B.N.Rathi Securities Limited (523019) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of B.N.Rathi Securities Limited ₹17.07, price ₹16.65, upside +2.5%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹3.84 – ₹66.97 · fair‑value band ₹12.80 – ₹21.33 · the ₹16.65 price screens below the ₹17.07 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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B.N. Rathi Securities Limited primarily provides securities broking services in India. It offers equities and derivatives, currency futures, internet and mobile trading, depository, market analysis, commodity broking, IPOs, and mutual funds, as well as research services.
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B.N. Rathi Securities Limited primarily provides securities broking services in India. It offers equities and derivatives, currency futures, internet and mobile trading, depository, market analysis, commodity broking, IPOs, and mutual funds, as well as research services. The company also provides non-banking financial services, such as home, personal, and business loans; loans against shares and properties; and loan syndication services. In addition, it engages in the property development and sale business. The company was formerly known as Lark Leasing Limited and changed its name to B.N. Rathi Securities Limited in 1994. B.N. Rathi Securities Limited was incorporated in 1985 and is based in Hyderabad, India.
Stock analysis
B.N.Rathi Securities Limited (523019) currently trades at ₹16.65, while our model-based Fair Value estimate is ₹17.07, so the stock looks roughly fairly valued today (gap 2.4%).
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Valuation
Bull case: the Economic Profit group reads highest at a median of ₹162.81 per share, and 13 of the 13 models we run sit above the ₹16.65 price.
Bear case: the Dividend Discount group reads lowest at ₹58.06, and 0 of the 13 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹12.80 (bear) to ₹21.33 (bull), the price of ₹16.65 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Financial sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
B.N.Rathi Securities Limited reported revenue of ₹417M in FY2026 versus ₹386M in FY2022, a compound +2.0%/yr. Reported net income was ₹94.4M in FY2026, compounding +17.2%/yr from FY2022.
Key figures
Market cap ₹93.5M (≈ $971K) · P/E ratio 3.0 · P/S ratio 0.69 · EPS (TTM) ₹6.39 · Dividend yield 12.0% · Net margin 22.6% · Return on equity 14.4% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial peers we cover trades at −3% fair-value upside, at 3%, 523019 screens cheaper than that median.
Fair Value models
Bear ₹12.80Fair Value ₹17.07Bull ₹21.33
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.22 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
Start year 2020 (pandemic). Over 10 years: +9.8% a year
Revenue growth 11 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−5.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.1%
Dividend (yield on the price)12.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 13%
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare B.N.Rathi Securities Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Investment Brokerage - National” was too small, so the broader sector is used.)Financials · 3207 stocks
Beats the sector median on 6/9 measures
Overall it ranks above its sector peers.
Valuation
Quality Score53 · Below median
Fair Value upside+110.2% · Top 25%
Profitability
Return on equity (TTM)14.4% · Above median
Return on assets3.7% · Top 25%
Net margin (TTM)11.2% · Below median
Operating margin (TTM)14.8% · Below median
Growth and dividend
Revenue growth36.7% · Top 25%
Dividend yield (TTM)12.0% · Top 25%
Valuation Multiplesvs Financials median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is B.N.Rathi Securities Limited (523019) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹17.07 versus a price of ₹16.65, about +3% upside (fairly valued).
What is the fair value of 523019?
Our model-based fair value for B.N.Rathi Securities Limited is ₹17.07 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹16.65.
What is the quality score of 523019?
B.N.Rathi Securities Limited has a Quality Score of 51/100. 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 price target for B.N.Rathi Securities Limited (523019)?
Our model-based price target is the fair value of ₹17.07 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario ₹12.80, optimistic scenario ₹21.33. It is a calculation from audited fundamentals, not an analyst target.
What is the B.N.Rathi Securities Limited stock forecast for 2026?
Our models put fair value at ₹17.07, about +3% upside versus a price of ₹16.65 (fairly valued). Cautious scenario ₹12.80, optimistic scenario ₹21.33. The calculation is refreshed regularly with new filings.
What is the revenue of B.N.Rathi Securities Limited (523019)?
B.N.Rathi Securities Limited reported trailing-twelve-month revenue of about ₹288M (latest available figure, as of Sep 24, 2026).
Does B.N.Rathi Securities Limited pay a dividend?
B.N.Rathi Securities Limited currently shows a dividend yield of about 12.01% relative to its recent price (as of Sep 24, 2026).
