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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 15/100PAT -40% YoY · Rev +27% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14.9 Cr | +26.7% | -22.4% |
| EBITDA | ₹4.7 Cr | +163.3% | -31.8% |
| Operating margin | 31.2% | +1717 bps | -427 bps |
| PAT | ₹2.4 Cr | -39.5% | -45.7% |
| PAT margin | 16.2% | +685 bps | -696 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
New Mandates Value by Service (FY25 YTD)
Latest issuer-disclosed distribution across 5 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
39BearishSMA20 -5.9% / mo · MACD +
Technical chart
BEACONdaily · 1Y · AUTO+10.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 33% off 52W high · 67% 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.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.9%.
- 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.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -8.8%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 62nd pctile, median 62 · SME: 60th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.60
- P/B
- 2.92
- EV/EBITDA
- 9.88
- Market Cap
- 151.00Cr
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
- 46.15%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.