Acts as a non-banking financial company earning revenue from interest income and from gains on sale of shares. In FY26, total revenue was Rs. 130.59 lakhs, comprising interest income of Rs. 111.55 lakhs and income from sale of shares of Rs. 19.02 lakhs. The book is very small, with total assets of Rs. 1,541.01 lakhs, cash and cash equivalents of Rs. 103.76 lakhs and reserves of Rs. 224.08 lakhs. Costs are dominated by employee expenses at 25.9% of revenue and other operating expenses at 33.9% of revenue, with no materials, depreciation or capex recorded against revenue. The company is in the middle of a change of control: existing promoters are selling a 13.83% stake and a preferential issue of up to 8 crore shares at Rs. 2.50 per share (raising Rs. 20 crore) is being placed with five allottees, alongside a mandatory open offer for another 26% at the same price. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income, Sale of shares. Small, asset-light NBFC focused on interest income and share-sale gains
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 3 | 2 | 1 |
| EBITDA (ex other income) | 1 | (0) | 1 | 1 | 0 |
| margin % | 37.8 | (17.1) | 47.0 | 28.0 | 24.6 |
| Owners' profit | 1 | (0) | 1 | 0 | 0 |
| EPS, as reported (₹) | 0.10 | (0.04) | 0.18 | 0.06 | 0.03 |
| ROE % · ROCE % | 4.9 · — | (2.1) · — | 7.9 · — | 2.5 · — | 1.1 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (0) | 0 | 0 | 1 |
| Capex | 0 | 0 | (0) | 0 | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.01 | 0.04 | 0.02 | (0.01) | 0.01 | 0.01 | 0.01 | 0.01 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,43,552 | 31.7 | 5.50 | 11.6 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,42,019 | 18.1 | 3.67 | 6.7 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,57,446 | 27.2 | 5.17 | 6.9 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,54,110 | 28.2 | 3.27 | 6.5 | 10.4 | — | — | 75.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Open offer at Rs 2.50 per share for 26 percent stake in Cubical Financial | strategic transactions | high | — | — |
| 10 Sept 2026 · Open Offer to buy 26% of Cubical Financial Services at Rs 2.50 per share | strategic transactions | high | — | — |
| 9 Sept 2026 · Kanchan Saraogi acquires 9.46% stake via preferential allotment | ownership changes | high | — | — |
| 9 Sept 2026 · Non-promoter Manoj Agrawal acquires 21.26% stake in Cubical Financial | ownership changes | high | — | — |
| 8 Sept 2026 · Newspaper publication of 36th AGM notice submitted to BSE | compliance | minimal | — | — |
| 7 Sept 2026 · Allotment of 2.89 crore equity shares to promoters at Rs 2.50 each | fund raising | high | — | — |
| 3 Sept 2026 · Weblink for Annual Report and AGM Notice FY 2025-26 | compliance | minimal | — | — |
| 3 Sept 2026 · 36th AGM on Sep 28, 2026; cut-off date Sep 21 for e-voting | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY26 filed; PAT declines to Rs 17.43 lakh | results | high | — | — |
| 1 Sept 2026 · RBI approves change in control and new directors at Cubical Financial | management changes | high | — | — |
| 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 |
| MUTHOOT FINANCE LIMITED |
| 1,12,094 |
| 9.9 |
| 2.82 |
| 3.9 |
| 26.7 |
| — |
| 22.0 |
| 84.0 |
| SBI CARDS & PAY SER LTD | 62,349 | 27.4 | 3.96 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 55,706 | 20.2 | 2.70 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,217 | 23.3 | 3.51 | 6.7 | 13.8 | — | — | 78.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 168.8 | 18.2 | 198 of 212 | 7% |
| P/B | 2.9 | 1.1 | 193 of 245 | 21% |
| ROE | 1.1 | 3.0 | 172 of 266 | 36% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| EBITDA margin | 50.8 | 48.6 | 122 of 249 | 51% |
| Revenue growth | (19.4) | 12.6 | 165 of 231 | 29% |
| Profit growth | 219.6 | 7.8 | 38 of 251 | 85% |
| Market cap | 44 | 37 | 122 of 260 | 53% |
| 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.
