West Leisure Resorts Limited

Financial Services — Capital Markets · BSE

₹82.82+₹3.94 (+4.99%)

DalalBaazaar Score

48 / 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, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

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

What does this company do?

West Leisure Resorts Limited operates as an investment company in India. The company operates through two segments, Financial Activities and Provision of Services.

IndustryCapital Markets

SectorFinancial Services

Employees2

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹17 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹28.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹28.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO 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 ROE13.7%

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 +142% while net margin moved -70% 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+142%

Margin effect-70%

DalalBaazaar Score

48/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.3% is weak

Quality vs. Valuation

Company Quality

50/ 100

Average

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.

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

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

EV/EBITDA

254.2x

PEG

—

Red Flags

2 items require attention · 2 watch

🟡Profit is decliningFinancial
Net profit is down 28% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 4.1 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 21.5% to 17.4%. 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.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 26% a year✓ 34.3% CAGR
Latest reported year was -87.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 15%✓ 17.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 0.3%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

3 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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

₹25 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

1.16x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.35

Loss-making

Negative earnings per share — the business is losing money

ROE

0.3%

Weak

Weak capital efficiency

ROCE

0.5%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-87.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-93.1%

Falling

Profits are shrinking

Dividend Yield

0.12%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

19.2%

Good

Healthy core-business profitability

Net Margin

-26.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

13.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.06

Market-like

Moves roughly in line with the market

52W Range Position

25%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

70.5 / 72.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

78.5

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹1 Cr	₹1 Cr	+34.3%
EBITDA	₹0 Cr	-₹0 Cr	₹0 Cr	₹0 Cr	+25.1%
EBITDA Margin	21.5%	-133.3%	11.9%	17.4%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	-10.2%
EPS	₹0.25	₹-0.83	₹-0.13	₹0.18	-10.4%
ROE	0.4%	-1.3%	-0.2%	0.3%	—
ROCE	0.3%	-1.7%	0.3%	0.5%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 Revenue has grown at 34.3% a year over 3 years.

🟢 EBITDA has grown at 25.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 21.5% to 17.4% over 3 years (-4.1 pts).

🔴 PAT (Net Profit) has shrunk at 10.2% a year over 3 years.

🔴 EPS has shrunk at 10.4% a year over 3 years.

🟡 ROE has held roughly flat at 0.3% over 3 years.

🟡 ROCE has held roughly flat at 0.5% over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹20 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

93.8%

Corporate Actions

Dividend Rate

₹0.1

Ex-Dividend Date

26 Sept 2025

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive1 mixed4 general

West Leisure Resorts approves all five resolutions at 18th AGM

scanx.trade, 28 Sept

Waterways Leisure Tourism Ltd. Share Price Live Today

CNBC TV18, 16 Oct

TGB Banquets And Hotels Ltd. (TGBHOTELS) Share Price Surges 12.34% Today

Univest, 27 JulPrice 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.

United Parks & Resorts Inc. (PRKS) stock price, news, quote and history

Yahoo Finance UK, 09 Oct

Ramco Industries consolidated net profit rises 31.94% in the June 2026 quarter

Business Standard, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

SHIPWAVES Stock Price and Chart — BSE:SHIPWAVES

TradingView, 17 Dec

Watch Items

Revenue growth is negative (-87.7%) 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.
1 metric 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

StrongFinancial Health

MiddlingValuation

WeakBusiness Quality · Growth · Profitability · 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.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