BSE: 539455
ECOFINITY ATOMIX LIMITED
Classified under Iron & Steel Products by BSE, the entity generated consolidated FY26 revenue of ₹5,506.46 lakhs, of which ₹3,512.22 lakhs came from standalone operations and the balance from its subsidiary Padmavati Chemicals. Padmavati Chemicals was the main driver of FY26 growth — consolidated revenue rose 53% year-on-year versus 13% on a standalone basis. Standalone quarterly performance has been uneven, with Q3 FY26 revenue from operations falling to ₹511.22 lakhs from ₹726.12 lakhs a year earlier, while consolidated 9-month FY26 revenue grew about 62% year-on-year to ₹3,537.37 lakhs. Capex of ₹7.33 crore in FY26 (13.3% of revenue) points to investment in operating or manufacturing assets. The disclosed cost lines in FY26 are limited — employee cost at 2.3% of revenue and other operating expenses at 1.3% of revenue, with materials cost shown at zero and depreciation at 0.3% of revenue. Headquartered in Ahmedabad, listed on BSE under scrip 539455. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Standalone operations, Padmavati Chemicals (subsidiary). Small-cap industrial with iron & steel products classification and chemicals subsidiary
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 36 | 55 |
| EBITDA (ex other income) | 2 | 4 |
| margin % | 4.9 | 7.1 |
| Owners' profit | 1 | 3 |
| EPS, as reported (₹) | 3.30 | 4.99 |
| ROE % · ROCE % | 5.0 · 6.7 | 10.9 · 15.3 |
| Debt / equity (x) | 0.01 | 0.10 |
| Cash from operations | (7) | 4 |
| Capex | (0) | (7) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 9 | 14 | 15 | 11 | 10 | 25 |
| Profit before tax | 0 | 1 | 1 | 1 | 1 | 2 |
| Net profit | 0 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.54 | 1.68 | 0.87 | 0.83 | 1.17 | 1.70 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.3 | 15.4 | 51 of 105 | 52% |
| P/B | 1.5 | 1.5 | 53 of 101 | 47% |
| ROCE | 14.7 | 9.1 | 28 of 115 | 76% |
| ROE | 10.9 | 8.6 | 37 of 103 | 65% |
| Debt / Equity | 0.1 | 0.2 | 41 of 101 | 60% |
| EBITDA margin | 6.8 | 11.0 | 65 of 100 | 35% |
| Revenue growth | 79.5 | 13.7 | 11 of 97 | 90% |
| Profit growth | 53.1 | 29.3 | 43 of 105 | 60% |
| Market cap | 49 | 216 | 84 of 122 | 31% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · EGM on 4 Nov to approve fresh warrant issue worth about Rs 11.19 crore | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board cancels earlier warrant plan, proposes fresh smaller issue | fund raising | medium | — | — |
| 10 Oct 2026 · Board cancels earlier warrant plan, proposes smaller preferential issue | corporate actions | medium | — | — |
| 7 Oct 2026 · Board to consider preferential share and warrant issue on 10 Oct 2026 | fund raising | low | — | — |
| 30 Sept 2026 · AGM results: All 3 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 34th AGM held via video conferencing; 3 resolutions placed before members | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed for Q2 and half year results | compliance | minimal | — | — |
| 18 Sept 2026 · EGM approves preferential warrants, MOA change and higher borrowing limits | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · EGM proceedings: 3 resolutions on warrants, objects change, borrowing limit | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Ecofinity Atomix submits Annual Report for FY 2025-26 | results | medium | — | — |
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.