Imagine your neighbourhood NBFC with sales of ₹4 Cr, profits of ₹2 Cr, and then slapping on a stock P/E of 107. That’s Times Guaranty Ltd, promoted by none other than Bennett Coleman & Co. (a.k.a. Times of India group). Yes, the same people who sell you Page 3 gossip also own an NBFC where margins are higher than Vadapav profits but scale is smaller than your local kirana’s credit book.
2. Introduction
Times Guaranty (formerly Team India Guaranty on NSE) is the forgotten NBFC stepchild of the mighty Times Group. Incorporated in 1989, this company once had ambitions of being a serious merchant banker, portfolio manager, and lender. Three decades later, it makes barely ₹4 Cr in annual sales. To put that in perspective, one front-page “Paid News” ad in TOI probably generates more than this NBFC’s annual turnover.
The promoters, Bennett Coleman, never really scaled this beyond a boutique investment entity. Today, the company is debt-free, profitable (on paper), and trading at sky-high valuations that make Bajaj Finance look like a discount shop.
The real question: Is this a legitimate financial institution or just a family office with an NSE ticker slapped on for nostalgia?
3. Business Model – WTF Do They Even Do?
Times Guaranty’s “business model”:
Registered NBFC (non-deposit taking).
Registered with SEBI as Category-I Merchant Banker.
Activities: retail/corporate lending (barely), merchant banking, money market ops, portfolio management, and investing its own funds.
Reality check:
Lending book is tiny.
Merchant banking – more like a license to say “we can”.
Portfolio management – mostly managing their own treasury.
Core revenue = interest income (~62% in FY21) + fair value gains (~38%).
So, effectively, this is a ₹250 Cr market-cap treasury desk with some NBFC licenses.
4. Financials Overview
Quarterly Snapshot (₹ Cr)
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
1.26
0.85
0.98
+48.2%
+28.6%
EBITDA
0.79
0.67
0.69
+18.0%
+14.5%
PAT
0.56
0.56
0.72
0.0%
-22.2%
EPS (₹)
0.62
0.62
0.80
0.0%
-22.5%
Commentary: Revenue growing, profits stagnant. PAT flatlined at ₹0.56 Cr despite top-line jump. Annualised EPS = ~₹2.48. CMP ₹276 → P/E ~111x. This isn’t valuation; this is daylight robbery dressed in balance sheet formals.
5. Valuation – Fair Value Range Only
P/E Method: Industry PE ~21. EPS ~₹2.62. FV = ₹55.
EV/EBITDA Method: EV ₹236 Cr, EBITDA ~₹3 Cr → 80x multiple vs industry ~15x. FV ~₹50–60.
DCF Method: Assume PAT grows at 10% CAGR from ₹2.4 Cr base. Even then, FV doesn’t cross ₹65.
👉 Fair Value Range: ₹50 – ₹65
⚠️ Disclaimer: This range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
AGM scheduled Sep 2025 – most exciting part will be deciding whether samosas or sandwiches get served.
Zero borrowings, zero leverage. They’re sitting on cash and investments like an idle landlord.
Promoters (BCCL) own ~75%, so float is tiny. Stock runs whenever a bored HNI buys 100 shares.
No dividends despite decades of existence. Clearly, promoters treat it as their piggy bank, not a shareholder-friendly company.
