Elcid Investments Ltd.

•

elcidinvestments.comBSE: 503681NSE: ELCIDIN

Market Cap₹ 2,130 Cr.

Current Price

High / Low₹ 1,33,700 / 1,05,505

Stock P/E27.0

Book Value₹ 3,02,826

Price to Book0.29

Dividend Yield0.02 %

ROCE1.5 %

ROE1.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Comfortable capital adequacy - CAR of 94.3%
Asset quality is healthy - gross NPA of just 0.0%
Company has a consistent dividend-paying track record

CONS

Company has a low return on capital employed of 1.7%
Company has a low return on equity of 1.3% over last 3 years
Company has delivered a poor profit growth of 6.8% over past five years
Company has delivered a poor sales growth of 5.1% over past five years
Thin net interest margin of 0.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	ELCIDIN	106500.00	22.31	2130.00	0.02	57.57	-18.49	73.39	-20.20	1.43	98.76

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	83	15	39	14	114	36	1	-12	40	49	37	-33	43
	0	1	0	0	1	0	0	3	1	1	1	2	1
Operating Profit	82	15	38	14	113	35	0	-14	40	49	36	-35	43
OPM %	99.49%	96.50%	98.81%	97.66%	99.34%	98.79%	46.84%	121.79%	98.67%	98.42%	98.14%	105.95%	98.70%
Other Income	0	0	0	0	0	0	0	1	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	82	15	38	14	113	35	0	-13	40	49	36	-35	43
Tax %	23.99%	24.93%	21.97%	29.79%	22.98%	20.62%	300.00%	0.30%	22.12%	24.63%	24.99%	46.04%	20.97%
Net Profit	63	11	30	10	87	28	-1	-13	31	37	27	-19	34
	3,127	567	1,489	478	4,358	1,404	-48	-665	1,561	1,839	1,348	-937	169
Equity Capital	0	0	0	0	0	0	0	0	0	0	0	0	0
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	43	56	73	88	74	151	138	94	96
	1	1	2	2	1	2	5	2	4	4	4
Operating Profit	25	32	41	54	72	85	69	150	136	91	—
OPM %	30,908	32,231	96	97	99	97	93	99	99	97	—
Other Income	26	32	0	0	0	0	0	1	2	1	1
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	1	1	1	1
	25	32	41	54	72	85	69	149	136	90	93
Tax %	2	0	8	-1	24	24	29	24	26	15	15
Net Profit	24	31	38	55	55	65	49	113	101	76	79
EPS	0	0	0	2,730	2,744	3,240	2,442	5,661	5,049	3,811	—
Dividend Payout %	1	1	1	1	1	0	1	0	0	1	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1,209	1,572	1,877	2,730	2,744	3,240	2,442	5,661	5,049	3,811	—

COMPOUNDED SALES GROWTH

10 Years:: 80%
5 Years:: 5%
3 Years:: 8%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 7%
3 Years:: 16%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 1%
3 Years:: 1%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	146	177	3,563	4,846	7,084	8,587	7,793	8,125	6,368	6,023
	0	0	924	188	488	606	568	617	1,090	943
Total Liabilities	146	177	4,487	5,035	7,572	9,193	8,361	8,742	7,458	6,965
ASSETS	-	-	-	-	-	-	-	-	-	-
	1	1	1	1	15	15	15	26	29	28
	143	174	4,485	5,029	7,544	9,165	8,295	8,649	7,335	6,908
Cash & Bank	1	1	0	4	9	1	9	3	1	1
	1	1	1	1	5	13	42	64	93	29
Total Assets	146	177	4,487	5,035	7,572	9,193	8,361	8,742	7,458	6,965
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	1	1	1	4	6	-9	1	-6	-8	2
Contingent Liabilities	0	0	0	0	0	0	0	0	0	0
Book Value per Share	7295.69	8850.12	178180.17	242310.48	354218.27	429382.74	389653.10	406241.59	318424.62	301137.23
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	-1	-1	-1	10	43	25	54	66	50
Cash from Investing	3	1	1	5	-5	-50	-17	-60	-68	-50
Cash from Financing	-0	-0	-0	-0	-0	-0	-0	-0	-0	-1
	1	-0	-0	3	5	-8	9	-6	-2	-0
Free Cash Flow	-1	-1	-1	-1	-4	42	24	44	62	50
OCF / Net Profit	-0.05	-0.03	-0.02	-0.02	0.19	0.66	0.52	0.48	0.66	0.65
Cumulative 5-Year FCF	0	0	0	0	-8	36	61	106	169	222

