BSE: 539408
Kuber Udyog Limited
Operates across four revenue streams, with FY26 revenue of Rs 1.5178 crore. Trading in gold activities is the largest contributor at 54.4% of segment revenue, bringing in Rs 0.8152 crore. Consulting activities contributed Rs 0.3525 crore (23.5% of segment revenue) and produced EBIT of Rs 0.3525 crore. Financing activities, the traditional NBFC lending business, generated Rs 0.3236 crore (21.6% of segment revenue). Trading in securities is a marginal contributor at 0.6% of segment revenue. The company has applied to RBI to surrender its NBFC licence and has sharply reduced borrowings during FY26, while shifting its revenue mix toward gold trading and consulting. Other operating expenses at 11.2% of revenue form the largest cost line; employee costs run at 2% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading in Gold Activities (54%), Consulting Activities (24%), Financing Activities (22%), Trading in Securities (1%). Micro-cap NBFC pivoting away from lending toward gold trading and consulting
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 1 | 0 | 0 | 2 |
| EBITDA (ex other income) | (0) | 0 | 0 | 0 | 1 |
| margin % | (17.7) | 12.8 | 47.2 | 61.7 | 33.5 |
| Owners' profit | (0) | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (0.59) | 0.17 | 0.29 | 0.10 | 1.40 |
| ROE % · ROCE % | (5.7) · 0.8 | 1.6 · — | 2.6 · — | 0.9 · — | 11.4 · — |
| Debt / equity (x) | 0.79 | — | — | — | — |
| Cash from operations | (0) | (0) | (1) | (0) | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.18 | 0.00 | 0.01 | (0.12) | 0.26 | 0.14 | 0.29 | 0.71 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing Activities | 0 | 6.2 |
| Trading in Gold Activities | 1 | 88.1 |
| Consulting Activities | 0 | 5.7 |
| Total, before eliminations | 1 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.9 | 18.1 | 155 of 200 | 23% |
| P/B | 5.0 | 1.1 | 236 of 253 | 7% |
| ROE | 11.4 | 3.1 | 43 of 257 | 84% |
| EBITDA margin | 14.3 | 48.6 | 175 of 249 | 30% |
| Revenue growth | 862.3 | 12.6 | 12 of 231 | 95% |
| Profit growth | 720.3 | 7.8 | 16 of 251 | 94% |
| Market cap | 21 | 34 | 165 of 268 | 39% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Equity and warrant allotment for Golden Ikon acquisition and fundraise | fund raising | high | — | — |
| 28 Oct 2026 · Preferential shares and warrants approved for Golden Ikon acquisition | fund raising | high | — | — |
| 27 Oct 2026 · Board meeting to approve September 2026 financial results | results | low | — | — |
| 27 Oct 2026 · Open offer for up to 26% of Kuber Udyog at Rs 23.35 per share | compliance | minimal | — | — |
| 21 Oct 2026 · IDC recommendations on Open Offer for Kuber Udyog at Rs 23.35 per share | strategic transactions | high | — | — |
| 19 Oct 2026 · IDC recommends Open Offer at Rs 23.35 per share as fair and reasonable | strategic transactions | high | — | — |
| 19 Oct 2026 · Corrigendum to Open Offer for Kuber Udyog at Rs 23.35 per share | strategic transactions | high | — | — |
| 19 Oct 2026 · Open Offer for 26 percent of Kuber Udyog at Rs 23.35 per share | strategic transactions | high | — | — |
| 14 Oct 2026 · Certificate under Reg. 74(5) of SEBI (DP) Regulations 2018 | compliance | minimal | — | — |
| 12 Oct 2026 · CIN changed after shareholders approved alteration of objects clause | regulatory legal | 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.