BSE: 524055
PANTHER INDUSTRIAL PRODUCTS LT
Classified as a Trading & Distributors entity, the company has reported zero revenue from operations across the first nine months of FY26, with its statutory auditor explicitly flagging the absence of any revenue and management stating only that revenue is expected by year-end. The only line shown in segment data is a single 'Income' stream, accounting for 100% of the period's segment revenue at Rs 0.23 cr. FY26 total income was Rs 0.11 lakhs against a net loss of Rs 0.23 cr, with negative reserves and long-term borrowings of Rs 742.06 lakhs against an equity share capital of Rs 140 lakhs. The statutory auditor has included an Emphasis of Matter paragraph on material uncertainty related to going concern. In April 2026 the board approved a scheme of amalgamation with Shivang Edibles Oils Ltd (SEOL), under which each PIPL share would be exchanged for 1 SEOL share (Rs 10 face value) for every 19 PIPL shares held; SEOL reported turnover of Rs 359.95 cr against PIPL's Rs 0.20 cr, with SEOL promoter Shivang Garg set to hold 96.27% of the merged entity, subject to NCLT and BSE no-objection approvals. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Income (100%). Listed shell-like entity in trading & distributors with no revenue from operations in FY26 and going-concern uncertainty flagged
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (1) | (1) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | 0 | 0 | (0) | (0) |
| EPS, as reported (₹) | (0.76) | 1.04 | 0.69 | (3.27) | (1.65) |
| ROE % · ROCE % | (9.5) · (1.2) | 9.5 · 2.2 | 6.0 · 1.7 | (37.5) · (5.3) | (23.5) · (19.0) |
| Debt / equity (x) | 6.63 | 4.85 | 4.58 | 6.08 | 0.24 |
| Cash from operations | (1,332) | 995 | 0 | (0) | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | (3.60) | (0.36) | (0.38) | (0.35) | (0.35) | (0.56) | (0.58) | (0.49) |
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 | 25,680 | 13.8 | 2.36 | 12.2 | 8.0 | 10.8 | 15.9 | 2.0 |
| MMTC LIMITED | 8,018 | 17.9 | 3.78 | — | 18.3 | 21.6 | (83.7) | (2969.1) |
| MSTC LIMITED | 4,160 | 17.8 | 4.60 | 16.7 | 24.2 | 31.8 | (13.9) | 61.3 |
| CREATIVE NEWTECH LIMITED | 1,993 | 28.0 | 4.64 | 26.8 | 9.2 | 10.3 | — | 5.0 |
| Pervasive Commodities Limited | 1,182 | 77.2 | 13.13 | — | 0.0 | 0.0 | — | 1.9 |
| The Yamuna Syndicate Ltd | 774 | 8.5 | 0.60 | 508.1 | 4.0 | 0.3 | 4.8 | 3.4 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 54.1 | 6.0 | 6.9 | — | 4.7 |
| THE STATE TRADING CORPN | 624 | 0.9 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 15.2 | 0.9 | 147 of 151 | 3% |
| ROCE | (14.2) | 1.6 | 165 of 175 | 6% |
| ROE | (18.1) | 2.0 | 147 of 158 | 7% |
| Debt / Equity | 0.3 | 0.1 | 106 of 156 | 32% |
| Profit growth | (41.2) | 1.7 | 106 of 160 | 34% |
| Market cap | 13 | 21 | 116 of 178 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Quarterly loss rises to Rs 6.92 lakh in September 2026 | compliance | minimal | — | — |
| 5 Nov 2026 · Standalone September 2026 quarter loss widens to Rs 6.92 lakh on nil revenue | results | high | — | — |
| 5 Nov 2026 · Standalone September 2026 quarter loss widens to Rs 6.92 lakh | results | medium | — | — |
| 29 Oct 2026 · Board meeting set for September 2026 results and internal auditor appointment | results | low | — | — |
| 9 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · 38th AGM results: all 4 resolutions passed with 100% votes in favor | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Panther Industrial Products approves new statutory auditor for 5-year term | management changes | medium | — | — |
| 30 Sept 2026 · 38th AGM held via VC; accounts adopted, auditor appointed for 5 years | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Panther Industrial Products announces 38th AGM notice and 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.