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DAULAT SECURITIES LTD. (DAULAT) Fair Value & Analysis

Financial Services · IN · Market cap ₹149M

DS DAULAT SECURITIES LTD. DAULAT · BSE
Price₹28.50
Fair Value₹32.87
Upside+15.3%
Quality55/100
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Mixed Growth
Thin margins · 0.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/8)
Narrow moat 35/100
Evidence: Low Range ₹24.65 – ₹41.08 Share as image

Fair value as of: Aug 13, 2026

From 2 valuation models · updated 6 days ago

A solid business, screening 15% undervalued on our models.

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What matters now

  • 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.
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Price vs Fair Value (5 years)

₹71.24 ₹4.31 Fair Value ₹32.87 Jan 2021 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 ₹4.31 – ₹71.24 · fair‑value band ₹24.65 – ₹41.08 · the ₹28.50 price screens below the ₹32.87 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

DAULAT SECURITIES LTD. (DAULAT) currently trades at ₹28.50, while our model-based Fair Value estimate is ₹32.87, implying the stock looks roughly 15.3% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Financial Services 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: low), always confirm before acting.

Revenue declined 86.0% year over year. It earns a return on equity of -8.7%. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹24.65 (bear case) to ₹41.08 (bull case); at ₹28.50, the current price sits within 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 38% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -19% fair-value upside, at 15%, DAULAT 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
P/B Multiple ₹24.65 ₹32.87 ₹41.08 55
NCAV (Graham) ₹19.33 ₹25.91 ₹38.67 50
All 2 models by family
Multiples
P/B Multiple ₹24.65 ₹32.87 ₹41.08 55
Asset-Based
NCAV (Graham) ₹19.33 ₹25.91 ₹38.67 50

Widest divergence: Multiples (₹32.87) versus Asset-Based (₹25.91). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) −₹7.8M
Revenue growth (YoY) -86.0%
Return on equity -8.7%
Free cash flow −₹6.7M FY2026
Operating margin 113%
EPS (TTM) ₹-3.57
More key figures
EPS growth (YoY) -65.0%

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

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 24

Profitability 20
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 74
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 82
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

Daulat Securities Limited provides stock broking services. It also engages in marketing of mutual funds; and offers depositary services. The company was incorporated in 1992 and is based in Kolkata, India.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

DAULAT SECURITIES LTD. reported revenue of −₹14.3M in FY2026 versus ₹21.5M in FY2022. Reported net income was −₹17.9M in FY2026.

Growth Quality 32/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
₹33.3M
Latest YoY
−65.2%
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.
+15.7%
Avg. growth/yr (6Y) 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.
+96.6%
Revenue
FY22 ₹21.5M
FY23 ₹20.2M
FY24 ₹95.7M
FY25 ₹33.3M
FY26 −₹14.3M
Net income
FY22 ₹8.4M
FY23 ₹8.4M
FY24 ₹69.8M
FY25 ₹32.4M
FY26 −₹17.9M

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Cite: Fair Value Calculator (2026). "DAULAT SECURITIES LTD. Fair Value". https://www.fairvalue-calculator.com/stock/DAULAT

Peer Group

Capital Markets · 435 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 54 · Above median
Fair Value upside +15% · Above median
Return on assets -8% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 113% · Top 25%
Revenue growth -86% · Bottom 25%

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE54 · sector 16
FUTURE0 · sector 92
PAST0 · sector 30
HEALTH100 · sector 93
DIVIDEND0 · sector 38

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

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Mirae Asset Securities Co 006800 38,050 KRW 18,009 KRW -53%
Meritz Financial Group 138040 118,600 KRW 52,717 KRW -56%
Korea Investment Holdings 071050 200,500 KRW 189,335 KRW -6%
NH Investment & Securities Co 005940 28,550 KRW 22,396 KRW -22%
Samsung Securities Co 016360 93,100 KRW 75,573 KRW -19%
Kiwoom Securities Co 039490 299,000 KRW 214,812 KRW -28%
SSI Securities Corporation SSI 19,400 VND 17,375 VND -10%
Bolsas y Mercados Argentinos S.A BYMA 313.75 ARS 294.30 ARS -6%
Daishin Securities Co 003540 26,950 KRW 48,790 KRW +81%
SK Securities Co 001515 4,285 KRW 1,395 KRW -67%

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Frequently asked questions

Is DAULAT SECURITIES LTD. (DAULAT) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹32.87 versus a price of ₹28.50, about +15% (undervalued).
What is the fair value of DAULAT?
Our model-based fair value for DAULAT SECURITIES LTD. is ₹32.87 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹28.50.
What is the quality score of DAULAT?
DAULAT SECURITIES LTD. has a Quality Score of 55/100. 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 net profit margin of DAULAT?
The net profit margin of DAULAT SECURITIES LTD. is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. 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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