BSE: 539946
Bazel International Limited
Operates as a registered non-banking financial company (NBFC) based in New Delhi, primarily earning from interest on inter-corporate loans and advances extended to other companies. For FY26, standalone revenue from operations rose 37.6% to Rs 439.89 lakh, while standalone net profit after tax fell about 30% to Rs 101.26 lakh as other expenses climbed to Rs 185.30 lakh. Consolidated revenue stood at Rs 441.39 lakh with consolidated PAT of Rs 42.42 lakh, and Q4 standalone PAT was deeply negative at Rs -48.34 lakh. It holds a 50.10% subsidiary, Arur Footwear Limited, acquired through NCLT CIRP in July 2024. Standalone borrowings were sharply reduced from Rs 1,921.40 lakh to Rs 1,090.96 lakh. About Rs 6.65 crore was raised by allotting 21,04,802 equity shares at Rs 42.12 each to non-promoter warrant holders, expanding paid-up capital from Rs 7.71 crore to Rs 9.82 crore. An auditor emphasis of matter was raised over non-receipt of interest from one company where advances were made, with the exposure not classified as a sub-standard asset pending equity conversion. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on inter-corporate loans and advances. Small, debt-funded NBFC focused on inter-corporate lending, with a non-core footwear subsidiary from a CIRP acquisition
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 3 | 4 |
| EBITDA (ex other income) | 1 | 2 |
| margin % | 23.3 | 34.8 |
| Owners' profit | 1 | 1 |
| EPS, as reported (₹) | 7.59 | 2.02 |
| ROE % · ROCE % | 1.5 · — | 0.6 · — |
| Debt / equity (x) | — | — |
| Cash from operations | (9) | (1) |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 1 | 2 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 1 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.60 | 1.14 | 1.24 | 0.11 | 0.56 | (0.16) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.1 | 18.1 | 68 of 200 | 66% |
| P/B | 0.3 | 1.1 | 23 of 253 | 91% |
| ROE | 0.6 | 3.1 | 183 of 257 | 29% |
| EBITDA margin | 37.1 | 48.6 | 138 of 249 | 45% |
| Revenue growth | (57.6) | 12.6 | 200 of 231 | 14% |
| Profit growth | (200.4) | 7.8 | 211 of 251 | 16% |
| Market cap | 19 | 34 | 168 of 268 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Compliance filing under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM 2026: All resolutions passed with over 99 percent support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Bazel International appoints Anita Sethia as Independent Director | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Bazel International 44th AGM held; ESOP 2026 and capital hike approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Independent Director Kawal Singh resigns from Bazel International | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Bazel International publishes 44th AGM notice | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY25-26 and 44th AGM notice; sweat equity items deferred | results | high | — | — |
| 7 Sept 2026 · Book Closure for AGM from Sept 24 to Sept 30, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · FY26 annual report and 44th AGM notice filed, ESOP 2026 proposed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.