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	1209.34	1572.49	1877.34	2729.56	2744.33	3240.28	2442.41	5661.44	5048.57	3811.40
Book Value (₹)	7295.69	8850.12	178180.17	242310.48	354218.27	429382.74	389653.10	406241.59	318424.62	301137.23
Dividend per Share (₹)	15.00	15.00	15.00	15.00	15.00	15.00	25.00	25.00	25.00	25.00
Cash EPS (₹)	1219.78	1581.20	1886.05	2738.26	2753.03	3260.32	2464.87	5689.46	5087.91	3851.07
PROFITABILITY
Operating Margin %	30907.54%	32231.44%	96.33%	96.79%	98.93%	97.20%	92.95%	98.83%	96.98%	95.78%
Net Margin %	0.00%	0.00%	88.26%	97.84%	75.21%	73.70%	65.58%	74.97%	72.94%	81.48%
ROE %	18.05%	19.48%	2.01%	1.30%	0.92%	0.83%	0.60%	1.42%	1.39%	1.23%
ROCE %	18.51%	19.58%	2.18%	1.28%	1.21%	1.09%	0.84%	1.87%	1.87%	1.45%
	18.01%	19.43%	1.61%	1.15%	0.87%	0.77%	0.56%	1.32%	1.25%	1.06%
EFFICIENCY
Debtor Days	0	0	1	1	0	0	0	0	0	0
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	0	0	1	1	0	0	0	0	0	0
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
	3.42x	2.85x	2.09x	7.35x	1.79x	0.60x	1.03x	0.92x	0.92x	1.07x
GROWTH
Revenue Growth %	-68.98%	21.88%	0.00%	31.16%	30.79%	20.49%	-15.29%	102.76%	-8.34%	-32.41%
Operating Profit Growth %	21.15%	27.10%	28.95%	31.79%	33.68%	18.38%	-18.99%	116.31%	-8.88%	-33.40%
Net Profit Growth %	19.38%	30.03%	19.39%	45.40%	0.54%	18.07%	-24.62%	131.80%	-10.83%	-24.51%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	131.80%	-10.83%	-24.51%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.27x	23.07x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.42x	0.29x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.03%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	-0.02x	19.43x	19.34x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00
	0.00	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.06
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.00	25.00	25.00	25.00	24.95	24.95	24.95	24.94	24.94

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for ELCIDIN

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Elcid Investments Ltd.

