Goyal Associates Ltd

₹ 0.90 -5.26%

28 Nov - close price

About

Incorporated in 1994, Goyal Associates Ltd is engaged in Investment and financing activities^[1]

Key Points

Business Overview:^[1]^[2]
GAL is registered as a non systematically
important non-deposit taking non-banking
finance company. It provides services
for:
a) Micro Enterprise loans
b) SME Loans
c) Vehicle Loans
d) Agro based Loans
e) Loans to Micro Financial Institutions
f) NBFCs & share trading
g) Other financial-related activities of NBFCs etc.

Website BSE

Market Cap ₹ 4.76 Cr.
Current Price ₹ 0.90
High / Low ₹ 1.77 / 0.90
Stock P/E 9.52
Book Value ₹ 1.05
Dividend Yield 0.00 %
ROCE 17.4 %
ROE 16.9 %
Face Value ₹ 1.00

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Pros

Stock is trading at 0.86 times its book value
Debtor days have improved from 66.7 to 22.2 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding is low: 4.72%
Working capital days have increased from 255 days to 824 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	0.78	0.09	1.26	0.98	0.93	0.93	0.92	0.81	0.44	0.89	0.49	0.28	0.29
	0.50	0.06	1.25	0.70	0.67	0.65	0.62	0.57	0.28	0.53	0.31	0.25	0.22
Operating Profit	0.28	0.03	0.01	0.28	0.26	0.28	0.30	0.24	0.16	0.36	0.18	0.03	0.07
OPM %	35.90%	33.33%	0.79%	28.57%	27.96%	30.11%	32.61%	29.63%	36.36%	40.45%	36.73%	10.71%	24.14%
	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.12	0.00	0.00
Interest	0.04	0.00	0.02	0.04	0.01	0.03	0.02	0.02	0.02	0.02	0.02	0.00	0.00
Depreciation	0.03	0.00	0.04	0.05	0.05	0.05	0.05	0.03	0.03	0.03	0.03	0.02	0.02
Profit before tax	0.21	0.03	-0.05	0.19	0.20	0.20	0.24	0.19	0.11	0.31	0.25	0.01	0.05
Tax %	0.00%	0.00%	0.00%	26.32%	0.00%	25.00%	4.17%	0.00%	0.00%	0.00%	48.00%	0.00%	0.00%
	0.21	0.02	-0.05	0.14	0.20	0.15	0.24	0.18	0.11	0.31	0.13	0.01	0.05
EPS in Rs	0.04	0.00	-0.01	0.03	0.04	0.03	0.05	0.04	0.02	0.07	0.02	0.00	0.01
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	0.35	0.45	0.18	0.14	0.61	6.65	3.62	1.17	1.52	3.41	3.75	2.63	1.95
	0.48	0.46	0.25	0.17	0.67	7.28	3.42	1.00	1.73	2.43	2.65	1.68	1.31
Operating Profit	-0.13	-0.01	-0.07	-0.03	-0.06	-0.63	0.20	0.17	-0.21	0.98	1.10	0.95	0.64
OPM %	-37.14%	-2.22%	-38.89%	-21.43%	-9.84%	-9.47%	5.52%	14.53%	-13.82%	28.74%	29.33%	36.12%	32.82%
	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.12	0.12
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.11	0.10	0.09	0.08	0.04
Depreciation	0.04	0.03	0.00	0.00	0.00	0.00	0.00	0.05	0.12	0.16	0.18	0.12	0.10
Profit before tax	-0.17	-0.03	-0.07	-0.03	-0.06	-0.63	0.20	0.06	-0.44	0.72	0.84	0.87	0.62
Tax %	5.88%	-33.33%	0.00%	0.00%	0.00%	0.00%	15.00%	33.33%	0.00%	16.67%	25.00%	13.79%
	-0.18	-0.01	-0.07	-0.03	-0.06	-0.63	0.16	0.03	-0.45	0.59	0.63	0.74	0.50
EPS in Rs	-0.04	-0.00	-0.01	-0.01	-0.01	-0.13	0.03	0.01	-0.10	0.13	0.13	0.14	0.10
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	19%
5 Years:	-6%
3 Years:	20%
TTM:	-37%

