BSE: 511018
MILGREY FINANCE & INVESTMENT L
Operates as a non-banking finance and investment company whose revenue from operations stood at zero in FY2026, with the entire income line coming from 'other income' rather than any core lending or fee activity. The balance sheet shows scaled-up loans and advances (up Rs 812.67 lakh in FY26) and borrowings of Rs 5,090.77 lakh, indicating an intended pivot into direct lending. In FY2026 total income turned negative at Rs -84.34 lakh (vs Rs 94.28 lakh in FY2025), producing a net loss of Rs 127.55 lakh against a profit of Rs 67.17 lakh the prior year. The Board has also approved, subject to shareholder approval, adding Virtual Digital Assets — Bitcoin, cryptocurrencies, NFTs, stablecoins and related custodial or DeFi services — as a new main object, alongside a planned Rights Issue and an increase in authorised capital from Rs 36 crore to Rs 65 crore. Reported operating cash outflow was Rs 850.71 lakh, financed mainly by new borrowings of Rs 1,104.16 lakh. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other income (investment / treasury), Revenue from operations (0%), Loans and advances (proposed / scaling). Small, loss-making NBFC/investment entity scaling up a lending book and pivoting toward crypto/VDAs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (112) | (0) |
| margin % | — | — | (100.8) | — | — |
| Owners' profit | 0 | (0) | 0 | 634 | (1) |
| EPS, as reported (₹) | 0.04 | (0.65) | 0.01 | 0.29 | (0.59) |
| ROE % · ROCE % | 0.5 · 0.6 | (0.4) · (0.4) | 0.1 · 0.2 | 1.9 · 2.4 | (3.9) · (3.9) |
| Debt / equity (x) | 0.08 | 0.05 | 0.81 | 1.17 | 1.55 |
| Cash from operations | (1) | (32) | (29) | (11,163) | (9) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 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 | 672 | 1 | 1 | (0) | (3) | (0) |
| Net profit | 0 | 0 | 634 | 1 | 1 | (0) | (2) | (0) |
| EPS (₹) | 0.10 | 0.10 | 0.29 | 0.29 | 0.96 | 0.00 | (1.08) | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.7 | 1.4 | 68 of 96 | 28% |
| ROCE | (3.9) | 3.4 | 90 of 103 | 13% |
| ROE | (3.9) | 2.9 | 97 of 113 | 14% |
| Debt / Equity | 1.6 | 0.1 | 84 of 91 | 8% |
| Profit growth | (113.7) | 5.2 | 96 of 110 | 13% |
| Market cap | 90 | 48 | 40 of 109 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · Milgrey Finance 43rd AGM held on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Annual Report FY26 filed; company swings to loss, revenue turns negative | results | high | — | — |
| 8 Sept 2026 · Board approves 43rd AGM date and book closure | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Board meeting adjourned to 08 September 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Board meeting adjourned to 04 September 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Board meeting on Sep 3, 2026 to approve 43rd AGM details | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Milgrey Finance shifts registered office to Borivali East in Mumbai | general | low | — | — |
| 21 Aug 2026 · Board approves 60% acquisition of Fidus Parkland via share swap | strategic transactions | high | — | — |
| 13 Aug 2026 · Milgrey Finance Q1 FY27 Results: PAT Rs 63.98 lakh, flat vs year-ago | results | high | — | — |
| 13 Aug 2026 · Milgrey Q1 FY2027 net profit rises to Rs 63.98 lakh | results | 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.