What growth is priced into B.N.Rathi Securities Limited (523019)?
For today's price to be fair in a discounted-cash-flow model, B.N.Rathi Securities Limited would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 523019 use?
Our models discount B.N.Rathi Securities Limited at 12.1 %: a base by market capitalisation (nano), damped by beta 0.92, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For B.N.Rathi Securities Limited that is less than minus 40 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has B.N.Rathi Securities Limited (523019) delivered so far?
Over the past 5 years revenue at B.N.Rathi Securities Limited grew +7.0 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of B.N.Rathi Securities Limited (523019) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into B.N.Rathi Securities Limited (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of B.N.Rathi Securities Limited (523019)?
The free-cash-flow yield on the price is 14.90 %: that much free cash flow B.N.Rathi Securities Limited produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of B.N.Rathi Securities Limited (523019)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For B.N.Rathi Securities Limited it is ₹17.07 per share (as of Sep 24, 2026), against a price of ₹16.65. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is B.N.Rathi Securities Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 523019 trades below its calculated fair value: price ₹16.65, fair value ₹17.07, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 523019?
No. The price is what the market pays today (₹16.65); the fair value is what the company's own numbers justify (₹17.07). For B.N.Rathi Securities Limited the two are ₹0.4161 per share apart. That gap is exactly why we show both numbers side by side.
How much is B.N.Rathi Securities Limited worth?
The market values B.N.Rathi Securities Limited at about ₹93.5M (market capitalisation, as of Sep 24, 2026). Per share that is ₹16.65; our models calculate a fair value of ₹17.07 per share.
What do the bullish and bearish scenarios say about 523019?
Our models span a range for B.N.Rathi Securities Limited: cautious scenario ₹12.80, base ₹17.07, optimistic ₹21.33 per share (as of Sep 24, 2026, price ₹16.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 523019?
B.N.Rathi Securities Limited trades at a price-to-earnings ratio of 3.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹17.07 is built from several models across several years.
How solid is the balance sheet of B.N.Rathi Securities Limited (523019)?
Balance-sheet figures for B.N.Rathi Securities Limited (as of Sep 24, 2026): return on equity 14.4%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 523019 from its 52-week high?
B.N.Rathi Securities Limited trades at ₹16.65, about 22% below its 52-week high of ₹21.46 and 47% above the low of ₹11.30 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹17.07 is for.
Which stocks are comparable to B.N.Rathi Securities Limited?
From the same area (Financial) we also value IndiaNivesh Limited, BAMPSL, ODYCORP, Cni Research Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is B.N.Rathi Securities Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹16.65, calculated fair value ₹17.07 (+3%), Quality Score 51/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 523019 calculated?
We run B.N.Rathi Securities Limited through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹17.07, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. B.N.Rathi Securities Limited currently trades 2 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of B.N.Rathi Securities Limited (523019)?
The closing price on Oct 1, 2026 was ₹16.65. Our model-based fair value is ₹17.07, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with B.N.Rathi Securities Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of B.N.Rathi Securities Limited
How large is the market capitalisation of B.N.Rathi Securities Limited (523019)?
The market capitalisation of B.N.Rathi Securities Limited is ₹93.5M (≈ $971K). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of B.N.Rathi Securities Limited (523019)?
The price-to-sales ratio of B.N.Rathi Securities Limited is 0.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of B.N.Rathi Securities Limited (523019)?
Earnings per share at B.N.Rathi Securities Limited are ₹6.39 (price ÷ EPS = P/E 3.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of B.N.Rathi Securities Limited (523019)?
The dividend yield of B.N.Rathi Securities Limited is 12.0% (payout 31.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of B.N.Rathi Securities Limited (523019)?
The net margin of B.N.Rathi Securities Limited is 22.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of B.N.Rathi Securities Limited (523019)?
The return on equity (ROE) of B.N.Rathi Securities Limited is 14.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of B.N.Rathi Securities Limited (523019)?
On an EBIT basis the return on assets of B.N.Rathi Securities Limited is 2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of B.N.Rathi Securities Limited (523019)?
The operating margin of B.N.Rathi Securities Limited is 14.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at B.N.Rathi Securities Limited (523019)?
Revenue at B.N.Rathi Securities Limited is growing +36.7% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at B.N.Rathi Securities Limited (523019)?
Earnings per share at B.N.Rathi Securities Limited are growing +327% versus a year earlier. How much earnings per share grew versus a year earlier.
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