BSE: 526891
MARKET CREATORS LTD.
Provides stock broking services across equities, derivatives, and commodities, alongside merchant banking, IPO advisory, and mutual fund distribution services from a Baroda base. Revenue from operations for FY26 was ₹528.13 lakh, down from ₹708.72 lakh in FY25, and the company swung to a net loss of ₹20.90 lakh from a profit of ₹17.52 lakh. The mutual fund distribution line was built over more than 25 years by Ms. Vaishali Kalpesh Shah, who was appointed Whole Time Director on March 7, 2026. The balance sheet carries inventories of ₹1,714.64 lakh as of March 2026, nearly double the prior year, which typically reflects stock-in-trade held for broking or proprietary positions. Total assets stood at ₹4,865.30 lakh against total equity of ₹1,054.20 lakh. Employee cost is the largest identified expense line at 25.7% of revenue, with other operating expenses accounting for 81.9% of revenue and depreciation at 1.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stock broking (equities, derivatives, commodities), Merchant banking and IPO services, Mutual fund distribution. Small, BSE-listed stock broking and financial services firm with capital-market-linked revenues
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 5 | 7 | 7 | 5 |
| EBITDA (ex other income) | 1 | (0) | (0) | (0) | (0) |
| margin % | 7.2 | (8.3) | (3.4) | (0.8) | (8.5) |
| Owners' profit | 1 | 0 | (0) | 0 | (0) |
| EPS, as reported (₹) | 0.61 | 0.06 | (0.31) | 0.38 | (0.20) |
| ROE % · ROCE % | 9.3 · 14.2 | 0.9 · 5.9 | (0.3) · 6.6 | 1.6 · 8.1 | (2.0) · 8.3 |
| Debt / equity (x) | 0.27 | 0.43 | 0.47 | 0.56 | 0.56 |
| Cash from operations | 0 | (3) | (3) | 0 | (8) |
| 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 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit before tax | 0 | 0 | (0) | (0) | (0) | 0 | 0 | (0) |
| Net profit | 0 | 0 | (0) | (0) | (0) | 0 | 0 | (0) |
| EPS (₹) | 0.21 | 0.03 | 0.28 | (0.11) | (23.00) | 0.02 | 0.12 | (0.02) |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.5 | 1.0 | 64 of 105 | 39% |
| ROCE | (1.9) | 1.8 | 67 of 83 | 20% |
| ROE | (2.0) | 1.3 | 88 of 111 | 21% |
| Debt / Equity | 0.6 | 0.0 | 65 of 77 | 16% |
| EBITDA margin | 9.6 | 25.6 | 55 of 91 | 40% |
| Revenue growth | 19.3 | (4.1) | 31 of 85 | 64% |
| Profit growth | 82.6 | (0.2) | 34 of 109 | 69% |
| Market cap | 16 | 26 | 69 of 113 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Quarterly dematerialisation certificate submitted to BSE | compliance | minimal | — | — |
| 30 Sept 2026 · Market Creators 34th AGM: All 3 Resolutions Passed with Over 99.99% Approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · AGM approves director re-appointment and secretarial auditor for 5 years | management changes | low | — | — |
| 29 Sept 2026 · 34th AGM held; voting results to be declared separately | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of AGM book closure and e-voting notice | compliance | minimal | — | — |
| 5 Sept 2026 · Market Creators submits 34th Annual Report for FY2026; reports loss | compliance | low | — | — |
| 5 Sept 2026 · AGM notice for FY26 on September 29, 2026 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Market Creators 34th AGM on Sep 29, 2026; book closure Sep 23-29 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Market Creators sets e-voting window for AGM; 26-28 September 2026 | compliance | minimal | — | — |
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.