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Dar Credit & Capital Ltd

DCCL

NSE

₹38.00-2.56%19 Oct 2026

Reports

NBFC Others

Dar Credit & Capital Ltd

DCCL

NSE

₹38.00

-2.56%

19 Oct 2026

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NBFC Others

Indices

Business Overview: What the company does, in plain English.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.

Dar Credit & Capital is a lender that walks the last mile - literally. Born in Kolkata in 1994 and built over three decades by a chartered accountant who still runs the company, it makes small loans to people banks typically ignore: municipal sweepers, roadside vendors, and women running tiny shops in tier-3 and tier-4 towns. The recurring idea that explains everything else is “touch banking” - the company’s own term for sending its people to find borrowers in person, because those borrowers neither trust nor know how to use digital loans, even though the paperwork behind the scenes is fully electronic.

Business segments

A single lending engine, sliced three ways by who borrows and what they pledge - unsecured loans to municipal workers, secured loans to small shopkeepers, and unsecured micro-loans to women entrepreneurs - all sourced through the same physical network and managed on the same technology backbone.

1. Personal loans to municipal employees: the steady anchor

Loans to Class Four government workers - cleaners, sweepers and peons - who have stable salaries but no access to bank credit, giving the company a repayment stream that is as reliable as the municipality’s payroll.

Salary deduction is the moat - the company lends to municipal corporation employees whose repayments come directly from salary, so credit risk is tied to the employer rather than the individual’s circumstances.
Ticket sizes that fit the borrower - loans range from ₹50,000 to ₹5,00,000 with a repayment period of three to five years, matching the cash-flow patterns of households that earn modest but predictable monthly wages.
Three decades of local presence - the company has been operating in Rajasthan for 30 years, which means it knows the municipal payroll cycles, the employee hierarchies and the local guarantor networks that make this lending work.
Physical sourcing, digital processing - field staff find and vet borrowers face-to-face in tier-3 to tier-5 cities, but once a loan is approved the entire workflow runs on RISEMONEY, a cloud-based system that gives the head office real-time visibility into every branch transaction.

2. Secured MSME loans: the growth engine with a safety net

Loans backed by property - a shop, a house, a plot of land - so the company can lend to small business owners while holding collateral it can sell if things go wrong.

Collateral changes the risk equation - because every loan is secured against residential or commercial property, collection and recovery rates are high, which is why management has made this the primary growth focus going forward.
Small loans, big impact - for secured loans, ticket sizes start at ₹50,000 and can reach about ₹6.5 lakh with special approval, aimed at shopkeepers and vendors who need working capital but cannot meet bank documentation requirements.
Women entrepreneurs are a deliberate focus - the company specifically targets women running small businesses, using the secured structure to reach a segment that formal lenders often overlook.
Faster than a bank - loan approvals and disbursements happen more quickly than at traditional banks because the company’s underwriting is built around local property knowledge rather than rigid credit scores.

3. Unsecured MSME loans: the high-volume inclusion play

Collateral-free micro-loans, mostly to women, that reach nearly eighteen thousand borrowers - the company’s largest customer base by far, built on data-driven underwriting rather than physical security.

Tiny tickets for tiny businesses - loans start at just ₹10,000 and go up to ₹3,00,000, with repayment over one to two years, designed for street vendors and home-based entrepreneurs who need small amounts of working capital.
Data replaces collateral - without property to back the loan, the company relies on data-driven credit assessment, proactive risk monitoring and portfolio-level oversight to keep defaults in check.
Partnerships extend the reach - through a Business Correspondent agreement with Kaleidofin, the company now sources unsecured MSME borrowers in West Bengal, Bihar and Jharkhand, with Kaleidofin handling customer onboarding while DCCL provides the lending.
One platform, two loan types - the same in-house software, called ‘Vijay’, runs both secured and unsecured MSME lending, connecting every branch to the Kolkata head office through a single loan origination and management system.

Technology and digital infrastructure

Two software platforms and a mobile app run the entire lending operation - one for personal loans, one for MSME loans - but the real insight is that technology handles the back office while people handle the customer.

