BSE: 526473
ELEGANT FLORICULTURE & AGROTEC
Operates as a single trading segment in the floriculture and agricultural products space. For FY26, revenue from operations was ₹16,003.19 lakhs, up roughly 24% from ₹12,893 lakhs in FY25 per the audited results filed on May 22, 2026. The cost structure does not resemble a producer of flowers or crops: materials cost is reported at 0% of revenue and other operating expenses absorb 98.1% of revenue, with employee cost at 0.1%, indicating a pass-through role. EBITDA margin is thin at 1.81%. Revenue recognition is highly back-loaded across the year - the Q3 FY26 filing shows revenue from operations of just ₹0.89 lakh for the quarter and ₹956.70 lakhs for the nine months ended December 31, 2025, while the FY26 full-year total was ₹16,003.19 lakhs. The statutory auditor issued an unmodified opinion but flagged an emphasis of matter over trade receivables of ₹16,026.42 lakhs and trade payables of ₹15,482.14 lakhs that could not be independently verified through external balance confirmations. Operating cash flow turned positive at ₹788.99 lakhs in FY26 from negative ₹775.50 lakhs in the prior year. The board has approved additions to the objects clause covering real estate, construction, builders, developers, contractors and infrastructure projects, and a name change to Elegant Infrastructure Limited - signalling a strategic shift. The registered office is being moved from Pune, Maharashtra to Gujarat and the company has executed an MoU for the sale of land. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading. Single-segment trader with negligible materials cost, thin margins and back-loaded revenue recognition
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 160 |
| EBITDA (ex other income) | (0) | (0) | (0) | 0 | 3 |
| margin % | (10.9) | (32.7) | (22.7) | 32.5 | 1.8 |
| Owners' profit | 0 | (0) | 0 | 1 | 2 |
| EPS, as reported (₹) | 0.07 | (0.06) | 0.01 | 0.58 | 1.09 |
| ROE % · ROCE % | 0.7 · 1.1 | (0.6) · (0.8) | 0.1 · 0.1 | 4.9 · 6.4 | 8.4 · 8.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.33 | 0.00 |
| Cash from operations | (10) | (1) | (1) | (8) | 8 |
| Capex | (0) | (3) | (0) | (0) | 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 | 0 | 1 | 0 | 150 | 10 | 0 | 0 | 3 |
| Profit before tax | 0 | 1 | 0 | 3 | 0 | 0 | (0) | 0 |
| Net profit | 0 | 1 | 0 | 2 | 0 | 0 | (0) | 0 |
| EPS (₹) | 0.03 | 0.40 | 0.06 | 1.03 | 0.00 | 0.00 | 0.02 | 0.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 14,119 | 22.1 | 3.12 | 12.0 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,950 | 11.8 | 1.54 | 9.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 7,520 | 18.1 | 2.28 | 13.9 | 9.2 | 11.7 | 4.0 | 17.0 |
| TRUALT BIOENERGY LIMITED | 3,590 | 25.6 | 2.27 | 13.7 | 6.1 | 4.8 | — | 23.5 |
| KAVERI SEED CO. LTD. | 3,503 | 14.2 | 2.00 | 9.4 | 16.9 | 17.0 | 6.1 | 40.1 |
| INDRAYANI BIOTECH LTD. | 3,275 | 24.6 | 32.08 | 239.3 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,259 | 21.6 | 2.44 | 13.1 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 2,032 | 60.4 | — | — | — | — | — | 8.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.0 | 12.6 | 50 of 53 | 6% |
| P/B | 0.4 | 1.7 | 8 of 51 | 86% |
| ROCE | 8.5 | 4.1 | 28 of 67 | 59% |
| ROE | 8.4 | 3.5 | 19 of 51 | 64% |
| Debt / Equity | 0.0 | 0.4 | 1 of 51 | 88% |
| EBITDA margin | 5.3 | 9.7 | 33 of 45 | 27% |
| Revenue growth | (98.3) | 10.3 | 45 of 51 | 12% |
| Profit growth | (93.4) | 16.6 | 42 of 51 | 18% |
| Market cap | 11 | 67 | 59 of 69 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · AGM results: All 8 resolutions passed, company name change approved | compliance | minimal | — | — |
| 28 Sept 2026 · 33rd AGM proceedings: name change, object clause alteration approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 8 Sept 2026 · AGM notice published in newspaper, AGM on Sept 28 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · AGM notice with name change to Elegant Buildworks and business pivot | results | medium | — | — |
| 4 Sept 2026 · AGM on Sep 28 with name change to Elegant Buildworks and new business line | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Board sets 28 September 2026 AGM and voting dates | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Change in Secretarial Auditor for FY 2025-26 | management changes | medium | — | — |
| 17 Aug 2026 · Newspaper Publication of Q1 FY27 Financial Results | compliance | minimal | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Revenue Falls 83% YoY, PAT at 13.50 Lacs | results | 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.