BSE: 505594
MULTIPLUS HOLDINGS LTD.
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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 |
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 | 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 |
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 | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 5.7 | 3.4 | 42 of 103 | 60% |
| ROE | 4.3 | 2.9 | 50 of 113 | 56% |
| Debt / Equity | 0.0 | 0.1 | 1 of 91 | 77% |
| 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% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine Compliance Certificate for Share Dematerialization | compliance | minimal | — | — |
| 2 Oct 2026 · All 5 resolutions passed at Multiplus Holdings 44th AGM with 100% votes in favor | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Multiplus Holdings 44th AGM: 5 resolutions passed, 2 new independent directors appointed | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Intimation of Cloaure of Trading window for the Second quarter enden on 30th September, 2026 | compliance | minimal | — | — |
| 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 | — | — |
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.