Williamson Magor & Co. Limited

Financial Services — Credit Services · NSE

₹21.71+₹0.82 (+3.93%)

DalalBaazaar Score

19 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, 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, but sales are shrinking. 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, 6:10 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 Williamson Magor & Co. Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Williamson Magor & Co. Limited operates as an investment company in India. The company is involved in lending of funds. Williamson Magor & Co. Limited was founded in 1868 and is based in Kolkata, India.

IndustryCredit Services

SectorFinancial Services

Employees2

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹-82 reaches shareholders as profit, with ₹9844 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹76.9 lakh of revenue a year, the signature of a people-led business.

EBITDA margin9843.9%

Net margin-81.8%

Revenue / employee₹76.9 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 has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -32% while net margin moved -111% 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-32%

Margin effect-111%

DalalBaazaar Score

19/ 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

18/ 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

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

3.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -4059.3% to 9843.9% over 3 years.

🔴 What Needs Attention3

Receivables growing faster than sales
Receivables are up 98% against revenue growth of -32% — customers are taking longer to pay.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.
Short-term liquidity is tight
Current ratio of 0.12 — near-term obligations exceed near-term assets.

Red Flags

2 items require attention · 2 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -4059.3% to 9843.9%. 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?

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.
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 9842%✓ 9843.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.

Investment Checklist

4 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ 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

2 good · 4 neutral · 5 weak

Market Cap

₹24 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)

₹-14.21

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

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

Not meaningful

Negative equity

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

Revenue Growth (YoY)

-100.0%

Shrinking

Sales are contracting

Profit Growth (YoY)

99.3%

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

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹21.71

Operating Margin

-139150.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.12

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.77

Defensive

Steadier than the market

52W Range Position

15%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

21.8 / 23.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

50.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹2 Cr	₹3 Cr	₹2 Cr	-12.1%
EBITDA	-₹92 Cr	-₹13 Cr	-₹226 Cr	₹151 Cr	—
EBITDA Margin	-4059.3%	-551.7%	-8020.0%	9843.9%	—
PAT (Net Profit)	₹17 Cr	-₹38 Cr	-₹181 Cr	-₹1 Cr	—
EPS	₹15.61	₹-34.61	₹-165.56	₹-1.15	—
Total Debt	₹574 Cr	₹595 Cr	₹554 Cr	₹553 Cr	-1.2%
Free Cash Flow	-₹29 Cr	₹10 Cr	₹45 Cr	₹1 Cr	—

🔴 Revenue has shrunk at 12.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹92 Cr to ₹151 Cr.

🟢 EBITDA Margin has risen from -4059.3% to 9843.9% over 3 years (+13903.2 pts).

🔴 PAT (Net Profit) has turned negative, from ₹17 Cr to -₹1 Cr.

🔴 EPS has turned negative, from ₹15.61 to ₹-1.15.

🟡 Total Debt has been broadly flat over 3 years (-1.2% a year).

🟢 Free Cash Flow has turned positive, from -₹29 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹397 Cr

Total Liabilities

₹618 Cr

Total Debt

₹553 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

68.7%

Corporate Actions

Ex-Dividend Date

07 Aug 2001

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

Williamson Magor & Company (WILLAMAGOR.NS) Eases 1.33% to ₹19.32, Holds Above ₹18.35 Support - Sign of Strength

siam.in, 13 Oct

Williamson Magor appoints Arup Pal and Subhajit Majumdar as Additional Directors

scanx.trade, 22 Jul

Mcnally Bharat Engineering Company Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

McLeod Russel promoters confirm no share encumbrance in FY26

scanx.trade, 02 Jun

WILLAMAGOR Stock Price and Chart — NSE:WILLAMAGOR

TradingView, 19 Dec

Williamson Magor & Company Ltd leads gainers in 'B' group

Business Standard, 17 Aug

Watch Items

Revenue growth is negative (-100.0%) 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.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🔴GrowthWeak5/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Williamson Magor & Co. 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. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 9842%9843.9%