NSE · India · Capital Markets

5paisa Capital Limited 5PAISA.NS

Price ₹322.10Mkt cap 1,510 croreReports in INRData 2 Nov 2026

Value estimate · peers only₹245.00-23.9%-23.9% vs ₹322.10

DCFNot useda free-cash-flow DCF doesn't suit a lender, insurer or holding company

Peers₹244.904 peers · median P/E 15.9x

P/E vs peers+126.7%36.1x against a peer median of 15.9x

Price to book1.6xpeer median 1.7x

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg -7.6%
EBIT marginFY23–FY26 avg -11.4%
Tax rateFY23–FY26 avg 25.0%
D&A % of revenueFY23–FY26 avg 4.5%
Capex % of revenueFY23–FY26 avg 5.1%
Working capital % of revenue changeFY23–FY26 avg 826.6%

No usable consensus estimate: the first years start from history. The base case fades to 7.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

INR 10-year government bond yield (%)India 10-year government bond, 21 Oct 2026 (World Government Bonds; Trading Economics 7.44%)

Less: country default spread (%)Damodaran; the Indian bond yield carries some default risk

Beta2 years, weekly vs Nifty 50: 1.22 (R² 0.20)

Equity risk premium (%)Damodaran, July 2026 update

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 5.69%
Cost of equity: 14.13%
Weight of equity: 83.2%
After-tax cost of debt: 6.68%
WACC: 12.88%

Result rules

set before you look

DCF weight (%)peers get 100%

Share price (INR)Yahoo, 30 Oct 2026 (delayed)

Check before you rely on thisThe share count today (47 million) is far from the 31 million on the 2026-03-31 balance sheet. Check the share count in the Company data table.Lenders, insurers and investment holding companies are not suited to a free-cash-flow DCF: the value starts on peer multiples only (P/E and P/B).No consensus revenue estimate: the first forecast years start from history.

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

Valued above its peers on earnings

Caution
At 36.1x trailing earnings, 5paisa Capital Limited trades 127% above the median of 4 peers (15.9x).
Context
At 1.6x book value, 5paisa Capital Limited trades roughly in line with the median of 4 peers (1.7x).
Caution
Return on equity was 7.1% in FY26, below the 14.1% a year shareholders require (the cost of equity). A simple rule, fair P/B = (ROE − g) ÷ (cost of equity − g), gives about 0.2x against 1.6x today, if that return lasts.
Context
Earnings yield is 2.8% (trailing earnings ÷ price) against 7.4% on a 10-year government bond: less profit per rupee of price than the bond pays, so the price counts on earnings growing.
Context
Business health grade C (64 out of 100): shows a mixed picture, with 3 strengths and 2 red flags (top concern: low return for shareholders).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in INR.

Show as table

Range	Low	Mid	High
P/B comps (25th to 75th percentile)	₹285	₹348	₹477
P/E comps (25th to 75th percentile)	₹94.66	₹142	₹201
52-week share price (trading range)	₹246	–	₹417

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeC64 / 100

Grade C (64/100): shows a mixed picture, with 3 strengths and 2 red flags (top concern: low return for shareholders).

Piotroski F-score–not used for financial firms

Altman Z''–not used for financial firms

Beneish M-score–not used for financial firms

Red flags 2

Low return for shareholders: ROE was 7.1% in FY26, below 10%.
Revenue is erratic: it grew in only 1 of 3 years over FY23–FY26.

Strengths 3

Solid profitability for a lender: return on assets was 2.32% in FY26.
Thick capital cushion: equity is 34.0% of assets in FY26.
Book value per share grew 10.8% a year over FY23–FY26.

Return on equity Weak7.1%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Return on assets Good2.32%Net profit ÷ total assets, FY26. For a lender, 1% or more is good.

Equity ÷ assets Good34.0%How much of the balance sheet owners fund, FY26. 8% or more is a solid cushion for a lender.