Vijay powers the MSME business - built by a Kolkata-based IT firm with developers from Wipro, TCS and Accenture, this in-house platform manages loan origination, loan servicing and accounting for all micro and MSME loans across every branch.
RISEMONEY runs personal loans - a cloud-based system that integrates the head office with all branch offices, giving management real-time access to loan transactions and portfolio data for the municipal employee segment.
A mobile app for the field - the company built its own application so branch staff and field teams can process applications, access customer information and complete operational tasks while they are standing in front of the borrower.
Digital onboarding, physical sourcing - every customer is onboarded digitally with automated KYC, but the company still finds those customers through physical visits because its borrower base in small towns is not comfortable taking loans entirely online.

Group structure and partners

A standalone company with no subsidiaries, run by a promoter who is both a chartered accountant and company secretary, and funded by a network of over 35 banks and NBFCs.

Promoter-led and tightly held - the promoter and promoter group own 69.14% of the company, with the chairman, Mr. Ramesh Kumar Vijay, bringing 39 years of experience across all three lending segments.
A board built for an NBFC - independent directors include a former SBI Chief General Manager with over 35 years at the bank, bringing regulatory and credit experience to a lending company that needs both.
Listed, but recently - equity shares began trading on the NSE Emerge platform for small enterprises in May 2025, with the IPO oversubscribed roughly 106 times; debt securities were already listed on BSE from 2021.
Lenders are plentiful and diverse - the company has borrowing relationships with 7 banks, SIDBI, and 29 NBFCs, including State Bank of India as its main lender alongside names like Bandhan Bank, Tata Capital, ICICI Bank and Shriram Finance.
Business Correspondents multiply the reach - partners including SIDBI, Kaleidofin, Kissandhan and ESAF Small Finance Bank source and service borrowers on the company’s behalf, letting DCCL earn fee income from loans that sit on partner balance sheets.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹54Cr

Close Price

₹38.00

Industry

NBFC Others

Price To Earnings

5.26

Price To Sales

1.04

Revenue

₹52Cr

Rev Gr TTM

Revenue Growth TTM

25.67%

PAT Gr TTM

PAT Growth TTM

37.90%

Standalone

Numbers

Percentage

Quarter	Jun 2023	Sep 2023	Dec 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	9	6	8	10	10	10	10	11	12	13	14	13
Growth YoY Revenue Growth YoY%		-0.7	23.4	9.8	68.9	21.8		13.0	15.3	25.1	41.8	20.9
Interest Expended Interest ExpendedCr	4	4	4	5	5	5	5	5	5	5	6	6
Expenses ExpensesCr	3	3	3	3	3	3	3	3	4	4	4	5
Financing Profit Financing ProfitCr	2	0	1	2	2	2	2	3	3	4	4	2
FPM FPM%	24.8	-1.0	11.9	17.6	21.7	21.8	24.3	24.5	24.4	27.9	30.9	18.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	2	0	1	2	2	2	2	3	3	3	4	2
Tax TaxCr	1	0	0	0	1	1	1	0	0	1	1	0
PAT PATCr	2	0	1	2	2	2	2	2	3	3	3	2
Growth YoY PAT Growth YoY%		-98.0	45.3	3.8	8,350.0	65.1		25.1	47.9	40.0	67.0	0.5
NPM NPM%	17.7	0.3	13.2	16.8	16.4	17.9	18.7	18.6	21.0	20.1	22.0	15.4
EPS EPS₹	1.6	0.0	1.1	1.6	1.7	1.8	1.9	1.7	1.8	1.8	2.3	1.4

