Credit ratingAug 2026
Aug 2026 · Credit Rating- New 14 Aug - CARE assigned BBB- Stable rating for proposed ₹50 crore NCD issue on 13 August 2026.
Source: Nse
Dar Credit & Capital Ltd. (DCCL)
SME CapFinancial Services stocks · SME cap · NSE
Dar Credit & Capital Ltd. (DCCL) is an NBFC focused on financial inclusion, serving underserved and emerging segments across 6 states with 35 operational branches and over 22,500 active customers. The company emphasizes a scalable, technology-driven lending model and disciplined underwriting.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:33 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -12.2% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DCCLD candles · FIT view-9.7%Latest close ₹36.10 on 2026-10-21
Bar
-5.0%
RSI
28
MACD hist
-0.62
52W pos
12%
2026-10-21O ₹38.00H ₹38.00L ₹36.10C ₹36.10Vol 14,000 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
DCCLNifty Financial ServicesNifty 500
- DCCL
- -31.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -5.7%
- Vs Nifty 500
- -25.6 pp
Chart stats
21 Oct 2026- From 52W high
- -44.5%
- 52W range position
- 10%
- ATR (14)
- 3.3%
- Volume vs 20D
- 3.26x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹36.1 - ₹47.9
₹65
₹33 - ₹65
₹1.2
Latest completed session
20-session average
38.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average40
Revenue +20.9% · PAT +0.5% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+80.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
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 30 Jun 2026
Average · 40/100Rev +21% YoY · PAT +0% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹13.3 Cr | +20.9% | -8.3% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹2.1 Cr | +0.5% | -35.7% |
| PAT margin | 15.4% | -314 bps | -658 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.43
- P/B
- 0.53
- EV/EBITDA
- 239.70
- Market Cap
- 55.70Cr
Profitability
- ROE
- 11.40%
- ROCE
- 13.40%
- ROA
- 3.40%
- Dividend Y
- 2.56%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 55.00%
Balance Sheet
- Debt/Equity
- 1.77
- Interest Coverage
- —
- Altman Z
- 0.77
- Book Value
- 74.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -29.00 Cr
- EPS TTM
- 7.19
Shareholding
- Promoter Hold
- 69.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 13.3-8.4% vs prev
Net Profit
₹ CrLatest: 2.0-35.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 unclear. RSI 28. Wait for confirmation.
- SMA20 falling (~13.9% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 40% off 52W high · 9% 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
21
RS percentile
Stage 1 Base / Transition
1M return
-22.7%
3M return
-10.6%
6M return
-20.3%
1Y return
-37.7%
RS 1D
-5
RS 20D
-22
Sector rank
#10
Industry rank
#64
Stage evidence
- Price is 15.2% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.5% 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
lagging
Relative-strength line vs Nifty 500 (base 100)
194 observations
21 Oct 2026Value 70.59-4.12%
RS vs Nifty 50071
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation30/30
Growth22/25
Quality3/20
Balance Sheet2/15
Cash Flow2/10
Piotroski
3/9 (+1)
Penalties
-8
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 80.3%.
- Valuation contributes 30/30 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Altman Z is 0.8, in distress territory.
- Penalty bucket subtracts 8 points.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
5.4
PB
0.5
EV/EBITDA
239.7
ROE
11.4%
ROCE
13.4%
FCF Yield
—
Debt/Equity
1.8
MoS
+80.3%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+80.3%
Previous: +79.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
52
52
52
52
52
52
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
₹109.56
+67.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹183.35
+80.3% MoS
PEG
0.15
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
HYBRIDFIN
Small
Hybrid Financial Services Limited
NBFC
match 157
50
20.1
6.5%
+27%
FAIR VALUE
DCMFINSERV
Small
DCM Financial Services Limited
NBFC
match 147
15
—
—
—
OVERVALUED
FINBUD
SME
Finbud Financial Services Ltd.
NBFC
match 145
42
20.6
15.4%
+23%
WATCHLIST
IBLFL
SME
IBL Finance Ltd.
NBFC
match 144
14
60.3
4.1%
-136%
OVERVALUED
CPCAP
Small
CP Capital Limited
NBFC
match 139
60
6.4
7.6%
+75%
UNDERVALUED
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 2026-07-01T11:20:02.350Z
Management commentary snapshot
DCCL reported strong FY26 results with Total Income up 20.9% YoY to Rs 50.05 Cr and PAT surging 43.9% YoY to Rs 10.13 Cr. Q4 FY26 also saw robust growth, with Total Income up 39.6% YoY to Rs 14.23 Cr and PAT increasing 60.7% YoY to Rs 3.07 Cr. AUM grew 34.95% YoY to Rs 229.55 Cr.
DCCL delivered robust FY26 and Q4 results, driven by healthy AUM growth and improved profitability. Management's strategic shift towards secured lending, continued technology investment, and focus on sustainable expansion within existing states supports continued, albeit measured, growth. Asset quality remains strong with low GNPA.
