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Milestone Global Overview

1. Business Overview

Milestone Global Ltd. (formerly Milestone Capital Ltd.) operates primarily as a Non-Banking Financial Company (NBFC) in India. Its core business model revolves around financial activities, including making investments in shares, securities, and other financial instruments, as well as providing loans and advances. The company generates revenue mainly through interest income from its lending activities and capital gains/losses from its investment portfolio. It may also engage in financial advisory and consultancy services.

2. Key Segments / Revenue Mix

The company's operations are largely integrated within financial services. While specific percentage contributions are not readily available in public domain without detailed financial reports, its revenue primarily stems from two main activities:

Investment Activities: Trading and holding of shares, debentures, and other securities, aiming for capital appreciation and dividend income.

Financing Activities: Providing loans and advances to various entities, generating interest income.

3. Industry & Positioning

Milestone Global Ltd. operates within the highly competitive Indian financial services sector, specifically as an NBFC. This industry is characterized by a large number of players, ranging from large, diversified NBFCs to smaller, niche-focused entities. The company likely caters to specific borrower segments or investment strategies. Compared to larger, established NBFCs or banks, Milestone Global would be a smaller player, potentially competing on agility, personalized service, or specific market niches rather than scale or broad reach.

4. Competitive Advantage (Moat)

For a smaller NBFC like Milestone Global, a strong, durable competitive advantage is often challenging to establish. Potential limited advantages might include:

Niche Expertise: Focus on specific underserved customer segments or asset classes where larger players might not operate effectively.

Promoter/Management Network: Strong relationships and insights within specific business communities due to the promoters' network.

Operational Agility: Being a smaller entity, it may have quicker decision-making processes compared to larger, more bureaucratic institutions.

However, it typically lacks scale, strong brand recognition, proprietary technology, or significant cost advantages over larger, more established financial institutions.

5. Growth Drivers

Key factors that could drive Milestone Global Ltd.'s growth over the next 3-5 years include:

Economic Growth: A robust Indian economy generally leads to increased credit demand across various sectors.

Successful Investment Strategies: Prudent and profitable management of its investment portfolio, leading to capital appreciation.

Expansion of Lending Portfolio: Identifying and expanding into profitable lending segments with manageable risk.

Favorable Regulatory Environment: Supportive policies for NBFCs that encourage growth while maintaining financial stability.

Access to Capital: Ability to raise capital efficiently to fund its lending and investment activities.

6. Risks

Milestone Global Ltd. faces several inherent risks typical of the financial services industry:

Credit Risk: Risk of default by borrowers, impacting asset quality and profitability.

Interest Rate Risk: Fluctuations in interest rates can affect net interest margins and the value of fixed-income investments.

Liquidity Risk: Inability to meet short-term financial obligations due to asset-liability mismatches.

Market Risk: Volatility in capital markets can significantly impact the value of its investment portfolio.

Regulatory Risk: Changes in RBI regulations for NBFCs (e.g., capital adequacy, asset classification norms) can impact operations and profitability.

Competition: Intense competition from banks and other NBFCs can put pressure on lending margins and market share.

7. Management & Ownership

Milestone Global Ltd., like many Indian companies, is likely promoter-driven. The promoters and key management personnel would typically have significant influence over the company's strategic direction and operations. Information regarding specific promoter names, their experience, and ownership percentage would usually be available in annual reports or regulatory filings. Management quality would be assessed based on their track record, governance practices, and ability to navigate market cycles and regulatory changes. Ownership structure is often concentrated with the promoter group.

8. Outlook

Milestone Global Ltd. operates in a dynamic yet challenging financial services landscape. The company's future performance will depend significantly on its ability to prudently manage its credit and investment portfolios, navigate regulatory complexities, and effectively compete in a crowded market. A positive outlook would hinge on its capacity to identify profitable lending and investment niches, maintain strong asset quality, and efficiently raise capital. Conversely, an increase in non-performing assets, adverse market movements impacting its investments, or unfavorable regulatory changes could pose significant challenges to its growth and profitability. Its smaller scale also means it may be more susceptible to market shocks compared to larger, more diversified financial institutions.