Quarter	Jun 2023	Sep 2023	Dec 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	9	6	8	10	10	10	10	11	12	13	14	13
Growth YoY Revenue Growth YoY%		-0.7	23.4	9.8	68.9	21.8		13.0	15.3	25.1	41.8	20.9
Interest Expended Interest ExpendedCr	4	4	4	5	5	5	5	5	5	5	6	6
Expenses ExpensesCr	3	3	3	3	3	3	3	3	4	4	4	5
Financing Profit Financing ProfitCr	2	0	1	2	2	2	2	3	3	4	4	2
FPM FPM%	24.8	-1.0	11.9	17.6	21.7	21.8	24.3	24.5	24.4	27.9	30.9	18.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	2	0	1	2	2	2	2	3	3	3	4	2
Tax TaxCr	1	0	0	0	1	1	1	0	0	1	1	0
PAT PATCr	2	0	1	2	2	2	2	2	3	3	3	2
Growth YoY PAT Growth YoY%		-98.0	45.3	3.8	8,350.0	65.1		25.1	47.9	40.0	67.0	0.5
NPM NPM%	17.7	0.3	13.2	16.8	16.4	17.9	18.7	18.6	21.0	20.1	22.0	15.4
EPS EPS₹	1.6	0.0	1.1	1.6	1.7	1.8	1.9	1.7	1.8	1.8	2.3	1.4

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	24	25	32	40	50	52
Growth Revenue Growth%		2.3	30.0	25.1	23.8	25.7
Interest Expended Interest ExpendedCr	12	12	16	20	21	22
Expenses ExpensesCr	9	9	11	12	15	17
Financing Profit Financing ProfitCr	3	4	5	9	14	13
FPM FPM%	14.0	14.2	15.1	21.4	27.2	25.4
Other Income Other IncomeCr	1	1	1	1	0	0
Depreciation DepreciationCr	1	1	1	1	1	1
PBT PBTCr	4	4	5	9	13	13
Tax TaxCr	1	1	1	2	3	3
PAT PATCr	3	3	4	7	10	10
Growth PAT Growth%		6.4	35.6	90.9	43.8	37.9
NPM NPM%	10.6	11.0	11.4	17.5	20.3	19.6
EPS EPS₹	2.6	2.7	3.7	7.0	7.5	7.2

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	24	25	32	40	50	52
Growth Revenue Growth%		2.3	30.0	25.1	23.8	25.7
Interest Expended Interest ExpendedCr	12	12	16	20	21	22
Expenses ExpensesCr	9	9	11	12	15	17
Financing Profit Financing ProfitCr	3	4	5	9	14	13
FPM FPM%	14.0	14.2	15.1	21.4	27.2	25.4
Other Income Other IncomeCr	1	1	1	1	0	0
Depreciation DepreciationCr	1	1	1	1	1	1
PBT PBTCr	4	4	5	9	13	13
Tax TaxCr	1	1	1	2	3	3
PAT PATCr	3	3	4	7	10	10
Growth PAT Growth%		6.4	35.6	90.9	43.8	37.9
NPM NPM%	10.6	11.0	11.4	17.5	20.3	19.6
EPS EPS₹	2.6	2.7	3.7	7.0	7.5	7.2

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	10	10	10	10	14	14
Reserves ReservesCr	52	54	57	64	90	92
Borrowings BorrowingsCr	107	122	167	145	184	199
Other Liabilities Other LiabilitiesCr	2	3	3	5	6	4
Total Liabilities Total LiabilitiesCr	170	189	237	223	294	308
Fixed Assets Fixed AssetsCr				7	7	8
Cash Equivalents Cash EquivalentsCr	16	34	41	29	32	38
Other Assets Other AssetsCr	155	155	197	186	255	262
Total Assets Total AssetsCr	170	189	237	223	294	308

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	10	10	10	10	14	14
Reserves ReservesCr	52	54	57	64	90	92
Borrowings BorrowingsCr	107	122	167	145	184	199
Other Liabilities Other LiabilitiesCr	2	3	3	5	6	4
Total Liabilities Total LiabilitiesCr	170	189	237	223	294	308
Fixed Assets Fixed AssetsCr				7	7	8
Cash Equivalents Cash EquivalentsCr	16	34	41	29	32	38
Other Assets Other AssetsCr	155	155	197	186	255	262
Total Assets Total AssetsCr	170	189	237	223	294	308

