Dar Credit & CapitalShare price, financial results, shareholding and management
- Market cap
- ₹54 cr
- Stock P/E
- 7.7peers 65.3
- Book value
- ₹72.7
- Price to book
- 0.52
- EV / operating profit
- 7.3
- Market cap to sales
- 1.34
- ROCE · FY26
- 11.3%
- ROE · FY26
- 7.9%
- ROE, 3-year average
- 8.9%
- Operating margin · FY26
- 69.9%peers 17.1%
- Sales growth, 3 years
- 17.3%
- Profit growth, 3 years
- 32.8%
- Debt to equity
- 1.78peers 0.01
- Borrowings
- ₹184 cr
- Interest cover
- 1.5×
- Cash from business / op. profit
- -102%
- Debtor days
- -
- Pledged
- 0.00%
- Promoter holding
- 69.14%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 483
- 52-week high / low
- ₹60 / ₹33
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Dar Credit & Capital share price chart
Close on 5 Nov 2026 · +5.56% on the day · Vol 6,000
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -9.3%
- 3 months
- -21.1%
- 6 months
- -9.3%
- 1 year
- -32.8%
- Traded a day, 20 days
- ₹0.06 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +0% | -21% |
| 3 years, a year | +17% | +33% |
About Dar Credit & Capital: business, products and customers
Dar Credit and Capital is a small Kolkata based lender that gives loans to low paid municipal workers such as sweepers and cleaners, and to small shopkeepers and traders, many of them women, in eastern and western India. Its shares trade on NSE Emerge.
Dar Credit and Capital is a non deposit taking NBFC registered with the RBI, working from Kolkata and a regional office in Jaipur through branches in West Bengal, Rajasthan, Bihar and Jharkhand and camp offices in Madhya Pradesh and Gujarat. It has three loan lines: personal loans of up to five lakh rupees to class four municipal employees, unsecured small business loans to shopkeepers and vendors, and small business loans secured on property. It also originates loans for ESAF Small Finance Bank and Kaleidofin as a business correspondent, which sit on their books, not its own.
As a lender, its income is the interest it earns on loans, and its profit is what is left after paying interest to the banks and NBFCs it borrows from, staff and branch costs, and bad loans. So the gap between loan yields and its own borrowing cost drives results, and that cost rose in FY26. Loans to municipal workers are unsecured, but under a three way arrangement the municipality deducts each instalment from the worker's salary and pays the company directly, which management says is why collections in that book are steady.
Read more about the business
The offer document compares it with Spandana Sphoorty Financial, Muthoot Microfin and CreditAccess Grameen, listed microfinance lenders to low income borrowers, though management says it lends to individuals rather than the microfinance group model. Unlike most of them it is small and concentrated: CARE put about half its loans in West Bengal and nearly a third in Rajasthan in 2025.
What is new: it listed on NSE Emerge in May 2025, raising ₹25.7 cr, and since 2023 has pushed hardest on property backed small business loans after seeing stress in unsecured lending across the industry, opening six branches that make only these loans.
From the prospectus (May 2025), the investor presentation of May 2026, the earnings call transcripts of November 2025, February 2026 and May 2026, and the CARE rating rationale of August 2025.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 69.14%.
- It paid a dividend in the past year.
To watch
- The loan book against the ₹260 cr to ₹280 cr the CEO spoke of for FY27 at the May 2026 call.
- Net profit in FY27 against the ₹18 cr to ₹20 cr the Chairman spoke of in November 2025.
- Bad loans in the secured and unsecured small business books, where CARE saw stress in eastern India in 2025.
- The cost of borrowing, which rose in FY26, and the credit lines it is seeking from public sector banks.
- The business used more cash than it brought in last year: ₹28.9 cr went out in FY26.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Dar Credit & Capital revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months.
