BSE: 540360
LEADING LEASING FINANCE AND IN
Operates as a non-banking financial company (NBFC) with two main lines: lending to borrowers and investing in securities held as stock-in-trade. Lending activity is reflected in ₹40.30 crore of bad debts written off in FY26 for loans to untraceable borrowers, while the investment book is captured by a November 2025 accounting policy change that reclassified investments as stock-in-trade with gains flowing to capital reserve. Total income from operations rose to ₹14,709.18 lakhs in FY26 from ₹2,900.19 lakhs in FY25, against a balance sheet of ₹1,202.47 crore in total assets. Costs are dominated by other operating expenses at 29.8% of revenue, with employee costs at just 0.3% and near-zero depreciation and capex, pointing to a lean operating setup. The company is listed on BSE and MSE and operates from Andheri West, Mumbai under managing director Ketankumar Shivabhai Gosai. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending, Investments. Small, lightly-staffed NBFC focused on lending and proprietary investments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 4 | 5 | 29 | 142 |
| EBITDA (ex other income) | 1 | 3 | 5 | 28 | 53 |
| margin % | 78.0 | 94.5 | 90.8 | 98.3 | 37.5 |
| Owners' profit | 1 | 2 | 2 | 4 | 19 |
| EPS, as reported (₹) | 1.06 | 4.08 | 1.96 | 0.09 | 0.33 |
| ROE % · ROCE % | 5.9 · — | 18.5 · — | 15.1 · — | 3.1 · — | 2.5 · 5.0 |
| Debt / equity (x) | — | — | — | — | 0.56 |
| Cash from operations | 0 | 0 | (38) | (404) | 377 |
| Capex | (0) | (0) | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 9 | 11 | 11 | 13 | 62 | 55 | 120 |
| Profit before tax | (0) | (1) | 6 | 7 | 2 | 26 | (10) | (20) |
| Net profit | (0) | (1) | 5 | 6 | 2 | 18 | (7) | (20) |
| EPS (₹) | (0.01) | (0.02) | 0.11 | 0.11 | 0.03 | 0.33 | (0.13) | (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 | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.1 | 1.1 | 4 of 253 | 98% |
| ROCE | 2.1 | 2.0 | 28 of 59 | 53% |
| ROE | 2.5 | 3.1 | 143 of 257 | 45% |
| Debt / Equity | 0.6 | 0.0 | 46 of 53 | 14% |
| EBITDA margin | (9.5) | 48.6 | 196 of 249 | 21% |
| Revenue growth | 984.2 | 12.6 | 10 of 231 | 96% |
| Profit growth | (459.1) | 7.8 | 232 of 251 | 8% |
| Market cap | 47 | 33 | 118 of 268 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Statutory auditor S K Bhavsar and Co resigns before term ends | management changes | medium | — | — |
| 24 Oct 2026 · September quarter profit returns as half-year loss turns positive | compliance | minimal | — | — |
| 22 Oct 2026 · Revenue rises 48%, but half-year loss stands at Rs 189.16 lakh | results | high | — | — |
| 22 Oct 2026 · Q2 FY26 results: net profit of Rs 144.43 lakh; H1 swings to loss | results | medium | — | — |
| 15 Oct 2026 · Board meeting rescheduled to 22 October 2026 for Q2 results | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting rescheduled to October 22, 2026 for Q2 results review | compliance | minimal | — | — |
| 12 Oct 2026 · Compliance Certificate - Reg 57(5) Non-Applicability for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · Compliance Certificate Reg 74(5) for quarter ending 30 September 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Board meeting on 15 Oct to approve Q2 FY27 results | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Board appoints new MD and CFO, accepts resignation of previous MD-CFO | management changes | high | — | — |
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.