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SMIFS CAPITAL MARKETS LTD. (SMIFS) fair value: what the stock is really worth

As of Oct 5, 2026: fair value of SMIFS CAPITAL MARKETS LTD. ₹65.91, price ₹81.01, upside -18.6%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · IN · ISIN INE641A01013

SC Thin data Oct 3, 2026

SMIFS CAPITAL MARKETS LTD.

SMIFS · BSE

Weak valuationQuality is weak on top of the rich price.

Low debt
Thin margins · 2.6% net margin (TTM)
Fair value ₹65.91 · Overvalued (−18.6%)
Quality 32/100
Weak Growth (revenue 5y −2.6 %/yr in INR)
Negative free cash flow
Trails peers (4/12)
Narrow moat 22/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹160.05 ₹31.65 Fair Value ₹65.91 Feb 2021 Oct 2026

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 ₹31.65 – ₹160.05 · fair‑value band ₹19.35 – ₹90.82 · the ₹81.01 price screens above the ₹65.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

SMIFS Capital Markets Limited engages in the merchant banking, and trading in government securities and shares in India. It operates through Capital Market Operations, Investment Banking Operations, and Real Estate Business segments.

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SMIFS Capital Markets Limited engages in the merchant banking, and trading in government securities and shares 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, foreign institutional investors, Indian financial institutions, and high net worth individuals. Further, it engages in the real estate business. SMIFS Capital Markets Limited was incorporated in 1983 and is based in Kolkata, India.

Stock analysis

SMIFS CAPITAL MARKETS LTD. (SMIFS) currently trades at ₹81.01, while our model-based Fair Value estimate is ₹65.91, 18.6% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of ₹175.38 per share, and 2 of the 6 models we run sit above the ₹81.01 price.

Bear case: the Earnings-Based group reads lowest at ₹25.27, and 4 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹19.35 (bear) to ₹90.82 (bull), the price of ₹81.01 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 32/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

SMIFS CAPITAL MARKETS LTD. reported revenue of ₹394M in FY2024 versus ₹687M in FY2020, a compound −13.0%/yr. Reported net income was ₹11.7M in FY2024, compounding +42.8%/yr from FY2020. FY2020 was a trough year, so the rate overstates the trend.

Key figures

Market cap ₹476M (≈ $4.9M) · P/E ratio 41.1 · P/S ratio 1.22 · EPS (TTM) ₹1.97 · Net margin 3.0% · Return on equity 0.8% · Return on assets (EBIT) −1.5% · Operating margin 5.5%.

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 39% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −19%, SMIFS screens richer than that median.

Fair Value models

Bear ₹19.35 Fair Value ₹65.91 Bull ₹90.82
Price ₹81.01 · Upside -18.6%
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 2024 figures (about 12 months old). Earnings retained since then (₹1.97 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.
Highest evidence
Residual Income ₹174.64 ₹160.01 ₹153.00 71
Graham-Dodd ₹13.50 ₹65.91 ₹90.82 64
P/E Multiple ₹19.35 ₹25.80 ₹32.25 63
All 6 models by family
Earnings-Based
Graham-Dodd ₹13.50 ₹65.91 ₹90.82 64
Lynch FV ₹17.69 ₹25.27 ₹32.85 61
Multiples
P/E Multiple ₹19.35 ₹25.80 ₹32.25 63
P/B Multiple ₹25.31 ₹33.74 ₹42.18 55
Asset-Based
NCAV (Graham) ₹130.88 ₹175.38 ₹261.77 54
Economic Profit
Residual Income ₹174.64 ₹160.01 ₹153.00 71

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Quality Score breakdown

Overall quality 32/100

Of which business quality 33 · Market factors (momentum, volatility) 27

Profitability 14
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 47
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 6/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−83.2%
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.
−16.3%
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.
−2.6%
Revenue growth 8 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.
−0.6%
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.
+31.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.6%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2024 ⓘ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.−6% → −6%

SMIFS screens overvalued: fair value 19% below the price. Compare with Morgan Stanley, a financial holding company, →

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Peer Groupⓘ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.Capital Markets · 460 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside −18.6% · Below median
Profitability
Return on equity (TTM) 0.8% · Below median
Return on assets 1.2% · Below median
Net margin (TTM) 2.6% · Bottom 25%
Operating margin (TTM) 5.5% · Below median
Growth and dividend
Revenue growth 113.6% · Top 25%
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 41.1× · Priciest 25%
P/B 0.31× · Cheapest 25%
P/S (TTM) 1.07× · Cheaper than median
EV/EBITDA 14.9× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)9 · sector 34
FUTURE (revenue growth)100 · sector 72
PAST (return on equity)3 · sector 33
HEALTH (low debt)99 · sector 95
DIVIDEND (yield)0 · sector 44

Context: sector, industry, market

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.

