BSE: 543787
Macfos Limited
Sells electronic components and parts through the Robu.in e-commerce platform, listing over 100,000 SKUs from 150+ brand partnerships. The business runs on two pillars: Robu 1.0, a distribution arm that supplies components, modules and parts to retail buyers, contract manufacturers and other B2B customers; and Robu 2.0, a smaller proprietary line covering drones, the SmartElex brand and ProRange components such as sensors, 3D printing filaments and drone motors and propellers. Defence and government bodies have placed initial drone orders, but management has flagged these as low-volume and with a 1-2 year timeline to material impact. Average order value has risen from under ₹5,000 to about ₹7,300 in Q4 FY26, with the step-up attributed to corporate, repeat and B2G buying and to portfolio widening across IoT, drones, robotics and 3D printing. The FY26 cost mix disclosed is dominated by other operating expenses at 7.4% of revenue and employee costs at 4.1%, with capex at 0.8% of revenue. FY26 revenue stood at ₹308.77 crore and PAT at ₹25.65 crore, while Q3 FY26 alone saw 3.96 lakh orders from about 1.3 lakh customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Robu 1.0 (electronics distribution), Robu 2.0 (proprietary products). Asset-light, catalogue-driven e-commerce distribution of electronic components, with a small but higher-margin proprietary products line in drones and components.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 125 | 255 | 309 |
| EBITDA (ex other income) | 15 | 24 | 35 |
| margin % | 11.8 | 9.2 | 11.2 |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 12.25 | 19.14 | 24.75 |
| ROE % · ROCE % | — · 53.4 | — · 36.4 | — · 38.5 |
| Debt / equity (x) | — | — | — |
| Cash from operations | 4 | (25) | (8) |
| Capex | — | (5) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53 | 72 | 147 | 108 | 128 | 181 | 81 | 180 |
| Profit before tax | 5 | 10 | 14 | 10 | 14 | 21 | 8 | 18 |
| Net profit | — | — | — | — | — | — | 6 | 13 |
| EPS (₹) | 4.33 | 7.92 | 11.04 | 8.15 | 10.77 | 14.96 | 5.61 | 12.71 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ETERNAL LIMITED | 3,34,461 | 672.5 | 10.70 | 276.1 | 0.7 | 1.6 | — | 3.1 |
| MEESHO LIMITED | 1,08,099 | — | 25.70 | — | (6.3) | (6.0) | — | (5.5) |
| FSN E COMMERCE VENTURES | 1,01,127 | 396.6 | 67.32 | 135.2 | 13.6 | 17.8 | — | 8.5 |
| SWIGGY LIMITED | 50,087 | — | 2.95 | — | (10.1) | (9.0) | — | (10.2) |
| URBAN COMPANY LIMITED | 23,577 | — | 11.91 | — | (13.9) | (11.7) | — | (34.9) |
| CARTRADE TECH LIMITED | 13,121 | 56.0 | 4.71 | 50.9 | 4.4 | 5.5 | — | 35.7 |
| BRAINBEES SOLUTIONS LTD | 8,327 | — | 1.55 | 33.1 | (3.8) | (2.4) | — | 2.8 |
| RATTANINDIA ENT LIMITED | 3,471 | — | 4.55 | — | (1.2) | — | 844.9 | (0.4) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.3 | 13.6 | 8 of 11 | 30% |
| P/B | 10.3 | 4.5 | 9 of 13 | 33% |
| Debt / Equity | 0.6 | 0.0 | 12 of 12 | 0% |
| EBITDA margin | 11.2 | 1.3 | 2 of 16 | 93% |
| Revenue growth | 66.2 | 29.1 | 4 of 15 | 79% |
| Market cap | 1109 | 2290 | 9 of 16 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Audio recording of H1 and FY 2026-27 investors call made available | investor communications | low | — | — |
| 29 Oct 2026 · Macfos posts strong H1 FY27 growth as Robu 2.0 expands | investor communications | medium | — | — |
| 29 Oct 2026 · Macfos schedules H1 FY2026-27 earnings call for November 3 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Macfos forms Risk Management Committee to oversee business risks | management changes | low | — | — |
| 28 Oct 2026 · September quarter revenue up 44%, profit after tax up 45% | results | high | — | — |
| 28 Oct 2026 · Macfos Sep quarter revenue up 44%, profit up 45%, cash flow negative | results | medium | — | — |
| 21 Oct 2026 · Board meeting on 28 Oct 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 15 Oct 2026 · Certificate under SEBI Reg 74(5) for quarter ended 30 Sep 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Macfos clarifies delayed AGM proceedings filing to BSE | board shareholder meetings | 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.