BSE: 507984
Desi Farms India Limited
Operates as a micro-cap entity whose FY25 revenue of Rs. 0.4673 crore came entirely from 'Other Income', with no operating revenue from goods or services. The original classification was Road Transport, but the company's only reported segment-level revenue line is Other Income (Rs. 0.31 crore in the quarter ended June 2025, 100% of segment revenue), suggesting the legacy transport business is inactive. Employee cost was 12.2% of FY25 revenue, while other operating expenses were 169.6% of revenue, leaving the P&L loss-making at the operating level. Total assets stood at Rs. 0.3036 crore at FY25 end. The entity was renamed from SER Industries Limited to Desi Farms India Limited on March 19, 2026, and is shifting its registered office from Karnataka to Maharashtra. The bulk of recent corporate activity involves acquiring dairy and ice cream businesses: a 71.09% stake in SNA Milk and Milk Products Limited (FY25 turnover Rs. 33.74 crore, up from Rs. 17.9 crore in FY23) and a 42.69% stake in DFSU Farmer Connect Private Limited (ice cream and snacks). Both deals were share-swap transactions, with 2,11,07,790 equity shares allotted at Rs. 135 each (about Rs. 284.96 crore consideration), expanding equity capital from 98.96 lakh shares to 3.28 crore shares. Promoter Sunil Kumar Shahi's holding rose from 55.30% to 59.77%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other Income (100%), Dairy and ice cream (SNA Milk and Milk Products), Ice cream and snacks (DFSU Farmer Connect). Micro-cap shell in transition; legacy road transport dormant, now pivoting via dairy and ice cream acquisitions.
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 0 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 3.92 |
| ROE % · ROCE % | — · (121.0) |
| Debt / equity (x) | — |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY25 |
|---|---|
| Revenue | 0 |
| Profit before tax | (0) |
| Net profit | — |
| EPS (₹) | 1.88 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ABC INDIA LTD. | 34 | 14.2 | 0.59 | — | 4.0 | 3.5 | — | 1.5 |
| INTER STATE OIL CARRIER LTD. | 24 | 12.7 | 1.15 | — | 9.1 | 7.9 | — | 11.2 |
| BALURGHAT TECHNOLOGIES LTD. | 23 | 14.0 | 1.27 | — | 3.1 | 3.5 | — | 3.6 |
| FRONTLINE CORPORATION LTD. | 16 | 8.0 | 0.97 | 10.9 | 6.8 | 6.3 | — | 5.6 |
| COASTAL ROADWAYS LTD. | 8 | 5.0 | 0.33 | — | 6.2 | 7.6 | — | 14.4 |
| MAHASAGAR TRAVELS LTD. | 5 | 33.3 | 9.64 | — | 81.2 | 3.6 | — | 4.2 |
| Desi Farms India Limited ◆ | — | — | — | — | — | (124.2) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (124.2) | 7.0 | 76 of 76 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 2 Oct 2026 · 63rd AGM voting results: All 10 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 21 Sept 2026 · Reminder to physical share holders to update KYC details | compliance | minimal | — | — |
| 19 Sept 2026 · Newspaper ad of corrigendum to 63rd AGM notice filed with BSE | compliance | minimal | — | — |
| 6 Sept 2026 · Notice of 63rd AGM and e-voting details published in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Desi Farms India 63rd AGM Notice and Annual Report for FY 2025-26 | results | medium | — | — |
| 5 Sept 2026 · Notice of 63rd AGM on 30 Sep 2026; 8 material RPTs with subsidiaries for approval | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board approves FY26 reports, AGM on 30 Sep and related party deals | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Statutory Auditor M/s A N K H and Associates Resigns Mid Term | management changes | high | — | — |
| 1 Aug 2026 · Board meeting on Aug 5 to approve Q1 FY27 results | results | 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.