BSE: 506180
EMERGENT INDUSTRIAL SOLUTIONS
Trades industrial commodities — coal, coke, steel, iron ore, ferro alloys, oil, ores and minerals — largely sourced through related-party entities based in Dubai (Indo Resources DMCC and Indo International Trading FZCO) and Switzerland (Indo Intertrade AG). Postal ballot approvals for FY26-27 set purchase limits of up to Rs. 750 crore with Indo Resources DMCC, up to Rs. 500 crore with Indo International Trading FZCO, and up to Rs. 400 crore with Indo Intertrade AG. FY26 standalone revenue from operations stood at Rs. 43,185.60 lakhs, down roughly 46% from Rs. 79,674.15 lakhs in FY25, with standalone net profit after tax falling to Rs. 138.79 lakhs from Rs. 396.72 lakhs. The standalone P&L shows operating cash outflow of Rs. 1,336.73 lakhs in FY26, against negative Rs. 784.80 lakhs in FY25. Reported cost lines are minimal — employee cost at 0.7% of revenue, other operating expenses at 0.9%, with materials, depreciation and capex all shown at 0% of revenue — leaving the bulk of the cost base uncharacterised in the pack. The company also holds an education subsidiary (Indo Education Pvt Ltd) and has a Rs. 5 crore inter-corporate deposit to Wellspring Healthcare that defaulted in Q3 FY26, with criminal proceedings filed under Section 138 of the Negotiable Instruments Act. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading of coal, coke, steel, iron ore, ferro alloys, oil, ores and minerals. Small-cap commodity trading house with related-party procurement, recently renamed from an education-services entity and now posting sharply lower revenues.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 105 | 151 | 357 | 797 | 432 |
| EBITDA (ex other income) | (1) | (2) | 1 | 8 | 1 |
| margin % | (1.3) | (1.3) | 0.4 | 1.0 | 0.2 |
| Owners' profit | 1 | 1 | 2 | (4) | 1 |
| EPS, as reported (₹) | 2.97 | 3.05 | 3.75 | 8.27 | 2.79 |
| ROE % · ROCE % | 6.5 · 8.9 | 6.3 · 8.4 | 7.1 · 13.1 | 13.6 · 34.2 | 4.4 · 11.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (2) | (1) | 5 | (8) | (13) |
| Capex | (0) | (0) | (0) | (0) | (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 | 589 | 50 | 110 | 47 | 53 | 123 | 75 | 181 |
| Profit before tax | 7 | (0) | (0) | (1) | 1 | (0) | (0) | 2 |
| Net profit | 5 | (0) | (0) | (1) | 0 | (0) | (0) | 1 |
| EPS (₹) | 11.39 | 11.39 | (0.73) | (2.36) | 0.96 | (0.44) | (0.65) | 2.92 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SG MART LIMITED | 10,105 | 81.3 | 6.33 | 47.7 | 7.0 | 8.7 | — | 5.2 |
| LLOYDS ENTERPRISES LTD | 9,442 | 30.8 | 1.74 | 18.2 | 7.7 | 7.5 | 365.3 | 23.2 |
| NUPUR RECYCLERS LIMITED | 1,091 | 63.7 | 7.42 | 40.3 | 11.2 | 12.4 | — | 16.2 |
| BMW VENTURES LIMITED | 550 | 12.9 | 1.24 | — | 8.5 | 11.1 | — | 3.6 |
| EMERGENT INDUSTRIAL SOLUTIONS ◆ | 218 | 171.3 | 7.51 | 63.9 | 4.4 | 5.8 | (3.4) | 1.8 |
| La Tim Metal & Industries Limi | 129 | 16.0 | 1.63 | 8.3 | 10.4 | 11.7 | (0.3) | 4.9 |
| BONLON INDUSTRIES LIMITED | 56 | 18.4 | 0.56 | 11.5 | 2.6 | 3.0 | 32.7 | 2.6 |
| RR METALMAKERS INDIA LIMITED | 39 | — | 6.13 | 41.4 | (4.9) | (5.7) | — | 4.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 171.3 | 30.8 | 9 of 9 | 0% |
| P/B | 7.5 | 1.7 | 10 of 10 | 0% |
| ROCE | 5.8 | 7.7 | 7 of 10 | 33% |
| ROE | 4.4 | 7.3 | 8 of 10 | 22% |
| Debt / Equity | 0.0 | 0.3 | 1 of 10 | 89% |
| EBITDA margin | 1.8 | 4.7 | 9 of 10 | 11% |
| Revenue growth | 284.6 | 20.0 | 1 of 10 | 100% |
| Profit growth | 223.9 | 61.8 | 1 of 10 | 100% |
| Market cap | 218 | 173 | 5 of 10 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to reconstitute committees on November 2, 2026 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM results, all 9 resolutions pass with over 99.96 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · Independent Director Rakesh Suri ends second term, steps down | management changes | medium | — | — |
| 30 Sept 2026 · 43rd AGM held on Sept 30, 2026; key board and RPT approvals | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed for insiders from Oct 1, 2026 till Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · AGM notice published in newspapers; 43rd AGM set for September 30, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · 43rd AGM on September 30, 2026 - Book Closure September 24-30 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Notice of 43rd AGM and Annual Report FY 2025-26 dispatch | compliance | minimal | — | — |
| 5 Sept 2026 · 43rd AGM on 30 Sept 2026, book closure 24 to 30 Sept, e-voting 27 to 29 Sept | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Annual Report FY2025-26 filed; AGM set for Sep 30, 2026 | compliance | 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.