BSE: 540829
Chandrima Mercantiles limited
Trades in agricultural commodities, purchasing stock-in-trade for resale. For FY26, total income reached Rs. 7,778.92 lakhs with a net profit after tax of Rs. 598.86 lakhs. Stock-in-trade purchases of Rs. 4,892.55 lakhs were recorded in the nine months to December 2025, reflecting most of the trading activity. The company also purchased diamonds and gold outside its regular agriculture commodities business in FY26, held entirely as closing inventory. Revenue is concentrated in a few quarters — nine-month FY26 saw stock-in-trade turnover, while standalone Q3 FY26 (Oct–Dec 2025) revenue from operations was just Rs. 11.79 lakhs. A separate one-time recognition of other comprehensive income of Rs. 1,681.72 lakhs on equity instrument investments contributed to the nine-month net profit of Rs. 505.72 lakhs. Q4 FY26 returned to a net loss of Rs. 219.69 lakhs, even though the full year stayed profitable. The statutory auditor issued a qualified opinion for FY26, flagging unverifiable inventories of Rs. 2,500.10 lakhs, missing balance confirmations for receivables/payables/loans, and going-concern doubts as accumulated losses exceed paid-up capital. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agricultural commodities trading, Diamonds and gold trading, Investment income. Small, asset-light commodity trading business with concentrated quarterly revenue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 22 | 19 | 29 | 78 |
| EBITDA (ex other income) | 0 | 0 | 0 | 1 | 5 |
| margin % | 0.0 | 0.0 | 1.1 | 2.4 | 6.1 |
| Owners' profit | 0 | 0 | 0 | 1 | 6 |
| EPS, as reported (₹) | 0.07 | 0.08 | 1.19 | 0.57 | 0.06 |
| ROE % · ROCE % | (18.4) · (29.2) | (27.7) · 0.6 | 0.6 · 0.5 | 0.7 · 0.6 | 5.9 · 4.3 |
| Debt / equity (x) | (0.37) | (44.68) | 0.07 | 0.03 | 0.06 |
| Cash from operations | (0) | (2) | 4 | (38) | (58) |
| Capex | 0 | 0 | 0 | 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 | 8 | 6 | 9 | 4 | 57 | 12 | 4 | 1 |
| Profit before tax | 1 | 0 | (1) | 0 | 6 | 0 | (1) | 0 |
| Net profit | 1 | 0 | (1) | 0 | 4 | 0 | (2) | 0 |
| EPS (₹) | 1.32 | 0.18 | (0.45) | 0.19 | 1.90 | 0.01 | (0.07) | 0.00 |
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 | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.4 | 13.9 | 17 of 130 | 88% |
| P/B | 2.1 | 0.9 | 103 of 150 | 32% |
| ROCE | 4.3 | 2.1 | 69 of 177 | 61% |
| ROE | 5.9 | 2.3 | 55 of 158 | 66% |
| Debt / Equity | 0.1 | 0.1 | 75 of 154 | 52% |
| EBITDA margin | 9.3 | 4.5 | 47 of 137 | 66% |
| Revenue growth | (83.8) | (8.6) | 114 of 135 | 16% |
| Profit growth | (88.1) | 0.6 | 116 of 157 | 26% |
| Market cap | 209 | 21 | 21 of 179 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · September 2026 results: sharp revenue and profit fall, qualified review | results | high | — | — |
| 28 Oct 2026 · Q2 profit after tax drops to Rs 32.52 lakh; review is qualified | results | high | — | — |
| 28 Oct 2026 · Quarter profit Rs 32.52 lakh; auditor flags verification gaps | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board meeting to review September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · Quarterly RTA certificate under SEBI Reg 74(5) for Sept 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 19 Sept 2026 · AGM 2026: All 4 resolutions passed; promoter group holds zero shares | compliance | minimal | — | — |
| 19 Sept 2026 · Scrutinizer Report Submitted - All 4 AGM Resolutions Passed with Over 99.99% Majority | compliance | minimal | — | — |
| 17 Sept 2026 · Outcome of 44th AGM held on 17 September 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Newspaper publication of 44th AGM notice, book closure and e-voting | 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.