Book value per share growth Good+10.8% a yearBook value per share, a year, FY23–FY26, adjusted for bonus issues and splits. Mergers and share issues lift it too.

Share count change Fair+1.0% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders n/a–Dividends and buybacks not reported.

Stock-based pay Good1.4%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Weak1 of 3Years in which revenue beat the year before, FY23–FY26.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

Lenders and investment holding companies are graded on return on equity and assets, the capital cushion, book value growth, dilution and growth. The Piotroski, Altman and Beneish screens and the debt and cash-conversion ratios are left out: loan growth is an operating cash outflow and borrowing is raw material, so they would mislead.
Piotroski F-score is not used for financial firms: its cash-flow, leverage, liquidity and margin tests describe industrial companies.
Altman Z'' is not used for financial firms: it was built for companies whose balance sheets are not mostly loans, deposits or policyholder funds.
Beneish M-score is not used for financial firms: receivables, gross margin and asset quality mean something different for a lender or an insurer.
Not available from the data: paid out to shareholders.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

No analyst coverage on Yahoo for this company. Smaller companies are often not covered at all, which makes your own analysis matter more.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

DCF sections are hidden for financial firms

For a lender, an insurer or an investment holding company, debt is raw material rather than financing, so free cash flow to the firm and the WACC bridge don't describe the business. The value above uses peer P/E and P/B only.

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Geojit Financial Services Limited GEOJITFSL.NS Capital Markets		–	26.9x	1.8x	1.5x	9.3%	-2.1%
Aditya Birla Money Limited BIRLAMONEY.NS Capital Markets		–	10.8x	5.9x	1.8x	16.8%	19.0%
JM Financial Limited JMFINANCIL.NS Capital Markets		–	10.0x	4.0x	1.0x	47.2%	-10.3%
Motilal Oswal Financial Services Limited MOTILALOFS.NS Capital Markets		–	21.0x	7.4x	3.7x	51.9%	67.5%
Median of included	4	–	15.9x	4.9x	1.7x
5paisa Capital Limited	–	17.5x	36.1x	5.4x	1.6x	-20.3%	-21.0%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	– (–)	– (–)	– (–)
P/E × earnings per share	₹94.66 (10.6x)	₹142 (15.9x)	₹201 (22.5x)
P/B × book value per share	₹285 (1.4x)	₹348 (1.7x)	₹477 (2.3x)
EV/Sales × revenue + net cash (check only)	₹195 (3.4x)	₹293 (4.9x)	₹380 (6.2x)
Peer value (average of median P/E and median P/B prices)		₹244.90

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins+3 bpsEBIT margin change from the last reported year (-20.3%) to FY31E (-20.3%)

2 · Valuation vs peers+126.7%5paisa Capital Limited P/E against the peer median; negative means cheaper

3 · Cash-1.4%FCF yield: FY27E free cash flow ÷ market value at today's price

5paisa Capital Limited (5PAISA.NS), valuation summary, 2 Nov 2026
Value estimate ₹245.00 (-23.9% vs today's price of ₹322.10).

• DCF (base case): not meaningful with these inputs per share. WACC 12.88%, terminal growth 5.0%; terminal value is 72% of enterprise value.
• Peers: ₹244.90 per share (average of median P/E and median P/B prices; 4 peers).
• Scenarios: bear -₹103.85, base -₹113.70, bull -₹122.79; probability-weighted -₹113.51.
• What the price implies: outside the range tested for FY27E–FY31E, against 1.2% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% -₹137.91 to -₹96.44.
• Key assumptions (base): revenue growth -7.6% → -0.3% → 2.1% → 4.6% → 7.0%; EBIT margin -20.3% to -20.3%; tax 25.0%.
• Checks: to review: The DCF gives a positive value per share; Scenario values are in order: bear ≤ base ≤ bull.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 2 Nov 2026. Educational model, not investment advice.

Model checks

5 pass, 2 to review.

