BSE: 539492
Garbi Finvest Limited
Operates as a non-banking financial company (NBFC) that lends to borrowers and earns interest income on those loans. Revenue from operations for FY26 stood at Rs 255.14 lakh, against a net loss of Rs 357.98 lakh for the year. The loan book outstanding totalled Rs 35.77 crore, of which Rs 15.11 crore was set aside as NPA provisions. Interest income declined year-on-year in Q3 FY26 to Rs 60.68 lakh from Rs 79.33 lakh, and an impairment loss on financial instruments of Rs 66.95 lakh was recorded in Q2 FY26. Costs are dominated by 'other operating expenses' at 412.1% of revenue and employee costs at 20.7%, far outpacing the company's modest interest earnings. The statutory auditor issued a qualified opinion flagging non-compliance with Ind AS provisioning norms, absence of a standardised method for calculating NBFC interest, and missing loan and payroll records, raising concerns about the completeness of reported revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on loans, Other income. Small, loss-making NBFC with provisioning and accounting-quality concerns
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 37 | 6 | 4 | 4 | 3 |
| EBITDA (ex other income) | 31 | 5 | 0 | 2 | (8) |
| margin % | 85.5 | 85.0 | 1.0 | 38.7 | (332.8) |
| Owners' profit | 30 | 6 | (1) | 1 | (4) |
| EPS, as reported (₹) | 25.30 | 5.01 | (0.20) | 1.18 | (3.05) |
| ROE % · ROCE % | 43.4 · — | 8.1 · — | (1.2) · — | 1.8 · — | (5.2) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 33 | 5 | (3) | 6 | (3) |
| 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 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 1 | 1 | (1) | 0 | (0) | 0 | (7) |
| Net profit | 1 | (0) | 1 | (1) | 1 | 0 | 0 | (5) |
| EPS (₹) | 0.76 | 2.24 | 1.06 | (0.67) | 1.01 | 0.01 | 0.14 | (3.05) |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.1 | 1.1 | 9 of 253 | 97% |
| ROE | (5.2) | 3.1 | 232 of 257 | 10% |
| EBITDA margin | (1081.0) | 48.6 | 243 of 249 | 2% |
| Revenue growth | (37.3) | 12.6 | 184 of 231 | 20% |
| Profit growth | (533.2) | 7.8 | 236 of 251 | 6% |
| Market cap | 8 | 34 | 229 of 268 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA submits dematerialisation confirmation certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Garbi Finvest 44th AGM Results - All Resolutions Passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 44th AGM held: financial statements adopted, director re-appointed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Intimation of 44th AGM Notice Newspaper Publication | compliance | minimal | — | — |
| 3 Sept 2026 · Annual Report FY 2025-26 weblink shared with shareholders | compliance | low | — | — |
| 3 Sept 2026 · Book Closure Notice for AGM on 29 September 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 44th AGM on 29 Sept 2026: adoption of FY26 accounts and Director re-appointment | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Garbi Finvest 44th AGM on 29 Sept 2026; FY26 annual report filed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Q1 FY27 results filed; auditor flags ECL and IFC compliance gaps | results | high | — | — |
| 13 Aug 2026 · Garbi Finvest Q1 FY27 Results with Auditor Compliance Flags | results | 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.