Dar Credit & Capital half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | |
|---|---|---|
| Sales | 20.25 | 22.85 |
| Expenses | 5.87 | 7.40 |
| Operating profit | 14.39 | 15.45 |
| OPM | 71.0% | 67.6% |
| Interest | 9.73 | 9.88 |
| Depreciation | 0.34 | 0.38 |
| Profit before tax | 4.80 | 5.35 |
| Net profit | 3.72 | 4.52 |
Dar Credit & Capital profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 28 | 25 | 25 | 33 | 40.30 | 40.30 |
| Expenses | 8 | 9 | 9 | 11 | 12.13 | 12.13 |
| Operating profit | 5 | 4 | 4 | 5 | 28.17 | 28.17 |
| OPM | 17.0% | 16.0% | 16.0% | 16.0% | 69.9% | 69.9% |
| Other income | 0 | 0 | 0 | 0 | 1.09 | 1.09 |
| Interest | 15 | 12 | 12 | 16 | 19.54 | 19.54 |
| Depreciation | 1 | 1 | 1 | 1 | 0.67 | 0.67 |
| Exceptional and other items | 15 | 13 | 13 | 17 | · | · |
| Profit before tax | 4 | 4 | 4 | 5 | 9.05 | 9.05 |
| Tax rate | 25.0% | 25.0% | 25.0% | 20.0% | 1.5% | 22.3% |
| Net profit | 3 | 3 | 3 | 4 | 8.91 | 7.03 |
| EPS ₹ | 3.42 | 2.56 | 2.72 | 3.69 | · | 7.45 |
| Dividend payout | 15.0% | 20.0% | 18.0% | 14.0% | 7.0% | 14.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
Dar Credit & Capital profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 17.0% | 16.0% | 16.0% | 16.0% | 69.9% | 69.9% |
| Tax rate | 25.0% | 25.0% | 25.0% | 20.0% | 1.5% | 22.3% |
| ROCE | · | 9.2% | 9.0% | 10.0% | 12.6% | 11.3% |
| ROE | · | 4.9% | 4.8% | 6.1% | 12.7% | 7.9% |
| Dividend payout | 15.0% | 20.0% | 18.0% | 14.0% | 7.0% | 14.0% |
Dar Credit & Capital debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares.
Bars below the line are cash going out.
Dar Credit & Capital balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 10 | 14.28 |
| Reserves | 51 | 52 | 54 | 57 | 63.52 | 89.58 |
| Net worth | 61 | 62 | 64 | 67 | 73.52 | 103.85 |
| Borrowings | 119 | 107 | 122 | 167 | 144.50 | 184.46 |
| Other liabilities | 2 | 1 | 3 | 3 | 4.58 | 6.16 |
| Total liabilities | 182 | 170 | 189 | 237 | 222.60 | 294.47 |
| Fixed assets | 0 | 9 | 9 | 8 | 7.44 | 7.33 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 9 | 17 | 6 | 7 | 0.24 | 0.11 |
| Other assets | 173 | 144 | 174 | 222 | 214.92 | 287.03 |
| Receivables | · | · | · | · | 0 | 0 |
| Inventory | · | · | · | · | 0 | 0 |
| Cash | · | · | · | · | 29.14 | 32.02 |
| Trade payables | · | · | · | · | 0.23 | 0.08 |
Dar Credit & Capital cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 106 | 11 | -5 | -21 | 26.71 | -28.85 |
| Cash from investing | -1 | -11 | 14 | 4 | 4.14 | -7.61 |
| Cash from financing | -101 | 0 | 0 | 28 | -42.34 | 39.20 |
| Net cash flow | 4 | 0 | 9 | 11 | -11.49 | 2.74 |
| Capital spending | · | · | · | · | 0.48 | 0.68 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|
Dar Credit & Capital peers and competitors
Listed SME companies in the same industryBy sales, Dar Credit & Capital is number 7 of the 19 listed SME companies in finance.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Usha Financial Services | 235 | 10.5 | 71.1 | 22.5 | 77.8% | - |
| Dar Credit & Capital | 54 | 7.7 | 40.3 | 7 | 69.9% | 1.78 |
| Amrapali Fincap | 59 | 76.0 | 19.5 | 0.8 | -4.0% | 0.00 |
| IBL Finance | 149 | 61.0 | 17.1 | 2.4 | 57.1% | 0.95 |
| Ascom Leasing & Investments | 244 | 46.6 | 13.1 | 5.2 | 59.5% | 0.04 |
| Franklin Leasing and Finance | 12 | 69.6 | 9.6 | 0.2 | 2.4% | 0.00 |
| Share Samadhan | 56 | 125.4 | 6.2 | 0.5 | -7.2% | 0.01 |
| Navigant Corporate Advisors | 22 | 24.5 | 4.9 | 0.9 | 28.8% | 0.00 |
| GCM Capital Advisors | 7 | - | 2.3 | -0.4 | -8.7% | 0.03 |
