NSE: EFCIL · BSE: 512008
EFC (I) LIMITED
Operates an integrated 'real estate as a service' platform spanning office leasing, design-and-build (Interior) and furniture manufacturing. The Rental segment — leasing fully fitted office seats to enterprises — is the largest line at 51.7% of FY26 revenue (Rs 535.65 cr), with EBIT margin of 39.7%. Interior, which provides workspace design, build and fit-out services, contributed 42.2% (Rs 437.79 cr) at a 27.3% EBIT margin. Furniture manufacturing is the smallest segment at 6.1% (Rs 63.23 cr) at a 24.7% EBIT margin. An asset-light managed office solutions business is also run through wholly owned subsidiary EFC Limited, which the Board has approved for demerger into the parent (NCLT Mumbai approval pending). Materials are the largest cost at 39.4% of revenue, followed by depreciation at 11.6% and employee cost at 5.8%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Rental (52%), Interior (42%), Furniture (6%). Asset-light, services-led commercial workspace platform combining leasing, design-and-build and in-house furniture
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 103 | 419 | 657 | 1,037 |
| EBITDA (ex other income) | 62 | 183 | 328 | 468 |
| margin % | 60.0 | 43.5 | 49.9 | 45.2 |
| Owners' profit | 4 | 58 | 113 | 232 |
| EPS, as reported (₹) | 9.29 | 14.06 | 14.14 | 16.87 |
| ROE % · ROCE % | 5.2 · 5.2 | 14.6 · 14.1 | 24.2 · 17.9 | 28.8 · 17.8 |
| Debt / equity (x) | 0.78 | 0.95 | 0.40 | 0.38 |
| Cash from operations | — | 16 | 134 | 55 |
| Capex | — | (122) | (143) | 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 | 166 | 177 | 211 | 220 | 255 | 270 | 293 | 283 |
| Profit before tax | 56 | 52 | 71 | 66 | 76 | 82 | 85 | 101 |
| Net profit | 37 | 40 | 48 | 47 | 57 | 62 | 69 | 71 |
| EPS (₹) | 7.35 | 8.13 | 4.82 | 4.69 | 5.70 | 4.61 | 5.06 | 4.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Rental | 536 | 51.7 |
| Interior | 438 | 42.2 |
| Furniture | 63 | 6.1 |
| Total, before eliminations | 1,037 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.5 | 13.0 | 26 of 79 | 68% |
| P/B | 3.1 | 1.3 | 70 of 95 | 26% |
| ROCE | 15.1 | 3.4 | 17 of 103 | 84% |
| ROE | 28.8 | 2.9 | 6 of 113 | 96% |
| Debt / Equity | 0.4 | 0.1 | 66 of 91 | 28% |
| EBITDA margin | 47.5 | 25.4 | 33 of 92 | 65% |
| Revenue growth | 28.8 | 16.2 | 35 of 91 | 62% |
| Profit growth | 51.8 | 5.2 | 42 of 110 | 62% |
| Market cap | 2529 | 47 | 12 of 108 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 2 to approve September results | results | low | — | — |
| 27 Oct 2026 · NCLT sets 27 November 2026 final hearing for EFCIL demerger | strategic transactions | medium | — | — |
| 13 Oct 2026 · Quarterly dematerialisation compliance certificate filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · EFC (I) completes 100% Ultrafresh acquisition via share swap | strategic transactions | high | — | — |
| 1 Oct 2026 · EFC allots 20 lakh shares at Rs 270 each via share swap for Ultrafresh acquisition | fund raising | high | — | — |
| 30 Sept 2026 · 42nd AGM: All 3 resolutions approved with requisite majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 42nd AGM of EFC (I) Limited held; results of 3 resolutions to follow | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 24 Sept 2026 · EFC (I) sends notices for demerger scheme; NCLT dispenses meetings | strategic transactions | high | — | — |
| 22 Sept 2026 · NCLT order on EFCIL demerger scheme; shareholder meetings dispensed with | strategic transactions | high | — | — |
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.