Morgan Ventures Limited

MORGAN.BO

Financial - Conglomerates · Financial Services

Exchange

Bombay Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Weak

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Winston Score History

The full picture

Morgan Ventures Limited is an Indian holding and investment company listed on the Bombay Stock Exchange. It operates as a non-banking financial company (NBFC), meaning it lends money and makes investments but does not hold a traditional banking license. The company primarily earns income through financial investments, loans, and stakes in other businesses across India.

The company makes money mainly from interest income, dividends, and returns on its investment portfolio — a model common among Indian financial conglomerates. It operates almost entirely within India and has a relatively small market capitalization of around $0.5 billion. The very high operating margin reflects the nature of investment-holding businesses, where overhead costs are low compared to income. However, the low ROIC of 2.9% suggests the company is not generating strong returns on the capital it deploys, which is a key risk for long-term investors. Regulatory changes affecting NBFCs in India remain an ongoing challenge for the business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-59.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

82.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹2.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Morgan Ventures Limited grew revenue 2230% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-54.8%

Thin — -54.8% gross margin

Profit after running costs

Operating Margin

-111.7%

Losing money on operations — -111.7%

Return on the money invested

ROCE

3.4%

Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+81.5%

Fast-growing sales (+81.5% YoY)

Profit growth

EPS YoY

-96.7%

Earnings shrinking (-96.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

51%

Weak — only 51% of profit becomes cash

Spare cash per sale

FCF Margin

3.5%

Thin free cash flow (3.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

2.10

Heavy debt load (2.10)

Covers its interest

Interest Cover

0.72x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

59.7x

no trend

Expensive — P/E 59.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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