| Stellar Capital Services | 11 | - | 2.3 | -0.2 | 11.4% | 0.01 |
| SRG Fingrow Finance | 17 | 83.3 | 1.2 | 0.2 | 22.9% | 0.00 |
| Median of the 10 others | 39 | 65.3 | 7.9 | 0.6 | 17.1% | 0.01 |
Dar Credit & Capital shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Dar Credit & Capital shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| May 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 68.98% | 69.14% | 69.14% | 69.14% | 69.14% | 69.14% |
| Foreign investors (FIIs) | 3.71% | - | - | - | - | - |
| Indian institutions (DIIs) | 7.76% | 7.73% | 6.60% | 6.75% | 6.65% | 6.61% |
| HNIs (over ₹2 lakh each) | 2.52% | 3.80% | 5.17% | 5.10% | 4.24% | 5.27% |
| Small holders (up to ₹2 lakh) | 12.39% | 9.22% | 9.28% | 9.11% | 9.86% | 9.14% |
| Companies and others | 4.64% | 10.11% | 9.81% | 9.90% | 10.11% | 9.84% |
| Number of shareholders | 982 | 530 | 527 | 498 | 518 | 483 |
The named holders are at 30 Sept 2026, beside 30 June 2026, each under the group the pattern files them in.
Dar Credit & Capital study: the business from its own documents
Read from 9 of the company's own documentsDar Credit & Capital so far
From the company's own record
- 28 May 2025Listed on NSE Emerge
- 30 Sept 2026Promoters at 69.14%
- 30 May 2025Highest close since listing, ₹56.86
Dar Credit & Capital key facts from the filings
Each figure with the document it comes from
- Own loan book
- ₹229.5 cr
- Loans on its books at March 2026, plus ₹8.6 cr managed for partner lenders.Investor presentation, May 2026, p.8
- Secured business loans
- ₹69.5 cr
- Property backed small business loans at March 2026, up from ₹29.7 cr a year earlier and ₹9.9 cr in FY24.Investor presentation, May 2026, p.19
- Municipal worker loans
- ₹83.7 cr
- Personal loans repaid from salary deductions at March 2026, the largest of its three loan lines.Investor presentation, May 2026, p.19
- Bad loans
- 1.01%
- Gross non performing assets at March 2026; CARE noted 1.47% in June 2025.Investor presentation, May 2026, p.6; CARE rating rationale, August 2025, p.3
- Capital adequacy
- 40.08%
- Capital against risk weighted loans at March 2026, against the 15% the RBI requires.Investor presentation, May 2026, p.6
Show 5 more facts
- Yield against cost
- 21.21% vs 13.07%
- FY26 gross yield on loans against average borrowing cost, which rose from 11.49% in FY25.Investor presentation, May 2026, p.19
- Lenders
- 7 banks, 29 NBFCs
- Plus SIDBI, lending it ₹184.5 cr in all at March 2026.Investor presentation, May 2026, p.8 and p.18
- Reach
- 35 branches
- Across six states at March 2026, serving 22,553 active customers with more than 260 staff.Investor presentation, May 2026, p.8
- Two states
- 50% and 29%
- Share of the loan book in West Bengal and Rajasthan at March 2025.CARE rating rationale, August 2025, p.2
- Credit rating
- CARE BBB-
- Stable outlook, reaffirmed in August 2025, citing capital and liquidity against small size and a risky borrower base.CARE rating rationale, August 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
At the May 2026 call the CEO said the loan book should reach about ₹260 cr to ₹280 cr in FY27, adding around ₹50 cr, with the balance sheet above ₹350 cr, five to seven new branches and no new states. The company wants secured business loans to rise to about 35% to 40% of the book, and is seeking credit lines from public sector banks. In November 2025 the Chairman said net profit should be about ₹18 cr to ₹20 cr in FY27, and in February 2026 the CEO said the company was on track for it.
