Financial Services stocks · Small cap · NSE
Baid Finserv Limited (BAIDFIN) is a Non-Deposit Taking NBFC (Base Layer) providing Secured MSME Loans (LAP), Vehicle Loans, and Insurance products. Established in 1991 in Jaipur, it serves semi-urban and rural areas of Rajasthan, expanding to Madhya Pradesh, Gujarat, and planning Maharashtra. It has over 50,000 clients.
SMA20 -1.5% / mo · MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue -9.0% · PAT +8.0% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev -9% YoY · PAT +8% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21.6 Cr | -9.0% | -13.5% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹4.3 Cr | +8.0% | +161.4% |
| PAT margin | 20.1% | +316 bps | +1342 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 39.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q1 FY26 saw strong YoY growth: Total Income up 23.5% to ₹23.91 Cr, EBITDA up 20.1% to ₹13.60 Cr, and PAT up 28.8% to ₹4.02 Cr. AUM reached ₹411.18 Cr, with disbursements at ₹52.88 Cr. Net NPA stood at 0.81%, and collection efficiency was 94.24%.
BAIDFIN delivered robust Q1 FY26 results with strong income and profit growth, supported by AUM expansion and stable asset quality. The aggressive branch and geographic expansion, coupled with product diversification, indicates significant growth ambition. However, increasing funding costs and competition in semi-urban/rural markets warrant close monitoring.
Latest issuer-disclosed distribution across 3 reported categories.
Expanding presence in Madhya Pradesh and Gujarat, with plans to open new branches in Maharashtra by Q2 FY26.
Aims to achieve an AUM of ₹500 Cr by FY26 and ₹600 Cr by FY27.
Plans to expand to 100 branches across four states by FY26 and 125 branches by March 2027.
Upcoming products include Micro Housing loan, 2-Wheeler loan, and Co-lending.
Currently 52 branches; plans to expand to 100 branches by FY26 and 125 by March 2027.
Expanding operations in Maharashtra by Q2 FY26.
NBFCs expect 13-14% credit growth in FY25, projected 13-15% from FY26-27.
Rural India, with two-thirds of the population, shows rising incomes, creating a significant market for financial services.
Future growth is expected to be supported by a strong push towards digitization.
Growing competition from finance companies and banks.
Continual inflationary trends.
Increasing costs of obtaining funds.
Faces competition from other similar NBFCs and FIs.
Net NPA at 0.81% and Gross NPA at 3.31% in Q1 FY26, requiring vigilance during rapid expansion.
Currently has a limited geographical presence, posing a concentration risk despite expansion plans.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for NBFCs to account for seasonality and long-term growth trends. QoQ analysis provides insight into sequential momentum in disbursements, AUM, and asset quality.
Total AUM increased to ₹411.18 Cr in Q1 FY26 from ₹397 Cr in FY25.
Q1 FY26 disbursements were ₹52.88 Cr.
Average lending rate was 21.1% in Q1 FY26.
Average cost of borrowings was 11.36% in Q1 FY26.
Business in Madhya Pradesh and Gujarat is thriving, with disbursements increasing at a steady rate of 15% month-on-month.
On track to achieve incremental ₹200 Cr AUM from Madhya Pradesh & Gujarat in FY26.
Business Partnership agreement with small finance banks executed.
Emphasizes digitalization and AI integration to alleviate manual workload and enhance TAT and customer service efficiency.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | ₹411.18 Cr (Q1 FY26) | Watch for progress towards ₹500 Cr by FY26 and ₹600 Cr by FY27. |
| Branch Network Expansion | 52 branches (Q1 FY26) | Watch for expansion to 100 branches by FY26 and 125 by March 2027. |
| Net NPA | 0.81% (Q1 FY26) | Watch for stability or improvement, especially with rapid geographic and product expansion. |
| Collection Efficiency | 94.24% (Q1 FY26) | Watch for maintenance or improvement, crucial for asset quality in new markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 42nd percentile within Financial Services. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Financial Services: 42nd pctile, median 62 · Small: 28th pctile, median 66
28 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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