NSE: ARCHIES · BSE: 532212
ARCHIES LTD
Sells greeting cards, stationery and paper bags, gifts and a small line of other items to retail customers in India. For the year ended March 2026, total revenue of 56.10 crore was split across four segments: Stationery and Paper Bag (29.26 crore, 53% of segment revenue), Gifts (18.90 crore, 34.2%), Greeting Card (6.20 crore, 11.2%) and Others (0.89 crore, 1.6%). The company posted a net loss of 4.30 crore in FY26 against an EBITDA margin of 7.63%. At the segment level, Stationery and Paper Bag earned 1.35 crore in EBIT and Greeting Card earned 0.90 crore, while Gifts contributed 0.67 crore. The largest cost lines were other operating expenses at 42.5% of revenue and employee costs at 25.0%, with materials at 20.1% and depreciation at 9.3%. Capital expenditure was 0.5% of revenue. Mr. Varun Moolchandani was reappointed as Executive Director for five years effective June 24, 2026, and a new credit rating action was disclosed in June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stationery and Paper Bag (53%), Gifts (34%), Greeting Card (11%), Others (2%). Consumer products in greeting cards, stationery, paper bags and gifts, currently loss-making at the net level.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 86 | 80 | 70 | 56 |
| EBITDA (ex other income) | 5 | 4 | 2 | 3 | (2) |
| margin % | 7.0 | 5.2 | 2.3 | 3.7 | (3.2) |
| Owners' profit | (3) | 2 | (8) | (1) | (4) |
| EPS, as reported (₹) | (0.78) | 0.71 | (2.43) | (0.43) | (1.27) |
| ROE % · ROCE % | (2.5) · 1.2 | 2.2 · 4.7 | (8.3) · (2.9) | (1.1) · 1.4 | (3.4) · (0.7) |
| Debt / equity (x) | 0.24 | 0.19 | 0.28 | 0.23 | 0.26 |
| Cash from operations | 3 | 7 | 4 | 8 | 4 |
| Capex | (2) | (2) | (1) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20 | 18 | 18 | 14 | 32 | 14 | 10 | 8 |
| Profit before tax | 0 | 0 | (1) | 0 | 1 | 0 | (5) | (2) |
| Net profit | 1 | 0 | (1) | 0 | 0 | (0) | (4) | (1) |
| EPS (₹) | 0.19 | 0.01 | (0.33) | 0.09 | 0.01 | (0.02) | (1.26) | (0.41) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Greeting Card | 7 | 10.7 |
| Stationery and Paper Bag | 38 | 54.6 |
| Gifts | 23 | 33.0 |
| Others | 1 | 1.6 |
| Total, before eliminations | 69 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| K. V. TOYS INDIA LIMITED | 158 | 30.5 | — | — | — | 17.4 | — | — |
| OK PLAY INDIA LTD. | 111 | 51.2 | 0.67 | 7.0 | 1.8 | 0.6 | 16.6 | 18.3 |
| COSCO (INDIA) LTD. | 73 | 73.3 | 1.42 | — | 1.9 | 1.2 | — | 5.0 |
| ARCHIES LTD ◆ | 41 | — | 0.32 | — | (3.4) | (3.4) | — | 0.7 |
| OLYMPIC CARDS LTD. | 4 | — | 4.17 | — | (24.6) | (32.6) | — | (13.7) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 2.3 | 8 of 189 | 96% |
| ROCE | (3.4) | 7.0 | 200 of 219 | 9% |
| ROE | (3.4) | 5.8 | 172 of 189 | 9% |
| Debt / Equity | 0.3 | 0.2 | 106 of 190 | 44% |
| EBITDA margin | 0.7 | 9.3 | 162 of 193 | 16% |
| Revenue growth | (42.5) | 16.4 | 172 of 189 | 9% |
| Profit growth | (560.7) | 16.8 | 172 of 183 | 6% |
| Market cap | 41 | 220 | 165 of 228 | 28% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Archies submits compliance certificate under SEBI Depositories Regulations | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Archies AGM 2026: All 4 resolutions passed, CMD re-appointed for 2 years | compliance | minimal | — | — |
| 24 Sept 2026 · Archies 36th AGM concludes, 4 resolutions transacted, voting results awaited | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Archies Limited 36th AGM notice - Sept 24, 2026 via video conferencing | compliance | minimal | — | — |
| 2 Sept 2026 · Archies 36th AGM notice and FY26 annual report filed | compliance | minimal | — | — |
| 2 Sept 2026 · Archies 36th AGM notice set for September 24, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Archies Ltd: Book Closure for 36th AGM from 18-24 Sep 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Archies publishes 36th AGM notice in newspapers | compliance | minimal | — | — |
| 14 Aug 2026 · Archies Q1 loss widens, MD re-appointed, new independent director joins | management changes | high | — | — |
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.