BSE: 539834
Balgopal Commercial limited
Operates as a trading and construction company that is pivoting its main business to real estate development. Revenue from operations in FY26 was Rs. 0.24 lakh, down from Rs. 5.59 lakh in FY25, with the standalone entity posting a loss of Rs. 90.04 lakh (consolidated loss of Rs. 88.51 lakh), largely driven by Rs. 109.29 lakh of unrealised losses on fair-value changes of investments. The board has approved amending the MOA to make real estate its sole main object, deleting the historical trading and investment sub-clauses, and has re-branded its web presence to dreamaxgroup.com. In May 2026, it entered a Joint Development Agreement with M/s. Viraj Enterprises (Juhu) for redevelopment of an approximately 1609.20 square metre property in Juhu, Mumbai under the Slum Rehabilitation Authority scheme, in which it holds an 85% share and will receive 85% of net sale proceeds while funding the entire project cost. A refundable security deposit of Rs. 15 crore has been paid to the developer. Consolidated inventories rose sharply to Rs. 382.87 million in FY26, consistent with property stock build-up for the real estate pivot. Materials spend in FY26 was Rs. 12.51 crore against negligible revenue, reflecting this inventory accumulation rather than matched trading activity. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading and construction (legacy), Real estate development (SRA JV). Small, transition-stage shell-like entity shifting from dormant trading into asset-backed real estate development.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1 | 0 |
| EBITDA (ex other income) | (1) | (2) |
| margin % | (137.1) | (6669.2) |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 3.70 | 4.64 |
| ROE % · ROCE % | 11.1 · 12.5 | (15.7) · (12.6) |
| Debt / equity (x) | 0.03 | 0.07 |
| Cash from operations | (7) | 2 |
| Capex | 0 | (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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 8 | (0) | (5) | 2 | (0) | 1 | (13) | 6 |
| Net profit | 7 | (0) | (4) | 2 | (0) | 1 | (11) | 5 |
| EPS (₹) | 4.30 | (0.28) | 2.48 | 0.88 | 0.05 | 0.40 | 5.87 | 2.39 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,351 | 17.8 | 2.91 | 14.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,166 | 18.3 | 3.85 | 17.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,696 | 20.0 | 5.20 | 13.9 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,593 | 24.5 | 4.11 | 18.4 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 47.7 | 6.0 | 6.9 | — | 4.9 |
| SHANKARA BUILDPRO LIMITED | 609 | 4.6 | 1.12 | 2.7 | 23.4 | 31.8 | — | 3.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.6 | 15.8 | 68 of 130 | 48% |
| P/B | 6.3 | 1.0 | 139 of 150 | 7% |
| ROCE | (12.7) | 2.1 | 165 of 177 | 7% |
| ROE | (15.7) | 2.3 | 145 of 158 | 8% |
| Debt / Equity | 0.1 | 0.1 | 78 of 154 | 50% |
| Profit growth | 208.9 | 0.6 | 23 of 157 | 86% |
| Market cap | 356 | 22 | 14 of 180 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Income Tax search at Balgopal Commercial concluded; outcome awaited | regulatory legal | high | — | — |
| 3 Oct 2026 · Balgopal 44th AGM: all 11 resolutions passed, name change to Dreamax Enterprises approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 44th AGM held; name change, capital hike and RP deals on table | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Income Tax officials visited company premises, AGM assessment underway | regulatory legal | high | — | — |
| 25 Sept 2026 · Board approves corrigendum to AGM notice for proposed name change | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Corrigendum to AGM Notice: Revised CA Certificate for Name Change to Dreamax Enterprises | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Corrigendum to AGM Notice - Name Change Resolution Revised | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper ad filing for 44th AGM on 30 Sep 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · 44th AGM on Sep 30: name change to Dreamax Enterprises, capital hike | board shareholder meetings | low | — | — |
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.