BSE: 531673
ANKA INDIA LTD.
Following a reverse merger with Futech Internet Private Limited in June 2025, the consolidated entity's revenue rose to Rs 1,809.43 lakhs in FY26 from Rs 1,296.02 lakhs in FY25. Standalone operations contributed only Rs 18 lakhs in FY26, indicating consolidated revenue is driven by the newly consolidated IT and software subsidiary. The only segment disclosed historically is IT and software development, with products and customers not specified in the available facts. Futech Internet Private Limited is now a fully owned subsidiary and the main contributor to consolidated revenue. Auditors qualified both standalone and consolidated opinions, flagging that goodwill of Rs 18.96 crore arising from the Futech Internet consolidation has not been tested for impairment, and that MAT credit of Rs 35.38 lakhs continues to be carried as an asset despite the company's history of losses. Following an open offer completed on December 23, 2025, there was a wholesale change of management, including the appointment of Mr. Spark Sood as Managing Director, two Independent Directors, and one Non-Executive Director in mid-2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT and Software development (100%). Asset-light IT/software services via newly consolidated subsidiary; parent classified under leather and leather products
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY26 |
|---|---|---|
| Revenue | 1 | 18 |
| EBITDA (ex other income) | (1) | 1 |
| margin % | (49.1) | 4.5 |
| Owners' profit | 1 | 0 |
| EPS, as reported (₹) | (1.23) | 0.10 |
| ROE % · ROCE % | (15.3) · (15.6) | (1.8) · 0.3 |
| Debt / equity (x) | 1.40 | 0.00 |
| Cash from operations | (1) | (0) |
| Capex | (0) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q3 FY24 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 6 | 6 | 4 | 3 | 3 | 2 |
| Profit before tax | (0) | 0 | 0 | 0 | 0 | (0) | 0 | (0) |
| Net profit | (0) | 0 | (0) | 0 | (0) | (1) | 0 | (0) |
| EPS (₹) | (0.40) | 0.13 | 0.00 | 0.02 | 0.01 | 0.10 | 0.01 | 0.07 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,238 | 14.4 | 2.65 | 13.5 | 9.3 | 12.4 | 13.5 | 27.6 |
| BHARTIYA INTERNATIONAL | 1,435 | 55.5 | 2.94 | 16.1 | 2.8 | 7.7 | 19.9 | 9.7 |
| KOTHARI INDUSTRIAL CORP L | 1,392 | 39.8 | 6.02 | — | (31.2) | (12.9) | 71.9 | (13.9) |
| MIRZA INTERNATIONAL LIMIT | 375 | — | 0.67 | 19.9 | (0.1) | (0.0) | (12.9) | 2.4 |
| SUPERHOUSE LIMITED | 162 | 19.8 | 0.33 | 7.9 | 0.8 | 1.4 | 4.7 | 6.2 |
| ZENITH EXPORTS LTD | 101 | 220.0 | 1.20 | — | 2.7 | 3.7 | — | (9.9) |
| ANKA INDIA LTD. ◆ | 93 | 94.7 | 3.55 | 109.6 | (1.1) | (1.0) | — | 4.7 |
| SUPER TANNERY LTD. | 85 | 12.7 | 0.73 | 8.3 | 5.8 | 7.2 | 5.3 | 11.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 94.7 | 26.7 | 9 of 10 | 11% |
| P/B | 3.5 | 1.2 | 10 of 11 | 10% |
| ROCE | (0.9) | 2.6 | 10 of 11 | 10% |
| ROE | (1.1) | 1.9 | 10 of 11 | 10% |
| Debt / Equity | 0.0 | 0.3 | 1 of 11 | 100% |
| EBITDA margin | 4.7 | 4.7 | 6 of 11 | 50% |
| Revenue growth | (70.8) | 5.1 | 10 of 10 | 0% |
| Profit growth | (463.4) | 34.4 | 11 of 12 | 9% |
| Market cap | 93 | 93 | 7 of 13 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 30 Oct 2026 · Newspaper publication of September 2026 unaudited results | compliance | minimal | — | — |
| 28 Oct 2026 · Anka India posts losses as auditors qualify September results | results | high | — | — |
| 28 Oct 2026 · Anka India posts qualified loss as September quarter revenue falls | results | high | — | — |
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 22 Oct 2026 · NCLT sanctions amalgamation of subsidiary into Anka India | regulatory legal | high | — | — |
| 14 Oct 2026 · Quarterly compliance certificate for share dematerialisation filed | compliance | minimal | — | — |
| 1 Oct 2026 · NCLT approves first motion for amalgamation of wholly-owned subsidiary Futech Internet | regulatory legal | high | — | — |
| 1 Oct 2026 · 32nd AGM: All 9 resolutions passed; MD pay hike, related party deals approved | compliance | minimal | — | — |
| 30 Sept 2026 · Anka India 32nd AGM: 9 resolutions tabled including MD remuneration revision | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results declaration | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.