BSE: 532470
MPF Systems Limited
Generates revenue from services operations, with FY26 total income from operations at Rs 4.4549 crore versus Rs 0.05 lakh in FY25, a sharp swing from the prior year. Operations look asset-light: materials account for 0% of revenue, employee costs 2.1%, and other operating expenses 4.0%, with both depreciation and capex at 0% of revenue. In Q1 FY27 (quarter ended June 30, 2026), operating revenue was nil and total income was Rs 4.50 lakh against expenses of Rs 11.15 lakh, producing a net loss of Rs 6.65 lakh (EPS of minus Rs 0.24). Filings reference a prior fire systems business, and in June 2026 the board approved an amendment to the main objects clause to add travel and tourism as a new business line, appointing a new Managing Director with five years of travel industry experience. The registered office is in Goregaon West, Mumbai. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Services operations. Small, asset-light services company with negligible operating revenue in recent quarters and an announced pivot toward travel and tourism.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 4 |
| EBITDA (ex other income) | (0) | (0) | (0) | (1) | 4 |
| margin % | (128.0) | (912.5) | (412.0) | — | 93.9 |
| Owners' profit | (0) | (0) | (0) | (2) | 4 |
| EPS, as reported (₹) | 0.00 | 0.00 | 0.00 | 12.50 | 14.08 |
| ROE % · ROCE % | 11.7 · 7.6 | 7.3 · 2.8 | 3.1 · 2.6 | 488.0 · 327.9 | 110.0 · 68.1 |
| Debt / equity (x) | (0.94) | (1.00) | (0.97) | (7.47) | 0.77 |
| Cash from operations | (0) | (0) | 0 | (4) | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Profit before tax | (0) | (0) | (1) | (0) | (0) | (0) | (0) | 4 |
| Net profit | (0) | (0) | (1) | (0) | (0) | (0) | (0) | 4 |
| EPS (₹) | 0.00 | 0.00 | (4.25) | 2.24 | (0.48) | (0.16) | (0.17) | 14.89 |
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 | 16,876 | 27.7 | 11.34 | 16.2 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,745 | 100.3 | 29.23 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,045 | 16.9 | 2.35 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,678 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,302 | 190.2 | 9.99 | 4.5 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,869 | 19.2 | 4.17 | 14.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,360 | 34.9 | 2.54 | 25.9 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,549 | — | 6.89 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.9 | 13.0 | 6 of 79 | 94% |
| P/B | 1.0 | 1.3 | 34 of 95 | 65% |
| ROCE | 68.1 | 3.4 | 2 of 103 | 99% |
| ROE | 110.0 | 2.9 | 2 of 113 | 99% |
| Debt / Equity | 0.8 | 0.1 | 77 of 91 | 16% |
| EBITDA margin | 98.9 | 25.4 | 7 of 92 | 93% |
| Profit growth | 1429.8 | 5.2 | 7 of 110 | 95% |
| Market cap | 3 | 47 | 99 of 108 | 8% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · MPF Systems publishes Sep 2026 quarter results in newspapers | compliance | minimal | — | — |
| 15 Oct 2026 · MPF Systems Q2 FY27: Loss of 2.64L versus Profit of 16.65L Year Ago | results | high | — | — |
| 15 Oct 2026 · MPF Systems board approves Q2 FY27 unaudited results with losses | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board meeting on Oct 15 to consider Q2 and H1 FY27 financial results | results | low | — | — |
| 3 Oct 2026 · No shares dematerialised by MPF Systems in Q2 FY27 | compliance | minimal | — | — |
| 19 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 5 Sept 2026 · MPF Systems appoints new auditor after S K Bhavsar resignation | management changes | medium | — | — |
| 5 Sept 2026 · Statutory Auditor Resigns Citing Capacity Constraints | management changes | high | — | — |
| 5 Sept 2026 · MPF Systems: Statutory Auditor S K Bhavsar Resigns, New Auditor Appointed | board shareholder meetings | low | — | — |
| 31 Jul 2026 · MPF Systems publishes Q1 FY27 unaudited results in newspapers | 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.