SecUR Credentials Ltd (SECURCRED.NS)

SecUR Credentials Ltd (SECURCRED.NS) — VMCI valuation read

Headline read on SECURCRED.NS: VMCI of 60/100 versus a Industrials sector median of 50. The 10-point above-median position is what makes SecUR Credentials Ltd a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SECURCRED.NS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on SECURCRED.NS: value (SECURCRED.NS trades at 19.0x earnings, 6% above the Industrials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of 3.3x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.

SECURCRED.NS fell 3.4% over the trailing 7 days, with a -22.3% read on a 30-day basis.