| What management said | When | What happened |
|---|---|---|
| Loan book of around ₹250 cr in FY26 | Nov 2025 call | ₹229.5 cr own loan book at March 2026 |
| Loan book of ₹230 cr to ₹235 cr by March 2026 | Feb 2026 call | ₹229.5 cr at March 2026 |
| Up to 42 branches in FY26, including a first one in Telangana | Nov 2025 call | 35 branches in six states at March 2026; no new states planned |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Dar Credit and Capital earns the gap between the interest it charges small borrowers and what it pays its own lenders, and has kept bad loans low for a lender of its kind.
Its weak spots are a small loan book packed into two states, borrowers who are hit first in hard times, and a rising cost of the money it borrows.
AverageCan it set its own prices?It charges high rates to borrowers banks do not serve, but its own borrowing cost is set by its lenders and has been rising.
AverageHow strong is it against rivals?Its salary deduction loans to municipal workers are a niche held for over two decades, but in small business loans it is one of many lenders.
WatchWho are its customers?Low income workers and very small businesses, mostly in West Bengal and Rajasthan, who are more exposed to economic shocks.
WatchDoes it need a lot of money?Yes. Every rupee of growth in loans needs new borrowing or equity, though capital is well above the rule today.
AverageCan it keep finding new work?Its loan book and branch count have grown and secured lending is rising fast, but it fell short of the book and branch targets it set for FY26.
AverageDo good and bad years swing a lot?Bad loans have stayed low, but lenders to low income borrowers can see losses rise quickly when borrowers take on too much debt.
Who runs Dar Credit & Capital?
Promoters, directors and officers; tap a name for the background
RKRamesh Kumar VijayPromoter and Chairman · holds 15.91%
B.Com from Government College, Tonk (University of Rajasthan), Chartered Accountant (FCA) and Company Secretary. One of the founders, with 39 years in personal and small business lending; oversees small business lending, fund raising, expansion and planning. Awards include the ICAI SME Leader Award 2018. The prospectus lists Ramesh Kumar Vijay and Rajkumar Vijay as brothers.
Prospectus, p.150 and p.151; Investor presentation, May 2026, p.11RVRajkumar VijayPromoter and Whole Time Director · holds 2.26%
B.Com from Rajasthan University and an MBA from Vinayaka Missions University, Salem. One of the founders, with more than 30 years in personal lending at NBFCs; runs the personal loan book.
Prospectus, p.150; Investor presentation, May 2026, p.12RVRakshita VijayPromoter · holds 7.34%
Bachelor of Arts from Rajasthan University; one of the founders, with more than 30 years in HR and administration.
Prospectus, p.162JBJayanta BanikChief Executive Officer
B.Sc from the University of North Bengal and a Chartered Accountant; worked at Deloitte Haskins and Sells, Grameen Shakti Microfinance Services, Shyam Metalics and SPML Infra. With the company since August 2023, responsible for lending and fund raising; the May 2026 presentation gives more than 30 years of experience.
