BSE: 511000
MSL GLOBAL LIMITED
Operates as a BSE-listed non-banking financial company (NBFC) whose primary activity is securities trading, with no separate reportable business segments. In FY26, revenue was Rs. 1.0896 crore, but total standalone income surged to Rs. 617.34 Lakhs from Rs. 6.75 Lakhs in the prior year, driven largely by capital gains of Rs. 608 Lakhs from investment sales. Standalone net profit was Rs. 496.86 Lakhs against a loss of Rs. 52.32 Lakhs in FY25, while consolidated net profit was Rs. 281.17 Lakhs. Total assets stood at Rs. 79.7538 crore, and the company raised Rs. 1,393.74 Lakhs of equity capital during the year. It acquired over 75% stake in Compliance Kart Private Limited (statutory formalities pending), giving it one subsidiary, and the auditor issued a qualified opinion because no provision was made for Rs. 12 Crores in advances outstanding for over three years from Primus Retail (P) Ltd, which is under liquidation. Standalone operating cash flow was negative at Rs. 383 Lakhs and consolidated at Rs. 639.28 Lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Securities trading and investment income. Small, BSE-listed NBFC reliant on capital gains from investment sales rather than a steady operating revenue stream
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 0 | 1 |
| EBITDA (ex other income) | (1) | (1) |
| margin % | — | (122.4) |
| Owners' profit | 0 | 2 |
| EPS, as reported (₹) | 0.74 | 1.31 |
| ROE % · ROCE % | (1.0) · (0.6) | 2.7 · 4.2 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | (9) | (6) |
| Capex | 0 | (6) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | 4 | (1) |
| Net profit | (0) | (0) | (0) | (0) | (0) | 3 | (1) |
| EPS (₹) | (0.13) | (0.02) | 0.06 | 0.22 | (0.17) | 2.19 | 0.17 |
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 | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.4 | 18.5 | 40 of 200 | 80% |
| P/B | 0.5 | 1.1 | 50 of 253 | 79% |
| ROCE | 4.2 | 2.0 | 22 of 59 | 64% |
| ROE | 2.7 | 3.1 | 136 of 257 | 47% |
| Debt / Equity | 0.0 | 0.0 | 25 of 53 | 54% |
| EBITDA margin | 58.7 | 48.6 | 111 of 249 | 56% |
| Profit growth | (522.4) | 7.8 | 235 of 251 | 6% |
| Market cap | 38 | 33 | 133 of 268 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA files quarterly dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · 43rd AGM voting results - all 3 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · MSL Global 43rd AGM held on Sept 30, 2026; 3 resolutions tabled | board shareholder meetings | low | — | — |
| 28 Sept 2026 · MSL Global appoints Mishal Govani as Chief Financial Officer | management changes | high | — | — |
| 28 Sept 2026 · MSL Global Limited appoints Mishal Govani as new CFO | management changes | medium | — | — |
| 26 Sept 2026 · Promoter Salim Pyarali Govani buys 4,751 shares of MSL Global | ownership changes | medium | — | — |
| 26 Sept 2026 · Promoter Salim Pyarali Govani and PACs buy 4,751 shares of MSL Global | ownership changes | low | — | — |
| 25 Sept 2026 · Promoter Salim Pyarali Govani buys 7,612 shares of MSL Global | ownership changes | low | — | — |
| 25 Sept 2026 · MSL Global promoter buys 7,612 shares via open market | ownership changes | high | — | — |
| 23 Sept 2026 · MSL Global trading window closes from Oct 1 for Q2 results | 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.