NSE: EKI · BSE: 543284
EKI ENERGY SERVICES LTD
Operates in climate and carbon markets, supplying renewable energy carbon credits and running a Generation Segment that originates the underlying emission-reduction projects. Revenue is split between a Trading Segment, which buys and sells carbon credits, and a Generation Segment, which develops the projects themselves. The Generation Segment is proposed to be demerged into EKI One Community Projects Limited, a scheme awaiting NCLT and regulatory approval. On May 24, 2026, the Central Electricity Regulatory Commission granted a Category 'IV' Inter-State Electricity Trading Licence for 25 years under the Electricity Act, 2003, which requires the company to maintain a minimum net worth of Rs 10 crore and charge margins as per CERC Trading Licence Regulations, 2020. Its wholly-owned subsidiary GHG Reduction Technologies manufactures improved cook stoves, biomass products, and carbon capture technologies, with FY25 turnover of about Rs 10.14 crore and net worth of Rs 12.61 crore. The company is recognised in Abatable's 'The Carbon Market Dimensions that Matter in 2026' report as one of the Top Five Suppliers of Renewable Energy Carbon Credits for 2025. The largest cost lines are other operating expenses at 37.4% of revenue and employee costs at 24.6%, with depreciation at 28.8% reflecting generation assets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading Segment, Generation Segment, Inter-state Electricity Trading, Subsidiary: GHG Reduction Technologies. Cyclical, services-led carbon credit origination and trading, with project-generation assets and a newly added electricity trading licence.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,800 | 1,286 | 263 | 406 | 87 |
| EBITDA (ex other income) | — | 162 | (132) | 0 | (9) |
| margin % | — | 12.6 | (50.0) | 0.0 | (10.2) |
| Owners' profit | — | 104 | (126) | 1 | (15) |
| EPS, as reported (₹) | 557.43 | 43.46 | (46.93) | 0.31 | (5.90) |
| ROE % · ROCE % | — · 125.7 | 22.1 · 22.5 | (31.2) · (20.4) | (0.2) · 0.2 | (4.3) · (2.9) |
| Debt / equity (x) | — | 0.12 | 0.00 | 0.00 | 0.01 |
| Cash from operations | 31 | 141 | 165 | 43 | (29) |
| Capex | — | (7) | (2) | (1) | (2) |
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 | 178 | 143 | 67 | 18 | 15 | 35 | 17 | 20 |
| Profit before tax | (0) | 4 | 3 | (7) | (2) | 0 | (5) | (8) |
| Net profit | 0 | 4 | 2 | (7) | (1) | (3) | (5) | (8) |
| EPS (₹) | 0.01 | 1.53 | 0.56 | (2.41) | 0.47 | 1.33 | (1.68) | (2.73) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading | 44 | 50.3 |
| Generation | 4 | 4.8 |
| Trading Segment | 16 | 18.9 |
| Generation Segment | 22 | 24.9 |
| Generating | 1 | 1.1 |
| Total, before eliminations | 87 | 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. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL MINE P N D INST L | 13,202 | 43.4 | 5.78 | — | 26.9 | 34.6 | — | 34.9 |
| IIRM HOLDINGS INDIA LTD | 720 | 29.4 | 4.57 | 12.2 | 15.5 | 14.4 | — | 24.9 |
| Qualitek Labs Limited | 576 | 36.9 | — | — | — | 8.5 | — | — |
| Monarch Surveyors and Engineer | 359 | 7.3 | — | — | — | 20.9 | — | — |
| LIKHAMI CONSULTING LIMITED | 307 | 965.6 | 8.75 | — | 0.7 | 0.9 | — | 67.2 |
| Ekansh Concepts Limited | 247 | 78.6 | 5.44 | 149.2 | (6.7) | (6.8) | (12.2) | 48.8 |
| EKI ENERGY SERVICES LTD ◆ | 216 | — | 0.56 | 21.9 | (4.3) | (3.0) | — | (6.1) |
| AAA TECHNOLOGIES LIMITED | 148 | 69.4 | 4.77 | — | 6.7 | 8.9 | — | 31.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.6 | 2.0 | 4 of 17 | 81% |
| ROCE | (3.0) | 8.2 | 23 of 26 | 12% |
| ROE | (4.3) | 6.7 | 14 of 17 | 19% |
| Debt / Equity | 0.0 | 0.0 | 9 of 17 | 50% |
| EBITDA margin | (6.1) | 31.8 | 16 of 17 | 6% |
| Revenue growth | 12.4 | 10.3 | 9 of 18 | 53% |
| Profit growth | (17.5) | (29.8) | 8 of 18 | 59% |
| Market cap | 216 | 35 | 7 of 26 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine RTA compliance certificate filed for Sep 2026 quarter | compliance | minimal | — | — |
| 12 Oct 2026 · EKI Energy expands business scope to metals trading, recycling, and renewable fuels | corporate actions | medium | — | — |
| 12 Oct 2026 · Postal Ballot Result: MOA Object Clause Alteration Approved | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading Window Closed from Oct 1 for Q2 FY26 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Newspaper ad confirming dispatch of Postal Ballot Notice | compliance | minimal | — | — |
| 10 Sept 2026 · Postal ballot to expand business into metals trading and green energy | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Board approves major expansion of business objects into metals, hydrogen and staffing | general | medium | — | — |
| 9 Sept 2026 · GST inspection at EKI Energy corporate office by DG Intelligence Bhopal | regulatory legal | high | — | — |
| 8 Sept 2026 · NCLT dismisses insolvency petition against EKI Energy | regulatory legal | high | — | — |
| 26 Aug 2026 · EKI Energy 15th AGM: All 3 resolutions passed with over 99% approval | board shareholder meetings | medium | — | — |
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.