BSE: 531176
MEFCOM CAPITAL MARKETS LTD.
Operates two financial services businesses. Proprietary trading in shares and securities recorded a standalone EBIT loss of ₹166.30 lakh in FY26, with quarterly revenue swinging sharply between periods. Merchant banking services is the smaller line, posting a standalone EBIT of ₹20.88 lakh in FY26. Consolidated FY26 revenue rose to ₹11,368.72 lakh from ₹7,205.29 lakh in FY25, supported by 60%-owned subsidiary Mefcom Securities, whose entire stake the board has approved selling to promoter Vijay Mehta. The group swung to a consolidated net loss of ₹223.30 lakh in FY26 against a ₹1.19 lakh profit a year earlier. Q4 standalone revenue of ₹209.75 lakh was down from ₹1,085.06 lakh a year ago. Costs are dominated by employee pay at ₹3.14 crore (2.8% of revenue) and other operating expenses at ₹3.55 crore (3.1% of revenue), with no raw material inputs. Borrowings rose to ₹1,963.90 lakh from ₹804.22 lakh, and operating cash flow was a ₹1,128.43 lakh outflow for the year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading in Shares & Securities, Merchant Banking Services. Small, loss-making capital markets firm with cyclical proprietary trading
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 2 | 66 | 221 | 114 |
| EBITDA (ex other income) | (3) | (2) | (5) | (2) | (2) |
| margin % | (106.6) | (132.0) | (7.8) | (0.9) | (1.4) |
| Owners' profit | (2) | (1) | (5) | (2) | (2) |
| EPS, as reported (₹) | (2.10) | (1.61) | (1.17) | (0.52) | (0.46) |
| ROE % · ROCE % | (19.2) · (19.4) | (15.8) · (15.8) | (39.9) · (33.2) | (10.0) · (8.2) | (12.3) · (3.2) |
| Debt / equity (x) | 0.00 | 0.00 | 0.45 | 0.38 | 1.08 |
| Cash from operations | — | — | (6) | (8) | (12) |
| Capex | — | — | — | (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 | 116 | 41 | 22 | 49 | 17 | 26 | 21 | 50 |
| Profit before tax | 2 | (1) | (4) | 5 | (1) | (1) | (5) | 7 |
| Net profit | 2 | (1) | (4) | 5 | (1) | (1) | (5) | 7 |
| EPS (₹) | 0.36 | (0.22) | (0.84) | 1.10 | 0.26 | (0.27) | (1.02) | 1.48 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading in Shares & Sexcurities | 19 | 17.0 |
| Merchant Banking Services | 2 | 1.8 |
| Trading in Shares & Securities | 40 | 35.0 |
| Merchant Banking Service | 5 | 4.2 |
| Trading in shares & Securities | 48 | 42.0 |
| Total, before eliminations | 114 | 100.0 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GRETEX CORPORATE SERVICES | 1,816 | 48.7 | 5.70 | 42.1 | 8.8 | 12.2 | — | 47.1 |
| QUEST CAPITAL MARKETS LIMITED | 220 | 13.3 | 0.46 | — | 3.3 | — | — | 57.0 |
| 21ST CENTURY MGMT SERVICE | 55 | — | 1.67 | — | (72.7) | (72.2) | — | 94.6 |
| MEFCOM CAPITAL MARKETS LTD. ◆ | 51 | 24.8 | 2.81 | — | (12.3) | (5.9) | — | 15.1 |
| INTERACTIVE FINANCIAL SERVICES | 8 | 2.2 | 0.24 | — | 11.0 | 15.1 | — | 66.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.8 | 19.6 | 34 of 58 | 42% |
| P/B | 2.8 | 2.8 | 33 of 65 | 50% |
| ROCE | (5.8) | 16.0 | 30 of 33 | 9% |
| ROE | (12.3) | 11.4 | 62 of 65 | 5% |
| Debt / Equity | 1.1 | 0.0 | 28 of 30 | 7% |
| EBITDA margin | 15.1 | 45.7 | 56 of 64 | 13% |
| Revenue growth | 2.1 | 23.1 | 48 of 58 | 18% |
| Profit growth | 42.2 | 17.6 | 22 of 61 | 65% |
| Market cap | 51 | 940 | 63 of 69 | 9% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September 2026 quarterly results on 4 November | results | low | — | — |
| 12 Oct 2026 · RTA certificate submission under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 2026 Until Q2 Results Announcement | compliance | minimal | — | — |
| 18 Sept 2026 · Disposal of subsidiary Mefcom Securities to promoter for Rs 2.57 crore | strategic transactions | medium | — | — |
| 18 Sept 2026 · Promoter Karan Mehta transfers 4.38% stake to Priyanka Mehta via gift | ownership changes | medium | — | — |
| 18 Sept 2026 · Promoter Priyanka Mehta acquires 4.38% via gift from Karan Mehta | ownership changes | medium | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Profit grows, subsidiary Mefcom Securities to be sold to promoter | results | high | — | — |
| 13 Aug 2026 · Board approves Q1 FY27 results; sells subsidiary stake to promoter MD | results | medium | — | — |
| 11 Aug 2026 · Scrutinizer's Report: All 7 resolutions passed at 41st AGM | 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.