1. At a Glance – Blink and You’ll Miss the Business
Bridge Securities Ltd is a ₹52.3 Cr market cap microcap trading at ₹13.4 that somehow reports ROCE of 90% and ROE of 65% while doing ₹1.35 Cr TTM revenue. Yes, read that again slowly.
This is a company where valuation ratios scream “multibagger?” but the business whispers “bhai, volume kidhar hai?”
Latest quarter (Q3 FY26 – Dec 2025):
- Revenue: ₹0.42 Cr
- PAT: ₹0.33 Cr
- EPS: ₹0.08
- QoQ sales down 44%, profits down 55%
- P/E: ~75x vs industry median ~26x
Debt is zero, promoter holding is zero, working capital days are 495, and margins look like they belong to a SaaS startup, not an agriculture trading outfit.
So is this a misunderstood cash-light agri commission model… or just accounting optics doing yoga? Let’s open the files. 🗂️
2. Introduction – From Commission Agent to Stock Market Curiosity
Incorporated in 1994, Bridge Securities Ltd (BSL) is officially in the business of earning commission from agriculture-related activities. Unofficially, it is in the business of confusing investors.
The company trades agricultural products like rice, wheat, onions, potatoes, tomatoes, isabgol, and pulses. It also dabbles in seeds and claims to do contract farming by leasing agricultural land for crops like cucumber, onion, and castor.
Sounds straightforward? Not quite.
For years, BSL reported losses, eroded reserves, and negligible scale. Then suddenly, margins exploded, ROE went ballistic, and the stock delivered a 157% return in 3 years—all without meaningful topline growth.
This is classic Indian microcap behaviour: tiny numbers + one good year = blockbuster ratios.
The question is not “Is it profitable today?”
The real question is: Is this business scalable, repeatable, and clean enough to justify a 75x multiple?
3. Business Model – WTF Do They
Even Do?
Let’s break it down like we’re explaining it to a sleepy CA student.
Core activities:
- Trading agricultural produce under own labeling
- Advance payment sourcing from manufacturers/farmers
- Selling through a distributor network
- Contract farming on leased land (limited disclosure)
This is not asset-heavy, not capex-intensive, and not brand-driven. It’s a classic middleman + commission + trading margin model.
Which raises an obvious question:
If agri trading is such a goldmine, why isn’t everyone doing 80–95% operating margins?
Either:
- The revenue base is extremely small, making margins mathematically weird
- Income is more commission/other-income heavy than core trading
- Or this is a one-off profitability phase driven by accounting or timing
There is no evidence in the dump of large contracts, marquee clients, or long-term supply arrangements. The business exists, but it doesn’t yet scream “moat”.
4. Financials Overview – Numbers That Look Great Until You Zoom Out
Financial Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.42 | 0.75 | 0.42 | -44.0% | 0.0% |
| EBITDA | 0.34 | 0.73 | 0.40 | -53.4% | -15.0% |
| PAT | 0.33 | 0.73 | 0.39 | -54.8% | -15.4% |
| EPS (₹) | 0.08 | 0.19 | 0.10 | -57.9% | -20.0% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS ≈ (0.12 + 0.10 + 0.08)/3 × 4 ≈ ₹0.40
At CMP ₹13.4
