BSE: 531737
GREENCREST FINANCIAL SERVICES
A small non-banking financial company listed on the BSE, holding loans, other financial assets and trade receivables on its balance sheet. At FY26 end, the loan book was ₹10,623 lakh, other financial assets stood at ₹2,006 lakh and trade receivables at ₹792 lakh, taking total assets to ₹13,836.98 lakh. As of H1FY26, borrowings of ₹4,759.29 lakh funded the lending book against equity of ₹5,708.05 lakh. Credit and interest-rate risk are visible in the P&L: ₹135.13 lakh of bad debts were written off in Q3FY26 alone, and finance costs doubled year-on-year in the same quarter to ₹163.25 lakh. Employee cost (1.3% of revenue) and other operating expenses (7.0%) are minor relative to finance costs, which are the dominant input cost not separately captured in the standard cost breakdown. The auditor flagged that the company holds illiquid small-cap stocks at last traded prices without provisioning for potential losses, and unquoted investments shown at cost pending independent valuation. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Interest and financial income from lending and investments. Small, lending-focused NBFC with credit and interest-rate risk
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 24 | 39 | 72 | 38 |
| EBITDA (ex other income) | 1 | 3 | 3 | 5 | 5 |
| margin % | 10.8 | 12.1 | 8.2 | 6.6 | 13.8 |
| Owners' profit | 1 | 1 | 1 | 1 | 1 |
| EPS, as reported (₹) | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 |
| ROE % · ROCE % | 1.1 · — | 2.4 · — | 2.0 · — | 2.2 · — | 2.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 3 | (4) | (1) | 13 | 22 |
| Capex | 0 | (0) | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15 | 22 | 12 | 5 | 6 | 13 | 14 | 6 |
| Profit before tax | 2 | 1 | (5) | 1 | 1 | 1 | (2) | 1 |
| Net profit | 2 | 1 | (4) | 1 | 1 | 1 | (1) | 1 |
| EPS (₹) | 0.05 | 0.03 | (0.12) | 0.03 | 0.03 | 0.02 | (0.04) | 0.02 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.0 | 13.0 | 47 of 79 | 41% |
| P/B | 0.3 | 1.3 | 18 of 95 | 82% |
| ROE | 2.4 | 2.9 | 59 of 113 | 48% |
| EBITDA margin | 30.5 | 25.4 | 42 of 92 | 55% |
| Revenue growth | 20.5 | 16.2 | 42 of 91 | 54% |
| Profit growth | (10.3) | 5.2 | 66 of 110 | 40% |
| Market cap | 19 | 47 | 72 of 108 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Board meeting on Nov 12, 2026 to consider Q2FY27 results | results | low | — | — |
| 10 Oct 2026 · RTA Compliance Certificate for Quarter Ended Sept 2026 | compliance | minimal | — | — |
| 10 Oct 2026 · Non-applicability of Regulation 57(5) for QE September 30, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Declaration of Non-Applicability of SEBI Reg 57(4) for Q3 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 until 48 hours post Q2 results | compliance | minimal | — | — |
| 2 Sept 2026 · Newspaper publication of 34th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY26 and AGM Notice filed; Authorized Capital hike proposed | results | high | — | — |
| 1 Sept 2026 · Book closure for AGM from 18 to 24 September 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Board approves Director's Report, Rs 90 Cr authorized capital hike, AGM on 24 Sep | corporate actions | medium | — | — |
| 27 Aug 2026 · Board meeting on Sep 1 for AGM agenda and capital increase | corporate actions | 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.