A small BSE-listed entity previously operating as a specialty chemicals manufacturer has discontinued its manufacturing operations during the half-year ended September 2025, sold off machinery and building assets, and reversed prior impairment provisions. Its stated objective pivoted from January 2026 to IT services, including software development, mobile applications, ERP solutions, and cloud services. The objects clause was widened to add new businesses including laminates, debt recovery, gold and precious metals trading, and agriculture inputs and commodities. In Q1 FY27, revenue of ₹14,192.10 lakhs came entirely from a new Agriculture segment, with the chemicals segment at nil; Q1 FY27 PAT was ₹790.33 lakhs against a loss of ₹211.16 lakhs in Q1 FY26. The auditor issued a qualified opinion for FY26, noting non-compliance with Ind AS-19 for gratuity and leave encashment accounting. The board has approved a rights issue of up to ₹70 crore and increased authorised share capital from ₹7.5 crore to ₹77.5 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agriculture (100%), IT services, Specialty chemicals manufacturing. Small listed entity in transition from manufacturing to services and trading
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 10 | 10 | 6 | 5 |
| EBITDA (ex other income) | 1 | 0 | 1 | (7) | 5 |
| margin % | 5.6 | 4.4 | 6.8 | (118.2) | 104.9 |
| Owners' profit | 1 | 0 | 0 | (8) | 5 |
| EPS, as reported (₹) | 0.94 | 0.16 | 0.10 | 13.76 | 8.51 |
| ROE % · ROCE % | 15.0 · 15.3 | 2.5 · 4.4 | 1.5 · 6.0 | 190.0 · 186.8 | 673.1 · 702.3 |
| Debt / equity (x) | 0.20 | 0.96 | 0.95 | (0.87) | 0.05 |
| Cash from operations | 0 | (2) | (0) | (0) | 4 |
| Capex | (0) | (0) | (0) | (0) | (1) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 2 | 0 | 1 | 2 | 0 | 1 | 142 |
| Profit before tax | (0) | (6) | (2) | (2) | 7 | 0 | 0 | 8 |
| Net profit | (0) | (6) | (2) | (2) | 7 | 0 | 0 | 8 |
| EPS (₹) | (0.23) | (9.92) | 3.52 | 3.79 | 11.84 | 0.17 | 0.01 | 14.19 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Notice of 35th AGM published in Financial Express English and Gujarati editions | compliance | minimal | — | — |
| 8 Sept 2026 · Annual Report FY25-26 and AGM Notice with Rights Issue capital hike proposal | board shareholder meetings | low | — | — |
| 8 Sept 2026 · AGM on Sep 30, 2026; major 10x jump in authorised share capital proposed | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · AGM postponed to 30 September 2026 to add an extra resolution | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Shareholders reject authorised share capital proposals | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Both postal-ballot proposals on authorised capital fail to pass | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · AGM notice published in newspapers for 35th Annual General Meeting | compliance | minimal | — | — |
| 26 Aug 2026 · FY26 Annual Report: PAT turns positive at Rs 499.28L aided by exceptional items | results | high | — | — |
| 26 Aug 2026 · Notice of 35th AGM on 18 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Board approves Directors' Report, fixes 35th AGM on 18 Sept 2026 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| AETHER INDUSTRIES LIMITED |
| 22,229 |
| 94.3 |
| 9.05 |
| 60.4 |
| 8.9 |
| 11.4 |
| — |
| 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.4 | 23.4 | 2 of 103 | 99% |
| P/B | 8.4 | 2.9 | 88 of 99 | 11% |
| ROCE | 681.8 | 10.3 | 1 of 108 | 100% |
| ROE | 673.1 | 8.1 | 1 of 101 | 100% |
| Debt / Equity | 0.1 | 0.2 | 35 of 101 | 66% |
| EBITDA margin | 5.6 | 15.5 | 87 of 99 | 12% |
| Revenue growth | 12044.5 | 24.4 | 1 of 94 | 100% |
| Profit growth | 474.3 | 55.1 | 9 of 92 | 91% |
| Market cap | 6 | 732 | 105 of 107 | 2% |
| 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 |
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.
