STEL Holdings Limited (STEL) AI Stock Analysis

STEL Holdings Limited

(NSE:STEL)

Select Model

Rating:63Neutral

Price Target:INR 555.00▲(6.53% Upside)

Action:reiterated

Date:09/16/26

The score is supported by strong reported profitability and a very conservative balance sheet, but is held back by cash-flow volatility (notably negative free cash flow in 2026 despite higher earnings) and an expensive valuation (P/E 56.25). Technicals are modestly supportive longer-term but mixed in the near term.

Positive Factors

Revenue GrowthThe return to steady revenue growth after the 2023 decline indicates improving top-line momentum across the latest reported years. If maintained, this expansion can support operating scale, strengthen the company’s earnings base, and provide a durable platform for future growth.

Negative Factors

Inconsistent Cash ConversionNegative free cash flow alongside higher earnings weakens confidence that reported profits consistently convert into cash. If this pattern persists, it could constrain internally funded investment, increase dependence on balance-sheet resources, and make financial performance less predictable through the cycle.

STEL Holdings Limited (STEL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 9.67B
Dividend Yield: ―
Average Volume (3M): 424
Price to Earnings (P/E): 47.7
Beta (1Y): 1.36
Revenue Growth: 20.67%
EPS Growth: 21.59%
Country: India
Employees: 3
Sector: General
Sector Strength: 55
Industry: Asset Management

STEL Holdings Limited Business Overview & Revenue Model

Company Description

STEL Holdings Limited functions as an investment holding enterprise, primarily dedicating its capital to the securities of its affiliated companies situated throughout India. This company, founded in 1990 and headquartered in Kochi, India, was previo...

STEL Holdings Limited Financial Statement Overview

Summary

Strong reported profitability and improving revenue growth in 2024–2026, supported by an ultra-low leverage balance sheet (near-zero/zero debt). The main drag is cash-flow quality: free cash flow turned negative in 2026 despite higher reported earnings, reducing confidence in earnings-to-cash conversion and consistency.

Income Statement

78Positive

Balance Sheet

86Very Positive

Cash Flow

52Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	263.60M	274.32M	219.07M	184.64M	171.62M	200.61M
Gross Profit	262.34M	273.85M	217.59M	183.84M	171.17M	200.12M
EBITDA	260.90M	266.86M	212.69M	178.07M	164.60M	194.78M
Net Income	196.13M	198.54M	158.68M	132.73M	122.59M	146.08M
Balance Sheet
Total Assets	0	17.13B	19.13B	16.00B	8.19B	7.42B
Cash, Cash Equivalents and Short-Term Investments	23.81M	23.81M	273.11M	300.91M	354.42M	251.50M
Total Debt	0	19.00K	0	103.00K	203.27K	4.76M
Total Liabilities	-16.09B	1.04B	1.59B	958.89M	44.75M	26.34M
Stockholders Equity	16.09B	16.09B	17.53B	15.04B	8.14B	7.39B
Cash Flow
Free Cash Flow	78.34M	-60.12M	431.77M	119.84M	137.61M	145.41M
Operating Cash Flow	78.34M	-60.12M	431.85M	120.33M	137.98M	145.41M
Investing Cash Flow	-79.08M	59.21M	-431.44M	-121.92M	-35.06M	-816.99M
Financing Cash Flow	0	0	0	0	0	0

STEL Holdings Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price521.00

Price Trends

50DMA584.14Negative

100DMA575.01Negative

200DMA520.08Positive

Market Momentum

MACD-22.54Positive

RSI43.52Neutral

STOCH29.01Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:STEL, the sentiment is Neutral. The current price of 521.00 is below the 20-day moving average (MA) of 537.96, below the 50-day MA of 584.14, and above the 200-day MA of 520.08, indicating a neutral trend. The MACD of -22.54 indicates Positive momentum. The RSI at 43.52 is Neutral, neither overbought nor oversold. The STOCH value of 29.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:STEL.

STEL Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:STEL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:UNITEDTEA	68Neutral	INR 2.06B	10.13	―	0.78%	-8.95%	-11.01%
IN:STEL	63Neutral	INR 9.62B	47.67	―	―	20.67%	21.59%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:JAYSREETEA	47Neutral	INR 2.24B	-10.19	―	0.64%	6.65%	-130.78%
IN:HARRMALAYA	44Neutral	INR 3.10B	11.29	―	―	2.78%	2.41%
IN:PKTEA	41Neutral	INR 2.10B	-45.38	―	0.11%	9.32%	-184.16%
IN:NORBTEAEXP	40Underperform	INR 715.03M	-284.32	―	―	26.04%	―

* General Sector Average

Performance Comparison

IN:STEL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:STEL	STEL Holdings Limited	521.00	114.00	28.01%
IN:HARRMALAYA	Harrisons Malayalam Ltd	168.00	-29.95	-15.13%
IN:JAYSREETEA	Jay Shree Tea & Industries Ltd.	77.63	-18.32	-19.09%
IN:NORBTEAEXP	Norben Tea & Exports Ltd.	46.00	-16.58	-26.49%
IN:PKTEA	Peria Karamalai Tea & Produce Co. Ltd.	677.10	-4.49	-0.66%
IN:UNITEDTEA	United Nilgiri Tea Estates Co. Ltd.	411.45	-18.57	-4.32%

STEL Holdings Limited Corporate Events

STEL Holdings Confirms Shareholder Approval of Resolutions at 36th AGM

Sep 26, 2026

STEL Holdings Limited has reported the official voting results from its 36th Annual General Meeting, held on September 25, 2026, via video conferencing and other audio-visual means in line with Indian corporate law and securities regulations. The com...

STEL Holdings Confirms Shareholder Approval of Key Resolutions at 36th AGM

Sep 26, 2026

STEL Holdings Limited convened its 36th Annual General Meeting on September 25, 2026 via video conferencing and other audio-visual means, in line with Indian corporate law and securities regulations. The meeting allowed shareholders to participate an...

STEL Holdings to Hold Virtual Thirty-Sixth AGM on September 25

Aug 28, 2026

STEL Holdings Limited has announced that its Thirty-Sixth Annual General Meeting will be held on September 25, 2026 at 12:00 noon IST via video conferencing and other audio-visual means. The company is conducting the AGM in line with Ministry of Corp...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 16, 2026

STEL Holdings Limited AI Stock Analysis