BSE: 539770
DARJEELING INDUSTRIIES LIMITED
Trades agricultural products, with FY26 revenue of Rs. 445.92 lakhs rising from Rs. 91.01 lakhs in FY25 on the strength of this segment. The entity, formerly Darjeeling Ropeway Company Limited and classified under Financial Services / Other Financial Services, is listed on BSE (code 539770). Revenue is generated entirely from this trading activity, while a recently incorporated subsidiary, NOVVA Defence Iinds Limited (99.64% owned, acquired January 2026), is set up for industrial manufacturing and defence systems — defence equipment, arms, ammunition, military vehicles, aerospace systems and MRO services — but has not commenced operations. The subsidiary has signed an MOU to take a 51% stake in SJ Construction, a partnership firm. Operating scale is small: FY26 net profit was Rs. 169.87 lakhs, EBITDA margin 56.58%, and total assets Rs. 2,199.92 lakhs. Cost structure shows zero materials cost, employee cost at 6.3% of revenue, other opex at 12.9% and depreciation at 2.9%, with capex at 26.1% of revenue. Operating cash flow was sharply negative at -Rs. 529.17 lakhs as receivables and inventory were built up. Funding has come from preferential warrants — Rs. 606.31 lakhs raised at Rs. 16.80 per share — and the company carries no outstanding borrowings and no credit rating. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading of agricultural products, Defence and industrial manufacturing (subsidiary, not yet operational). Small-cap, recently pivoted from a ropeway heritage to agricultural commodity trading; defence subsidiary pre-operational.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 1 | 4 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | 2 |
| margin % | — | — | — | (27.2) | 41.9 |
| Owners' profit | 0 | (0) | (0) | (0) | 2 |
| EPS, as reported (₹) | 0.11 | (0.01) | (0.13) | (0.88) | 3.83 |
| ROE % · ROCE % | 0.7 · 3.3 | (0.1) · (0.0) | (0.8) · (0.4) | (5.6) · (5.4) | 11.0 · 15.5 |
| Debt / equity (x) | 0.32 | 0.04 | 0.83 | 0.26 | 0.00 |
| Cash from operations | (0) | (0) | (0) | 12 | (5) |
| Capex | 0 | 0 | 0 | (1) | (1) |
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 | 1 | 0 | 0 | 0 | 0 | 1 | 3 | 1 |
| Profit before tax | 0 | (0) | (0) | (1) | (0) | 1 | 1 | 0 |
| Net profit | 0 | (0) | (0) | (0) | (0) | 1 | 1 | 0 |
| EPS (₹) | 1.01 | (0.33) | (0.17) | (1.38) | (0.57) | 2.46 | 2.35 | 0.16 |
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/E (TTM) | 4.1 | 19.0 | 12 of 76 | 85% |
| P/B | 0.9 | 1.0 | 49 of 105 | 54% |
| ROCE | 15.5 | 1.8 | 13 of 83 | 85% |
| ROE | 11.0 | 1.3 | 15 of 111 | 87% |
| Debt / Equity | 0.0 | 0.0 | 1 of 77 | 55% |
| EBITDA margin | 26.7 | 25.6 | 44 of 91 | 52% |
| Profit growth | 116.8 | (0.2) | 22 of 109 | 81% |
| Market cap | 14 | 26 | 76 of 113 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Preeti Tolani appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 27 Oct 2026 · Preeti Tolani appointed Company Secretary and Compliance Officer | management changes | medium | — | — |
| 13 Oct 2026 · Clarification on significant price movement - no undisclosed info | compliance | low | — | — |
| 12 Oct 2026 · BSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 12 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM Results: All 4 Resolutions Passed Including Director Reappointment and RPT | compliance | minimal | — | — |
| 1 Oct 2026 · AGM Scrutinizer Report: All Four Resolutions Passed | compliance | minimal | — | — |
| 30 Sept 2026 · Completion of tenure of Independent Director Mr. Pranav Vajani | management changes | medium | — | — |
| 30 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 29 Sept 2026 · 89th AGM concluded in 7 minutes; 4 resolutions moved including related party deal | 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.