Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Beacon Trusteeship Ltd. (BEACON)
SME CapFinancial Services stocks · SME cap · NSE
Beacon Trusteeship Ltd. is India's first and only listed trustee company, providing a range of trusteeship services including debenture/bond, security, AIF, securitization, and escrow services. It operates across India with a growing presence in international markets.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result21 May, 07:18 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
37Bearishfull bear SMA stack · SMA20 +1.4% / mo · MACD −
Stock trend: 33
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BEACOND candles · FIT view-19.0%Latest close ₹81.00 on 2026-10-19
Bar
-3.5%
RSI
43
MACD hist
-0.32
52W pos
26%
2026-10-19O ₹83.95H ₹83.95L ₹81.00C ₹81.00Vol 2,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BEACONNifty Financial ServicesNifty 500
- BEACON
- -13.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -7.5 pp
Chart stats
19 Oct 2026- From 52W high
- -35.1%
- 52W range position
- 40%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.20x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹78 - ₹90
₹124.8
₹51.3 - ₹124.8
₹3.5
Latest completed session
20-session average
43.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +26.7% · PAT -39.5% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+17.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 15/100PAT -40% YoY · Rev +27% YoY · margin expansion
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14.9 Cr | +26.7% | -22.4% |
| EBITDA | ₹4.7 Cr | NDF | -31.8% |
| Operating margin | 31.2% | NDF | -427 bps |
| PAT | ₹2.4 Cr | -39.5% | -45.7% |
| PAT margin | 16.2% | NDF | -696 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 2.83
- EV/EBITDA
- 9.61
- Market Cap
- 147.00Cr
Profitability
- ROE
- 14.50%
- ROCE
- 19.80%
- ROA
- 10.87%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 44.00%
- EPS 5Y
- 49.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 622.50×
- Altman Z
- 8.24
- Book Value
- 28.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 7.17 Cr
- EPS TTM
- 3.86
Shareholding
- Promoter Hold
- 46.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 35.1+29.7% vs prev
Net Profit
₹ CrLatest: 6.9+26.7% vs prev
Return on Equity
%Latest: 13.3+9.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~1.4% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 35% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
56
RS percentile
Stage 1 Base / Transition
1M return
+3.8%
3M return
-15.6%
6M return
-10.0%
1Y return
+3.1%
RS 1D
0
RS 20D
-15
Sector rank
#10
Industry rank
#16
Stage evidence
- Price is 8.3% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
258 observations
19 Oct 2026Value 156.01+1.04%
RS vs Nifty 500156
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation6/30
Growth21/25
Quality7/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 17.7%.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
21.0
PB
2.8
EV/EBITDA
9.6
ROE
14.5%
ROCE
19.8%
FCF Yield
—
Debt/Equity
0.0
MoS
+17.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+17.7%
Previous: +17.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹49.84
-62.5% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹98.43
+17.7% MoS
PEG
0.55
Comparable companies
Peers
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MOS
SME
Mos Utility Ltd.
Financial Services
match 60
58
8.5
18.8%
+67%
FAIR VALUE
PML
Small
Paul Merchants Limited
Financial Services
match 54
27
11.4
2.5%
-70%
OVERVALUED
ONELIFECAP
Small
Onelife Capital Advisors Limited
Financial Services
match 53
21
17.0
10.0%
+24%
OVERVALUED
ABANSENT
Small
Abans Enterprises Limited
Financial Services
match 53
36
5.9
1.8%
-460%
WATCHLIST
DELPHIFX
Small
DELPHI WORLD MONEY LIMITED
Financial Services
match 51
8
56.3
1.1%
-3265%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-23T11:38:47.677Z
Management commentary snapshot
Beacon Trusteeship reports significant AuA growth to INR 15.08 lakh Crs as of Feb 2025, up 49.4% from Mar 2024, driven by strong new mandate wins across debenture, PSU, and corporate segments, securing 4th rank in India Bond Market League Tables.