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Milestone Global Key Financials

Market Cap ₹10 Cr.

Stock P/E 50.1

P/B 1

Current Price ₹19.5

Book Value ₹ 20

Face Value 10

52W High ₹31

Dividend Yield 0%

52W Low ₹ 16.2

Milestone Global Share Price

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Volume
Price

Milestone Global Quarterly Price

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Milestone Global Peer Comparison

Milestone Global Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Dec 2025
Net Sales 4 4 4 4 3 4 2 3 4 3
Other Income 0 0 0 -0 0 0 0 0 0 0
Total Income 4 4 4 4 3 4 2 3 4 3
Total Expenditure 3 3 4 4 3 4 2 3 4 3
Operating Profit 0 0 1 0 0 0 0 0 1 0
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 0 0 0 -0 0 0 -0 0 0 0
Provision for Tax 0 0 0 0 0 0 -0 0 0 0
Profit After Tax 0 0 0 -0 0 0 -0 0 0 0
Adjustments 0 0 -0 -0 -0 0 0 0 0 0
Profit After Adjustments 0 0 0 -0 0 0 -0 0 0 0
Adjusted Earnings Per Share 0.6 0.5 0.9 -0.5 0.3 0.1 -0.1 0.1 0.9 0.2

Milestone Global Profit & Loss

#(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 8 9 9 10 12 12 13 19 16 16 12 12
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Total Income 8 9 9 10 12 13 13 19 16 16 13 12
Total Expenditure 8 8 8 9 11 12 13 18 15 14 12 12
Operating Profit 0 1 1 1 1 1 1 1 1 1 1 1
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 -0 -0 -0 0 0 0 0 1 1 1 0 0
Provision for Tax -0 0 -0 -0 0 0 0 0 0 0 0 0
Profit After Tax -0 -0 -0 0 0 0 -0 1 1 1 0 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -0 -0 -0 0 0 0 -0 1 1 1 0 0
Adjusted Earnings Per Share -0.5 -0.3 -0.2 0.6 0.4 0.5 -0.3 1.5 1.3 1.5 0.4 1.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -25% -14% 0% 4%
Operating Profit CAGR 0% 0% 0% 0%
PAT CAGR -100% -100% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -0% -1% 16% 15%
ROE Average 2% 6% 5% 3%
ROCE Average 3% 8% 8% 6%

Milestone Global Balance Sheet

#(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 6 6 6 7 7 7 7 8 9 9 9
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 3 3 3 3 3 3 4 1 1 1 1
Total Liabilities 9 9 9 9 10 10 11 9 10 11 11
Fixed Assets 3 3 3 3 3 3 3 3 3 3 3
Other Non-Current Assets 1 1 1 0 0 0 0 0 0 0 0
Total Current Assets 6 6 6 6 6 7 8 6 7 7 8
Total Assets 9 9 9 9 10 10 11 9 10 11 11

Milestone Global Cash Flow

#(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 1 1 1 0 0 0 0 1 1 1 1
Cash Flow from Operating Activities 0 1 1 -0 0 0 -0 3 1 -0 0
Cash Flow from Investing Activities -0 -1 -0 -0 0 -0 -0 0 -1 0 -0
Cash Flow from Financing Activities 0 -1 -0 -0 -0 0 1 -3 0 0 0
Net Cash Inflow / Outflow 0 0 -0 -0 0 0 0 0 1 -0 0
Closing Cash & Cash Equivalent 1 1 1 0 0 0 1 1 1 1 1