Stock Price Fair Value vs Fair Value
Morgan Stanley, a financial holding company, MS $188.08 $314.07 +67%
The Goldman Sachs Group GS $900.36 $766.86 −15%
The Charles Schwab Corporation SCHW $97.74 $118.07 +21%
Interactive Brokers Group IBKR $89.24 $23.12 −74%
Robinhood Markets, Inc HOOD $112.74 $47.77 −58%
Macquarie Group MQG A$245.63 A$80.51 −67%
CITIC Securities Company 600030 ¥26.29 ¥18.35 −30%
Guotai Haitong Securities Co 601211 ¥17.21 ¥19.35 +12%
East Money Information Co 300059 ¥18.28 ¥4.94 −73%
Nomura Holdings NMR $9.73 $10.20 +5%

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SMIFS CAPITAL MARKETS LTD. · Fair Value
₹65.91 −19%Fair Value
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Cite: Fair Value Calculator (2026). "SMIFS CAPITAL MARKETS LTD. Fair Value". https://www.fairvalue-calculator.com/stock/SMIFS

Frequently asked questions

Is SMIFS CAPITAL MARKETS LTD. (SMIFS) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹65.91 versus a price of ₹81.01, about −19% upside (overvalued).
What is the fair value of SMIFS?
Our model-based fair value for SMIFS CAPITAL MARKETS LTD. is ₹65.91 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹81.01.
What is the quality score of SMIFS?
SMIFS CAPITAL MARKETS LTD. has a Quality Score of 32/100. 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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
Our model-based price target is the fair value of ₹65.91 (as of Oct 3, 2026) from 6 valuation models. Cautious scenario ₹19.35, optimistic scenario ₹90.82. It is a calculation from audited fundamentals, not an analyst target.
What is the SMIFS CAPITAL MARKETS LTD. stock forecast for 2026?
Our models put fair value at ₹65.91, about −19% upside versus a price of ₹81.01 (overvalued). Cautious scenario ₹19.35, optimistic scenario ₹90.82. The calculation is refreshed regularly with new filings.
What is the revenue of SMIFS CAPITAL MARKETS LTD. (SMIFS)?
SMIFS CAPITAL MARKETS LTD. reported trailing-twelve-month revenue of about ₹444M (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of SMIFS CAPITAL MARKETS LTD. (SMIFS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SMIFS CAPITAL MARKETS LTD. it is ₹65.91 per share (as of Oct 3, 2026), against a price of ₹81.01. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is SMIFS CAPITAL MARKETS LTD. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, SMIFS trades above its calculated fair value: price ₹81.01, fair value ₹65.91, a gap of about −19% (overvalued). 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 SMIFS?
No. The price is what the market pays today (₹81.01); the fair value is what the company's own numbers justify (₹65.91). For SMIFS CAPITAL MARKETS LTD. the two are ₹15.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is SMIFS CAPITAL MARKETS LTD. worth?
The market values SMIFS CAPITAL MARKETS LTD. at about ₹476M (market capitalisation, as of Oct 3, 2026). Per share that is ₹81.01; our models calculate a fair value of ₹65.91 per share.
What do the bullish and bearish scenarios say about SMIFS?
Our models span a range for SMIFS CAPITAL MARKETS LTD.: cautious scenario ₹19.35, base ₹65.91, optimistic ₹90.82 per share (as of Oct 3, 2026, price ₹81.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SMIFS?
SMIFS CAPITAL MARKETS LTD. trades at a price-to-earnings ratio of 41.1 (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 ₹65.91 is built from several models across several years. Other multiples: P/B 0.3, P/S 1.1, EV/EBITDA 14.9.
How solid is the balance sheet of SMIFS CAPITAL MARKETS LTD. (SMIFS)?
Balance-sheet figures for SMIFS CAPITAL MARKETS LTD. (as of Oct 3, 2026): return on equity 0.8%, debt of 0.01 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is SMIFS from its 52-week high?
SMIFS CAPITAL MARKETS LTD. trades at ₹81.01, about 39% below its 52-week high of ₹132.30 and 16% above the low of ₹69.99 (as of Oct 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹65.91 is for.
Which stocks are comparable to SMIFS CAPITAL MARKETS LTD.?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 SMIFS CAPITAL MARKETS LTD. stock attractive at the current price?
The data as of Oct 3, 2026: price ₹81.01, calculated fair value ₹65.91 (−19%), Quality Score 32/100, from 6 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 SMIFS calculated?
We run SMIFS CAPITAL MARKETS LTD. through 6 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 ₹65.91, 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 15.0 % above its aggregate fair value. SMIFS CAPITAL MARKETS LTD. itself currently trades above fair value. 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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
The closing price on Oct 5, 2026 was ₹81.01. Our model-based fair value is ₹65.91, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SMIFS CAPITAL MARKETS LTD. right now?
Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (₹19.35 to ₹90.82). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 SMIFS CAPITAL MARKETS LTD.

How large is the market capitalisation of SMIFS CAPITAL MARKETS LTD. (SMIFS)?
The market capitalisation of SMIFS CAPITAL MARKETS LTD. is ₹476M (≈ $4.9M). 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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
The price-to-sales ratio of SMIFS CAPITAL MARKETS LTD. is 1.22 (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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
Earnings per share at SMIFS CAPITAL MARKETS LTD. are ₹1.97 (price ÷ EPS = P/E 41.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SMIFS CAPITAL MARKETS LTD. (SMIFS)?
The net margin of SMIFS CAPITAL MARKETS LTD. is 3.0% (fiscal year 2024). 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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
The return on equity (ROE) of SMIFS CAPITAL MARKETS LTD. is 0.8% (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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
On an EBIT basis the return on assets of SMIFS CAPITAL MARKETS LTD. is −1.5% (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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
The operating margin of SMIFS CAPITAL MARKETS LTD. is 5.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SMIFS CAPITAL MARKETS LTD. (SMIFS)?
Revenue at SMIFS CAPITAL MARKETS LTD. is growing +114% versus a year earlier (3y avg −16.3%). 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 SMIFS CAPITAL MARKETS LTD. (SMIFS)?
Earnings per share at SMIFS CAPITAL MARKETS LTD. are growing −59.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SMIFS CAPITAL MARKETS LTD. (SMIFS) generate?
The free cash flow of SMIFS CAPITAL MARKETS LTD. is −₹103M (fiscal year 2024). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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