Morgan Ventures Limited

MORGAN.BO

Financial - Conglomerates · Financial Services

Price

₹46.50

+0.69 (+1.51%)

Market Cap

₹460.3M

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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.

Winston Score History

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

82.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.8B 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.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 9.9M (2022) → 9.9M (2026)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

66.2%

Premium pricing power — 66.2% gross margin

Operating Margin

38.6%

Excellent — 38.6% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+77.2%

Fast-growing sales (+77.2% YoY)

EPS YoY

-84.4%

Earnings shrinking (-84.4% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

13%

Weak — only 13% of profit becomes cash

FCF Margin

3.5%

Thin free cash flow (3.5%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

2.10

Heavy debt load (2.10)

Interest Cover

1.00x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

11.1x

Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial