BSE: 539679
Kapil Raj Finance Ltd.
Operates as a non-banking financial company engaged in financing and hire purchase activities, listed on BSE. The company reports zero revenue from operations, with its income consisting of interest income and other items. Other income stood at Rs 19 lakhs in FY25, rising to Rs 50.45 lakhs for H1 FY26 and Rs 80.45 lakhs for the nine months ended 31 December 2025, of which Rs 30 lakh was interest income in Q2 FY26. Total assets were Rs 14.1143 crore (FY26) and Rs 1,396.36 lakh as of 30 September 2025, with borrowings of just Rs 4 lakh and cash and bank balances of Rs 20.42 lakh at the same date. Profit after tax moved from a Rs 0.85 lakh loss in FY25 to Rs 62.59 lakhs for the 9M FY26 period. The Annual Secretarial Compliance Report filed for FY26 notes that the company is not registered with the RBI as an NBFC despite financing being its stated main business, and flags multiple ROC filing lapses for financial years 2022-2025. The company operates from a registered office in New Delhi with a corporate office in Mumbai. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financing and hire purchase, Other income. Very small-scale, BSE-listed entity classified as an NBFC, with income derived mainly from interest rather than revenue from operations
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 0 | 0 |
| EBITDA (ex other income) | (1) | (0) |
| margin % | — | (81.3) |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 0.09 | 0.08 |
| ROE % · ROCE % | 0.8 · 1.0 | 0.7 · 1.0 |
| Debt / equity (x) | 0.01 | 0.01 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.03 | 0.08 | 0.06 | 0.30 | 0.01 | 0.01 | 0.36 |
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) | 6.3 | 18.1 | 30 of 200 | 85% |
| P/B | 7.6 | 1.1 | 246 of 253 | 3% |
| ROCE | 6.7 | 2.0 | 13 of 59 | 79% |
| ROE | 4.5 | 3.1 | 108 of 257 | 58% |
| Debt / Equity | 0.0 | 0.0 | 28 of 53 | 48% |
| EBITDA margin | 87.2 | 48.6 | 44 of 249 | 83% |
| Profit growth | 1178.9 | 7.8 | 10 of 251 | 96% |
| Market cap | 47 | 34 | 121 of 268 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · AGM regularizes three company directors | management changes | medium | — | — |
| 23 Oct 2026 · Members approve company name change to Henyo Systems Limited | general | low | — | — |
| 23 Oct 2026 · All 14 AGM resolutions passed; name change and preferential share issue approved | board shareholder meetings | low | — | — |
| 21 Oct 2026 · 40th annual meeting covers share issue, capital changes and proposed renaming | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Newspaper ad for corrigendum to 40th AGM notice filed with BSE | compliance | minimal | — | — |
| 8 Oct 2026 · Corrigendum to AGM notice - revised preferential issue price at Rs 2.26 per share | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Corrigendum to Open Offer for Kapil Raj Finance shares | strategic transactions | medium | — | — |
| 6 Oct 2026 · Open Offer at Rs 2.24 per share filed for Kapil Raj Finance by Agarwal family | strategic transactions | high | — | — |
| 6 Oct 2026 · Reg 74(5) demat certificate filed for quarter ended Sep 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Kapil Raj Finance informs 40th AGM notice and e-voting details published | compliance | minimal | — | — |
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.