Construction - Real Estate · Founded 1995 · www.bsel.com · BSE 532123 · NSE BSELALGO · ISIN INE395A01016
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Business
BSEL Algo Ltd. (formerly BSEL Infrastructure Realty Ltd.) has undergone a significant business transformation. While the provided sector indicates Construction - Real Estate, the company has largely pivoted its operations. Currently, BSEL Algo Ltd. is primarily engaged in providing IT software solutions, e-commerce platform development, and financial technology (FinTech) services, which include algorithmic trading solutions. The company aims to generate revenue through software development contracts, service fees from e-commerce platforms, and potentially licensing or subscription models for its FinTech products. Any remaining real estate or infrastructure activities, if present, are a minor part of its current stated business.
Revenue Mix
The company's revenue streams primarily derive from "Software Development & IT Enabled Services" and "E-commerce Operations." Precise breakdowns of contribution percentages are not consistently and granularly disclosed publicly without deep dive into annual reports, but these two areas constitute the core of its current operations following the business pivot.
Industry
BSEL Algo Ltd. operates in the highly competitive Indian IT Software & Services, FinTech, and E-commerce industries. In these segments, it is a relatively small player competing against numerous established IT service providers, well-funded FinTech startups, and large e-commerce entities. Its current positioning is that of an emerging player attempting to carve out a niche, potentially through specialized software solutions or specific client engagements, but without significant scale or broad market recognition in these new domains.
MOAT
Given its relatively smaller size and the intensely competitive nature of the IT, FinTech, and e-commerce sectors, BSEL Algo Ltd. is unlikely to possess significant durable competitive advantages or "moats" such as strong brand recognition, dominant market share, or high switching costs for customers. Any potential competitive edge would likely stem from niche technological expertise (e.g., in specific algorithmic trading strategies), proprietary software development capabilities, or specific client relationships, which are generally more fragile for smaller firms.
Growth Drivers
Digital Transformation: Increasing adoption of IT services and digitalization across various industries in India.
E-commerce Expansion: Continued growth of online commerce platforms and digital marketplaces.
FinTech Demand: Rising demand for financial technology solutions, including algorithmic trading and digital payment infrastructures.
Product Innovation: Successful development and market acceptance of new software products, platforms, or FinTech solutions.
Strategic Partnerships: Collaborations with larger technology firms or financial institutions to expand market reach and product offerings.
Risks
Business Model Transition Risk: The significant pivot from real estate to IT/FinTech involves inherent risks related to successful execution, market acceptance, and establishing credibility in new domains.
Intense Competition: The IT, FinTech, and e-commerce sectors are highly competitive with many established players and well-funded startups, making market penetration challenging.
Technology & Innovation Risk: Rapid technological advancements require continuous R&D and adaptation to remain relevant, posing a financial and operational challenge.
Client Acquisition & Retention: Difficulty in acquiring new clients and retaining existing ones in competitive markets.
Regulatory & Compliance Risk: Evolving regulations in FinTech, e-commerce, and data privacy could impact operations and compliance costs.
Financial Performance Volatility: The company's ability to generate sustainable profits and consistent cash flows from its new business model is yet to be firmly established.
Legacy Assets/Liabilities: Any lingering assets or liabilities from its former real estate/infrastructure business could pose unforeseen challenges.
Management & Ownership
Information regarding the specific promoters and management quality, particularly in the context of their expertise and track record in the new IT/FinTech domain, requires detailed examination of their recent performance and strategic decisions. Ownership structure in Indian companies typically features a significant promoter holding, alongside institutional and retail investors. The promoters' ability to successfully steer the company through its business model transformation and achieve profitability in its new ventures is crucial.
