STEL Holdings Ltd.

•

stelholdings.comBSE: 533316NSE: STEL

Market Cap₹ 1,110 Cr.

Current Price

High / Low₹ 690 / 380

Stock P/E56.6

Book Value₹ 872

Price to Book0.41

Dividend Yield0.00 %

ROCE1.3 %

ROE1.0 %

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

Promoters have been increasing their shareholding - up 4.6pp over 2 years
Asset quality is healthy - gross NPA of just 0.0%

CONS

Company has a low return on capital employed of 1.6%
Company has a low return on equity of 1.2% over last 3 years
Company has delivered a poor profit growth of 0.9% over past five years
Thin net interest margin of 0.0%
Company has delivered a poor sales growth of 6.1% over past five years

* 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.	STEL	601.70	56.62	1110.46	0.00	-0.13	-137.54	0.10	-79.15	1.30	-114.29

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
	1	4	0	13	0	8	0	13	0	9	17	0	0
	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Profit	0	4	0	13	0	8	0	13	0	9	17	0	-0
OPM %	63.46%	96.16%	50.00%	98.89%	33.33%	98.33%	46.67%	99.26%	53.19%	98.02%	100.71%	23.08%	-113.27%
Other Income	0	0	0	0	0	0	0	0	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
	0	4	0	13	0	8	0	13	0	9	17	0	-0
Tax %	25.81%	25.31%	23.08%	25.17%	25.00%	25.13%	30.77%	25.15%	25.00%	26.65%	26.22%	-960.00%	-6.61%
Net Profit	0	3	0	10	0	6	0	10	0	7	13	1	-0
	0	2	0	5	0	3	0	5	0	4	7	0	-0
Equity Capital	18	18	18	18	18	18	18	18	18	18	18	18	18
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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	0	0	7	10	16	12	20	17	18	22	26
	13	1	1	1	1	0	1	1	1	1	1
Operating Profit	-4	3	6	9	16	12	19	16	18	21	—
OPM %	—	—	87	94	96	96	97	96	96	97	—
Other Income	10	4	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
	-4	3	6	9	15	12	19	16	18	21	26
Tax %	-6	51	3	2	2	26	25	25	25	25	25
Net Profit	-4	1	6	9	15	9	15	12	13	16	20
EPS	0	0	0	0	0	5	8	7	7	9	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
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	-2	1	3	5	8	5	8	7	7	9	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 6%
3 Years:: 3%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: 1%
3 Years:: 3%

STOCK PRICE CAGR

10 Years:: 34%
5 Years:: 29%
3 Years:: 42%
1 Year:: 24%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	18	18	18	18	18	18	18	18	18	18
	99	583	735	643	434	759	721	796	1,485	1,735
	0	1	0	0	0	5	3	4	96	159
Total Liabilities	117	603	754	661	453	783	742	819	1,600	1,913
ASSETS	-	-	-	-	-	-	-	-	-	-
	1	1	1	1	1	1	1	1	1	1
	98	581	728	636	417	687	713	782	1,567	1,884
Cash & Bank	9	10	14	14	30	92	25	35	30	27
	9	11	11	11	5	2	3	1	2	0
Total Assets	117	603	754	661	453	783	742	819	1,600	1,913
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	18	19	25	25	35	94	27	36	32	2
Contingent Liabilities	0	0	0	0	0	0	0	0	0	0
Book Value per Share	63.39	325.85	408.34	358.21	245.32	421.46	400.55	441.22	814.85	950.00
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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-4	-3	-2	-1	21	-10	15	14	12	43
Cash from Investing	10	4	7	0	-5	72	-82	-14	-12	-43
Cash from Financing	0	-1	0	0	0	0	0	0	0	0
	5	0	5	-1	16	62	-67	-0	-0	0
Free Cash Flow	-4	-3	-2	-1	21	-10	15	14	12	43
OCF / Net Profit	1.06	-2.08	-0.35	-0.07	1.38	-1.12	0.99	1.12	0.91	2.72
Cumulative 5-Year FCF	0	0	0	0	11	6	23	39	51	74

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-2.18	0.74	3.12	4.87	8.22	4.69	7.92	6.65	7.20	8.60
Book Value (₹)	63.39	325.85	408.34	358.21	245.32	421.46	400.55	441.22	814.85	950.00
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-2.15	0.77	3.15	4.90	8.25	4.72	7.94	6.68	7.23	8.63
PROFITABILITY
Operating Margin %	0.00%	0.00%	86.59%	94.30%	95.59%	95.97%	97.13%	96.00%	96.48%	97.12%
Net Margin %	0.00%	0.00%	83.19%	91.70%	93.35%	70.62%	72.87%	71.49%	71.94%	72.48%
ROE %	-3.38%	0.38%	0.85%	1.27%	2.72%	1.41%	1.93%	1.58%	1.15%	0.97%
ROCE %	-3.19%	0.77%	0.88%	1.30%	2.78%	1.91%	2.56%	2.11%	1.53%	1.30%
	-3.38%	0.38%	0.85%	1.27%	2.72%	1.40%	1.92%	1.57%	1.10%	0.90%
EFFICIENCY
Debtor Days	0	0	0	0	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	0	0	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
	112.58x	14.81x	472.33x	523.44x	753.52x	2310.91x	301.65x	442.50x	651.76x	1.09x
GROWTH
Revenue Growth %	0.00%	0.00%	0.00%	41.71%	65.77%	-24.54%	63.53%	-14.45%	7.59%	18.65%
Operating Profit Growth %	-196.85%	175.43%	112.68%	54.33%	68.05%	-24.25%	65.50%	-15.45%	8.12%	19.44%
Net Profit Growth %	-206.81%	133.79%	323.67%	56.20%	68.75%	-42.91%	68.72%	-16.06%	8.26%	19.54%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.26%	19.54%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	44.46x	45.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.39x	0.41x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	31.46x	32.30x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.47	69.15	69.15	69.47	69.47	70.83	71.33	71.66	72.06
	0.11	0.13	0.08	0.02	0.00	0.01	0.00	0.01	0.01
	0.17	0.17	0.17	0.17	0.17	0.17	0.15	0.13	0.07
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.25	30.56	30.60	30.34	30.36	28.99	28.51	28.21	27.87

