BSE: 523289
RAMA VISION LTD.
Distributes imported branded packaged food products — noodles from overseas suppliers such as South Korea's Nongshim (Shin Ramyun and Kimchi Stir Fry ranges) — to Indian retailers through general trade, modern trade and e-commerce channels. Trading is the overwhelmingly dominant line of business, contributing Rs. 155.74 crore of FY26 revenue out of Rs. 158.75 crore, while a small in-house manufacturing operation supports the company's own 'Maddox' food brand and generated Rs. 6.67 crore of FY26 revenue at a small operating loss. FY26 PAT was Rs. 5.92 crore against Rs. 158.75 crore of revenue, with an EBITDA margin of 7.41%. The cost structure is light on materials at just 1.4% of revenue — typical of a distribution model — with employees at 11.2% and other operating expenses at 17.7% being the main cost lines. The company has appointed dedicated national sales managers to build the Maddox brand across general trade, modern trade and e-commerce. Capex is minimal at 1.1% of revenue, consistent with the asset-light trading model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading, Manufacturing. Asset-light trading and distribution of branded imported packaged foods, with a small own-brand food manufacturing arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 62 | 82 | 90 | 114 | 159 |
| EBITDA (ex other income) | 3 | 5 | 7 | 7 | 11 |
| margin % | 4.2 | 5.7 | 7.3 | 6.4 | 7.1 |
| Owners' profit | 1 | 3 | 3 | 3 | 6 |
| EPS, as reported (₹) | 1.46 | 2.53 | 3.31 | 2.72 | 5.68 |
| ROE % · ROCE % | 7.6 · 9.9 | 11.3 · 16.1 | 12.3 · 14.7 | 9.3 · 14.1 | 16.3 · 20.5 |
| Debt / equity (x) | 0.43 | 0.43 | 0.64 | 0.62 | 0.54 |
| Cash from operations | 0 | (4) | 6 | (3) | 1 |
| Capex | (2) | (2) | (19) | (1) | (2) |
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 | 27 | 28 | 29 | 30 | 34 | 41 | 42 | 42 |
| Profit before tax | 2 | 1 | 1 | 1 | 1 | 2 | 3 | 2 |
| Net profit | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 1 |
| EPS (₹) | 1.15 | 0.66 | 0.39 | 0.51 | 1.00 | 1.56 | 1.82 | 1.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading | 156 | 95.9 |
| Manufacturing | 7 | 4.1 |
| Total, before eliminations | 162 | 100.0 |
Exhibit 4: 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 | 30,129 | 17.7 | 2.89 | 14.0 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,205 | 18.4 | 3.87 | 17.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,746 | 20.3 | 5.25 | 14.1 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,578 | 24.2 | 4.07 | 18.2 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,178 | — | 13.10 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 755 | 8.3 | 0.59 | 190.1 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 755 | 66.4 | 6.25 | 48.0 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 614 | 0.9 | — | 51.2 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.3 | 16.1 | 101 of 130 | 23% |
| P/B | 5.1 | 1.0 | 133 of 150 | 11% |
| ROCE | 16.4 | 2.1 | 22 of 177 | 88% |
| ROE | 16.3 | 2.3 | 19 of 158 | 89% |
| Debt / Equity | 0.5 | 0.1 | 116 of 154 | 25% |
| EBITDA margin | 6.3 | 4.5 | 58 of 137 | 58% |
| Revenue growth | 42.6 | (8.6) | 33 of 135 | 76% |
| Profit growth | 152.5 | 0.6 | 34 of 157 | 79% |
| Market cap | 186 | 22 | 24 of 180 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Newspaper notice on special window for physical share conversion | compliance | minimal | — | — |
| 26 Sept 2026 · 37th AGM results: all 4 resolutions passed with requisite majority | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closed from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Rama Vision 37th AGM held on Sept 25, 2026; key resolutions on director remuneration | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Newspaper notice on proposed transfer of 400 shares | compliance | minimal | — | — |
| 5 Sept 2026 · Rama Vision: National Sales Manager resigns | management changes | medium | — | — |
| 2 Sept 2026 · Newspaper ads published for 37th AGM notice and annual report | compliance | minimal | — | — |
| 1 Sept 2026 · AGM notice and Annual Report link for FY 2025-26 | compliance | minimal | — | — |
| 1 Sept 2026 · Book Closure Notice for 37th AGM on September 25, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Book Closure for 37th AGM from Sep 19 to Sep 25, 2026 | 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.