BSE: 512047
ROYAL INDIA CORPORATION LIMITE
Trades in bullion, which is currently its only operational revenue-generating segment. FY26 consolidated revenue from operations was Rs. 46.55 crore, a steep drop from Rs. 220.02 crore in FY25. Despite this collapse, FY26 net profit reached Rs. 52.14 crore because other income of Rs. 75.58 crore exceeded operating revenue. Materials (bullion) account for 29% of revenue, making it the largest cost line, while employee cost is 2.6% and other operating expenses are 6.2%. Bullion trading activity has been uneven through the year - Rs. 41.67 crore in Q1 FY26 and Rs. 4.38 crore in Q2 FY26, with negligible bullion revenue in the remaining quarters. The company has amended its objects clause to permit new areas such as nuclear, thermal and renewable energy training, R&D, and CBRN detection services, though these are not yet operational. Disputed income tax demands totalling Rs. 141.85 crore are pending across multiple assessment years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bullion (100%). Asset-light bullion trading; profits driven by other income rather than operations
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 47 |
| EBITDA (ex other income) | 1 |
| margin % | 1.5 |
| Owners' profit | 52 |
| EPS, as reported (₹) | 4.42 |
| ROE % · ROCE % | 37.0 · 51.4 |
| Debt / equity (x) | 0.08 |
| Cash from operations | 102 |
| Capex | (2) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 4 | 0 | 0 |
| Profit before tax | 2 | 0 | 71 |
| Net profit | 2 | 0 | 47 |
| EPS (₹) | 0.13 | 0.04 | 3.96 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Others | 0 | 10.1 |
| Bullions | 4 | 89.9 |
| Total, before eliminations | 5 | 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. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,735 | 12.2 | 5.43 | — | 28.0 | 37.7 | — | 6.8 |
| PNGS GARGI FASHION JEWELLERY L | 599 | 12.6 | 4.22 | — | 22.1 | 27.0 | — | 30.4 |
| UDAY JEWELLERY INDS. LTD. | 569 | 21.5 | 2.74 | — | 17.2 | 23.1 | — | 8.3 |
| KD GREEN INDUSTRIES LTD | 287 | 18.3 | 3.99 | 32.0 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 216 | 15.8 | 2.69 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 214 | 51.1 | — | — | — | 28.7 | — | — |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
| Ashapuri Gold Ornament Limited | 146 | 7.0 | 0.87 | — | 11.1 | 15.0 | — | 11.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.4 | 12.9 | 4 of 47 | 94% |
| P/B | 0.5 | 0.9 | 8 of 37 | 81% |
| ROCE | 51.0 | 4.7 | 2 of 50 | 98% |
| ROE | 37.0 | 2.3 | 4 of 37 | 92% |
| Debt / Equity | 0.1 | 0.1 | 20 of 37 | 47% |
| EBITDA margin | 14173.1 | 6.8 | 1 of 35 | 100% |
| Market cap | 67 | 24 | 13 of 54 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · All 3 resolutions passed at 42nd AGM with 99.98 percent approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Royal India Corporation holds 42nd AGM, tables 3 resolutions | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Royal India publishes 42nd AGM notice in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Royal India Corporation submits 42nd Annual Report, AGM on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 42nd AGM notice on Sept 30, 2026 - MD re-appointment and other businesses | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 42nd Annual Report and AGM Notice submitted for FY 2025-26 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Register of Members closed Sept 24-30 for AGM on Sept 30 | corporate actions | low | — | — |
| 2 Sept 2026 · Board approves 42nd AGM on September 30, 2026 at 11:45 a.m. | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Q1 FY27 Results: Revenue drops 91% YoY to Rs 363 lakh | results | high | — | — |
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.