B.N.RATHI SECURITIES LTD. (BNRSEC) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of B.N.RATHI SECURITIES LTD. ₹40.67, price ₹16.65, upside +144.3%, quality 56 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 Oct 3, 2026.
How to read this chart
60‑month range ₹2.73 – ₹66.97 · fair‑value band ₹29.75 – ₹52.42 · the ₹16.65 price screens below the ₹40.67 fair value. Dashed = 300-day average. As of Oct 3, 2026.
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B.N.RATHI SECURITIES LTD. (BNRSEC) currently trades at ₹16.65, while our model-based Fair Value estimate is ₹40.67, implying the stock looks roughly 59.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹51.88 per share, and 9 of the 11 models we run sit above the ₹16.65 price.
Bear case: the Asset-Based group reads lowest at ₹12.15, and 2 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹29.75 (bear) to ₹52.42 (bull), the price of ₹16.65 sits below 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 56/100 (solid quality), in the Financial sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
B.N.RATHI SECURITIES LTD. reported revenue of ₹417M in FY2026 versus ₹308M in FY2022, a compound +7.9%/yr. Reported net income was ₹94.4M in FY2026, compounding +17.2%/yr from FY2022.
Key figures
Market cap ₹695M (≈ $7.2M) · P/E ratio 6.6 · P/S ratio 1.49 · EPS (TTM) ₹2.52 · Dividend yield 3.0% · Net margin 22.6% · Return on equity 12.6% · 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 0% fair-value upside, at 144%, BNRSEC screens cheaper than that median.
Fair Value models
Bear ₹29.75Fair Value ₹40.67Bull ₹52.42
Price ₹16.65 · Upside +144.3%
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 (₹1.03 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.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.7%
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.
+9.3%
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.
+7.0%
Start year 2021 (pandemic)
Revenue growth 7 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.
+7.2%
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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.
+11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)3.0%
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%
⚠ Revenue per share shrinking 24.3%/yr over ~5Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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 LTD. 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 · 3153 stocks
Beats the sector median on 10/12 measures
Overall it ranks above its sector peers.
Valuation
Quality Score56 · Above median
Fair Value upside+144.3% · Top 25%
Profitability
Return on equity (TTM)12.6% · Above median
Return on assets4.8% · Top 25%
Net margin (TTM)15.7% · Below median
Operating margin (TTM)21.0% · Below median
Growth and dividend
Revenue growth34.3% · Top 25%
Dividend yield (TTM)3.0% · Above median
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 LTD. (BNRSEC) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹40.67 versus a price of ₹16.65, about +144% upside (undervalued).
What is the fair value of BNRSEC?
Our model-based fair value for B.N.RATHI SECURITIES LTD. is ₹40.67 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹16.65.
What is the quality score of BNRSEC?
B.N.RATHI SECURITIES LTD. has a Quality Score of 56/100. 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 LTD. (BNRSEC)?
Our model-based price target is the fair value of ₹40.67 (as of Oct 3, 2026) from 11 valuation models. Cautious scenario ₹29.75, optimistic scenario ₹52.42. It is a calculation from audited fundamentals, not an analyst target.
What is the B.N.RATHI SECURITIES LTD. stock forecast for 2026?
Our models put fair value at ₹40.67, about +144% upside versus a price of ₹16.65 (undervalued). Cautious scenario ₹29.75, optimistic scenario ₹52.42. The calculation is refreshed regularly with new filings.
What is the revenue of B.N.RATHI SECURITIES LTD. (BNRSEC)?
B.N.RATHI SECURITIES LTD. reported trailing-twelve-month revenue of about ₹675M (latest available figure, as of Oct 3, 2026).
Does B.N.RATHI SECURITIES LTD. pay a dividend?
B.N.RATHI SECURITIES LTD. currently shows a dividend yield of about 3.00% relative to its recent price (as of Oct 3, 2026).
What growth is priced into B.N.RATHI SECURITIES LTD. (BNRSEC)?
For today's price to be fair in a discounted-cash-flow model, B.N.RATHI SECURITIES LTD. would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of BNRSEC use?
Our models discount B.N.RATHI SECURITIES LTD. at 10.9 %: a base by market capitalisation (nano), damped by beta 0.44, 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 LTD. that is less than minus 40 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has B.N.RATHI SECURITIES LTD. (BNRSEC) delivered so far?
