At a Glance
Stellant Securities just dropped a financial mic. Q1 FY26 profit jumped to ₹1.7 Cr (up 2,933% YoY), revenue touched ₹2.3 Cr, and EPS rocketed to ₹22.96 from ₹2.43. ROE? A mind-blowing 81.9%, making even HDFC blush. The board added extra fireworks by announcing a 4:1 bonus issue and a plan to morph into an NBFC. From ₹32 to ₹414 in a year (+1,196%), this is not a stock—it’s a meme stock with fundamentals that look like a cheat code.
Introduction
Stellant Securities, once a sleepy consultancy firm with microcap vibes, has pulled off a financial resurrection that would make Lazarus jealous. A few years back, it was clocking losses and struggling to stay relevant. Fast forward to FY25–26, and it’s delivering triple-digit returns like a crypto token.
The company sold off its stockbroking subsidiary in 2023, cleaned up its books, and now is positioning itself as an NBFC-in-the-making. Investors are drooling over the growth, but the valuation (P/B 13.8x) and lack of dividends scream: “speculative mania ahead.”
Business Model (WTF Do They Even Do?)
Stellant is a financial consultancy provider that now wants to evolve into a full-fledged NBFC. Previously reliant on advisory fees, it has been quietly diversifying revenue streams. The subsidiary sale gave it cash breathing room, and management is now re-writing its playbook to capture lending and structured finance markets.
In short: it’s shifting from being a “small-time consultant” to potentially “big-time lender”—a high-risk, high-reward pivot.
Financials Overview
The latest Q1 FY26 standalone results tell a jaw-dropping story:
- Revenue: ₹2.32 Cr (vs ₹0.15 Cr YoY)
- Operating Profit: ₹2.27 Cr (margin 98%)
- Net Profit: ₹1.7 Cr (vs ₹0.06 Cr YoY)
- EPS: ₹22.96 (annualized ₹92)
With zero debt, the profit directly translates to shareholder gains. But revenue is still small—one bad quarter could flip the script.
Fresh P/E Calculation:
Price ₹414 / Annualized EPS ₹92 = P/E 4.5 (cheap on paper, but watch sustainability).
Valuation
Time to play valuation wizard:
- P/E Method:
Sector P/E for NBFCs ~20. Fair price = 20 × 92 = ₹1,840 (sounds crazy, but only if growth sustains). - P/B Method:
Book value ₹30, P/B 13.8×. Even HDFC trades at 3×. Danger sign here. - EV/EBITDA:
Too small to meaningfully apply; high margins but low revenue base.
Fair Value Range: ₹250 – ₹1,000, depending on whether this meteoric growth is real or a one-off.
What’s Cooking – News, Triggers, Drama
- 4:1 Bonus Issue – retail frenzy incoming.
- NBFC Registration – could unlock new lending avenues.
- Management Shakeup – new independent director & secretarial auditor appointed.
- Microcap Volatility – with 30 Cr market cap, this stock moves like a crypto altcoin.
Balance Sheet
| (₹ Cr) | Mar 2025 |
|---|---|
| Assets | 2.26 |
| Liabilities | 2.26 |
| Net Worth | 2.22 |
| Borrowings | 0.00 |
Auditor’s Joke: Balance sheet is tiny, but ROE is flexing like a gym bro on steroids.
Cash Flow – Sab Number Game Hai
| (₹ Cr) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating | 0.03 | 0.26 | 0.93 |
| Investing | 0.00 | 2.02 | 0.06 |
| Financing | 0.00 | -1.46 | -0.01 |
Remark: Cash flows are improving, but still at penny-stock levels.
Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | 81.9% |
| ROCE | 107% |
| P/E | 4.5 |
| PAT Margin | 73% |
| D/E | 0.0 |
Commentary: ROE and margins are sexy, but the sustainability is questionable.
P&L Breakdown – Show Me the Money
| (₹ Cr) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Revenue | 0.16 | 0.47 | 1.81 |
| EBITDA | 0.03 | 0.37 | 1.62 |
| PAT | 0.03 | 0.36 | 1.29 |
Remark: The hockey-stick growth is suspiciously sharp—investors better hope this isn’t a pump-and-dump.
Peer Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| CRISIL | 3,381 | 728 | 53.3 |
| Algoquant Fin | 235 | 32 | 60.5 |
| Wealth First | 52 | 35 | 37.1 |
| Stellant Secu. | 4.14 | 3.05 | 4.5 |
Remark: Stellant’s P/E is dirt-cheap—but only because nobody trusts the growth yet.
Miscellaneous – Shareholding, Promoters
- Promoter holding: 62.42% (rising trend—confidence sign)
- Public: 34.9% (bag-holding or jackpot waiting)
- No FIIs: They don’t touch microcaps this volatile.
Promoter increasing stake while launching a bonus? Classic confidence—or classic trap.
EduInvesting Verdict™
Stellant Securities is a microcap fairy tale with elements of risk, hype, and potential. The Q1 FY26 numbers look stellar, but with such a tiny revenue base, sustainability is the big question. The NBFC pivot could be transformative—or disastrous.
SWOT Snapshot
- Strengths: Zero debt, insane ROE, bonus issue, strong promoter skin in the game.
- Weaknesses: Tiny balance sheet, speculative price surge, no dividend.
- Opportunities: NBFC growth, new business lines, microcap re-rating.
- Threats: Regulatory hurdles, liquidity risk, price manipulation concerns.
Final Take: At ₹414, Stellant is a gambler’s delight. It could 5× if the NBFC dream materializes—or halve if reality kicks in. This is not a stock for the faint-hearted; it’s the bungee jump of investing.
Written by EduInvesting Team | 31 July 2025SEO Tags: Stellant Securities, Microcap Stocks, NBFC Transition, Q1 FY26 Results