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	11	-5	-21	27	-29
Investing Cash Flow Investing Cash FlowCr	-11	14	4	4	-8
Financing Cash Flow Financing Cash FlowCr	-1	-1	28	-42	39
Net Cash Flow Net Cash FlowCr	-1	9	11	-11	3
Free Cash Flow Free Cash FlowCr	10	-5	-21	27	-30
CFO To EBITDA CFO To EBITDA%	314.8	-139.7	-431.3	309.3	-212.8

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	11	-5	-21	27	-29
Investing Cash Flow Investing Cash FlowCr	-11	14	4	4	-8
Financing Cash Flow Financing Cash FlowCr	-1	-1	28	-42	39
Net Cash Flow Net Cash FlowCr	-1	9	11	-11	3
Free Cash Flow Free Cash FlowCr	10	-5	-21	27	-30
CFO To EBITDA CFO To EBITDA%	314.8	-139.7	-431.3	309.3	-212.8

Standalone

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					50	54
Price To Earnings Price To Earnings					4.9	5.3
Price To Sales Price To Sales					1.0	1.0
Price To Book Price To Book					0.5	0.5
EV To EBITDA EV To EBITDA					14.9	16.3
Profitability Ratios Profitability Ratios
FPM FPM%	14.0	14.2	15.1	21.4	27.2	25.4
NPM NPM%	10.6	11.0	11.4	17.5	20.3	19.6
ROCE ROCE%	9.3	8.6	9.0	13.1	11.8	11.4
ROE ROE%	4.2	4.3	5.5	9.6	9.8	9.7
ROA ROA%	1.5	1.4	1.6	3.2	3.4	3.3
Solvency Ratios Solvency Ratios

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					50	54
Price To Earnings Price To Earnings					4.9	5.3
Price To Sales Price To Sales					1.0	1.0
Price To Book Price To Book					0.5	0.5
EV To EBITDA EV To EBITDA					14.9	16.3
Profitability Ratios Profitability Ratios
FPM FPM%	14.0	14.2	15.1	21.4	27.2	25.4
NPM NPM%	10.6	11.0	11.4	17.5	20.3	19.6
ROCE ROCE%	9.3	8.6	9.0	13.1	11.8	11.4
ROE ROE%	4.2	4.3	5.5	9.6	9.8	9.7
ROA ROA%	1.5	1.4	1.6	3.2	3.4	3.3
Solvency Ratios Solvency Ratios

	ADVIKCA	MTPL	DHRUVCA	DCCL	RGF	LADDERUP	TRU
Market CapitalizationMkt CapCr	60	57	56	54	53	52	50
Close PriceClose₹	0.98	7.29	77.30	38.00	3.53	49.40	4.20
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE		7.22	40.90	5.26	353.00	9.23
Price To SalesPS	-10.52	7.06	17.87	1.04	71.57	1.82	0.79
RevenueRevenueCr	-6	8	3	52	1	29	64
Revenue Growth TTMRev Gr TTM%	-117.5%	47.5%	25.9%	25.7%	469.2%	55.8%	-63.5%
PAT Growth TTMPAT Gr TTM%	-534.2%	319.6%	64.5%	37.9%	1,000.0%	40.8%	-40.4%

	ADVIKCA	MTPL	DHRUVCA	DCCL	RGF	LADDERUP	TRU
Market CapitalizationMkt CapCr	60	57	56	54	53	52	50
Close PriceClose₹	0.98	7.29	77.30	38.00	3.53	49.40	4.20
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE		7.22	40.90	5.26	353.00	9.23
Price To SalesPS	-10.52	7.06	17.87	1.04	71.57	1.82	0.79
RevenueRevenueCr	-6	8	3	52	1	29	64
Revenue Growth TTMRev Gr TTM%	-117.5%	47.5%	25.9%	25.7%	469.2%	55.8%	-63.5%
PAT Growth TTMPAT Gr TTM%	-534.2%	319.6%	64.5%	37.9%	1,000.0%	40.8%	-40.4%