Over the past 5 years revenue at B.N.RATHI SECURITIES LTD. 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.
What is the free cash flow yield of B.N.RATHI SECURITIES LTD. (BNRSEC)?
The free-cash-flow yield on the price is 14.90 %: that much free cash flow B.N.RATHI SECURITIES LTD. produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), 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 LTD. (BNRSEC)?
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 LTD. it is ₹40.67 per share (as of Oct 3, 2026), against a price of ₹16.65. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is B.N.RATHI SECURITIES LTD. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, BNRSEC trades below its calculated fair value: price ₹16.65, fair value ₹40.67, a gap of about +144% (undervalued). 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 BNRSEC?
No. The price is what the market pays today (₹16.65); the fair value is what the company's own numbers justify (₹40.67). For B.N.RATHI SECURITIES LTD. the two are ₹24.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is B.N.RATHI SECURITIES LTD. worth?
The market values B.N.RATHI SECURITIES LTD. at about ₹695M (market capitalisation, as of Oct 3, 2026). Per share that is ₹16.65; our models calculate a fair value of ₹40.67 per share.
What do the bullish and bearish scenarios say about BNRSEC?
Our models span a range for B.N.RATHI SECURITIES LTD.: cautious scenario ₹29.75, base ₹40.67, optimistic ₹52.42 per share (as of Oct 3, 2026, price ₹16.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BNRSEC?
B.N.RATHI SECURITIES LTD. trades at a price-to-earnings ratio of 6.6 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹40.67 is built from several models across several years. Other multiples: P/B 0.9, P/S 1.0.
How solid is the balance sheet of B.N.RATHI SECURITIES LTD. (BNRSEC)?
Balance-sheet figures for B.N.RATHI SECURITIES LTD. (as of Oct 3, 2026): return on equity 12.6%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is BNRSEC from its 52-week high?
B.N.RATHI SECURITIES LTD. 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 ₹40.67 is for.
Which stocks are comparable to B.N.RATHI SECURITIES LTD.?
From the same area (Financial) we also value GARNETINT, IndiaNivesh Limited, BAMPSL, ODYCORP, 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 LTD. stock attractive at the current price?
The data as of Oct 3, 2026: price ₹16.65, calculated fair value ₹40.67 (+144%), Quality Score 56/100, from 11 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 BNRSEC calculated?
We run B.N.RATHI SECURITIES LTD. through 11 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 ₹40.67, 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 14.9 % above its aggregate fair value. B.N.RATHI SECURITIES LTD. currently trades 59 % 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 LTD. (BNRSEC)?
The closing price on Oct 1, 2026 was ₹16.65. Our model-based fair value is ₹40.67, about +144% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with B.N.RATHI SECURITIES LTD. right now?
The price is below even our cautious bear case (₹29.75). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. 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 LTD.
How large is the market capitalisation of B.N.RATHI SECURITIES LTD. (BNRSEC)?
The market capitalisation of B.N.RATHI SECURITIES LTD. is ₹695M (≈ $7.2M). 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 LTD. (BNRSEC)?
The price-to-sales ratio of B.N.RATHI SECURITIES LTD. is 1.49 (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 LTD. (BNRSEC)?
Earnings per share at B.N.RATHI SECURITIES LTD. are ₹2.52 (price ÷ EPS = P/E 6.6). 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 LTD. (BNRSEC)?
The dividend yield of B.N.RATHI SECURITIES LTD. is 3.0% (payout 19.8%). 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 LTD. (BNRSEC)?
The net margin of B.N.RATHI SECURITIES LTD. 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 LTD. (BNRSEC)?
The return on equity (ROE) of B.N.RATHI SECURITIES LTD. is 12.6% (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 LTD. (BNRSEC)?
On an EBIT basis the return on assets of B.N.RATHI SECURITIES LTD. 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 LTD. (BNRSEC)?
The operating margin of B.N.RATHI SECURITIES LTD. is 21.0% (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 LTD. (BNRSEC)?
Revenue at B.N.RATHI SECURITIES LTD. is growing +34.3% versus a year earlier (3y avg +9.3%). 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 LTD. (BNRSEC)?
Earnings per share at B.N.RATHI SECURITIES LTD. are growing +77.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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