BSE: 538787
Goenka Business & Finance Limi
Operates as a Non-Banking Financial Company (NBFC), though its largest revenue source is proprietary trading in shares and futures & options rather than lending. In FY26, total revenue from operations of ₹15,701.50 lakhs was more than double the prior year, with trading income contributing ₹13,579.77 lakhs (up 121% YoY) and interest income from lending adding ₹2,119.32 lakhs (up 57%). The loan portfolio and borrowings both approximately doubled during the year. The company swung from a loss of ₹58.38 lakhs in FY25 to a profit after tax of ₹460.65 lakhs in FY26, while also writing off bad debts of ₹460.81 lakhs. Costs are dominated by other operating expenses at 9.1% of revenue, with employee costs at 0.4% — reflecting a financial services firm with negligible material inputs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of Shares / Profit-Loss from F&O, Interest income. Small NBFC whose earnings are dominated by proprietary trading in shares and derivatives
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,420 | 249 | 86 | 75 | 157 |
| EBITDA (ex other income) | 17 | 10 | 15 | 13 | — |
| margin % | 1.2 | 4.0 | 17.0 | 17.8 | — |
| Owners' profit | 1 | 0 | 2 | (1) | — |
| EPS, as reported (₹) | 0.46 | 0.11 | 1.79 | (0.26) | 3.68 |
| ROE % · ROCE % | 2.1 · — | 0.5 · — | 7.0 · — | (1.9) · — | — · 7.2 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (10) | 7 | (6) | (1) | 9 |
| 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 | 12 | 39 | 10 | 14 | 8 | 31 | 82 | 36 |
| Profit before tax | (1) | 1 | (1) | 0 | (0) | (2) | 3 | 5 |
| Net profit | (1) | 1 | (1) | 0 | (0) | (2) | 3 | — |
| EPS (₹) | (0.39) | 0.52 | (0.42) | 0.07 | 0.15 | (1.44) | 2.07 | 2.90 |
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/E (TTM) | 3.2 | 18.1 | 13 of 200 | 94% |
| ROCE | 1.7 | 2.0 | 33 of 59 | 45% |
| Revenue growth | 152.0 | 12.6 | 35 of 231 | 85% |
| Market cap | 15 | 34 | 189 of 268 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · 39th AGM results: all 6 resolutions passed with over 99 percent majority | compliance | minimal | — | — |
| 29 Sept 2026 · 39th AGM concluded; 5 percent dividend and auditor change approved | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Record date fixed for FY26 final dividend | corporate actions | high | — | — |
| 19 Sept 2026 · Revised Notice of 39th AGM with Final Dividend and Director Changes | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Board approves 5 percent final dividend and revised 39th AGM notice | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · Board Meeting on 19 Sep 2026 to Consider Final Dividend FY26 | corporate actions | high | — | — |
| 16 Sept 2026 · Board meeting on 19 Sep 2026 to consider FY26 final dividend | corporate actions | medium | — | — |
| 4 Sept 2026 · Notice of 39th AGM on 29 September 2026; auditor and director changes | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Annual Report FY26 filed; 39th AGM on Sept 29, 2026 | board shareholder meetings | 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.