Documents

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

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Stel Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

Shareholders meeting

2026-09-01 - Stel Holdings Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026

2026-09-01

Record Date

2026-09-01 - Stel Holdings Limited has informed the Exchange that Record date for the purpose of Meeting is 18-Sep-2026.

2026-08-28

Copy of Newspaper Publication

2026-08-28 - Stel Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Stel Holdings Limited has informed the Exchange about Copy of Newspaper Publication-Enclosed herewith is the Newspaper advertisement published in Deshabhimani and Financial Express containing information about publication of relodgment of transfer requests of physical shares

2026-08-08

Copy of Newspaper Publication

2026-08-08 - Stel Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Outcome of Board Meeting

2026-08-07 - Stel Holdings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-03

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-03 - Stel Holdings Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-30

Copy of Newspaper Publication

2026-06-30 - Stel Holdings Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for STEL

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STEL Holdings 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

STEL

601.70

56.62

1110.46

0.00

-0.13

-137.54

0.10

-79.15

1.30

-114.29

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

Operating Profit

-0

OPM %

63.46%

96.16%

50.00%

98.89%

33.33%

98.33%

46.67%

99.26%

53.19%

98.02%

100.71%

23.08%

-113.27%

Other Income

Interest

Depreciation

-0

Tax %

25.81%

25.31%

23.08%

25.17%

25.00%

25.13%

30.77%

25.15%

25.00%

26.65%

26.22%

-960.00%

-6.61%

Net Profit

-0

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

-4

—

OPM %

—

Other Income

Interest

Depreciation

-4

Tax %

-6

Net Profit

-4

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-2

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

583

735

643

434

759

721

796

1,485

1,735

159

Total Liabilities

117

603

754

661

453

783

742

819

1,600

1,913

ASSETS

581

728

636

417

687

713

782

1,567

1,884

Cash & Bank

Total Assets

117

603

754

661

453

783

742

819

1,600

1,913

Total Debt

Net Working Capital

Contingent Liabilities

Book Value per Share

63.39

325.85

408.34

358.21

245.32

421.46

400.55

441.22

814.85

950.00

Face Value

10.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-4

-3

-2

-1

-10

Cash from Investing

-5

-82

-14

-12

-43

Cash from Financing

-1

-67

-0

Free Cash Flow

-4

-3

-2

-1

-10

OCF / Net Profit

1.06

-2.08

-0.35

-0.07

1.38

-1.12

0.99

1.12

0.91

2.72

Cumulative 5-Year FCF

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

-2.18

0.74

3.12

4.87

8.22

4.69

7.92

6.65

7.20

8.60

Book Value (₹)

63.39

325.85

408.34

358.21

245.32

421.46

400.55

441.22

814.85

950.00

Dividend per Share (₹)

0.00

Cash EPS (₹)

-2.15

0.77

3.15

4.90

8.25

4.72

7.94

6.68

7.23

8.63

PROFITABILITY

Operating Margin %

0.00%

86.59%

94.30%

95.59%

95.97%

97.13%

96.00%

96.48%

97.12%

Net Margin %

0.00%

83.19%

91.70%

93.35%

70.62%

72.87%

71.49%

71.94%

72.48%

ROE %

-3.38%

0.38%

0.85%

1.27%

2.72%

1.41%

1.93%

1.58%

1.15%

0.97%

ROCE %

-3.19%

0.77%

0.88%

1.30%

2.78%

1.91%

2.56%

2.11%

1.53%

1.30%

-3.38%

0.38%

0.85%

1.27%

2.72%

1.40%

1.92%

1.57%

1.10%

0.90%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

Interest Coverage (x)

0.00x

112.58x

14.81x

472.33x

523.44x

753.52x

2310.91x

301.65x

442.50x

651.76x

1.09x

GROWTH

Revenue Growth %

0.00%

41.71%

65.77%

-24.54%

63.53%

-14.45%

7.59%

18.65%

Operating Profit Growth %

-196.85%

175.43%

112.68%

54.33%

68.05%

-24.25%

65.50%

-15.45%

8.12%

19.44%

Net Profit Growth %

-206.81%

133.79%

323.67%

56.20%

68.75%

-42.91%

68.72%

-16.06%

8.26%

19.54%

0.00%

8.26%

19.54%

VALUATION

P/E (x)

0.00x

44.46x

45.00x

P/B (x)

0.00x

0.39x

0.41x

Dividend Yield %

0.00%

0.00x

31.46x

32.30x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

67.47

69.15

69.47

70.83

71.33

71.66

72.06

0.11

0.13

0.08

0.02

0.00

0.01

0.00

0.01

0.17

0.15

0.13

0.07

Government

0.00

32.25

30.56

30.60

30.34

30.36

28.99

28.51

28.21

27.87

STEL Holdings 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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STEL Holdings 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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