BSE: 512265
AVON MERCANTILE LTD.
Operates as a single-segment loan company listed on BSE (Scrip Code: 512265), with revenue coming from its lending activity. As of FY26, loans and advances on the balance sheet stood at Rs 4,073.78 lakhs and total assets at Rs 4,570.66 lakhs, against equity of only Rs 577.53 lakhs. FY26 revenue from operations rose to Rs 484.21 lakhs from Rs 255.22 lakhs in FY25, an increase of about 90%. The business is run on a very thin equity base backed by borrowings of Rs 3,599.75 lakhs, and finance costs of Rs 337.49 lakhs absorbed roughly 70% of revenue. Employee costs ran at 5.5% of revenue and other operating costs at 6%, with negligible depreciation (0.2%) and capex (0.1%). Other equity remained negative at Rs 143.74 lakhs, reflecting prior accumulated losses. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending / loan business. Small, highly leveraged, single-segment loan company with negative other equity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6 | 6 | 4 | 3 | 5 |
| EBITDA (ex other income) | 4 | 0 | 3 | 2 | 4 |
| margin % | 58.5 | 0.4 | 74.8 | 62.2 | 88.6 |
| Owners' profit | (2) | (3) | 0 | (0) | 1 |
| EPS, as reported (₹) | (2.53) | (3.89) | 0.19 | (0.02) | 1.23 |
| ROE % · ROCE % | (23.9) · — | (58.3) · — | 2.8 · — | (0.3) · — | 15.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (7) | 28 | (3) | (0) | (3) |
| Capex | (0) | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | (0) | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| Net profit | (0) | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | (0.04) | 0.03 | 0.00 | (0.01) | 0.24 | 0.25 | 0.38 | 0.35 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROE | 15.2 | 2.9 | 17 of 113 | 86% |
| EBITDA margin | 91.1 | 25.4 | 10 of 92 | 90% |
| Revenue growth | 20.4 | 16.2 | 43 of 91 | 53% |
| Profit growth | 2886.3 | 5.2 | 3 of 110 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 18 Oct 2026 · Quarterly Shareholding Pattern filed with BSE for Sept 2026 | ownership changes | low | — | — |
| 14 Oct 2026 · Compliance certificate for dematerialization of securities for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: Both resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · 41st AGM held on 29 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Newspaper publication of 41st AGM notice filed with BSE | compliance | minimal | — | — |
| 2 Sept 2026 · Annual Report and 41st AGM Notice filed with BSE | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 41st AGM notice set for Sept 29, 2026 via video conference | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Avon Mercantile 41st AGM on Sep 29, 2026 via video conferencing | compliance | minimal | — | — |
| 14 Aug 2026 · Avon Mercantile Q1 FY27 PAT rises 45% to Rs 26.10 lakh; revenue flat | 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.