BSE: 539864
Ghushine Fintrrade Ocean Limit
Trades in textiles, and previously in diamonds and jewellery, from a registered office in Surat, Gujarat, listed on BSE's SME platform as a single-segment company. Revenue from operations for FY26 was Rs 5.6396 crore against total assets of Rs 7.4141 crore, with no subsidiaries. The cost structure — employee cost at 3.7% of revenue and other operating expenses at 1.9%, with negligible materials and capex — points to a trading rather than manufacturing model. Profit after tax for the full year was Rs 1.44 lakh, and operating cash flow was Rs -54.35 lakh. Trade receivables fell to Rs 49.22 lakh from Rs 175.51 lakh a year earlier, while borrowings nearly doubled to Rs 64.98 lakh. Shareholders approved broadening the main objects of the Memorandum of Association to include renewable energy (solar, wind, hydro, green hydrogen, BESS) and agro/food processing, but these are prospective business lines, not current operations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textile trading (historically also diamond and jewellery trading). Small-scale textile and historical diamond/jewellery trading
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY20 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | (5) | 0 | — | 5 | 6 |
| EBITDA (ex other income) | — | (0) | — | — | — |
| margin % | — | (86.2) | — | — | — |
| Owners' profit | — | 0 | — | — | — |
| EPS, as reported (₹) | (0.02) | 0.01 | — | 0.00 | 0.01 |
| ROE % · ROCE % | — · (0.2) | 0.0 · 0.0 | — · — | — · 0.0 | — · 0.4 |
| Debt / equity (x) | — | 0.00 | — | — | — |
| Cash from operations | — | 0 | (0) | (1) | (1) |
| Capex | — | — | — | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY22 | Q4 FY22 | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 3 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | — | — | — | — | — | — |
| EPS (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 35,410 | 38.8 | 6.21 | 25.6 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,311 | 73.9 | 4.08 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,333 | 16.6 | 1.35 | 11.0 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 11,018 | 27.7 | 2.31 | 13.5 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,338 | 55.3 | 3.54 | 20.1 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,621 | 36.8 | 5.63 | 23.8 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,197 | 22.0 | 2.79 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,161 | 68.6 | 2.22 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2150.0 | 16.5 | 178 of 179 | 1% |
| ROCE | 0.4 | 4.3 | 161 of 215 | 25% |
| Revenue growth | 190693.8 | 6.9 | 1 of 192 | 100% |
| Market cap | 11 | 59 | 197 of 223 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board approves half-year results for period ended 31 September 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · H1 FY26-27 results: Revenue jumps 3x, PAT at 27.49 lakhs vs 0.04 last year | results | high | — | — |
| 14 Oct 2026 · Board meeting on 22 Oct 2026 to consider H1 FY27 results | results | low | — | — |
| 5 Oct 2026 · Compliance Filings: SEBI Exemptions and Promoter Share Encumbrance Status | compliance | minimal | — | — |
| 5 Oct 2026 · Non-Applicability of SEBI LODR Regulation 52(4) and 52(6) | compliance | minimal | — | — |
| 26 Sept 2026 · 31st AGM held Sep 26 2026 - all 4 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 31st AGM held; all 4 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Internal auditor appointed; CFO resigns, promoter's son named new CFO | management changes | low | — | — |
| 22 Sept 2026 · CFO resigns; promoter family member appointed as new CFO | management changes | high | — | — |
| 22 Sept 2026 · CFO Resigns at Ghushine Fintrrade; MD's 22-Year-Old Son Takes Over | management changes | high | — | — |
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.