BSE: 531278
Elixir Capital Limited
Functions as the listed holding entity for a small financial services group, with operations carried out through subsidiaries rather than at the standalone level. The holding company itself recorded only Rs 90.09 lakhs of total income in FY26, while the consolidated group reported Rs 34.21 crore of revenue. The operating subsidiaries are Elixir Equities (stock broking), Dipan Mehta Commodities (commodities trading), and Elixir Wealth Management, with the consolidated Q3 FY26 income from operations reaching Rs 1,323.08 lakhs, up roughly 122% year-on-year. Consolidated Q3 FY26 net profit was Rs 544.23 lakhs, up about 356% year-on-year, while nine-month consolidated revenue was Rs 3,698.27 lakhs. Employee costs dominate the cost structure at 61.9% of revenue, consistent with a people-driven advisory and brokerage business. Capital expenditure is negligible at 0.3% of revenue, reflecting an asset-light services model with total assets of Rs 131.12 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stock broking (Elixir Equities), Commodities trading (Dipan Mehta Commodities), Wealth management (Elixir Wealth Management). Asset-light, services-driven financial services holding company with brokerage, commodities and wealth management subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 23 | 4 | 33 | 35 | 34 |
| EBITDA (ex other income) | 18 | (2) | 26 | 20 | 6 |
| margin % | 76.2 | (51.5) | 79.3 | 55.8 | 18.6 |
| Owners' profit | 10 | (2) | 16 | 9 | 3 |
| EPS, as reported (₹) | 16.54 | (4.20) | 26.89 | 16.07 | 5.23 |
| ROE % · ROCE % | 24.7 · 35.4 | (7.1) · (3.2) | 30.7 · 40.4 | 15.8 · 25.1 | 4.9 · 9.2 |
| Debt / equity (x) | 0.34 | 0.15 | 0.35 | 0.39 | 0.49 |
| Cash from operations | 5 | 6 | (17) | 2 | 3 |
| Capex | (0) | (0) | 0 | (1) | (0) |
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 | 15 | 19 | 6 | (4) | 11 | 11 | 13 | (1) |
| Profit before tax | 11 | 15 | 2 | (10) | 5 | 4 | 7 | (10) |
| Net profit | 9 | 11 | 1 | (8) | 4 | 2 | 5 | (7) |
| EPS (₹) | 10.94 | 14.41 | 1.52 | (10.80) | 4.70 | 2.94 | 6.94 | (9.35) |
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) | 17.3 | 19.0 | 36 of 76 | 53% |
| P/B | 0.6 | 1.0 | 39 of 105 | 64% |
| ROCE | 6.3 | 1.8 | 25 of 83 | 71% |
| ROE | 4.9 | 1.3 | 33 of 111 | 71% |
| Debt / Equity | 0.5 | 0.0 | 64 of 77 | 17% |
| EBITDA margin | 859.3 | 25.6 | 4 of 91 | 97% |
| Profit growth | 13.1 | (0.2) | 52 of 109 | 53% |
| Market cap | 53 | 26 | 40 of 113 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Newspaper notice on special window for physical shares transfer | compliance | minimal | — | — |
| 14 Oct 2026 · RTA files quarterly demat compliance certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 25 Aug 2026 · New statutory auditor appointed at 32nd AGM | management changes | medium | — | — |
| 25 Aug 2026 · Elixir Capital 32nd AGM: All 5 resolutions passed, Rs 1.25 dividend declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 32nd AGM: profit fell sharply, dividend of Rs 1.25/share declared, fintech push via WhatsApp | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Enclosed are the unaudited standalone and consolidated financial results for the quarter ended 30-June-2026 | results | high | — | — |
| 13 Aug 2026 · Q1 FY27 results: consolidated profit up 125% on 70% revenue growth | results | high | — | — |
| 4 Aug 2026 · Newspaper publication for 32nd AGM notice and e-voting details | compliance | minimal | — | — |
| 3 Aug 2026 · Board meeting on 13 Aug 2026 to approve Q1 FY27 results | results | low | — | — |
| 1 Aug 2026 · 32nd AGM Notice - August 25, 2026 via Video Conference | 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.