The company demonstrates robust growth in Assets Under Administration and new mandate acquisition, particularly in the PSU bond market where it ranks 1st. Strategic expansion into RTA, Depository Participant, and international markets (Singapore, Mauritius) indicates a clear growth trajectory, though execution risks remain.
Current business mix
New Mandates Value by Service (FY25 YTD)
Latest issuer-disclosed distribution across 5 reported categories.
Debenture / Bond Trusteeship83.1%
Security Trustee9.3%
Securitization Trustee3.6%
AIF Trustee2.5%
Escrow & Other Services1.5%
Growth engines
Debenture/Bond Trusteeship
StrongSecured 356 mandates worth INR 4,14,618 Crs, including major wins from Rural Electrification, Power Finance Corp, and National Housing Bank.
PSU/Government Sector Focus
StrongWon new mandates aggregating INR 3,90,121 Crs and ranked 1st in PSU Bond Market Issues (FY25 YTD).
Expansion into New Services
DevelopingGranted RTA license by SEBI and preparing for Depository Participant license application.
International Market Entry
DevelopingApplied for 100% subsidiary in Singapore and completed OPCO formation in Mauritius with FSC application in process.
Capacity and execution
RTA License
Commissioning soonGranted RTA license by SEBI; applications made to NSDL & CDSL for MPLS approval and employee training to commence operations.
Mauritius Subsidiary
Under processNew local OPCO company formation completed for Beacon Fiduciary Services Mauritius Ltd; application to Mauritius FSC under process.
Singapore Subsidiary
Under processApplication made to ACRA, Singapore for incorporation of 100% subsidiary, Beacon Fiduciaries Pte Ltd.
Risk radar
Earnings Volatility
OngoingFuture business prospects and profitability are subject to risks and uncertainties regarding fluctuations in earnings.
Competition
OngoingRisks include competition and the ability to attract and retain highly skilled professionals.
Regulatory & Economic Changes
OngoingSubject to risks from government policies and actions, interest, and other fiscal costs generally prevailing in the economy.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both year-on-year growth for Assets Under Administration (AuA) and sequential quarterly data for new business mandates and assignments, allowing for assessment of both long-term trajectory and recent operational momentum.
Sector KPIs management disclosed
Assets Under Administration (AuA)
PositiveAuA reached INR 15,08,417 Crs as on 20th February 2025, up from INR 10,09,401 Crs until 31st March 2024.
New Business Mandates Value (FY25 YTD)
PositiveAggregated INR 4,99,016 Crs from 1st April 2024 till 20th February 2025 across various services.
Total New Assignments (FY25 YTD)
PositiveWon 735 new assignments overall from 1st April 2024 to 20th February 2025.
Debenture Trustee Ranking
PositiveRanked 4th in India Bond Market League Tables as a Debenture Trustee for 1st April 2024 to 20th Feb 2025.
Management forward view
Operational Readiness for RTA
ExecutingPost SEBI RTA license, NSDL & CDSL MPLS approval and employee training are underway to commence operations.
Depository Participant Entry
PlanningApplication for Depository Participant license is currently under preparation for submission to SEBI.
Technology Integration
Executing85% of the new software has been implemented to enhance operations.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RTA Operations Commencement | SEBI license granted; NSDL/CDSL approvals and training pending. | Official launch of RTA services and initial client acquisition. |
| Depository Participant License | Application under preparation for SEBI. | Submission of application and subsequent approval from SEBI. |
| International Subsidiary Operations | Singapore subsidiary application submitted; Mauritius OPCO formed, FSC application pending. | Commencement of operations and mandate wins in Singapore and Mauritius. |
| New Business Mandates Value (QoQ) | Q4 FY25 YTD new mandates value at INR 4,99,016 Crs. | Sustained sequential growth in new business mandates value in subsequent quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited evidence · low confidenceTrust Lite
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 49th percentile of the scored universe and 62nd percentile within Financial Services. Main check: results consistency is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Financial Services: 62nd pctile, median 62 · SME: 60th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
Trust risks
- ▸ROCE trend is -8.8%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 31.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Beacon Trusteeship Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationFeb 2025
Feb 2025 · PPT
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.