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.

ROCE1.8%

ROE0.4%

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 +552% while net margin moved -85% 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+552%

Margin effect-85%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.4% is weak

Quality vs. Valuation

Company Quality

55/ 100

Average

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

Valuation

40/ 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

112.0x

3Y Median

114.0x

40 monthly readings · mean 114.9x · range 66.0x–220.0x

Sector Median

17.0x

median of 4 sector peers

🟡Currently trading close to its 3y median of 114.0x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 559% above the peer median of 17.0x.

vs. its own history

Fair

114.0x median over 40 months · -2%

vs. sector peers

Expensive

17.0x median of 4 peers · +559%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

112.0x

P/B

0.57x

EV/EBITDA

37.6x

PEG

2.37

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -113.9% to 7.6% over 3 years.
Return on capital is rising
ROCE has improved from -3.9% to 1.8%.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.3x — little room if earnings dip.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -113.9% to 7.6%. 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?

A premium to the sector to defend
It trades 559% 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 65% a year✓ 86.8% CAGR
Latest reported year was 227.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 6%✓ 7.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 0.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 1.3x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 114.0x✓ 112.0x 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

6 good · 2 neutral · 3 weak

Market Cap

₹5 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

112.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.57x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.01

Profitable

Profitable on a per-share basis

ROE

0.4%

Weak

Weak capital efficiency

ROCE

1.8%

Weak

Low return on total capital employed

Debt/Equity

0.19x

Low

Conservative leverage

Revenue Growth (YoY)

227.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

47.2%

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

CMP

₹1.12

Operating Margin

1.5%

Weak

Thin margins leave little room for error

Net Margin

1.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

6.22

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.27

Defensive

Steadier than the market

52W Range Position

40%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1.2 / 1.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹1 Cr	—	₹2 Cr	+86.8%
EBITDA	-₹0 Cr	-₹1 Cr	₹0 Cr	₹0 Cr	—
EBITDA Margin	-113.9%	-43.7%	—	7.6%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	₹0 Cr	₹0 Cr	-0.7%
EPS	₹0.01	—	—	₹0.01	+0.0%
ROE	0.4%	-0.1%	0.2%	0.4%	—
ROCE	-3.9%	-5.9%	0.3%	1.8%	—
Total Debt	—	—	₹1 Cr	₹2 Cr	—
Free Cash Flow	-₹0 Cr	₹0 Cr	-₹1 Cr	₹2 Cr	—

🟢 Revenue has grown at 86.8% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹0 Cr.

🟢 EBITDA Margin has risen from -113.9% to 7.6% over 3 years (+121.5 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-0.7% a year).

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

🟡 ROE has held roughly flat at 0.4% over 3 years.

🟢 ROCE has risen from -3.9% to 1.8% over 3 years (+5.7 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹11 Cr

Total Liabilities

₹2 Cr

Total Debt

₹2 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹2 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

39.1%

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

6 general

Wagend Infra Venture (BSE:503675) - Stock Analysis

Simply Wall Street, 11 Oct

Wagend Infra shareholders approve all resolutions at 44th AGM

scanx.trade, 01 Oct

Sanjeev Lunkad Group Crosses 5% Stake in Wagend Infra Venture Ltd Through Open Market Purchase

scanx.trade, 06 Apr

WAGEND INFRA VENTURE LIMITED Share Price

Upstox, 29 Mar

Wagend Infra Venture posts ₹3.37 lakh FY26 profit; schedules AGM

scanx.trade, 05 Sept

Wagend Infra Venture Ltd Share Price

Business Today, 31 Jan

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.

DalalBaazaar Thesis

🟡Business QualityAdequate10.1/20

🟢Financial HealthStrong17/20

🟡GrowthModest9.3/20

🔴ProfitabilityWeak4.5/15

🟡ValuationFair8.3/15

🔴RiskHigh4.4/10

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. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 65% a year86.8% CAGR
✓EBITDA margin holds above 6%7.6%
✗Return on equity stays above 8%0.4%
✗Interest cover stays above 3x1.3x
✓Valuation vs its own median of 114.0x112.0x today