Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · LIPPI SYSTEMS LTD. · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
LIPPI SYSTEMS LTD. BSE: 526604
Industrials › Capital Goods › Industrial Manufacturing › Industrial Products
LIPPI SYSTEMS LTD.
StateQ1 FY27 filed
Last close · 27 Oct 2026₹220.00
Market cap₹0.2k cr
TTM P/E · P/B · EV/EBITDA38.6 · 6.18 · 26.1
Makes Roto Gravure printing cylinders and runs a wind power facility from a registered office in Ahmedabad. Filings describe the manufacturing line as copper engraved cylinders; FY26 (year ended 31 March 2026) segment data shows 7.72 crore of revenue from the primary segment and 0.08 crore from wind power, with other income of 0.23 crore. Net profit for FY26 was 3.77 crore on total assets of 29.12 crore. Quarterly segment trends show operating revenue has been uneven, with several quarters dominated by other income rather than manufacturing. The entity is BSE-listed under Industrial Products and is undergoing a change of control, with five members of the Dholu family acquiring promoter and public shares through a mandatory open offer at Rs 56.84 per share. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Primary segment (Roto Gravure cylinders) (100%), Power generation - Wind farm, Other income. Small-cap industrial manufacturer with wind farm; ownership in transition
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
FY22
FY23
FY24
FY25
FY26
Revenue
11
0
0
0
0
EBITDA (ex other income)
(1)
(2)
(1)
(1)
(2)
margin %
(10.0)
—
—
—
—
Owners' profit
1
(2)
(1)
(1)
4
EPS, as reported (₹)
1.08
(2.31)
(1.23)
(1.06)
5.40
ROE % · ROCE %
3.4 · 6.1
(7.1) · (9.0)
(3.9) · (5.1)
(3.5) · (5.0)
15.1 · 20.3
Debt / equity (x)
0.02
0.01
0.04
0.00
0.12
Cash from operations
(1)
(0)
(1)
2
(15)
Capex
(0)
(0)
0
0
0
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · LIPPI SYSTEMS LTD. · 28 October 2026Page 2 of 3
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
0
0
0
0
0
0
0
0
Profit before tax
(0)
(0)
(0)
(0)
(1)
7
(1)
(0)
Net profit
(0)
(0)
(0)
(0)
(0)
5
(1)
(0)
EPS (₹)
0.00
(0.22)
(0.23)
(0.39)
(0.66)
7.10
(0.74)
0.00
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Other Income
8
95.9
Power Gerneration-Wind Farm
0
2.4
Manufacturing for Copper eng.Cyl.
0
1.0
Power Generation-Wind Farm
0
0.6
Total, before eliminations
8
100.0
Source: the filed segment block, four quarters summed.
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. %
ADITYA INFOTECH LIMITED
46,786
97.2
24.93
80.7
19.6
24.5
—
14.8
SYRMA SGS TECHNOLOGY LTD
29,194
78.7
9.52
50.8
11.3
13.4
—
11.1
HONEYWELL AUTOMATION IND
27,680
50.5
6.20
—
11.8
15.5
—
18.2
KAYNES TECHNOLOGY IND LTD
22,459
64.9
4.72
31.9
7.6
9.8
—
17.1
JYOTI CNC AUTOMATION LTD
21,078
65.5
10.53
37.3
16.8
19.2
—
22.2
LMW LIMITED
17,356
99.3
6.05
56.2
4.6
5.9
13.2
11.9
TEGA INDUSTRIES LIMITED
13,374
469.7
3.93
40.0
4.2
5.4
—
4.2
LLOYDS ENGG WORK LIMITED
12,314
48.4
7.32
50.2
11.7
11.5
—
15.0
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
38.6
26.5
85 of 130
35%
P/B
6.2
3.1
84 of 112
25%
ROCE
20.1
11.3
28 of 142
81%
ROE
15.1
9.8
26 of 113
78%
Debt / Equity
0.1
0.2
47 of 113
59%
Profit growth
98.7
17.1
28 of 109
75%
Market cap
154
279
89 of 141
37%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · LIPPI SYSTEMS LTD. · 28 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
14 Oct 2026 · Company name changed from Lippi Systems to Nilkanth Resources Limited
general
medium
—
—
12 Oct 2026 · Submission of certificate under Regulation 74(5) for quarter ended September 30, 2026
compliance
minimal
—
—
3 Oct 2026 · AGM results: 17 resolutions passed, company to be renamed Nilkanth Resources
board shareholder meetings
medium
—
—
30 Sept 2026 · Lippi Systems 33rd AGM held via VC; 17 resolutions tabled
board shareholder meetings
low
—
—
29 Sept 2026 · Lippi Systems appoints Harilal Patel as Independent Director
management changes
medium
—
—
21 Sept 2026 · CFO and Company Secretary resign amid change in control
management changes
high
—
—
21 Sept 2026 · CFO and Company Secretary resign after change in control
management changes
high
—
—
18 Sept 2026 · Newspaper Publication of 33rd AGM Notice, Book Closure and E-Voting Details
compliance
minimal
—
—
18 Sept 2026 · Promoter group crosses 50% stake in Lippi Systems via share purchase
ownership changes
medium
—
—
18 Sept 2026 · Erstwhile promoters of Lippi Systems sell 85,107 shares off-market
ownership changes
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
