Generates almost no revenue from operations and is classified under diversified commercial services. For H1 FY26, operating revenue was just Rs 1.76 lakhs, while total income for that half came to Rs 140.67 lakhs, with the bulk coming from other income that filings describe as investment and dividend income. For FY26, total income stood at Rs 610.79 lakhs and net profit after tax was Rs 107.33 lakhs, on a small equity base. The FY26 cost structure was light, with employee cost at 4 percent of revenue and other operating expenses at 11.8 percent, while materials, depreciation and capex were each reported at zero. None of the filings describe a specific commercial service the company sells or identify any customer base it serves. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Income from operations, Other income (investment/dividend). Asset-light, debt-free; income driven by investment and dividend returns rather than operating activity
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,68,863 | 6 | 2 | 2 | 2 |
| EBITDA (ex other income) | 3,56,500 | 6 | 1 | 1 | 1 |
| margin % | 96.6 | 98.0 | 82.7 | 84.0 | 84.2 |
| Owners' profit | 3,55,159 | 5 | 1 | 1 | 1 |
| EPS, as reported (₹) | 18.89 | 28.71 | 5.97 | 5.45 | 5.71 |
| ROE % · ROCE % | 16.1 · 16.5 | 24.1 · 28.2 | 4.8 · 5.6 | 4.2 · 5.7 | 4.2 · 5.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,53,359 | 6 | 1 | 1 | 1 |
| Capex | 0 | 0 | 0 | 0 | 0 |
| ₹ 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 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 1.53 | 2.04 | 2.00 | 1.72 | 1.76 | 2.06 | 2.17 | 1.69 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,611 | 22.3 | 9.15 | 13.1 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,297 | 106.7 | 31.07 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,728 | 18.6 | 2.58 | 13.1 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD | 7,175 | 57.5 | 4.18 | 42.6 | 6.0 | 9.0 | — | 131.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Two Independent Directors resign after term ends | management changes | medium | — | — |
| 9 Sept 2026 · Two Independent Directors resign upon term completion | management changes | medium | — | — |
| 9 Sept 2026 · 44th AGM on 30 Sept 2026; e-voting 27 to 29 Sept, cut-off 23 Sept | compliance | minimal | — | — |
| 8 Sept 2026 · Reappointment of M K Chokshi & Associates as Secretarial Auditor | management changes | medium | — | — |
| 8 Sept 2026 · Book closure from 24 to 30 Sep 2026 for AGM | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Multiplus Holdings appoints two Independent Directors | management changes | medium | — | — |
| 8 Sept 2026 · Multiplus Holdings files FY2025-26 annual report and AGM notice | compliance | low | — | — |
| 8 Sept 2026 · 44th AGM notice on 30 Sept 2026 with director and auditor proposals | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Board approves AGM notice, auditor re-appointment, and two new independent directors | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 results: Revenue Rs 44.20L, PAT Rs 38.02L | results | high | — | — |
| 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 |
| SMARTWORKS COWORKING SP L |
| 6,079 |
| 218.0 |
| 11.45 |
| 5.1 |
| 2.0 |
| 0.3 |
| — |
| 65.8 |
| NIRLON LTD | 5,526 | 16.0 | 11.79 | — | 73.8 | 18.1 | — | 79.4 |
| QUESS CORP LIMITED | 5,174 | 20.4 | 4.43 | 15.6 | 19.0 | 14.4 | 7.1 | 2.6 |
| INDIQUBE SPACES LIMITED | 4,272 | — | 8.30 | — | (20.7) | (2.5) | — | 67.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 5.7 | 3.2 | 42 of 105 | 61% |
| ROE | 4.3 | 3.1 | 53 of 116 | 55% |
| Debt / Equity | 0.0 | 0.0 | 3 of 116 | 60% |
| EBITDA margin | 74.7 | 25.4 | 18 of 92 | 81% |
| Revenue growth | 7.1 | 16.2 | 57 of 91 | 38% |
| Profit growth | (1.9) | 5.2 | 61 of 110 | 45% |
| 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 |
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.