PASSWACC is above terminal growth g
CHECKThe DCF gives a positive value per shareA negative value usually means capex or working capital stays too high for ever, or the bridge holds a finance arm's debt. Until fixed, the price target uses peer multiples only.
PASSShares × price is within 2% of the reported market cap
CHECKScenario values are in order: bear ≤ base ≤ bullBear and bull drivers are the wrong way round.
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

₹ crore	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth -7.6%
EBIT (operating profit)					margin -11.4%
D&A					4.5%
Profit before tax
Tax					rate 25.0%
Capex					5.1%
Increase in working capital					826.6% of Δrev

Cash and short-term investments (₹ crore)
Borrowings (₹ crore)
Lease liabilities (₹ crore)
Minority interests (₹ crore)
Dividends since the balance sheet (₹ crore)

Revenue, trailing 12 months (₹ crore)
EBITDA, trailing 12 months (₹ crore)
Net income, trailing 12 months (₹ crore)
Shares outstanding (crore)

FY labels follow Indian fiscal years ending in March. Shares: 46,879,257. Price ₹322.10 at Fri, 30 Oct 2026 09:59:59 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg -7.6%

EBIT marginFY23–FY26 avg -11.4%

Tax rateFY23–FY26 avg 25.0%

D&A % of revenueFY23–FY26 avg 4.5%

Capex % of revenueFY23–FY26 avg 5.1%

Working capital % of revenue changeFY23–FY26 avg 826.6%

Range

Low

Mid

High

P/B comps (25th to 75th percentile)

₹285

₹348

₹477

P/E comps (25th to 75th percentile)

₹94.66

₹142

₹201

52-week share price (trading range)

₹246

–

₹417

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Geojit Financial Services Limited GEOJITFSL.NS

Capital Markets

–

26.9x

1.8x

1.5x

9.3%

-2.1%

Aditya Birla Money Limited BIRLAMONEY.NS

Capital Markets

–

10.8x

5.9x

1.8x

16.8%

19.0%

JM Financial Limited JMFINANCIL.NS

Capital Markets

–

10.0x

4.0x

1.0x

47.2%

-10.3%

Motilal Oswal Financial Services Limited MOTILALOFS.NS

Capital Markets

–

21.0x

7.4x

3.7x

51.9%

67.5%

Median of included

–

15.9x

4.9x

1.7x

5paisa Capital Limited

–

17.5x

36.1x

5.4x

1.6x

-20.3%

-21.0%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

– (–)

P/E × earnings per share

₹94.66 (10.6x)

₹142 (15.9x)

₹201 (22.5x)

P/B × book value per share

₹285 (1.4x)

₹348 (1.7x)

₹477 (2.3x)

EV/Sales × revenue + net cash (check only)

₹195 (3.4x)

₹293 (4.9x)

₹380 (6.2x)

Peer value (average of median P/E and median P/B prices)

₹244.90

5paisa Capital Limited (5PAISA.NS), valuation summary, 2 Nov 2026 Value estimate ₹245.00 (-23.9% vs today's price of ₹322.10). • DCF (base case): not meaningful with these inputs per share. WACC 12.88%, terminal growth 5.0%; terminal value is 72% of enterprise value. • Peers: ₹244.90 per share (average of median P/E and median P/B prices; 4 peers). • Scenarios: bear -₹103.85, base -₹113.70, bull -₹122.79; probability-weighted -₹113.51. • What the price implies: outside the range tested for FY27E–FY31E, against 1.2% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% -₹137.91 to -₹96.44. • Key assumptions (base): revenue growth -7.6% → -0.3% → 2.1% → 4.6% → 7.0%; EBIT margin -20.3% to -20.3%; tax 25.0%. • Checks: to review: The DCF gives a positive value per share; Scenario values are in order: bear ≤ base ≤ bull. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 2 Nov 2026. Educational model, not investment advice.

₹ crore

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth -7.6%

EBIT (operating profit)

margin -11.4%

D&A

4.5%

Profit before tax

Tax

rate 25.0%

Capex

5.1%

Increase in working capital

826.6% of Δrev