BSE: 531502
ESAAR (INDIA) LTD.
Operates as a Base Layer NBFC under RBI's Scale Based Regulations, with revenue primarily driven by share and securities trading. In FY26, revenue from operations rose to ₹4,070.88 lakhs from ₹1,476.84 lakhs in FY25, a 175% increase, and the company swung to a net profit of ₹1,113.69 lakhs from a loss of ₹224.40 lakhs. Inventories rose sharply, reflecting higher share trading activity, with closing stock now classified as inventories under a revised accounting treatment. The cost structure is light, with negligible material costs, employee costs at 0.8% of revenue, and other operating expenses at 12.8%. The board has approved a rights issue of up to ₹60 crore to existing shareholders and appointed a new CFO in June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Share and securities trading. Small, light-cost NBFC focused on share and securities trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 21 | 7 | 15 | 41 |
| EBITDA (ex other income) | (4) | 13 | (2) | (0) | 24 |
| margin % | (44.2) | 61.5 | (24.2) | (0.7) | 60.1 |
| Owners' profit | 21 | 4 | (0) | (2) | 11 |
| EPS, as reported (₹) | 10.28 | 2.19 | (0.24) | (1.10) | 5.45 |
| ROE % · ROCE % | 49.8 · — | 10.0 · — | (1.3) · — | (9.6) · — | 28.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (29) | (41) | 72 | (5) | 0 |
| Capex | (0) | (2) | (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 | 5 | 1 | 3 | 2 | 15 | 3 | 21 | 6 |
| Profit before tax | (1) | (0) | (2) | (17) | 10 | 2 | 22 | 2 |
| Net profit | (1) | (1) | (2) | (17) | 12 | (9) | 25 | 2 |
| EPS (₹) | 0.00 | (0.28) | (1.10) | (8.37) | 5.79 | (4.21) | 12.24 | 0.81 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 16,223 | 26.6 | 10.90 | 15.6 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,690 | 99.7 | 29.04 | 5.5 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 6,974 | 16.7 | 2.33 | 11.8 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,664 | 16.4 | 12.09 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 4,970 | 178.3 | 9.37 | 4.2 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,670 | 18.4 | 4.00 | 14.0 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,465 | 35.8 | 2.60 | 26.5 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,275 | — | 6.36 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.7 | 12.7 | 5 of 79 | 95% |
| P/B | 0.5 | 1.3 | 22 of 95 | 78% |
| ROE | 28.1 | 2.9 | 7 of 113 | 95% |
| EBITDA margin | 78.6 | 25.4 | 17 of 92 | 82% |
| Revenue growth | 221.6 | 16.2 | 11 of 91 | 89% |
| Profit growth | 109.7 | 5.2 | 26 of 110 | 77% |
| Market cap | 20 | 47 | 71 of 108 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance certificate for share dematerialisation, Q2 FY2027 | compliance | minimal | — | — |
| 1 Oct 2026 · 74th AGM: All 5 Resolutions Passed with 100% Votes in Favour | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 74th AGM results: All 5 resolutions passed with 100% approval | compliance | minimal | — | — |
| 30 Sept 2026 · Esaar India 74th AGM held on Sept 30, 2026; five resolutions tabled | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Web link shared for Annual Report FY2025-26 and 74th AGM Notice | compliance | minimal | — | — |
| 21 Sept 2026 · Esaar India appoints Rao and Shyam as Internal Auditor for FY27 | management changes | low | — | — |
| 17 Sept 2026 · Esaar India allots 5.99 crore shares under Rights Issue | compliance | minimal | — | — |
| 16 Sept 2026 · Prabhat Capital Investments acquires 35.26% stake in Esaar India via rights issue | ownership changes | medium | — | — |
| 15 Sept 2026 · Rights issue of 5.99 crore shares fully allotted at Rs 10 each | fund raising | high | — | — |
| 15 Sept 2026 · Rights Issue Allotment Completed - Share Count Nearly 4x | fund raising | 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.