BSE: 531288
LEAD FINANCIAL SERVICES LTD.
Operates as a small non-banking financial company (NBFC) listed on BSE, engaged in lending activities with a loan book that stood at Rs 764.50 lakhs as of 30 September 2025, up from Rs 635.95 lakhs in the prior period. The company has no separately reportable business segments and no debt on its books. Total income from operations for FY26 was Rs 57.71 lakhs, down 8.3% from Rs 62.91 lakhs in FY25, while profit after tax fell to Rs 10.48 lakhs from Rs 16.29 lakhs. Employee cost accounted for 17.4% of revenue and other operating expenses 48.5% in FY26, with negligible materials cost and depreciation of 0.2% of revenue. Operating cash flow turned negative at Rs (53.72) lakhs in FY26 as the loan book expanded, leaving cash and cash equivalents at just Rs 8.01 lakhs at year-end versus Rs 121.73 lakhs the previous year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending operations. Small, debt-free NBFC with a modest, single-segment lending book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 0 | 1 | 1 | 1 |
| EBITDA (ex other income) | 0 | 0 | 0 | 0 | 0 |
| margin % | 2.7 | 53.1 | 62.4 | 43.5 | 33.4 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.31 | 0.43 | 0.75 | 0.49 | 0.32 |
| ROE % · ROCE % | 1.9 · — | 2.5 · — | 4.2 · — | 2.7 · — | 1.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | 2 | (2) | 1 | (1) |
| 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 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.09 | 0.16 | 0.22 | 0.04 | 0.26 | 0.29 | 0.10 | (0.08) |
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) | 25.9 | 18.1 | 128 of 200 | 36% |
| P/B | 0.8 | 1.1 | 102 of 253 | 59% |
| ROE | 1.7 | 3.1 | 156 of 257 | 40% |
| EBITDA margin | 16.3 | 48.6 | 170 of 249 | 32% |
| Revenue growth | (33.3) | 12.6 | 180 of 231 | 22% |
| Profit growth | (278.7) | 7.8 | 224 of 251 | 11% |
| Market cap | 5 | 34 | 251 of 268 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting to approve September 2026 unaudited results | results | low | — | — |
| 14 Oct 2026 · RTA confirms dematerialization of securities for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · 33rd AGM results - all 5 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 33rd AGM held via video conferencing; e-voting results awaited | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper publication of AGM notice submitted to BSE | compliance | minimal | — | — |
| 5 Sept 2026 · Integrated Annual Report FY 2025-26 shared with non-registered email shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · 33rd AGM notice published; meeting on Sep 30, 2026 via video conferencing | compliance | minimal | — | — |
| 5 Sept 2026 · 33rd AGM notice and annual report for FY 2025-26 announced | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · 33rd AGM on Sept 30, 2026; e-voting from Sept 27-29 | 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.