Recent Price Movement and Market Context
On 2 Mar 2026, Quest Capital Markets Ltd touched an intraday low of Rs.252.65, representing a 3.29% drop from its previous close. This new low contrasts sharply with its 52-week high of Rs.425.90, underscoring the stock’s considerable depreciation over the past year. The stock’s day change was recorded at -1.99%, while the Finance/NBFC sector declined by -2.07% on the same day.
The broader market, represented by the Sensex, experienced a volatile session. After opening 2,743.46 points lower, the index recovered by 1,117.32 points to trade at 79,661.05, still down 2% for the day. The Sensex is currently trading below its 50-day moving average (DMA), although the 50DMA remains above the 200DMA, indicating mixed technical signals.
Quest Capital’s stock price is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — reflecting sustained downward momentum and a lack of short- to long-term price support.
Long-Term Performance and Fundamental Assessment
Over the last 12 months, Quest Capital Markets Ltd has delivered a negative return of -34.35%, significantly underperforming the Sensex, which posted a positive return of 8.83% over the same period. The stock has also lagged behind the broader BSE500 index in the last three years, one year, and three months, indicating persistent underperformance relative to the market.
The company’s long-term fundamentals remain subdued. Its average Return on Equity (ROE) stands at a modest 1.88%, reflecting limited profitability relative to shareholder equity. Net sales have grown at an annualised rate of 8.39%, which is below par for the Capital Markets sector, suggesting restrained top-line expansion.
These factors contribute to the stock’s current Mojo Grade of Sell, which was downgraded from Strong Sell on 4 Aug 2025. The Mojo Score is 43.0, indicating weak long-term fundamental strength. The market capitalisation grade is rated 4, reflecting the company’s mid-tier size within its sector.
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Recent Financial Highlights
Despite the stock’s price weakness, Quest Capital Markets Ltd reported robust profit growth in recent quarters. The company’s net profit for the nine months ended December 2025 surged by 2,623.68%, reaching Rs.23.00 crores. This represents an extraordinary growth rate of 809.09% compared to the previous period.
Profit Before Tax excluding other income (PBT less OI) for the quarter stood at Rs.26.83 crores, growing 320.7% relative to the average of the preceding four quarters. Net sales for the nine-month period were higher at Rs.30.36 crores, indicating improved revenue generation.
These results contributed to a higher ROE of 3.1 for the recent period, which, while still modest, is an improvement over the company’s longer-term average. The stock’s Price to Book Value ratio is 0.2, suggesting it is trading at a significant discount compared to its peers’ historical valuations.
Over the past year, the company’s profits have risen by 102.1%, even as the stock price declined by over a third. The Price/Earnings to Growth (PEG) ratio stands at 0.1, indicating that earnings growth has outpaced the stock price movement.
Shareholding and Sector Position
The majority of Quest Capital Markets Ltd’s shares are held by promoters, reflecting concentrated ownership. The company operates within the Capital Markets industry, a sector that has experienced mixed performance amid broader economic fluctuations.
While the Finance/NBFC sector declined by 2.07% on the day of the new low, Quest Capital’s stock outperformed the sector by 1.59%, despite its own negative price movement. This relative outperformance suggests some resilience compared to peers, though the overall trend remains downward.
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Technical and Valuation Considerations
The stock’s position below all major moving averages signals a bearish technical setup, with no immediate support levels evident in the short to medium term. The 200-day moving average, often considered a key indicator of long-term trend, remains well above the current price, reinforcing the downtrend.
Valuation metrics indicate that Quest Capital Markets Ltd is trading at a discount relative to its sector peers. The low Price to Book Value ratio of 0.2 suggests the market is pricing in significant risk or uncertainty. However, the recent surge in profitability and improved ROE may provide some valuation support.
Despite the recent financial improvements, the company’s long-term growth rate and return metrics remain below sector averages, which may continue to weigh on investor sentiment and share price performance.
Summary of Key Metrics
• New 52-week low: Rs.252.65
• 52-week high: Rs.425.90
• 1-year return: -34.35%
• Sensex 1-year return: +8.83%
• Average ROE: 1.88% (long term), 3.1% (recent)
• Net sales growth (annualised): 8.39%
• Net profit growth (9M): 2,623.68%
• Price to Book Value: 0.2
• Mojo Score: 43.0 (Sell)
• Market Cap Grade: 4
• Promoter shareholding: Majority
Quest Capital Markets Ltd’s stock performance reflects a complex interplay of subdued long-term fundamentals and recent profit growth, set against a challenging technical backdrop. The new 52-week low underscores the stock’s current valuation pressures within the Capital Markets sector.
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