Milestone Global Ratios

# 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) -0.48 -0.32 -0.22 0.63 0.43 0.52 -0.26 1.46 1.26 1.45 0.39
CEPS(Rs) 0.17 0.3 0.45 1.24 0.98 1.05 0.26 1.99 1.77 2.11 1.07
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 12.33 12.46 12.87 13.63 14.03 14.55 13.99 15.72 17.01 18.47 18.87
Core EBITDA Margin(%) 3.99 8.09 7.15 6.8 5.23 5.67 3.77 4.49 4.32 6.71 2.8
EBIT Margin(%) 0.41 1.74 1.58 5.16 4.23 4.68 3.21 5.71 5.72 6.22 2.44
Pre Tax Margin(%) -3.2 -1.68 -1.7 2.63 2.06 2.54 1.48 5.1 5.69 6.18 2.43
PAT Margin (%) -3.03 -1.81 -1.23 3.13 1.81 2.1 -0.99 3.94 4.08 4.71 1.59
Cash Profit Margin (%) 1.05 1.65 2.55 6.19 4.11 4.22 1 5.36 5.73 6.82 4.34
ROA(%) -2.46 -1.73 -1.16 3.35 2.27 2.63 -1.21 7.16 6.54 7.13 1.82
ROE(%) -3.66 -2.62 -1.7 4.72 3.1 3.64 -1.82 9.83 7.71 8.2 2.08
ROCE(%) 0.35 1.74 1.56 5.78 5.6 6.3 4.38 11.91 10.76 10.83 3.21
Receivable days 82.29 55.65 49.5 38.57 39.31 45.29 58.27 50.07 46.86 43 54.61
Inventory Days 109.15 98.8 100.5 103.26 103.04 112.6 100.09 49.74 45.93 51.93 80.82
Payable days 20.72 23.37 22.78 23.79 28.86 35.98 36.46 25.31 26.5 31.02 41.77
PER(x) 0 0 0 0 0 0 0 12.33 13.24 19.18 48.46
Price/Book(x) 0.53 0 0.36 0 0 0 0.74 1.15 0.98 1.51 1
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.66 0.72 0.41 0.66 0.57 0.53 0.55 0.45 0.46 0.84 0.67
EV/Core EBITDA(x) 14.73 7.25 5.23 8.06 8.66 7.86 10.6 6.35 6.3 10.05 12.93
Net Sales Growth(%) 3.17 14.19 -2.38 13.82 18.9 4.38 5.98 41.13 -16.6 -0.04 -20.64
EBIT Growth(%) -88.96 385.53 -11.45 272.12 -2.55 15.46 -27.28 150.78 -16.37 8.61 -68.81
PAT Growth(%) -925.94 31.81 33.62 389.91 -31.3 21.28 -149.75 663.46 -13.57 15.27 -73.27
EPS Growth(%) -925.94 31.81 33.62 389.91 -31.3 21.29 -149.75 663.45 -13.57 15.27 -73.27
Debt/Equity(x) 0.48 0.43 0.38 0.31 0.28 0.3 0.4 0.01 0 0 0
Current Ratio(x) 1.73 1.73 1.93 2.2 2.37 2.24 2.04 5.09 5.57 7.35 6.27
Quick Ratio(x) 1 0.99 1.07 1.04 1.04 0.94 1.23 3.5 3.93 4.86 3.89
Interest Cover(x) 0.11 0.51 0.48 2.04 1.95 2.19 1.86 9.4 201.73 163.39 231.31
Total Debt/Mcap(x) 0.9 0 1.06 0 0 0 0.55 0.01 0 0 0

Milestone Global Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 73.26 73.26 73.26 73.26 73.26 73.26 73.27 73.27 73.27 73.27
FII 0 0 0 0 0 0 0 0 0 0
DII 5.98 5.98 5.98 5.98 5.98 5.98 5.31 5.31 5.31 5.31
Public 20.76 20.76 20.76 20.76 20.76 20.76 21.42 21.42 21.42 21.42
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Milestone Global News

Milestone Global Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 6% over the last 3 years.
  • Debtor days have increased from 31.02 to 41.77days.
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