BSE: 530571
EXPLICIT FINANCE LTD.
Operates as a small non-banking finance company (NBFC) engaged in investment and financing activities, with a single reportable segment under IND AS 108. Earnings come from interest and other income on its loan book, which is the primary asset on the balance sheet. The loan book stood at ₹747.96 lakhs as of March 31, 2026, up from ₹578.93 lakhs a year earlier, while cash and equivalents fell sharply to ₹25.88 lakhs from ₹188.45 lakhs. Total revenue from operations for FY26 was ₹327.08 lakhs, down from ₹676.63 lakhs in FY25, and the company posted a marginal net loss of ₹0.87 lakhs against a loss of ₹0.47 lakhs in FY25. Operating cash flow was deeply negative at ₹(161.16) lakhs in FY26 versus ₹69.43 lakhs positive in FY25. Costs are dominated by employee costs at ₹0.1807 cr (5.5% of revenue) and other operating expenses at ₹0.4493 cr (13.7% of revenue), with no materials cost line. A related-party loan of ₹25.00 lakhs (balance ₹25.93 lakhs) was extended to Voltrix Inc during the year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Investment and financing (100%). Small, capital-light, single-segment NBFC with negative other equity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12 | 23 | 9 | 7 | 3 |
| EBITDA (ex other income) | (1) | 0 | 0 | (0) | (0) |
| margin % | (4.3) | 0.1 | 0.2 | (0.3) | (0.0) |
| Owners' profit | (0) | 0 | 0 | (0) | (0) |
| EPS, as reported (₹) | (0.30) | 0.01 | 0.02 | (0.01) | (0.01) |
| ROE % · ROCE % | (3.5) · — | 0.1 · — | 0.2 · — | (0.1) · — | (0.1) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | 1 | 0 | 1 | (2) |
| 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 | 1 | 2 | 1 | 2 | 1 | 1 | 1 | 1 |
| Profit before tax | (0) | 0 | 0 | (0) | 0 | (0) | 0 | (0) |
| Net profit | (0) | 0 | 0 | (0) | 0 | (0) | 0 | (0) |
| EPS (₹) | (0.10) | 0.04 | 0.09 | (0.03) | 0.11 | (0.12) | 0.16 | (0.16) |
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 | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.1 | 1.3 | 40 of 95 | 59% |
| ROE | (0.1) | 2.9 | 83 of 113 | 27% |
| EBITDA margin | (21.3) | 25.4 | 81 of 92 | 12% |
| Revenue growth | (71.6) | 16.2 | 86 of 91 | 6% |
| Profit growth | (408.6) | 5.2 | 102 of 110 | 7% |
| Market cap | 9 | 47 | 86 of 108 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine SEBI Depository Compliance Certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results - all 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Explicit Finance 32nd AGM held Sept 30; three items tabled for vote | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY26 filed; revenue fell 52%, losses widened | results | high | — | — |
| 31 Aug 2026 · Independent Director Ms. Vandana Kalokhe resigns citing pre-occupation | management changes | medium | — | — |
| 14 Aug 2026 · Explicit Finance Q1 FY27 results: profit rises to Rs 6.76 lakh | compliance | minimal | — | — |
| 4 Aug 2026 · Board meeting on Aug 12 to consider Q1 FY27 results and AGM matters | results | low | — | — |
| 15 Jul 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 25 Jun 2026 · Trading Window Closure Ahead of Q1 FY27 Results | compliance | minimal | — | — |
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.