Outlook
BSEL Algo Ltd. is in a critical phase, having undergone a substantial strategic pivot from its historical infrastructure and real estate business to focus on IT, e-commerce, and FinTech. This transition positions the company in high-growth, technology-driven sectors, offering significant long-term potential. However, it also exposes the company to intense competition, the challenges of establishing a new market identity, and the need for continuous innovation. The success of this pivot hinges on effective execution, competitive product development, and prudent financial management. The market perception and valuation of the company will largely depend on its ability to demonstrate sustained profitability and growth in its new operational areas, overcoming any potential investor confusion from its legacy ticker.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 23 | 10 | -12 | -7 | 1 | -0 | 10 | -46 | 1 |
| Other Income | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 |
| Total Income | 9 | 23 | 10 | -12 | -7 | 1 | 0 | 11 | -45 | 2 |
| Total Expenditure | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Operating Profit | 9 | 23 | 10 | -12 | -7 | 1 | -0 | 10 | -46 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 9 | 23 | 10 | -12 | -7 | 1 | -0 | 10 | -46 | 2 |
| Provision for Tax | -1 | 5 | 2 | -3 | -0 | 1 | 0 | 3 | -4 | 0 |
| Profit After Tax | 10 | 18 | 7 | -9 | -7 | 0 | -0 | 8 | -43 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 10 | 18 | 7 | -9 | -7 | 0 | -0 | 8 | -43 | 1 |
| Adjusted Earnings Per Share | 1.2 | 2.2 | 0.9 | -1.1 | -0.8 | 0 | -0 | 0.9 | -4.9 | 0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 1 | 0 | 0 | 5 | 0 | 0 | 0 | 40 | 28 | 13 | -35 |
| Other Income | 2 | 1 | 5 | 2 | 2 | 2 | 2 | 8 | 1 | 2 | 2 | 3 |
| Total Income | 2 | 2 | 6 | 2 | 7 | 2 | 2 | 8 | 41 | 30 | 15 | -32 |
| Total Expenditure | 7 | 5 | 1 | 2 | 27 | 8 | 1 | 2 | 1 | 2 | 2 | 1 |
| Operating Profit | -4 | -3 | 4 | 1 | -20 | -6 | 1 | 6 | 40 | 29 | 13 | -34 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -4 | -3 | 4 | 1 | -20 | -7 | 1 | 6 | 40 | 29 | 13 | -34 |
| Provision for Tax | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 3 | 3 | -1 |
| Profit After Tax | -5 | -4 | 3 | 1 | -20 | -7 | 0 | 5 | 39 | 25 | 10 | -34 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -5 | -4 | 3 | 1 | -20 | -7 | 0 | 5 | 39 | 25 | 10 | -34 |
| Adjusted Earnings Per Share | -0.6 | -0.4 | 0.4 | 0.1 | -2.4 | -0.8 | 0.1 | 0.6 | 4.7 | 3 | 1.2 | -3.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -54% | 0% | 0% | 0% |
| Operating Profit CAGR | -55% | 29% | 0% | 0% |
| PAT CAGR | -60% | 26% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -44% | -35% | 16% | 1% |
| ROE Average | 2% | 6% | 4% | 1% |
| ROCE Average | 3% | 6% | 4% | 1% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 342 | 355 | 351 | 352 | 350 | 369 | 360 | 374 | 440 | 458 | 470 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 357 | 378 | 369 | 371 | 397 | 431 | 418 | 432 | 469 | 483 | 488 |
| Total Liabilities | 700 | 733 | 721 | 724 | 747 | 799 | 778 | 806 | 909 | 941 | 959 |
| Fixed Assets | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 9 | 26 | 27 | 30 | 31 | 22 | 24 | 16 | 52 | 82 | 94 |
| Total Current Assets | 688 | 706 | 692 | 693 | 715 | 775 | 753 | 789 | 855 | 858 | 863 |
| Total Assets | 700 | 733 | 721 | 724 | 747 | 799 | 778 | 806 | 909 | 941 | 959 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 11 | 1 | 1 | 2 | 0 | 3 | 2 | 2 | 3 | 0 | 1 |
| Cash Flow from Operating Activities | -4 | -22 | 19 | 5 | -8 | -29 | 8 | -23 | -35 | 34 | -7 |
| Cash Flow from Investing Activities | 13 | 21 | -18 | -6 | 10 | 29 | -8 | 24 | 32 | -34 | 6 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 9 | -0 | 1 | -1 | 2 | -0 | -0 | 1 | -3 | 1 | -1 |
| Closing Cash & Cash Equivalent | 20 | 1 | 2 | 0 | 3 | 2 | 2 | 3 | 0 | 1 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.59 | -0.44 | 0.35 | 0.07 | -2.44 | -0.79 | 0.06 | 0.59 | 4.71 | 3.05 | 1.15 |
