BSE: 538652
HIND COMMERCE LIMITED
Operates as a single-segment trading and investment entity listed on BSE, classified under Trading & Distributors, with its registered office in Mumbai. The company buys and resells goods, with materials cost running at 77.9% of revenue as the largest line in its cost structure, while also holding equity investments that generate fair-value gains and profit on sale booked as other income. Revenue from operations declined year-on-year in FY26 while profit after tax grew sharply, supported by higher other income rather than trading activity. Total assets stood at Rs 1,778.73 lakhs as of March 31, 2026, against an equity share capital of Rs 300 lakhs (30 lakh shares of Rs 10 each). Depreciation and capex are both reported as nil, and cash flow from operations fell sharply to Rs 3.90 lakhs from Rs 200.10 lakhs in the prior year. The statutory auditor SIGMAC & Co has consistently issued unmodified opinions or unqualified limited review reports across recent quarters. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading activities, Investment activities. Small, single-segment trading and investment company with negligible capex and depreciation.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 0 | 6 | 2 | 1 |
| EBITDA (ex other income) | 0 | (0) | (0) | (0) | (0) |
| margin % | 9.2 | — | (2.5) | (11.6) | (11.0) |
| Owners' profit | 1 | 0 | 0 | 0 | 1 |
| EPS, as reported (₹) | 2.27 | 0.32 | 0.92 | 0.90 | 2.23 |
| ROE % · ROCE % | 4.7 · 5.1 | 0.7 · 1.2 | 1.6 · 2.2 | 1.6 · 1.6 | 3.8 · 4.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (1) | (3) | 2 | 0 |
| 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 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit before tax | (0) | 0 | 0 | 0 | 0 | 1 | 0 | (0) |
| Net profit | (0) | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| EPS (₹) | (0.15) | 0.63 | 0.10 | 0.33 | 0.85 | 1.58 | 0.71 | (0.90) |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.7 | 13.9 | 10 of 130 | 93% |
| P/B | 0.1 | 0.9 | 5 of 150 | 97% |
| ROCE | 4.6 | 2.1 | 67 of 177 | 63% |
| ROE | 3.8 | 2.3 | 67 of 158 | 58% |
| Debt / Equity | 0.0 | 0.1 | 1 of 154 | 73% |
| EBITDA margin | (1579.7) | 4.5 | 137 of 137 | 0% |
| Revenue growth | (90.4) | (8.6) | 119 of 135 | 12% |
| Profit growth | (378.3) | 0.6 | 141 of 157 | 10% |
| Market cap | 1 | 21 | 174 of 179 | 3% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Compliance certificate for dematerialisation of securities filed | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results compliance | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 41st Annual General Meeting published in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · Hind Commerce sends Annual Report web link, 41st AGM on Sep 24, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Hind Commerce FY26 annual report: PAT up 147%, revenue from ops down 71% | results | high | — | — |
| 1 Sept 2026 · Notice of 41st AGM on September 24, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results filed | compliance | minimal | — | — |
| 12 Aug 2026 · Board approves Sept 24 AGM, sets Sept 17 e-voting cutoff; Q1 shows loss | results | medium | — | — |
| 12 Aug 2026 · AGM on Sept 24, 2026; Q1 FY27 results approved | results | high | — | — |
| 12 Aug 2026 · Hind Commerce Q1FY27 revenue surges but net loss stands at Rs 8.47L | results | 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.