EDELWEISS
Micro CapEdelweiss Financial Services Limited
Financial Services
Edelweiss Financial Services is a diversified Indian financial services group with seven businesses: Alternative Asset Management, Mutual Fund, Asset Reconstruction, NBFC, Housing Finance, General Insurance, and Life Insurance. The company reported $72 Mn consolidated PAT for the year ended March 31, 2026.
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 is neutral, and recent execution is mixed.
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 · 0/100Rev -16% YoY · PAT -16% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,918 Cr | -15.9% | -56.4% |
| EBITDA | ₹498 Cr | -31.5% | -58.4% |
| Operating margin | 26.0% | -600 bps | -100 bps |
| PAT | ₹132 Cr | -16.5% | -51.1% |
| PAT margin | 6.9% | -5 bps | +74 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Edelweiss Financial Services reported a 27% YoY increase in consolidated PAT to $72 Mn for FY26. Key operating businesses showed strong growth, with Alternative Asset Management FPAUM up 32% YoY and Mutual Fund Equity AUM up 25% YoY. Customer reach expanded 31% YoY to 14 Mn.
The company is executing its strategy of growing asset management and retail credit, while reducing corporate debt and moving insurance businesses towards breakeven. Strategic divestments and investments indicate value unlocking and capital efficiency, supporting the long-term thesis.
Alternative Asset Management AUM by Strategy
Latest issuer-disclosed distribution across 3 reported categories.
Alternative Asset Management
FPAUM grew by 32% YoY to $4,724 Mn, with fund raise of $1,147 Mn in the year, up 64% YoY.
Mutual Fund Business
Equity AUM grew by 25% YoY to $8,241 Mn and SIP book grew by 58% YoY to $66 Mn.
Retail Credit Businesses
MSME disbursements tripled YoY to $111 Mn and Housing Finance disbursements grew 27% YoY to $229 Mn.
General Insurance
Gross Written Premium (GWP) increased by 28% YoY to $137 Mn, and policies issued grew 47% YoY to 8,72,901.
Strong Investor Demand for EAAA
Completed sale of 4.4% of EAAA's common equity for $40 Mn, driven by strong investor demand exceeding initial intent.
Successful Citius InvIT IPO
Citius InvIT IPO was oversubscribed ~20x (excluding anchor book), the highest for a public InvIT in India, listing at a 4.5% premium.
Strategic Investment in Nido
Global investment firm Carlyle will invest $230 Mn in Nido Home Finance, acquiring a 45% stake and infusing $165 Mn primary equity.
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.
Both YoY and QoQ comparisons are relevant. YoY is crucial for assessing annual growth and performance trends across seasonal businesses like insurance and asset management. QoQ provides insight into sequential momentum, particularly for disbursements and asset quality metrics in credit businesses.
Consolidated PAT
Consolidated PAT for the year grew by 27% YoY to $72 Mn.
Alternative Asset Management FPAUM
FPAUM grew by 32% YoY to $4,724 Mn for the year ended Mar 26.
Mutual Fund Equity AUM
Mutual Fund Equity AUM increased by 25% YoY to $8,241 Mn for the year ended Mar 26.
NBFC MSME Disbursements
MSME disbursements tripled YoY to $111 Mn in the year ended Mar 26.
EAAA Listing
Management aims to list EAAA at an opportune time aligned with market conditions, having received SEBI approval for DRHP.
Nido Strategic Investment
Management's focus is to close the strategic investment by Carlyle in Nido post regulatory approvals and ensure a smooth transition.
Asset Management Scale-up
Management plans to continue scaling Asset Management businesses, anchored by strong FPAUM and Equity AUM growth.
Insurance Breakeven
Management aims to achieve breakeven in both General and Life Insurance businesses by FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EAAA Listing Progress | SEBI approval for DRHP received on April 23, 2026. RHP filing and IPO to be planned. | Timelines for RHP filing and successful IPO completion, and post-listing performance. |
| Carlyle Investment in Nido | Regulatory approvals (CCI, RBI) are in process. Shareholders' approval received. | Completion of all regulatory approvals and finalization of the investment, and subsequent impact on Nido's growth. |
| Insurance Businesses Profitability | General Insurance PAT was $(6) Mn and Life Insurance PAT was $(17) Mn for FY26. | Progress towards breakeven by FY27, specifically reduction in losses and growth in GWP/Gross Premium. |
| Corporate Net Debt | Corporate net debt declined by 20% over 2 years to $677 Mn as of Mar 26. | Continued reduction in corporate net debt and improvement in overall leverage ratios. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +3.7% / mo
Technical chart
EDELWEISSweekly · 5Y-1.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 rising (~3.6% over last month) — short-term momentum positive.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 17% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 45.4%.
- Fair-value margin of safety is positive at 42.4%.
- Cash flow contributes 10/10 to the score.
Main drags
- Altman Z is 0.8, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
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: +3 points.
Factor attribution
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 34th percentile of the scored universe and 53rd percentile within Financial Services. Main check: balance sheet trust is weak at 8/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 4.02.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 53rd pctile, median 62 · Micro: 19th pctile, median 71
0 documents indexed, 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.
- ▸FCF yield is 44.6%.
- ▸7 years of positive FCF.
- ▸6/8 recent quarters had positive YoY PAT growth.
Trust risks
- ▸Debt/equity is 4.02.
- ▸Altman Z is 0.81.
- ▸Interest coverage is 1.2x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.60
- P/B
- 2.21
- EV/EBITDA
- 8.90
- Market Cap
- 10184.00Cr
Profitability
- ROE
- 13.50%
- ROCE
- 14.10%
- ROA
- 1.55%
- Dividend Y
- 1.39%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 4.02
- Interest Coverage
- 1.24×
- Altman Z
- 0.81
- Book Value
- 48.80
Cash Flow
- FCF Yield
- 45.39%
- FCF Positive Y
- 7/5
- OCF
- 897.00 Cr
- EPS TTM
- 5.78
Shareholding
- Promoter Hold
- 32.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.