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SMIFS Capital Markets Limited (508905) Fair Value & Analysis

Other · IN · Market cap ₹159M

SC SMIFS Capital Markets Limited 508905 · BSE
Price₹115.85
Fair Value₹208.69
Upside+80.1%
Quality48/100
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Weak Growth
Loss-making · -0.6% net margin
Low debt · generates free cash flow
Ranks above peers (6/10)
Narrow moat 23/100
Evidence: High Range ₹165.62 – ₹276.64 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 5 days ago

Below-average quality, screening 80% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (₹165.62). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

₹150.06 ₹24.38 Fair Value ₹208.69 Jul 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹24.38 – ₹150.06 · fair‑value band ₹165.62 – ₹276.64 · the ₹115.85 price screens below the ₹208.69 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

SMIFS Capital Markets Limited (508905) currently trades at ₹115.85, while our model-based Fair Value estimate is ₹208.69, implying the stock looks roughly 80.1% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Other sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, SMIFS Capital Markets Limited generated revenue of ₹509M at a net margin of -0.6%. Revenue grew 19.2% year over year. Net debt stands at ₹19.1M. The stock trades on a trailing P/E of 15.6 (as of Jul 4, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹165.62 (bear case) to ₹276.64 (bull case); at ₹115.85, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Other peers we cover trades at -24% fair-value upside, at 80%, 508905 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹136.90 ₹207.40 ₹303.06 80
Residual Income ₹219.48 ₹218.13 ₹196.40 76
Rev-Margin DCF ₹113.52 ₹180.47 ₹268.52 74
All 24 models by family
DCF Models
FCF DCF ₹139.87 ₹222.88 ₹344.93 38
Owner Earnings ₹177.60 ₹284.36 ₹441.33 31
5Y Revenue Exit ₹113.52 ₹181.12 ₹271.33 39
5Y EBITDA Exit ₹178.76 ₹317.53 ₹493.47 41
5Y P/E Exit ₹193.83 ₹349.05 ₹529.10 38
10Y Revenue Exit ₹120.15 ₹182.58 ₹275.74 36
10Y EBITDA Exit ₹159.72 ₹268.73 ₹436.83 37
10Y P/E Exit ₹168.33 ₹288.64 ₹462.67 35
Earnings-Based
Graham-Dodd ₹130.43 ₹639.56 ₹881.55 54
Lynch FV ₹171.87 ₹245.52 ₹319.18 50
PEG = 1.0 ₹171.87 ₹245.52 ₹319.18 46
EPV ₹172.57 ₹192.31 ₹208.34 59
Multiples
P/E Multiple ₹244.56 ₹326.09 ₹407.61 63
P/S Multiple ₹96.78 ₹129.04 ₹161.30 58
P/B Multiple ₹244.56 ₹326.09 ₹407.61 55
EV/EBIT ₹276.78 ₹366.37 ₹455.96 53
EV/EBITDA ₹224.84 ₹297.12 ₹369.40 54
EV/Revenue ₹98.34 ₹137.06 ₹175.77 43
Asset-Based
NCAV (Graham) ₹154.07 ₹206.46 ₹308.15 50
Growth DCF
Growth DCF ₹136.90 ₹207.40 ₹303.06 80
Rev-Margin DCF ₹113.52 ₹180.47 ₹268.52 74
Economic Profit
Residual Income ₹219.48 ₹218.13 ₹196.40 76
ROIC Compounder ₹172.57 ₹192.31 ₹208.34 72
Growth Earnings
Growth-Adj P/E ₹238.42 ₹340.60 ₹442.78 68

Widest divergence: Growth Earnings (₹340.60) versus Growth DCF (₹180.47). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹509M
Revenue growth (YoY) +19.2%
Net margin -0.6%
Free cash flow ₹77.5M FY2026
P/E ratio 15.6 as of Jul 4, 2026
Operating margin -0.6%
More key figures
EPS (TTM) ₹0.1386
EPS growth (YoY) -78.3%
Net debt ₹19.1M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 52 · Market factors (momentum, volatility) 42

Profitability 44
Margins and returns on capital today
Quality Growth 88
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 46
Disciplined investing over empire-building
Low Volatility 19
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

SMIFS Capital Markets Limited operates as a merchant banker and underwriter in India. It operates through Capital Market Operations, Investment Banking Operations, and Real Estate Business segments.

Full company description

SMIFS Capital Markets Limited operates as a merchant banker and underwriter in India. It operates through Capital Market Operations, Investment Banking Operations, and Real Estate Business segments. The company offers merchant banking/investment banking services in the areas of public issue/rights issue/preferential allotment, private placement, and underwriting; and operates as a dealer for debt/bonds and G-Sec products. It also provides advisory services to corporates in identifying suitable buyers/sellers of companies/businesses in case of mergers, acquisitions, and takeovers; assists corporate bodies through syndication of loans from various bodies, such as corporates/banks and financial institutions; offers project finance and construction finance; and markets IPOs and mutual funds. In addition, the company is involved in the placement of shares with private equity funds, FIIs, IFIs, and HNIs. Further, it engages in the real estate business. SMIFS Capital Markets Limited was incorporated in 1983 and is based in Kolkata, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

SMIFS Capital Markets Limited reported revenue of ₹480M in FY2026 versus ₹672M in FY2022, a compound −8.1%/yr. Reported net income was ₹107M in FY2026, compounding +51.7%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹480M
Latest YoY
+22.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.2%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.9%
Avg. growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.2%
Revenue −8.1%/yr
FY22 ₹672M
FY23 ₹530M
FY24 ₹2.3B
FY25 ₹394M
FY26 ₹480M
Net income +51.7%/yr
FY22 ₹20.2M
FY23 ₹5.1M
FY24 ₹24.1M
FY25 ₹11.7M
FY26 ₹107M

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Cite: Fair Value Calculator (2026). "SMIFS Capital Markets Limited Fair Value". https://www.fairvalue-calculator.com/stock/508905

Peer Group

Other · 373 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside +80% · Top 25%
Return on assets 0% · Top 25%
Net margin (TTM) -1% · Bottom 25%
Operating margin (TTM) -1% · Bottom 25%
Revenue growth 19% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Other median · lower = cheaper

P/E (TTM) 15.6× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 9
FUTURE 96 · sector 0
PAST 0 · sector 0
HEALTH 99 · sector 97
DIVIDEND 0 · sector 31

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is SMIFS Capital Markets Limited (508905) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹208.69 versus a price of ₹115.85, about +80% (undervalued).
What is the fair value of 508905?
Our model-based fair value for SMIFS Capital Markets Limited is ₹208.69 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹115.85.
What is the quality score of 508905?
SMIFS Capital Markets Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of SMIFS Capital Markets Limited (508905)?
SMIFS Capital Markets Limited reported trailing-twelve-month revenue of about ₹509M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 508905?
The net profit margin of SMIFS Capital Markets Limited is about -0.6%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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