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.
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.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
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 30 Jun 2026
Average · 40/100Rev +21% YoY · PAT +0% YoY
| 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.
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
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.
Loan Portfolio Mix (as of Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
Rising Cost of Funds
Management acknowledges that the cost of funds figure will likely be 'on the upward north side' going forward.
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
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 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.
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%.
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.
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.
Trend score and candlestick chart
44NeutralSMA20 +5.8% / mo · MACD −
Technical chart
DCCLdaily · 1Y · AUTO+1.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 40. Wait for confirmation.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 29% off 52W high · 30% 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 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 78.5%.
- 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.
- Quality is weaker at 2/20; verify the latest quarterly trend.
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.
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: -1 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 32nd percentile of the scored universe and 49th percentile within Financial Services. Main check: balance sheet trust is weak at 35/100.
Healthy Trust Lite: Promoter holding is 69.1%. Key concern: Operating cash flow is negative at ₹-29 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 49th pctile, median 62 · SME: 36th pctile, median 64
9 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 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.
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
- 6.46
- P/B
- 0.63
- EV/EBITDA
- 250.20
- Market Cap
- 66.20Cr
Profitability
- ROE
- 11.40%
- ROCE
- 13.40%
- ROA
- 3.40%
- Dividend Y
- 2.16%
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
- 0.80
- 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
- 48%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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