Saraswati Commercial (India) Ltd.

•

saraswaticommercial.comBSE: 512020NSE: ZSARACOM

Market Cap₹ 1,226 Cr.

Current Price

High / Low₹ 14,400 / 9,000

Stock P/E9.3

Book Value₹ 10,630

Price to Book1.35

Dividend Yield0.00 %

ROCE8.2 %

ROE6.4 %

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 81.8%
Solid return on assets for a lender - ROA of 5.7%
Asset quality is healthy - gross NPA of just 0.0%
Latest quarter profit grew 169.5% YoY, showing strong momentum
Company has delivered good sales growth of 59.4% CAGR over last 5 years
Operating margins have improved to 93.4% from 67.6%

CONS

Company has a low return on equity of 9.1% over last 3 years
Company has a low return on capital employed of 11.5%
Thin net interest margin of 0.0%
Though reporting repeated profits, the company pays out little dividend (0.0%)

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

Peer comparison

Financial ServicesFinanceFinance - NBFC

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

S.No.	Name
1.	BAJFINANCE	1046.00	32.08	651234.82	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1038.00	21.58	244239.69	1.04	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1849.10	27.46	157925.34	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.95	28.51	154067.52	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	231.15	73.86	152631.62	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	10971.00	13.79	122100.11	1.78	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2840.00	10.03	114017.05	1.06	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	400.00	26.68	109501.94	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	311.25	24.51	78010.22	0.88	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	666.00	27.86	63379.43	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	676.50	25.83	56201.25	0.59	785.20	38.31	4937.90	18.71	9.09	57.98
12.	ZSARACOM	11190.00	9.27	1226.34	0.00	63.56	169.54	75.58	140.18	8.25	98.37

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	30	29	40	30	68	78	-45	-26	31	73	33	-16	76
	1	1	1	1	1	2	1	1	2	1	1	2	1
Operating Profit	29	28	39	29	67	77	-46	-28	30	72	31	-18	74
OPM %	97.66%	97.86%	97.73%	96.74%	98.04%	97.96%	101.72%	104.95%	94.25%	98.89%	95.72%	109.71%	98.37%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	1	0	0	1	1	0	1	1	1	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	28	28	39	29	67	77	-46	-28	29	72	30	-19	74
Tax %	13.92%	13.89%	14.37%	21.65%	21.51%	17.28%	14.85%	18.91%	19.16%	15.99%	17.64%	12.59%	14.51%
Net Profit	0	0	0	0	52	63	-39	-23	24	60	25	-16	64
	237	231	323	217	509	615	-383	-222	259	615	233	-149	58

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	83	37	85	17	7	52	125	44	128	75	165
	75	34	71	16	20	26	41	23	3	5	5
Operating Profit	8	4	14	1	-13	26	85	21	125	70	160
OPM %	9.90%	9.90%	16.35%	4.92%	-175.65%	50.43%	67.60%	47.46%	97.52%	93.35%	96.94%
	10	4	0	0	0	0	0	0	0	0	0
Interest	4	3	0	0	0	2	1	2	2	2	2
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	14	5	14	1	-13	25	84	19	123	69	158
Tax %	0.03%	-1.65%	-16.90%	51.56%	26.34%	14.34%	22.42%	38.71%	15.85%	22.37%	16.01%
Net Profit	14	5	16	0	-10	21	65	12	104	53	132
EPS	0.00	0.00	0.00	0.00	-96.09	213.07	631.69	113.48	1008.88	487.46	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 59%
3 Years:: -16%

COMPOUNDED PROFIT GROWTH

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

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 11%
3 Years:: 9%
Last Year:: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1	1	1	1	1	1	1	1	1	1
Minority Interest	0	0	0	1	1	2	3	3	5	5
	35	115	128	244	156	278	426	437	696	966
	42	8	32	1	10	5	28	22	0	43
Trade Payables	0	8	0	0	0	1	0	0	13	0
	6	2	2	7	-4	13	40	27	68	109
Total Liabilities	84	134	163	254	164	300	498	491	783	1,125
	0	0	0	0	0	0	0	0	0	0
	51	97	119	238	137	292	474	489	762	1,084
	19	1	7	8	14	4	10	0	0	0
	0	0	0	0	0	0	0	0	1	0
Cash & Bank	0	2	0	0	8	0	2	0	3	23
	14	34	36	8	6	4	13	1	17	18
Total Assets	84	134	163	254	164	300	498	491	783	1,125

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-14	-23	-5	16	-17	-7	57	39	33	9
Cash from Investing	20	27	8	16	16	4	-81	-22	-7	-108
Cash from Financing	-4	-3	-3	-31	9	-7	33	-7	-24	120
	0	1	-1	-0	7	-7	2	-2	2	20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.32	72.32	73.99	73.99	73.99	73.99	74.88	74.88
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	27.68	27.68	26.01	26.01	26.01	26.01	25.12	25.12

Documents

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

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