BSE: 534732
CASPIAN CORPORATE SERVICES LIM
Operates a manpower supply services business, consolidated revenue from which grew 19.2% year-on-year to Rs 10,208.11 lakhs in FY26. The operating activity sits inside two subsidiaries — Sumathi Corporate Services and Sumathi Brightshine Airport Services — while the listed parent (formerly Intellivate Capital Advisors) carries a small standalone revenue base. Despite the revenue growth, net profit collapsed to Rs 4.40 lakhs in FY26 from Rs 259.30 lakhs in FY25, a fall of over 98%. The cost base is dominated by other operating expenses (87.7% of revenue), with employee benefit expenses at 7.4% of revenue and depreciation at 2.0%. Finance costs of Rs 240.89 lakhs and borrowings of around Rs 4,566 lakhs against equity of Rs 4,080 lakhs point to a leveraged balance sheet. The board declared a 5% final dividend (Rs 0.5 per share) for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manpower supply services. Small-cap, leveraged manpower supply services business operating through subsidiaries
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1 | 90 | 86 | 102 |
| EBITDA (ex other income) | 0 | 11 | (2) | 5 |
| margin % | 34.7 | 12.3 | (2.9) | 4.9 |
| Owners' profit | 0 | 8 | 0 | 0 |
| EPS, as reported (₹) | 0.14 | 1.88 | 0.20 | 0.03 |
| ROE % · ROCE % | 2.3 · 2.6 | 29.2 · 34.8 | 8.9 · 19.0 | 0.2 · 9.2 |
| Debt / equity (x) | 1.67 | 1.41 | 1.48 | 1.51 |
| Cash from operations | (41) | (2) | (1) | 4 |
| Capex | (0) | (0) | (7) | (2) |
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 | 24 | 18 | 19 | 25 | 23 | 26 | 28 | 25 |
| Profit before tax | 4 | (2) | (2) | 0 | 0 | 0 | 0 | (3) |
| Net profit | 3 | (2) | (2) | 0 | 0 | (0) | 0 | (3) |
| EPS (₹) | 0.73 | (0.15) | 0.13 | 0.00 | 0.00 | 0.06 | 0.05 | (2.70) |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.5 | 1.0 | 62 of 105 | 41% |
| ROCE | 2.0 | 1.8 | 38 of 83 | 55% |
| ROE | 0.1 | 1.3 | 74 of 111 | 34% |
| Debt / Equity | 1.5 | 0.0 | 73 of 77 | 5% |
| EBITDA margin | (9.3) | 25.6 | 75 of 91 | 18% |
| Revenue growth | 2.8 | (4.1) | 39 of 85 | 55% |
| Profit growth | (6472.4) | (0.2) | 109 of 109 | 0% |
| Market cap | 44 | 26 | 43 of 113 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 6, 2026 to approve quarterly results | results | low | — | — |
| 6 Oct 2026 · Quarterly dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Newspaper advertisement disclosure filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · AGM approves MD and auditor re-appointment, new independent director | management changes | medium | — | — |
| 1 Oct 2026 · AGM approvals: auditor and MD re-appointed, new independent director | management changes | medium | — | — |
| 30 Sept 2026 · AGM 2026 Results: All 12 Resolutions Passed, Rs 0.5 Dividend Declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Record date fixed for FY26 final dividend | corporate actions | high | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Caspian Corporate Services 15th AGM: dividend declared, key reappointments approved | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Notice of 15th AGM and book closure published in newspapers | compliance | minimal | — | — |
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.