BSE: 532123
BSEL ALGO LIMITED
Classified as an investment company, the entity earns revenue primarily from algorithmic trading gains and API sales—both reclassified from 'other income' to 'revenue from operations' starting FY 2023-24. The company carries no debt and reports negligible borrowings. FY26 was sharply negative, with revenue from operations of ₹-3,581.72 lakhs and a net loss of ₹3,533.98 lakhs, against a profit of ₹997.58 lakhs in FY25. It operates a wholly-owned UAE subsidiary (name truncated in the filings) and had approximately 65,466 shareholders as of September 19, 2025. The newly appointed Managing Director (effective August 4, 2025) brings a background in stock market analysis, mutual funds, and portfolio management services. At the 30th AGM, management stated a strategic direction of evolving from technology and infrastructure toward innovation, software, and digital solutions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Algo Trading Gains, API Sales. Investment company whose reported revenue comes from algorithmic trading gains and API sales; loss-making in FY26 with no debt on the balance sheet.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 28 | 13 | (36) |
| EBITDA (ex other income) | (1) | (1) | 26 | 11 | (38) |
| margin % | — | — | 94.2 | 88.1 | 105.1 |
| Owners' profit | 5 | 39 | 25 | 0 | 0 |
| EPS, as reported (₹) | 0.59 | 4.71 | 3.05 | 1.15 | 4.28 |
| ROE % · ROCE % | 1.3 · 1.6 | 8.8 · 9.0 | 5.5 · 6.2 | 2.1 · 2.8 | (7.4) · (7.4) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (23) | (35) | 34 | (7) | (20) |
| Capex | (0) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 10 | (12) | (7) | 1 | (0) | 10 | (46) |
| Profit before tax | 23 | 10 | (12) | (7) | 1 | (0) | 10 | (46) |
| Net profit | 18 | 7 | (9) | (7) | 0 | (0) | 8 | (43) |
| EPS (₹) | 2.23 | 0.87 | (1.10) | 0.75 | 0.02 | 0.08 | 0.90 | 4.95 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.6 | 19.9 | 2 of 51 | 98% |
| P/B | 0.1 | 0.6 | 3 of 63 | 97% |
| ROCE | (7.4) | 0.4 | 27 of 28 | 4% |
| ROE | (7.4) | 1.3 | 64 of 65 | 2% |
| Debt / Equity | 0.0 | 0.0 | 1 of 27 | 39% |
| EBITDA margin | 100.3 | 61.6 | 11 of 62 | 84% |
| Profit growth | (555.7) | 10.7 | 59 of 66 | 11% |
| Market cap | 29 | 273 | 57 of 68 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · RTA compliance certificate for Q2 FY26 filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · 31st AGM voting results: 2 resolutions passed with 99.92 percent in favour | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 31st AGM held on Sep 28, 2026; 2 ordinary resolutions transacted via video conferencing | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper notice of 31st AGM and e-voting information | compliance | minimal | — | — |
| 4 Sept 2026 · Letter to shareholders sharing FY26 Annual Report link and 31st AGM details | compliance | minimal | — | — |
| 4 Sept 2026 · BSEL Algo Annual Report FY26: swings to net loss of about Rs 35.34 cr | results | medium | — | — |
| 4 Sept 2026 · BSEL Algo 31st AGM on Sept 28, 2026; FY26 swung to net loss of Rs 35.34 crore | board shareholder meetings | low | — | — |
| 2 Sept 2026 · BSEL Algo - Notice of 31st AGM via video conferencing on Sept 28, 2026 | compliance | minimal | — | — |
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.