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Dossier · RGF Capital Markets Limited · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
RGF Capital Markets Limited BSE: 539669
Financial Services › Financial Services › Finance › Non Banking Financial Company (NBFC)
RGF Capital Markets Limited
StateQ4 FY26 filed
Last close · 27 Oct 2026₹3.67
Market cap₹0.1k cr
TTM P/E · P/B · EV/EBITDA183.5 · 3.99 · —
Operates as a Kolkata-based RBI-registered non-banking financial company (NBFC) listed on BSE (scrip code 539669) and the Calcutta Stock Exchange. FY26 revenue was Rs 0.5378 crore and net profit Rs 0.0415 crore, against total assets of Rs 15.6215 crore and zero debt. The cost base comprises other operating expenses at 33.4% of revenue and employee costs at 3.4%, with no materials, depreciation or capex booked. The reporting period has been dominated by a change-of-control transaction: a group of nine acquirers led by Nishad Jitendra Shah is buying 24.98% from existing promoters under a Share Purchase Agreement, has triggered a mandatory open offer for an additional 26% of the expanded voting capital, and plans to subscribe to a preferential issue of 50 crore fully convertible warrants. Shareholders have also approved raising authorised share capital from Rs 15.5 crore to Rs 70 crore. The stock currently sits in BSE's Enhanced Surveillance Measure (ESM) Stage-II framework. AR · MarketPing reader · 2026-08-03
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
FY22
FY23
FY24
FY25
FY26
Revenue
0
0
0
0
1
EBITDA (ex other income)
(0)
0
0
0
0
margin %
(22.3)
14.1
4.2
0.0
63.2
Owners' profit
(0)
0
0
0
0
EPS, as reported (₹)
0.00
0.00
0.00
0.00
0.01
ROE % · ROCE %
(0.4) · (0.4)
0.0 · 0.0
0.0 · 0.0
0.0 · 0.0
0.3 · 2.3
Debt / equity (x)
0.00
0.00
0.00
0.00
0.00
Cash from operations
1
1
1
1
0
Capex
0
0
0
0
0
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · RGF Capital Markets Limited · 28 October 2026Page 2 of 3
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
0
0
0
0
0
0
0
1
Profit before tax
(0)
(0)
(0)
0
(0)
(0)
(0)
0
Net profit
(0)
(0)
(0)
0
(0)
(0)
(0)
0
EPS (₹)
(0.00)
(0.00)
(0.01)
0.00
0.01
0.00
0.00
0.01
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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. %
BAJAJ FINANCE LIMITED
5,67,346
27.9
4.85
—
16.5
—
25.2
70.7
SHRIRAM FINANCE LIMITED
1,93,785
14.5
2.94
—
15.2
—
22.5
74.7
TATA CAPITAL LIMITED
1,28,620
23.5
2.73
—
10.4
—
—
75.8
CHOLAMANDALAM IN & FIN CO
1,25,298
21.7
4.11
—
17.2
—
26.5
71.2
MUTHOOT FINANCE LIMITED
96,653
8.5
2.43
—
26.7
—
22.0
84.0
SBI CARDS & PAY SER LTD
50,250
22.1
3.20
—
13.8
—
—
33.1
SUNDARAM FINANCE LTD
42,997
19.2
2.89
—
13.8
—
—
78.4
PIRAMAL FINANCE LIMITED
42,166
24.9
1.50
—
5.3
—
—
63.4
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
183.5
18.5
186 of 200
7%
P/B
4.0
1.1
227 of 253
10%
ROCE
2.4
2.0
27 of 59
55%
ROE
0.3
3.1
189 of 257
27%
Debt / Equity
0.0
0.0
1 of 53
58%
EBITDA margin
89.6
48.6
42 of 249
84%
Revenue growth
313.7
12.6
18 of 231
93%
Profit growth
57.0
7.8
81 of 251
68%
Market cap
55
33
112 of 268
58%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · RGF Capital Markets Limited · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
26 Oct 2026 · Newspaper publication of September 2026 standalone results
compliance
minimal
—
—
23 Oct 2026 · Internal auditor appointed; September quarter net loss Rs 42.40 lakh
management changes
low
—
—
23 Oct 2026 · Revenue declines as RGF Capital Markets posts Rs 36.90 lakh half-year loss
results
high
—
—
23 Oct 2026 · RGF Capital Markets reports Rs36.90 lakh half-year net loss
results
high
—
—
23 Oct 2026 · RGF Capital posts Q2 loss as revenue drops and fees hit profit
results
high
—
—
16 Oct 2026 · Board meeting on Oct 23 2026 to approve Q2 FY26 results
results
low
—
—
12 Oct 2026 · Open Offer for RGF Capital Markets at Rs 1.10 per Share
strategic transactions
medium
—
—
9 Oct 2026 · IDC says open offer at Rs 1.10 per share is fair and reasonable
strategic transactions
high
—
—
5 Oct 2026 · AGM 2026 voting results: All 4 resolutions passed with near-unanimous support
board shareholder meetings
low
—
—
5 Oct 2026 · AGM 2026: all four resolutions passed with over 99.98 percent shareholder approval
compliance
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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A rating (BUY / ADD / REDUCE / SELL)
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a target is a forecast; a multiple is a measurement
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More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
