Manufactures electric luxury buses for inter-city passenger transport, having pivoted from its former identity as Indian Bright Steel Co Limited. Its flagship product is a 12.5-metre electric bus deployed in inter-city operations; one such bus crossed 1,00,000 kilometres of on-road running with zero tailpipe emissions, and the company is targeting cumulative fleet-wide electric bus kilometres of 1,00,000 per day over the next year. Standalone net sales rose to Rs. 6,493.51 lakhs in FY26 from Rs. 903.18 lakhs in FY25, with quarterly revenue climbing from Rs. 1,980.66 lakhs in Q2 FY26 to Rs. 2,867.72 lakhs in Q3 FY26 as the new EV bus business scaled up. The company reported a standalone net profit of Rs. 239.30 lakhs for FY26 versus Rs. 7.21 lakhs in FY25, and consolidated net profit of Rs. 237.04 lakhs, with subsidiary NAE Mobility Private Limited contributing negligibly. Materials account for 80.2% of revenue, making raw inputs the dominant cost, while employee cost is just 2.0% and depreciation 0.3%. The balance sheet was strengthened by an equity infusion of Rs. 6,885.18 lakhs during H1 FY26, taking total assets to roughly Rs. 13,509.64 lakhs at the half-year stage. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EV luxury bus manufacturing and sales. Early-stage EV bus manufacturing pivot from a former steel products company; small revenue base, materials-heavy cost structure.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 9 | 65 |
| EBITDA (ex other income) | (1) | 2 |
| margin % | (11.8) | 3.3 |
| Owners' profit | 0 | 2 |
| EPS, as reported (₹) | 0.01 | 0.44 |
| ROE % · ROCE % | 0.0 · (0.2) | 1.8 · 2.3 |
| Debt / equity (x) | 0.04 | 0.00 |
| Cash from operations | (51) | (42) |
| Capex | 0 | (2) |
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 8 | 20 | 29 | 9 |
| Profit before tax | 0 | 0 | 0 | 1 | 2 |
| Net profit | 0 | 0 | 0 | 1 | 1 |
| EPS (₹) | 0.03 | 0.02 | 0.04 | 0.12 | 0.26 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · 65th Annual Report and AGM Notice filed for FY26 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · AGM notice: stock split, excess MD pay waiver, related party deals | management changes | low | — | — |
| 2 Sept 2026 · Board approves auditor re-appointment for 5 years | management changes | medium | — | — |
| 25 Aug 2026 · Board approves Board Report and AGM Notice; 65th AGM on 28 Sep 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Board approves Q1 FY27 results and 1:5 stock split | results | high | — | — |
| 13 Aug 2026 · Q1 FY27 results: profit jumps 10x, revenue doubles; 1:5 stock split announced | results | high | — | — |
| 10 Aug 2026 · Board meeting on Aug 13 to consider Q1 FY27 results and stock split proposal | results | low | — | — |
| 15 Jul 2026 · Reg 74(5) certificate filing for Q1 FY27 dematerialization | compliance | minimal | — | — |
| 30 Jun 2026 · Trading Window Closes for Q1 FY27 Results Period | compliance | minimal | — | — |
| 29 May 2026 · Resignation of Mr. Ramesh Chandra Pareek from the post of the Independent Director of the Company. | management changes | medium | — | — |
| 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 |
| 17.0 |
| 5.7 |
| 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 201.5 | 16.2 | 117 of 118 | 1% |
| P/B | 3.6 | 1.7 | 77 of 99 | 22% |
| ROCE | 2.3 | 8.7 | 94 of 120 | 22% |
| ROE | 1.8 | 8.6 | 93 of 114 | 19% |
| Debt / Equity | 0.0 | 0.1 | 30 of 114 | 74% |
| EBITDA margin | 26.1 | 11.0 | 16 of 100 | 85% |
| Revenue growth | (3.0) | 13.7 | 70 of 97 | 28% |
| Profit growth | 1314.6 | 29.3 | 3 of 105 | 98% |
| Market cap | 483 | 247 | 51 of 120 | 58% |
| 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 |
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.