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Name

BAJAJFINSV

1990.00

31.43

318810.21

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

510.20

20.65

43327.49

0.00

11082.20

1075.19

14695.40

1109.37

30.27

88.91

CHOLAHLDNG

1487.10

10.46

27924.39

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13055.20

13.41

26413.42

0.66

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

256.20

21.86

24650.38

0.08

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13572.20

55.69

15511.08

1.62

3.32

-90.61

5.41

-81.52

1.06

84.10

JSWHL

11458.70

92.58

12718.73

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

JMFINANCIL

129.45

11.91

12387.85

2.51

368.57

-19.66

1200.53

9.69

11.91

58.30

TSFINV

403.15

18.39

8954.12

2.77

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

247.65

155.41

8537.33

0.00

-46.98

-674.86

2353.40

1051.76

-1.28

-2.08

KAMAHOLD

2341.45

8.07

7513.85

1.77

584.02

10.80

4657.56

7.07

20.86

22.01

ELCIDIN

106500.00

22.31

2130.00

0.02

57.57

-18.49

73.39

-20.20

1.43

98.76

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

114

-12

-33

Operating Profit

113

-14

-35

OPM %

99.49%

96.50%

98.81%

97.66%

99.34%

98.79%

46.84%

121.79%

98.67%

98.42%

98.14%

105.95%

98.70%

Other Income

Interest

Depreciation

113

-13

-35

Tax %

23.99%

24.93%

21.97%

29.79%

22.98%

20.62%

300.00%

0.30%

22.12%

24.63%

24.99%

46.04%

20.97%

Net Profit

-1

-13

-19

3,127

567

1,489

478

4,358

1,404

-48

-665

1,561

1,839

1,348

-937

169

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

151

138

Operating Profit

150

136

—

OPM %

30,908

32,231

—

Other Income

Interest

Depreciation

149

136

Tax %

-1

Net Profit

113

101

EPS

2,730

2,744

3,240

2,442

5,661

5,049

3,811

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

1,209

1,572

1,877

2,730

2,744

3,240

2,442

5,661

5,049

3,811

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

146

177

3,563

4,846

7,084

8,587

7,793

8,125

6,368

6,023

924

188

488

606

568

617

1,090

943

Total Liabilities

146

177

4,487

5,035

7,572

9,193

8,361

8,742

7,458

6,965

ASSETS

143

174

4,485

5,029

7,544

9,165

8,295

8,649

7,335

6,908

Cash & Bank

Total Assets

146

177

4,487

5,035

7,572

9,193

8,361

8,742

7,458

6,965

Total Debt

Net Working Capital

-9

-6

-8

Contingent Liabilities

Book Value per Share

7295.69

8850.12

178180.17

242310.48

354218.27

429382.74

389653.10

406241.59

318424.62

301137.23

Face Value

10.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-1

Cash from Investing

-5

-50

-17

-60

-68

-50

Cash from Financing

-0

-1

-0

-8

-6

-2

-0

Free Cash Flow

-1

-4

OCF / Net Profit

-0.05

-0.03

-0.02

0.19

0.66

0.52

0.48

0.66

0.65

Cumulative 5-Year FCF

-8

106

169

222

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

1209.34

1572.49

1877.34

2729.56

2744.33

3240.28

2442.41

5661.44

5048.57

3811.40

Book Value (₹)

7295.69

8850.12

178180.17

242310.48

354218.27

429382.74

389653.10

406241.59

318424.62

301137.23

Dividend per Share (₹)

15.00

25.00

Cash EPS (₹)

1219.78

1581.20

1886.05

2738.26

2753.03

3260.32

2464.87

5689.46

5087.91

3851.07

PROFITABILITY

Operating Margin %

30907.54%

32231.44%

96.33%

96.79%

98.93%

97.20%

92.95%

98.83%

96.98%

95.78%

Net Margin %

0.00%

88.26%

97.84%

75.21%

73.70%

65.58%

74.97%

72.94%

81.48%

ROE %

18.05%

19.48%

2.01%

1.30%

0.92%

0.83%

0.60%

1.42%

1.39%

1.23%

ROCE %

18.51%

19.58%

2.18%

1.28%

1.21%

1.09%

0.84%

1.87%

1.45%

18.01%

19.43%

1.61%

1.15%

0.87%

0.77%

0.56%

1.32%

1.25%

1.06%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

Interest Coverage (x)

0.00x

3.42x

2.85x

2.09x

7.35x

1.79x

0.60x

1.03x

0.92x

1.07x

GROWTH

Revenue Growth %

-68.98%

21.88%

0.00%

31.16%

30.79%

20.49%

-15.29%

102.76%

-8.34%

-32.41%

Operating Profit Growth %

21.15%

27.10%

28.95%

31.79%

33.68%

18.38%

-18.99%

116.31%

-8.88%

-33.40%

Net Profit Growth %

19.38%

30.03%

19.39%

45.40%

0.54%

18.07%

-24.62%

131.80%

-10.83%

-24.51%

0.00%

131.80%

-10.83%

-24.51%

VALUATION

P/E (x)

0.00x

26.27x

23.07x

P/B (x)

0.00x

0.42x

0.29x

Dividend Yield %

0.00%

0.02%

0.03%

0.00x

-0.02x

19.43x

19.34x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

75.00

0.00

0.01

0.00

0.05

0.06

Government

0.00

25.00

24.95

24.94

Elcid Investments Ltd.

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Quarterly Results

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Elcid Investments Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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