BSE: 531049
NEELKANTH ROCKMINERALS LTD.
Despite being classified under Construction Materials and bearing a name suggesting rock-mineral extraction, this BSE-listed company currently has no revenue from operations. All reported income comes from "other income" — principally interest on loans extended to unrelated parties. Total income for FY26 was Rs. 64.41 lakh, down marginally from Rs. 66.43 lakh in FY25, and the company booked a net profit of Rs. 22.72 lakh (EPS Rs. 0.45) against total expenses of just a few lakhs. The auditor flagged in an Emphasis of Matter that the company does not qualify as an NBFC under RBI rules because its loan portfolio is below 50% of total assets. Operating cash flow was deeply negative at Rs. -434.71 lakh in FY26, driven by a Rs. 412.87 lakh increase in other current assets. A change of control is in progress, with an acquirer purchasing 62.06% from existing promoters and making a follow-on mandatory open offer for 26% of shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other income (interest on loans to unrelated parties) (100%). Effectively dormant; no operating business, earns only interest income from loans
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) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.46 | 0.44 | 0.48 | 0.39 | 0.45 |
| ROE % · ROCE % | 3.2 · 5.3 | 2.9 · 5.7 | 3.1 · 5.8 | 2.4 · 3.2 | 2.7 · 3.8 |
| Debt / equity (x) | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1 | (4) | (0) | (1) | (4) |
| Capex | 0 | 0 | 0 | 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 | 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 (₹) | (0.18) | (0.08) | 0.73 | (0.06) | (0.06) | 0.10 | 0.47 | 0.07 |
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. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 100.0 | 27.1 | 11 of 17 | 38% |
| P/B | 3.5 | 1.5 | 16 of 20 | 21% |
| ROCE | 3.8 | 2.8 | 10 of 22 | 57% |
| ROE | 2.8 | 2.5 | 10 of 20 | 53% |
| Debt / Equity | 0.0 | 0.1 | 1 of 20 | 79% |
| Profit growth | 224.5 | 83.2 | 5 of 19 | 78% |
| Market cap | 29 | 49 | 13 of 22 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for September quarter and half-year results | results | low | — | — |
| 22 Oct 2026 · Board reconstitutes three key committees | management changes | medium | — | — |
| 22 Oct 2026 · Board approves 4 new director appointments at Neelkanth Rock-Minerals | management changes | medium | — | — |
| 21 Oct 2026 · Board appoints four additional directors and reconstitutes three committees | management changes | medium | — | — |
| 15 Oct 2026 · Routine SEBI Compliance Filing Under Regulation 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: All 3 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Board appoints auditors, accepts Company Secretary resignation | management changes | medium | — | — |
| 30 Sept 2026 · Board appoints auditors; Company Secretary resigns | management changes | medium | — | — |
| 30 Sept 2026 · Company Secretary resigns; new auditors appointed | management changes | medium | — | — |
| 30 Sept 2026 · 38th AGM held; MD Noratmal Kawar reappointed for 3 years with higher pay | board shareholder meetings | low | — | — |
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.