BSE: 531436
SAFFRON INDUSTRIES LIMITED
Real Estate Development is the primary revenue source, while a legacy Paper Manufacturing segment has been wound down. In FY26, plant and machinery used for manufacturing newsprints and paper was disposed of, and Property, Plant & Equipment collapsed from Rs 276.07 lakh to Rs 0.78 lakh. Real Estate Development drove Q1 FY27 revenue of Rs 105.86 lakh, while Paper Manufacturing contributed Rs 0.79 lakh, with the company's own filings attributing share price movement to investor sentiment in the real estate sector. Q1 FY27 revenue fell 66% from Rs 309.56 lakh in Q1 FY26. Other operating expenses account for 33.8% of FY26 revenue and depreciation 32.8%, reflecting the asset-heavy nature of property development. Net worth is negative Rs 8.19 crore, non-current borrowings rose to Rs 495.55 lakh from Rs 195.55 lakh, and shareholders approved loans and advances to group companies up to Rs 15 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real Estate Development, Paper Manufacturing. Small real estate developer winding down a legacy paper manufacturing business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18 | 17 | 16 | 6 | 7 |
| EBITDA (ex other income) | (0) | 0 | 0 | 5 | 5 |
| margin % | (1.0) | 2.4 | 0.1 | 75.6 | 67.4 |
| Owners' profit | (2) | (2) | (2) | 3 | 2 |
| EPS, as reported (₹) | 0.00 | 0.00 | 0.00 | 3.91 | 2.19 |
| ROE % · ROCE % | 19.4 · (17.7) | 14.1 · (16.1) | 15.0 · (42.9) | (28.8) · 135.4 | (19.2) · (38.6) |
| Debt / equity (x) | (2.10) | (1.88) | (1.35) | (1.21) | (0.24) |
| Cash from operations | (1) | (2) | 3 | 5 | 10 |
| Capex | (0) | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 2 | 3 | 3 | 1 | 2 | 1 | 1 |
| Profit before tax | (0) | 0 | 3 | (0) | 0 | 1 | 1 | 0 |
| Net profit | (0) | 0 | 3 | (0) | 0 | 1 | 1 | 0 |
| EPS (₹) | 0.00 | 0.60 | 4.05 | 0.00 | 0.33 | 1.16 | 0.71 | 0.17 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Segment A- Paper manufacturing | 0 | 0.2 |
| Segment B- Real estate devlopment | 1 | 20.8 |
| Paper Manufacturing | 0 | 0.1 |
| Real Estate Development | 5 | 78.7 |
| Paper manufacturing | 0 | 0.1 |
| Total, before eliminations | 7 | 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. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.9 | 13.8 | 16 of 36 | 57% |
| EBITDA margin | 11.4 | 10.4 | 17 of 38 | 57% |
| Revenue growth | (65.8) | 11.5 | 37 of 39 | 5% |
| Profit growth | 231.0 | 60.9 | 6 of 42 | 88% |
| Market cap | 17 | 55 | 36 of 48 | 26% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 3 to approve September results | results | low | — | — |
| 6 Oct 2026 · Routine compliance filing for Q2 FY26 securities dematerialization | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure for Q2 FY26 results from 1 Oct 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · AGM held on 24 Sept 2026; all resolutions passed unanimously | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · 33rd AGM of Saffron Industries on September 24, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 33rd AGM on September 24, 2026; no dividend recommended | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Board approves 33rd AGM notice for 24 September 2026 | board shareholder meetings | low | — | — |
| 29 Jul 2026 · Q1 FY27 Results: Revenue drops 66 percent YoY to Rs 105.88 lakh | results | high | — | — |
| 29 Jul 2026 · Saffron Industries Q1 FY27 results: Revenue down 66% YoY, swings to profit | results | high | — | — |
| 25 Jul 2026 · Board meeting on 29 Jul 2026 to consider Q1 FY27 results | results | 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.