Voltaire Leasing (509038)

Score breakdown: P/E: 0/3 · ROCE: 0/2 · Growth: 2/2 · Dividend: 0/1

Key Financials

Strengths

• Trades at a steep 72% discount to book value: ₹14.04 price versus ₹49.29 book value per share.
• Tiny market cap of ₹6 crore leaves room for potential mispricing or distressed-asset value.
• Piotroski F-Score of 5/9 is not terrible and suggests some basic financial stability.
• No reliance on growth or earnings expectations at the current price; valuation is asset-backed.

Concerns

• Latest quarter shows ₹0 crore sales and ₹0 crore net profit; the core leasing business appears inactive.
• Sales declined 84.16%, and ROE/ROCE are negative, meaning book value is slowly eroding.
• P/E is meaningless, and the 70% profit growth figure is misleading from a near-zero earnings base.
• Promoter holding and debt/equity are not disclosed, creating serious transparency and governance concerns.

AI Analysis

At ₹14.04, against a book value of ₹49.29, Voltaire Leasing is the kind of stock Graham might call a cigar butt. I am getting roughly a rupee of net assets for twenty-eight paise. That looks like a margin of safety, but only if the book value is honest and can actually be realised. The market cap is just ₹6 crore, so this is a microcap NBFC with no meaningful float and little institutional interest. There is no P/E because earnings are essentially zero; the latest quarter shows sales of ₹0 crore and net profit of ₹-0 crore. A business generating no revenue cannot be valued on growth. ROE is -1.60% and ROCE is -0.78%, so the assets are slowly bleeding rather than compounding. Sales growth collapsed by 84.16%, confirming that the leasing activity has largely evaporated. The reported 70% profit growth is meaningless from this tiny, loss-making base. Piotroski F-Score of 5 out of 9 suggests middling financial health, but that is hardly a reason for enthusiasm. I cannot assess promoter alignment because promoter holding is not disclosed, and debt-to-equity is also unavailable. This is not a compounder; it is a possible asset play where the margin of safety depends entirely on whether the recorded book value is real and recoverable. In such situations, management integrity matters far more than ratios. If the assets are worth even a fraction of book value, the stock is cheap; if not, the price can fall further. I would not count on dividends from a company with zero earnings. This is a small, speculative situation where downside may be cushioned by the low price, but upside only comes from asset sales or a credible new business. Unless I could examine the loan book and recoverability, I would keep any position very small.

Data from BSE/NSE filings. AI analysis is for educational purposes only — not investment advice. Scoring methodology · Disclaimer