BSE: 530789
CEEJAY FINANCE LTD.
Lends primarily to farmers and small traders, with around 95% of its loan book concentrated in Gujarat. As a non-banking financial company, it earns revenue almost entirely through interest on its loan book, with revenue from operations of Rs. 2,653.87 lakhs in FY26. Assets under management stood at about Rs. 117 crore in H1 FY26, funded mostly by related-party borrowings from Ceejay Group entities (around 75% of total borrowings of Rs. 4,346.26 lakhs at end-FY26). The balance sheet is well capitalised, with a capital adequacy ratio of 63.59% against the 15% regulatory minimum, and CARE Ratings has reaffirmed its credit rating at CARE BBB-; Stable / CARE A3 on bank facilities of Rs. 15 crore. Asset quality is moderate, with a gross NPA of 4.94% in H1 FY26. The biggest cost is finance cost on borrowings, at Rs. 390.05 lakhs in FY26, while employee costs (16% of revenue) and other operating expenses (25.2% of revenue) form the other significant line items. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income from lending (100%). Small, geographically concentrated, group-funded NBFC lending to relatively riskier borrower segments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18 | 20 | 21 | 26 | 27 |
| EBITDA (ex other income) | 10 | 12 | 12 | 14 | 15 |
| margin % | 53.0 | 62.0 | 59.8 | 51.4 | 54.8 |
| Owners' profit | 5 | 7 | 7 | 7 | 8 |
| EPS, as reported (₹) | 14.41 | 19.84 | 19.50 | 19.71 | 22.37 |
| ROE % · ROCE % | 8.8 · — | 10.8 · — | 9.5 · — | 9.0 · — | 9.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (3) | 1 | 0 | (13) | 4 |
| Capex | (0) | (0) | (6) | (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 | 5 | 6 | 7 | 7 | 6 | 7 | 7 | 7 |
| Profit before tax | 2 | 3 | 2 | 2 | 2 | 3 | 2 | 3 |
| Net profit | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 |
| EPS (₹) | 5.20 | 6.58 | 3.31 | 4.61 | 5.06 | 6.32 | 4.88 | 6.11 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 18.1 | 33 of 200 | 83% |
| P/B | 0.6 | 1.1 | 76 of 253 | 69% |
| ROE | 9.3 | 3.1 | 60 of 257 | 77% |
| EBITDA margin | 58.2 | 48.6 | 114 of 249 | 54% |
| Revenue growth | (9.3) | 12.6 | 152 of 231 | 34% |
| Profit growth | 32.4 | 7.8 | 98 of 251 | 61% |
| Market cap | 52 | 34 | 112 of 268 | 58% |
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 3 to approve September results | results | low | — | — |
| 12 Oct 2026 · Routine compliance certificate for share dematerialisation filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for Q2 and H1 FY26 results announcement | compliance | minimal | — | — |
| 26 Sept 2026 · 33rd AGM: All 5 resolutions passed; final dividend Rs 1.50 per share declared | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Ceejay Finance 33rd AGM held via VC; final dividend of Rs 1.50 per share declared | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper publication of 33rd AGM notice and e-voting details | compliance | minimal | — | — |
| 3 Sept 2026 · Ceejay Finance submits Annual Report FY26 and 33rd AGM notice | compliance | minimal | — | — |
| 3 Sept 2026 · Ceejay Finance fixes Sep 11 record date for Rs 1.50 dividend, AGM on Sep 26 | corporate actions | high | — | — |
| 3 Sept 2026 · AGM on Sep 26; Record Date Sep 11 for Rs 1.50 dividend | corporate actions | medium | — | — |
| 3 Sept 2026 · 33rd AGM on Sep 26, 2026; Rs. 1.50 per share dividend proposed | corporate actions | 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.