BSE: 543500
Evoq Remedies Limited
A small agro-commodity trading firm based in Ahmedabad, classified under Services / Trading & Distributors. Revenue from operations stood at Rs 25.51 crore in FY26, with the H1 FY26 figure more than doubling to Rs 2,550.68 lakhs from Rs 1,175.67 lakhs in H1 FY25. Despite the top-line growth, the company swung to a net loss of Rs 25.10 lakhs in FY26 from a profit in FY25, and the statutory auditor issued a qualified opinion with a material uncertainty related to going concern, citing curtailed operations and minimal revival prospects. Cost structure in FY26 was dominated by other operating expenses at 5.5% of revenue, with employee costs at 0.3% of revenue and materials at 0%; total assets stood at Rs 51.94 crore at year-end. In June 2026, the National Company Law Tribunal admitted a Corporate Insolvency Resolution Process against the company following an application by an operational creditor, and an Interim Resolution Professional is to be appointed. The auditor also flagged Rs 668.86 lakhs of related-party loans extended without proper approvals, Rs 1,251.18 lakhs of unconfirmed supplier advances, and a Rs 655.03 lakh GST demand under litigation. Promoters sold nearly their entire stakes through open-market transactions in October 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agro-commodity trading. Small, distressed trading firm under insolvency resolution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 17 | 20 | 4 | 12 | 26 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.70 | 1.19 | 1.25 | 0.04 | 0.10 |
| ROE % · ROCE % | — · 6.3 | — · 9.2 | — · 2.4 | — · 0.3 | — · (0.6) |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (26) | (4) | 5 | (15) | (0) |
| Capex | — | — | — | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 5 | 4 | 0 | 0 | 12 | 26 | 0 |
| Profit before tax | 0 | 2 | 0 | 1 | (2) | 2 | 0 | (0) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.02 | 0.97 | 0.40 | 1.03 | 0.00 | 0.69 | 0.02 | 0.12 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.9 | 13.9 | 11 of 130 | 92% |
| ROCE | (0.6) | 2.1 | 137 of 177 | 23% |
| Revenue growth | (100.0) | (8.6) | 127 of 135 | 0% |
| Market cap | 4 | 21 | 168 of 179 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA Compliance Certificate for Quarter Ended September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Evoq Remedies gets one-month extension to hold AGM due to CIRP | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Trading Window Closed for Half-Yearly Results | compliance | minimal | — | — |
| 10 Jun 2026 · Corporate Insolvency Resolution process (CIRP) - Admission of application by Tribunal | regulatory legal | critical | — | — |
| 30 May 2026 · Submission of Integrated Financial Results for the Half year and Year ended on 31st March, 2026 | results | high | — | — |
| 30 May 2026 · Appointment of Secretarial Auditor of the Company for FY 2025-26. | management changes | low | — | — |
| 30 May 2026 · Board of Directors has approved Audited Financials results for the Halh year and year ended on 31st March, 2026 | results | high | — | — |
| 30 May 2026 · Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors in their meeting held today i.e. .... | board shareholder meetings | low | — | — |
| 27 May 2026 · Evoq Remedies Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/05/2026 ,inter alia, to consider and approve Pursuant to Regulation 29(1) .... | results | low | — | — |
| 11 May 2026 · Evoq Remedies Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/05/2026 ,inter alia, to consider and approve Pursuant to Regulation 29(1) .... | results | 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.