Prospectus, p.159; Investor presentation, May 2026, p.13SSSaket SarafChief Financial Officer
BBA from the University of Calcutta and a Company Secretary; CFO since September 2023, in charge of accounts and finance.
Prospectus, p.159; Investor presentation, May 2026, p.13UKUmesh KhemkaNon-Executive Director
B.Com from the University of Calcutta, Chartered Accountant and Company Secretary, with 14 years in taxation, trading and investment; a partner at O.P. Tulsyan and Co. On the board since March 2018.
Prospectus, p.150SCSaswata ChaudhuriIndependent Director
Chemistry graduate from Presidency College who spent over 35 years at State Bank of India, rising to Chief General Manager. On the board since August 2019.
Prospectus, p.150NBNeha BaidIndependent Director
B.Com from the University of Calcutta and a Fellow of the Institute of Company Secretaries of India, in practice for 15 years in company law, FEMA, mergers and NBFC advice.
Prospectus, p.151Dar Credit & Capital latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 69.14%.
Dar Credit & Capital announcements
44 on record, latest first; each opens the filing on the exchange
- Updates'Voluntary Clarification regarding Public Notice in Sanmarg Newspaper on October 08, 2026 regarding Dar's Financial Services Pvt. Ltd. bearing CIN: U6590WB1993PPDF ↗
- UpdatesIntegrated Filing (Governance) for the quarter and half year ended September 30, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Submission of Confirmation Certificate for compliance with the provisions of Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Reconciliation of Share Capital Audit Report for the quarter and half year ended September 30, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enDar Credit & Capital Limited has informed regarding Non- applicability of Corporate Governance Report for the quarter ended September 30, 2026PDF ↗
- Committee Meeting UpdatesOutcome of Committee Meeting held on September 22, 2026- The Finance Management Committee at its meeting held today, had considered and approved the issuance ofPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Committee Meeting UpdatesOutcome of Finance Management Committee Meeting held on September 10, 2026 for the allotment of 1,500 Non- Convertible Debentures having face value of Rs. 1,00,PDF ↗
- Copy of Newspaper PublicationOn the Business StandardPDF ↗
- Credit RatingCredit RatingPDF ↗
- Credit Rating- NewFor the Non- Convertible DebenturesPDF ↗
- Credit Rating- OthersWithdrawal of Credit RatingPDF ↗
Dar Credit & Capital annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Dar Credit & Capital share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 0.50 PER SHAREex-date 23 June 2026
- DividendINTERIM DIVIDEND - RE 0.50 PER SHAREex-date 21 Nov 2025
- DividendDIVIDEND - RS 0.50 PER SHAREex-date 30 June 2025
Checks we ran on Dar Credit & Capital's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,42,76,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 8 Oct 2026, from the exchange's daily figures.
Questions people ask about Dar Credit & Capital
What does Dar Credit & Capital do?
Dar Credit and Capital is a small Kolkata based lender that gives loans to low paid municipal workers such as sweepers and cleaners, and to small shopkeepers and traders, many of them women, in eastern and western India. Its shares trade on NSE Emerge.
What is the share price of Dar Credit & Capital?
₹38 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Dar Credit & Capital?
₹54 cr at the close on 5 Nov 2026, on 1,42,76,000 shares.
What is the P/E of Dar Credit & Capital?
7.7 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Dar Credit & Capital's revenue and profit?
Revenue ₹40 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Dar Credit & Capital?
Ramesh Kumar Vijay, Rajkumar Vijay, Rakshita Vijay; promoters held 69.14% at 30 Sept 2026.
What is Dar Credit & Capital's website?
www.darcredit.com
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Every listed SME company in Finance → · SME companies listed in 2025 →
Built from 3 earnings call transcripts, 3 investor presentations, 2 credit rating notes, 1 offer document, 44 exchange announcements, 6 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.