Baid Finserv Ltd (BAIDFIN)

Financial Services · Finance · NSE · Updated 3 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹10.03 ↓ 12.33% (1Y)

🎯 Key Takeaways

Baid Finserv Ltd is in a consolidation and capital restructuring phase, marked by the full conversion of all outstanding convertible warrants and a deliberate increase in promoter holding. The company operates in financial services with a low P/E of 9.
Revenue declined 13.4% QoQ to ₹22 in Q1FY27.
⚠️ Persistent margin pressure in recent quarters despite stable revenue, with operating profit margin declining in March 2026 to 6.4% from 24.9% in Decem

Market Cap

₹155

P/E Ratio

9.1

P/B Ratio

0.87

ROE

8.6%

ROCE

12.1%

Debt/Equity

1.43

Promoter

47.4%

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📖 The Story

Baid Finserv Ltd is in a consolidation and capital restructuring phase, marked by the full conversion of all outstanding convertible warrants and a deliberate increase in promoter holding. The company operates in financial services with a low P/E of 9.2 and moderate ROE of 8.6%, reflecting a mature but stable business model. Recent governance updates and regulatory compliance actions underscore a focus on structural stability rather than aggressive growth.

📰 What's Happening

In August 2026, Baid Finserv completed the full conversion of all convertible warrants through a board-approved allotment of 72,04,099 equity shares at a premium of Rs. 13.10, raising promoter holding from 47.39% to 49.73% and eliminating future warrant overhang. This followed a prior compliance certificate issued by its statutory auditor on August 27, 2026, confirming adherence to ICDR Regulation 169(5) for the private placement of 1.20 million warrants. The company also declared a final dividend of Rs. 0.10 per share and scheduled its 35th AGM for September 23, 2026, where shareholders will vote on director reappointments and financial statement adoption.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	24	24	25	25	22
Operating Profit	5	6	5	2	5
OPM %	22.0%	24.9%	21.8%	6.4%	24.9%
Net Profit	4	5	5	2	4
EPS	₹0.33	₹0.38	₹0.37	₹0.07	₹0.28

Quarterly revenue has remained relatively flat around ₹22–25 crores over the past year, with operating margins stable near 22–25%, indicating operational consistency. However, profitability has shown signs of compression, as net profit and EPS declined from ₹5 (EPS ₹0.38) in September 2025 to ₹2 (EPS ₹0.07) in March 2026, despite stable revenue. This suggests rising cost pressures or margin erosion in recent quarters, even as operating efficiency remains within historical ranges.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or profitability in the latest filings, but the Annual Report indicates plans to broaden financing activities through amendments to the Memorandum of Association. The reappointment of Chairman Panna Lal Baid for a three-year term and the appointment of Himanshu Kumar Jain as an independent director signal continuity in leadership and governance focus. The company also emphasized maintaining remuneration limits for key managerial roles, reflecting a disciplined approach to governance and cost control.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	24	24	24	31
Reserves	147	155	167	202
Borrowings	242	255	272	285
Total Liabilities	437	454	486	539
Fixed Assets	4	5	6	6
Investments	5	10	13	16
Total Assets	437	454	486	539

The balance sheet shows a steady rise in total assets from ₹454 crores (March 2025) to ₹539 crores (March 2026), driven by growth in reserves and borrowings. Equity increased from ₹24 crores to ₹31 crores, while borrowings rose from ₹255 to ₹285 crores, indicating ongoing leverage to fund asset expansion. Reserves grew from ₹155 to ₹202 crores, suggesting retained earnings are being accumulated despite volatile profitability, supporting a cautious but expanding capital base.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+2
Investing	-6
Financing	-17
Net Cash Flow	-21

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	36.3%	45.7%	47.4%	47.4%
FII	0.3%	0.2%	0.2%	0.2%
DII	0.0%	0.0%	0.0%	0.0%
Public	32.7%	27.5%	26.6%	26.6%
# Shareholders	23,492	23,164	23,260	22,797

Promoter holding has increased from 36.25% in Q2FY26 to 49.73% post-warrant conversion in August 2026, signaling strong insider confidence and control consolidation. FII holdings remain minimal and stable around 0.19–0.2%, while public shareholding has declined from 32.71% to 26.59% over the past year, partly due to promoter accumulation and reduced retail float. The number of shareholders has slightly decreased, reflecting possible consolidation in ownership.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.58 L Cr	32.4	10.4%	18.1%	3.82
BAJAJFINSV	3.19 L Cr	31.3	11.4%	26.5%	5.50
SHRIRAMFIN	2.46 L Cr	18.5	11.5%	17.1%	3.80
JIOFIN	1.56 L Cr	73.6	2.3%	1.6%	0.17
CHOLAFIN	1.55 L Cr	26.8	9.3%	18.9%	6.93
TATACAP	1.55 L Cr	28.3	8.4%	12.3%	5.28
ICICIAMC	1.47 L Cr	29.5	111.5%	83.6%	0.00
BAJAJHLDNG	1.23 L Cr	13.9	12.4%	12.3%	0.00
MUTHOOTFIN	1.18 L Cr	10.4	14.4%	29.3%	3.88
SBIFUNDS	1.15 L Cr	—	—	—	0.00

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN JIOFIN CHOLAFIN

⚠️ Risk Factors

1. Persistent margin pressure in recent quarters despite stable revenue, with operating profit margin declining in March 2026 to 6.4% from 24.9% in December 2025, raising concerns about cost structure or operational efficiency. 2. High debt-to-equity ratio of 1.43 suggests elevated financial leverage, which could constrain flexibility if economic conditions deteriorate or cash flows remain inconsistent. 3. Minimal institutional investor interest (FII/DII near zero) may limit liquidity and analyst coverage, increasing price volatility. 4. Reliance on promoter-controlled capital restructuring rather than organic growth could delay long-term value creation if expansion plans under the amended MOA do not materialize.

📋 Recent Filings

🧠 Analyst's Read

Baid Finserv appears to be in a phase of structural stabilization, with governance improvements and capital consolidation taking precedence over growth initiatives. The company’s financial trajectory reflects operational stability but limited profitability momentum, while rising leverage and margin volatility pose near-term concerns. Investors should monitor the outcomes of the upcoming AGM, progress on expanded financing activities under the amended MOA, and trends in margin recovery in upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-03.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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