| CEPS(Rs) | -0.58 | -0.42 | 0.37 | 0.08 | -2.43 | -0.79 | 0.06 | 0.59 | 4.72 | 3.06 | 1.16 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 41.44 | 42.92 | 42.49 | 42.66 | 42.42 | 44.61 | 43.58 | 45.29 | 53.28 | 55.47 | 54.31 |
| Core EBITDA Margin(%) | -1669.95 | -719.69 | -173.27 | -286.55 | -421.34 | 0 | 0 | 0 | 96.33 | 94.2 | 88.14 |
| EBIT Margin(%) | -1147.31 | -509.58 | 874.01 | 144.86 | -387.73 | 0 | 0 | 0 | 99.95 | 101.72 | 103.07 |
| Pre Tax Margin(%) | -1147.8 | -512.84 | 873.81 | 144.64 | -387.75 | 0 | 0 | 0 | 99.95 | 101.71 | 103.06 |
| PAT Margin (%) | -1306.32 | -565.43 | 605.99 | 125.34 | -388.17 | 0 | 0 | 0 | 98.29 | 89.62 | 76.94 |
| Cash Profit Margin (%) | -1264.89 | -540.84 | 638.13 | 159.34 | -385.4 | 0 | 0 | 0 | 98.39 | 89.8 | 77.29 |
| ROA(%) | -0.71 | -0.5 | 0.4 | 0.08 | -2.75 | -0.84 | 0.06 | 0.61 | 4.54 | 2.72 | 1.05 |
| ROE(%) | -1.45 | -1.04 | 0.83 | 0.15 | -5.75 | -1.81 | 0.13 | 1.32 | 9.56 | 5.61 | 2.15 |
| ROCE(%) | -1.27 | -0.93 | 1.19 | 0.18 | -5.74 | -1.81 | 0.39 | 1.61 | 9.72 | 6.37 | 2.88 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4055.42 | 5925.09 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3487.67 | 5144.41 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 384.45 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 14.92 | 59.06 | 0 | 0 | 14.98 | 5.97 | 1.07 | 3.15 | 6.37 |
| Price/Book(x) | 0.04 | 0.08 | 0.12 | 0.09 | 0.05 | 0.02 | 0.02 | 0.08 | 0.09 | 0.17 | 0.14 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | -8.77 | 43.1 | 87.19 | 73.02 | 2.53 | 80.37 | 0 | 0 | 1.04 | 2.78 | 4.86 |
| EV/Core EBITDA(x) | 0.79 | -8.89 | 9.62 | 40.83 | -0.66 | -0.49 | 3.49 | 4.39 | 1.04 | 2.73 | 4.7 |
| Net Sales Growth(%) | -47.24 | 69.75 | -24.57 | -10.14 | 1102.13 | -99.25 | -100 | 0 | 0 | -29.04 | -53.89 |
| EBIT Growth(%) | 85.7 | 24.61 | 229.38 | -85.11 | -3317.69 | 67.76 | 121.76 | 318.25 | 569.02 | -27.78 | -53.27 |
| PAT Growth(%) | 84.16 | 26.53 | 180.84 | -81.41 | -3823.02 | 67.72 | 107.52 | 890.08 | 701.59 | -35.3 | -60.41 |
| EPS Growth(%) | 84.16 | 26.53 | 180.85 | -81.4 | -3821.16 | 67.72 | 107.53 | 889.9 | 701.6 | -35.3 | -62.24 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.93 | 1.86 | 1.87 | 1.87 | 1.8 | 1.8 | 1.8 | 1.83 | 1.82 | 1.78 | 1.77 |
| Quick Ratio(x) | 1.02 | 0.96 | 0.97 | 0.96 | 0.95 | 0.96 | 0.96 | 0.98 | 0.99 | 0.95 | 0.93 |
| Interest Cover(x) | -2321.92 | -156.11 | 4560.57 | 661.68 | 0 | 0 | 350.83 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.45 | 16.45 | 16.45 | 16.45 | 20.31 | 20.31 | 20.31 | 20.42 | 20.42 | 20.42 |
| FII | 0 | 0 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 83.54 | 83.54 | 83.42 | 83.42 | 79.57 | 79.57 | 79.57 | 79.47 | 79.47 | 79.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.36 | 1.36 | 1.36 | 1.36 | 1.76 | 1.76 | 1.76 | 1.77 | 1.77 | 1.77 |
| FII | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 6.9 | 6.9 | 6.89 | 6.89 | 6.89 | 6.89 | 6.89 | 6.88 | 6.88 | 6.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 8.26 | 8.26 | 8.26 | 8.26 | 8.66 | 8.66 | 8.66 | 8.66 | 8.66 | 8.66 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -54% | — | — | — |
| Operating Profit CAGR | -55% | +29% | — | — |
| PAT CAGR | -60% | +26% | — | — |
| Share Price CAGR | -44% | -35% | +16% | +1% |
| ROE Average | +2% | +6% | +4% | +1% |
| ROCE Average | +3% | +6% | +4% | +1% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.45 | 16.45 | 16.45 | 16.45 | 20.31 | 20.31 | 20.31 | 20.42 | 20.42 | 20.42 |
| FII | 0 | 0 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 83.54 | 83.54 | 83.42 | 83.42 | 79.57 | 79.57 | 79.57 | 79.47 | 79.47 | 79.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.36 | 1.36 | 1.36 | 1.36 | 1.76 | 1.76 | 1.76 | 1.77 | 1.77 | 1.77 |
| FII | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 6.9 | 6.9 | 6.89 | 6.89 | 6.89 | 6.89 | 6.89 | 6.88 | 6.88 | 6.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 8.26 | 8.26 | 8.26 | 8.26 | 8.66 | 8.66 | 8.66 | 8.66 | 8.66 | 8.66 |
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