BSE: 539788
Khemani Distributors & Marketi
Distributes fast-moving consumer goods as an HUL re-distribution stockist based in Surat, and runs a securities/investments book that also feeds P&L. Revenue from operations in FY26 was Rs 67.70 crore, down 22.7% from Rs 87.56 crore in FY25. The FMCG distribution business remained profitable at Rs 38.27 lakh in FY26, while the Securities segment swung from a Rs 1,366.52 lakh profit in FY25 to a Rs 1,725.35 lakh loss in FY26, dragging the company to a Rs 12.96 crore net loss versus a Rs 13.70 crore profit the prior year. Materials are reported at zero, with employee cost at Rs 1.02 crore (1.5% of revenue) and other operating expenses at Rs 4.47 crore (6.6% of revenue). Capex was Rs 0.76 crore (1.1% of revenue). H1 FY26 had shown a strong interim result with revenue up about 33% to Rs 4,956 lakh and net profit of Rs 944.65 lakh, before the H2 reversal in securities. Related-party balances include loans of Rs 6,576.96 lakh to BSAS Infotech Limited, Rs 1,237 lakh to Onyx Partners, and Rs 398.5 lakh to Onyx SaaS Private Limited. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. FMCG distribution, Securities. Small, Surat-based distribution and investment holding; results swing sharply with securities-marked-to-market outcomes.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 68 | 78 | 98 | 88 | 68 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 2.54 | 2.27 | 13.55 | 5.96 | 5.64 |
| ROE % · ROCE % | — · 17.9 | — · 12.1 | — · 45.9 | — · 20.1 | — · (21.1) |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 6 | (4) | 32 | 23 | (13) |
| Capex | — | — | — | 0 | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35 | 43 | 53 | 45 | 37 | 50 | 50 | 18 |
| Profit before tax | 4 | 3 | 28 | 10 | 5 | 13 | 12 | (29) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 1.39 | 0.88 | 10.12 | 3.43 | 1.64 | 4.32 | 4.11 | 9.75 |
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. % |
|---|---|---|---|---|---|---|---|---|
| Khemani Distributors & Marketi ◆ | 261 | 5.7 | — | — | — | (21.7) | — | — |
| M K EXIM (INDIA) LTD. | 233 | 28.6 | 0.00 | — | 0.0 | 0.0 | — | 14.1 |
| ACE MEN ENGG WORKS LIMITED | 152 | 560.7 | 2.28 | 420.9 | 0.2 | 0.3 | — | 3.2 |
| MRP Agro Limited | 101 | 24.4 | — | — | — | 11.8 | — | — |
| TAVEXIA LIFECARE LIMITED | 45 | 7.9 | 1.04 | 64.8 | 0.5 | 0.4 | — | (8.0) |
| Kotia Enterprises Limited | 18 | — | 0.63 | — | (8.7) | (10.9) | — | (240.9) |
| Radhagobind Commercial Limited | 2 | — | — | — | 8.7 | 8.7 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 23.7 | 10 of 52 | 82% |
| ROCE | (21.7) | 5.1 | 58 of 63 | 8% |
| Revenue growth | (59.5) | 16.2 | 48 of 51 | 6% |
| Market cap | 261 | 493 | 36 of 66 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · GST authorities conducted search at company premises | compliance | minimal | — | — |
| 7 Oct 2026 · GST authorities search conducted at company premises | regulatory legal | high | — | — |
| 21 Sept 2026 · Trading window closes from Oct 1 ahead of H2 results | compliance | minimal | — | — |
| 8 Aug 2026 · Company Secretary replaced at Khemani Distributors | management changes | medium | — | — |
| 8 Aug 2026 · Appointment of Company Secretary and Compliance Officer | management changes | medium | — | — |
| 8 Aug 2026 · Company Secretary and Compliance Officer resigns from Khemani Distributors | management changes | medium | — | — |
| 4 Aug 2026 · AGM 2026: All 3 resolutions passed with near-unanimous votes | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Statutory auditor B Chordia re-appointed for second 5-year term | management changes | medium | — | — |
| 4 Aug 2026 · 15th AGM held on 4 Aug 2026; auditor and director re-appointments approved | board shareholder meetings | low | — | — |
| 11 Jul 2026 · Notice of 15th AGM to be held on 4 August 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.