Current business mix
Loan Portfolio Mix (as of Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Loan to Municipal Corporation Employees (unsecured)35.0%
Secured MSME30.0%
Unsecured MSME35.0%
Growth engines
Expanding Geographical Footprint
Expanding our geographical footprint by going deeper in existing areas and states where we are already present.
Strengthening Loan Portfolio
Strengthening our loan portfolio with focus on personal loans, secured MSMEs, and maintaining disciplined underwriting for unsecured.
Technology Investment
Continued investment in technology, digital transformation, and process automation to improve operational scalability and customer experiences.
Diversification of Funding
Diversification of the funding relationship and further strengthening our capital structure to support long-term growth.
Capacity and execution
Branch Network Expansion
We are planning for another five to seven branches and deep drive in the new areas of the existing branches for FY27.
Software Consolidation
The RiseMoney software will be phased out in this financial year (FY27), consolidating to a single LOS/LMS software, Vijay.
Tailwinds
NBFC and MSME Sector Growth
The NBFC and MSME sector in India continues to offer significant long-term growth opportunities, particularly across underserved markets.
Market Liquidity from Government Schemes
Government credit line schemes for microfinance/MSME indirectly improve market liquidity, which will help in smoother repayment and recovery.
Headwinds
Rising Cost of Funds
Management acknowledges that the cost of funds figure will likely be 'on the upward north side' going forward.
Risk radar
Unsecured Loan Stress
Management noted that 'unsecured loans are facing a stress' in the sector, prompting a re-evaluation of their business plan.
Maintaining Asset Quality
Requires a 'disciplined underwriting framework' and 'multi-layer verification at three levels' for unsecured MSME loans to keep GNPA low.
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 company explicitly provided both Q4 and full-year results with clear year-on-year growth percentages for all key financial metrics, allowing for assessment of both short-term momentum and annual performance trends.
Sector KPIs management disclosed
AUM Growth
AUM stood at Rs 229.55 crores as of March 2026, reflecting a healthy growth of 34.95% year-on-year.
Gross Non-Performing Assets (GNPA)
The GNPA was very healthy at just 1.01% in the last year (FY26).
Capital Adequacy Ratio
The company maintained a strong capital adequacy ratio of almost 40%, significantly above the regulatory requirements.
Cost of Funds
At present level, we are operating our cost at around 14%.
Management forward view
Focus on Sustainable Growth
We do not trust in the leaps and bounds growth. We want a sustainable growth, and that is why our NPA percentage is very, very low.
Prioritize Secured Portfolio
Our primary focus will be in the secured loan portfolio, secured MSME portfolio, due to higher collection and recovery percentages.
Consolidate Existing Operations
We want to consolidate in our existing areas and venture into different areas of that state, not to venture into new states right now.
Technology Integration
We are consolidating our loan management systems to a single in-house developed software, Vijay, by the coming financial year.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 34.95% YoY to Rs 229.55 Cr (FY26) | Management targets AUM of Rs 260-275 Cr for FY27, adding around Rs 50 Cr. |
| Branch Expansion | 35 operational branches | Plans to add 5-7 new branches in existing states in FY27. |
| Cost of Funds | Around 14% | Trends in borrowing costs and management's ability to bring it down despite upward pressure. |
| Portfolio Mix | 35% Municipal, 30% Secured MSME, 35% Unsecured MSME | Targeted shift to 30-35% Personal, 35-40% Secured MSME, with remaining Unsecured. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited 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 32nd percentile of the scored universe and 49th 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.
Computed 05 Sept 2026
management-trust-v1
9 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Financial Services: 49th pctile, median 62 · SME: 36th pctile, median 64
Evidence depth
Financial-only
9 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
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 69.1%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-29 Cr.
- ▸Altman Z is 0.80.
- ▸Debt/equity is 1.77.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dar Credit & Capital Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Credit Rating 19 Aug - Dar Credit & Capital Limited has informed about Credit Rating
Source: Nse
Credit rating
Credit Rating- Others 13 Aug - CARE withdrew rating on Tulip Growth 12 2023 PTCs after full redemption and payout completion.
Source: Nse
Credit ratingJul 2026
Jul 2026 · Credit Rating 22 July 2026 - CARE reaffirmed BBB- Stable rating for Dar Credit's ₹50 crore NCDs on July 21, 2026.
Source: Nse
Annual reportJun 2026
Jun 2026 · Shareholders meeting 24 June 2026 - 32nd AGM on 17 July 2026 at 3 PM via VC/OAVM; FY26 annual report submitted.
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 1 June 2026 - Transcript of Q4/FY26 earnings call: total income Rs50.05 Cr, PAT Rs10.13 Cr, AUM Rs229.55 Cr.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptFeb 2026
Feb 2026 · Transcript
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.