BSE: 512425
NIRAV COMMERCIALS LTD.
Through FY26, earned revenue from a single business segment — aluminium products, principally aluminium grills, doors and windows sold under the 'Elesar Focchi' brand. The Elesar Focchi business contributed 99.16% of revenue, equal to ₹9.64 crore. During FY26, the Board approved a slump sale of the Elesar Focchi undertaking to related party Hind Aluminium Industries for ₹1.25 crore cash consideration; the transaction was completed in Q4 FY26 and the resulting gain was booked as an exceptional item. Post-divestment, the company's continuing operations are residual and not separately described in the filings. Materials and components were the largest cost at 56.8% of revenue, followed by other operating expenses at 26.3% and employee costs at 11.3%. FY26 revenue stood at ₹12.89 crore with a net profit of ₹0.42 crore, supported by the exceptional gain from the divestment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium products — Elesar Focchi (grills, doors and windows) (99%). Small, single-segment aluminium products entity that has divested its main revenue line in FY26
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 10 | 11 | 10 | 13 |
| EBITDA (ex other income) | (0) | 0 | (0) | (0) | 0 |
| margin % | (0.3) | 0.6 | (1.6) | (4.2) | 1.5 |
| Owners' profit | 1 | 1 | 0 | 0 | 0 |
| EPS, as reported (₹) | 36.75 | 17.11 | 8.18 | 1.11 | 2.45 |
| ROE % · ROCE % | 5.1 · 2.5 | 2.3 · 3.1 | 1.0 · 1.7 | 0.2 · 0.9 | 1.3 · 2.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 14 | 4 | 4 | 0 | (2) |
| 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 | 2 | 2 | 3 | 4 | 3 | 2 | 2 | 6 |
| Profit before tax | 0 | (0) | (0) | 0 | (0) | (0) | (0) | 1 |
| Net profit | 0 | (0) | (0) | 0 | (0) | 0 | (0) | 1 |
| EPS (₹) | 0.64 | 0.46 | (3.70) | 0.87 | (2.21) | 1.93 | (4.85) | 7.18 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 339.0 | 13.9 | 128 of 130 | 2% |
| P/B | 0.9 | 0.9 | 71 of 150 | 53% |
| ROCE | 1.1 | 2.1 | 102 of 177 | 43% |
| ROE | 1.3 | 2.3 | 86 of 158 | 46% |
| Debt / Equity | 0.0 | 0.1 | 1 of 154 | 73% |
| EBITDA margin | 14.1 | 4.5 | 33 of 137 | 77% |
| Revenue growth | 67.8 | (8.6) | 28 of 135 | 80% |
| Profit growth | 190.5 | 0.6 | 26 of 157 | 84% |
| Market cap | 27 | 21 | 79 of 179 | 56% |
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 filed for quarter ended September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 13 Aug 2026 · Nirav Commercials Q1 FY27: sales drop about 99 percent, auditor flags qualified view | results | high | — | — |
| 13 Aug 2026 · Nirav Commercials Q1 FY27: Revenue Crashes, Auditor Gives Qualified Opinion | results | high | — | — |
| 10 Aug 2026 · Board Meeting on 13 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 1 Aug 2026 · 41st AGM voting results - both resolutions passed | board shareholder meetings | low | — | — |
| 31 Jul 2026 · 41st AGM held on 31 July 2026 via video conferencing; voting results awaited | board shareholder meetings | low | — | — |
| 9 Jul 2026 · Compliance certificate under Reg 74(5) for quarter ended June 2026 | compliance | minimal | — | — |
| 7 Jul 2026 · Newspaper publication of 41st AGM notice and remote e-voting details | 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.