BSE: 535917
GCM COMMODITY & DERIVATIVES LT
Operates as a financial services entity on the BSE SME platform under scrip 535917, engaged in commodity and derivatives-related activity. Total income for FY26 was ₹88.23 lakhs, down 14.3% from ₹102.95 lakhs in FY25, while the company posted a net loss of ₹318.42 lakhs (an improvement from the prior year's larger loss). Earnings are heavily impacted by trading and investment activity, with trading/investment losses of ₹272.91 lakhs booked in FY26 and ₹147.08 lakhs booked in H1FY26 alone. The balance sheet carries ₹1,593.59 lakhs of receivables from NSEL (National Spot Exchange) under litigation, against which an ECL provision of ₹268.04 lakhs has been made. Costs are dominated by employee cost (₹0.1657 crore) and other operating expenses (₹3.7251 crore), with no materials input cost or capex. Shareholder funds are eroded, with negative other equity of ₹(415.42) lakhs against paid-up capital of ₹742.70 lakhs, and cash & equivalents stood at ₹46.85 lakhs at the end of H1FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Commodity and derivatives trading/investment activity, Other income. Small, loss-making financial services entity on BSE SME with legacy NSEL exposure and eroded shareholder funds.
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | 0 | (5) | (4) |
| margin % | — | (125.7) | — | — | (9475.9) |
| Owners' profit | 0 | (0) | 1 | (4) | (3) |
| EPS, as reported (₹) | 0.11 | (0.12) | 0.95 | (5.93) | (4.29) |
| ROE % · ROCE % | 0.6 · 0.6 | (0.6) · (0.6) | 4.7 · 4.7 | (75.1) · (74.1) | (97.3) · (97.0) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1 | (5) | (2) | 2 | (1) |
| Capex | 0 | (4) | 0 | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY22 | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | (1) | 0 | (5) | (2) | (1) |
| Net profit | 0 | 0 | 0 | (1) | 0 | (5) | (2) | (1) |
| EPS (₹) | (1.00) | 0.00 | 0.17 | (0.98) | 0.42 | (6.04) | (2.64) | (1.64) |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.1 | 1.0 | 56 of 105 | 47% |
| ROCE | (97.3) | 1.8 | 81 of 83 | 2% |
| ROE | (97.3) | 1.3 | 110 of 111 | 1% |
| Debt / Equity | 0.0 | 0.0 | 1 of 77 | 55% |
| EBITDA margin | (2951.5) | 25.6 | 90 of 91 | 1% |
| Revenue growth | (95.0) | (4.1) | 75 of 85 | 12% |
| Profit growth | (67.7) | (0.2) | 78 of 109 | 29% |
| Market cap | 4 | 26 | 106 of 113 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Board meeting on Nov 12 to consider H1 FY27 results | results | low | — | — |
| 9 Oct 2026 · RTA Regulation 74(5) certificate filed for Q2 FY27 quarter ended September 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Non-applicability of Reg 57(5) for quarter ended Sept 30, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · GCM Commodity AGM 2026: all 4 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · All 4 resolutions passed at 21st AGM with 100 percent votes in favor | compliance | minimal | — | — |
| 29 Sept 2026 · AGM proceedings: re-appointment of MD and Independent Director approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Non-applicability of Reg 57(4) declaration for QE Dec 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closure for HYE Sept 2026 results | compliance | minimal | — | — |
| 7 Sept 2026 · GCM Commodity files newspaper notice for 21st AGM on Sept 29, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report FY2025-26 and 21st AGM Notice filed | board shareholder meetings | 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.