BSE: 534190
OLYMPIC CARDS LTD.
Manufactures wedding cards, greeting cards, stationery and printing materials from a base in Chennai. FY26 total income from operations came in at Rs 1,276.42 lakhs (per audited results), up 32.5% from Rs 963.27 lakhs in FY25, though the year closed with a net loss of Rs 25.94 lakhs against a Rs 439.06 lakhs loss a year earlier. The cost structure is dominated by other operating expenses (22.3% of revenue) and employee costs (11.9%), with materials at 7.4% and depreciation at 9.2%, leaving an EBITDA margin of 1.0091% and capex of 0.5% of revenue. Operations are narrowly focused on paper-based celebratory and stationery products, with no disclosed manufacturing capacity, unit volume or retail footprint. The business carries stressed financial markers: total financial indebtedness of Rs 8.74 crore as on 31 March 2026, including a defaulted HDFC Bank term loan (original facility Rs 15.5 crore, 120-month tenure at 11.05%), negative reserves of Rs 1,525.51 lakh, and pending GST dues for FY18-19 of Rs 2.92 crore under appeal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and sale of paper-based products. Small, narrowly-focused paper products manufacturer with stressed balance sheet
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 14 | 11 | 9 | 10 |
| EBITDA (ex other income) | (2) | (1) | (3) | (2) | (2) |
| margin % | (33.8) | (10.3) | (24.5) | (18.8) | (21.3) |
| Owners' profit | (6) | (4) | (1) | (4) | (0) |
| EPS, as reported (₹) | (3.43) | (2.60) | (0.60) | (2.69) | (0.16) |
| ROE % · ROCE % | (50.9) · (7.2) | (63.0) · (2.0) | (18.0) · 4.5 | (333.9) · (14.5) | (24.6) · (11.3) |
| Debt / equity (x) | 2.35 | 4.18 | 4.66 | 18.76 | 13.09 |
| Cash from operations | 6 | 1 | 2 | 3 | (5) |
| 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 | 2 | 2 | 3 | 2 | 3 | 3 | 2 | 3 |
| Profit before tax | (1) | (1) | (1) | (1) | (1) | 1 | (1) | (1) |
| Net profit | (1) | (1) | (1) | (1) | (1) | 3 | (2) | (1) |
| EPS (₹) | (0.55) | (0.70) | (0.57) | (0.63) | (0.61) | 2.03 | (0.95) | (0.65) |
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. % |
|---|---|---|---|---|---|---|---|---|
| K. V. TOYS INDIA LIMITED | 149 | 28.6 | — | — | — | 17.4 | — | — |
| OK PLAY INDIA LTD. | 99 | 45.5 | 0.59 | 6.6 | 1.8 | 0.6 | 16.6 | 18.3 |
| COSCO (INDIA) LTD. | 75 | 74.7 | 1.45 | — | 1.9 | 1.2 | — | 5.0 |
| ARCHIES LTD | 36 | — | 0.29 | — | (3.4) | (3.4) | — | 0.7 |
| OLYMPIC CARDS LTD. ◆ | 5 | — | 4.31 | — | (24.6) | (32.6) | — | (13.7) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 4.3 | 2.2 | 138 of 189 | 27% |
| ROCE | (32.6) | 7.0 | 212 of 219 | 3% |
| ROE | (24.6) | 5.8 | 179 of 189 | 5% |
| Debt / Equity | 13.1 | 0.2 | 189 of 190 | 1% |
| EBITDA margin | (13.7) | 9.3 | 185 of 193 | 4% |
| Revenue growth | 16.4 | 16.4 | 95 of 189 | 50% |
| Profit growth | (4.3) | 16.8 | 108 of 183 | 41% |
| Market cap | 5 | 223 | 225 of 228 | 1% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine SEBI 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY2026-27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Olympic Cards repays Rs.8.40 Cr HDFC Bank loan, replaces with interest-free director loans | credit debt | medium | — | — |
| 16 Sept 2026 · Requests BSE to update Corporate Information page details | compliance | minimal | — | — |
| 9 Sept 2026 · 34th AGM proceedings filed with 2-min delay; losses widened, no dividend | compliance | minimal | — | — |
| 8 Sept 2026 · Olympic Cards 34th AGM: All 5 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Olympic Cards corrects errors in FY2025-26 annual report | compliance | minimal | — | — |
| 7 Sept 2026 · 34th AGM held via VC; loss narrows, key resolutions passed | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Olympic Cards seeks more time to pay BSE listing fees | compliance | medium | — | — |
| 20 Aug 2026 · Olympic Cards publishes 34th AGM notice 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.