Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · GOYAL ASSOCIATES LTD. · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
GOYAL ASSOCIATES LTD.
BSE: 530663
BSE: 530663
Financial Services › Financial Services › Finance › Non Banking Financial Company (NBFC)
GOYAL ASSOCIATES LTD.
StateQ4 FY26 filed
Last close · 27 Oct 2026₹1.20
Market cap₹0.0k cr
TTM P/E · P/B · EV/EBITDA— · 1.21 · —
GOYAL ASSOCIATES LTD. is a Finance company. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 3 | 4 | 3 | 1 |
| EBITDA (ex other income) | (0) | 1 | 1 | 1 | (0) |
| margin % | (13.9) | 28.4 | 29.2 | 35.9 | (22.3) |
| Owners' profit | (0) | 1 | 1 | 1 | (0) |
| EPS, as reported (₹) | (0.10) | 0.12 | 0.13 | 0.16 | (0.05) |
| ROE % · ROCE % | (22.0) · — | 22.2 · — | 18.9 · — | 13.4 · — | (5.2) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1 | 1 | (1) | (2) | (0) |
| Capex | (0) | (0) | 0 | 0 | 0 |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GOYAL ASSOCIATES LTD. · 28 October 2026Page 2 of 3
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 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.04 | 0.02 | 0.07 | 0.03 | 0.00 | 0.01 | 0.01 | (0.07) |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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 | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 1.1 | 135 of 253 | 47% |
| ROE | (5.2) | 3.1 | 233 of 257 | 9% |
| EBITDA margin | (103.7) | 48.6 | 217 of 249 | 13% |
| Revenue growth | (21.8) | 12.6 | 171 of 231 | 26% |
| Profit growth | (398.5) | 7.8 | 229 of 251 | 9% |
| Market cap | 6 | 33 | 239 of 268 | 11% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GOYAL ASSOCIATES LTD. · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Six annual meeting resolutions pass with near-unanimous support | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board approves rights issue of up to Rs 70 crore | corporate actions | high | — | — |
| 24 Oct 2026 · CFO resigns, Ajay Solanki takes charge and Rs 70 crore rights issue is approved | management changes | high | — | — |
| 24 Oct 2026 · Goyal Associates plans rights issue of up to Rs 70 crore; CFO resigns | management changes | high | — | — |
| 24 Oct 2026 · Board approves rights issue of up to Rs 70 crore | board shareholder meetings | low | — | — |
| 24 Oct 2026 · 32nd AGM addresses FY26 accounts, leadership and capital changes | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board appoints Ms. Anupriya Bhaskar as Additional Woman Independent Director | management changes | medium | — | — |
| 16 Oct 2026 · Board meeting on Oct 24 to consider fund raising proposal | fund raising | medium | — | — |
| 16 Oct 2026 · Director resigns from Goyal Associates citing health reasons | management changes | medium | — | — |
| 15 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Jul-Sep 2026 | compliance | minimal | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in