Compounded Profit Growth
10 Years:	54%
5 Years:	36%
3 Years:	54%
TTM:	-26%

Stock Price CAGR
10 Years:	%
5 Years:	-8%
3 Years:	-13%
1 Year:	-44%

Return on Equity
10 Years:	4%
5 Years:	11%
3 Years:	20%
Last Year:	17%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	5.08	5.08	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69	4.69	5.29	5.29
Reserves	-6.43	-6.45	-1.69	-1.72	-1.79	-2.41	-2.25	-2.22	-2.66	-2.08	-1.44	0.21	0.28
	6.37	4.63	0.00	0.00	0.00	0.00	0.00	3.21	1.99	1.24	1.14	1.05	1.05
	0.02	0.01	1.01	0.01	0.01	2.95	0.21	1.01	1.37	1.15	1.66	1.93	2.20
Total Liabilities	5.04	3.27	4.01	2.98	2.91	5.23	2.65	6.69	5.39	5.00	6.05	8.48	8.82
	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.36	0.31	0.56	0.38	0.19	0.15
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.93	3.27	4.01	2.58	2.91	5.23	2.65	6.33	5.08	4.44	5.67	8.29	8.67
Total Assets	5.04	3.27	4.01	2.98	2.91	5.23	2.65	6.69	5.39	5.00	6.05	8.48	8.82

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-2.65	1.73	2.06	-1.41	-0.65	-0.24	-0.52	-2.24	1.17	0.86	-0.05	-1.52
	0.00	0.00	0.00	-0.40	0.64	0.73	0.00	-0.42	-0.07	-0.41	0.00	0.19
	2.46	-1.74	-0.19	0.00	0.00	0.00	0.00	3.23	-1.35	-0.74	0.00	1.42
Net Cash Flow	-0.19	-0.01	1.88	-1.81	0.00	0.49	-0.52	0.58	-0.26	-0.29	-0.05	0.10

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	41.71	0.00	0.00	0.00	341.07	194.85	17.14	31.20	2.40	137.01	40.88	22.21
Inventory Days	587.56	478.28	6,778.57	8,395.00	845.58	53.83	56.93	0.00
Days Payable	0.00	0.00	5,214.29	0.00	0.00	150.72	18.98
Cash Conversion Cycle	629.28	478.28	1,564.29	8,395.00	1,186.65	97.96	55.09	31.20	2.40	137.01	40.88	22.21
Working Capital Days	-1,574.71	-1,143.67	2,190.00	6,413.57	1,250.57	92.76	51.42	65.51	-273.75	35.32	-95.39	824.37
ROCE %	-4.39%	-0.72%	-2.24%	-1.01%	-2.04%	-24.32%	8.47%	2.96%	-6.80%	20.84%	22.57%	17.37%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	5.33%	4.72%	4.72%	4.72%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%
	94.65%	94.65%	94.65%	94.66%	94.66%	94.66%	94.66%	94.66%	94.66%	95.27%	95.26%	95.26%
No. of Shareholders	8,714	8,901	9,256	11,355	13,274	16,392	18,946	20,321	24,958	27,205	27,516	27,716

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	10.65%	10.65%	10.65%	10.65%	10.65%	5.33%	5.33%	5.33%	4.72%	4.72%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%
	89.33%	89.33%	89.33%	89.33%	89.33%	94.66%	94.65%	94.66%	95.27%	95.26%
No. of Shareholders	5,334	5,308	5,229	5,262	5,329	7,335	8,901	16,392	27,205	27,716

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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Goyal Associates Ltd

Goyal Associates Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports