NSE: SAICAPI · BSE: 531931
SAI CAPITAL LTD.
Operates as a BSE-listed holding company whose consolidated results are driven by subsidiaries rather than by direct standalone operations. The standalone entity reported zero revenue from operations and a net loss of Rs 68.23 lakhs in FY26, with auditors flagging going concern uncertainty due to eroded standalone net worth (negative other equity of Rs 765.02 lakhs). The group has three subsidiaries, including two material subsidiaries — Healthcare Energy Foods Private Limited (which itself has downstream companies) and Butterfly Ayurveda Private Limited. On a consolidated basis, the group reported total income of Rs 2,453.57 lakhs and a net profit of Rs 1,255.69 lakhs in FY26, up 15.9% from the prior year. The standalone cost base is dominated by employee costs (Rs 1.2157 crore) and depreciation (Rs 2.469 crore), with no material input costs. Dr. Niraj Kumar Singh, a promoter with over 43 years of experience in corporate management and financial services, has been re-appointed as Chairman and Managing Director for a second 5-year term from June 25, 2027. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Standalone operations, Subsidiary operations (consolidated). Holding company with no direct standalone operations; consolidated earnings dependent on subsidiaries; standalone net worth eroded
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 0 | 1 | 1 |
| EBITDA (ex other income) | (0) | (9) | (21) | (3) | (2) |
| margin % | (20.1) | (1563.1) | (4732.7) | (559.0) | (334.5) |
| Owners' profit | 11 | 3 | (13) | 11 | 12 |
| EPS, as reported (₹) | 37.60 | 8.81 | (44.82) | 37.64 | 43.61 |
| ROE % · ROCE % | 3.1 · 4.3 | 0.7 · 1.6 | (3.8) · (2.1) | 3.0 · 4.7 | 3.4 · 5.1 |
| Debt / equity (x) | 0.01 | 0.04 | 0.04 | 0.05 | 0.04 |
| Cash from operations | (3) | (1) | (6) | (61) | (52) |
| Capex | (2) | (55) | (3) | (0) | (0) |
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 | 0 |
| Profit before tax | 3 | 3 | 4 | 7 | 4 | 5 | 5 | 4 |
| Net profit | 2 | 2 | 2 | 5 | 3 | 4 | 4 | 2 |
| EPS (₹) | 6.39 | 5.57 | 7.94 | 17.49 | 10.81 | 12.37 | 12.37 | 8.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 14,024 | 23.0 | 9.42 | 13.4 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,286 | 106.5 | 31.03 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,608 | 18.3 | 2.54 | 12.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| INOX GREEN ENERGY SER LTD | 6,906 | 55.3 | 4.03 | 41.0 | 6.0 | 9.0 | — | 131.6 |
| SMARTWORKS COWORKING SP L | 6,168 | 221.2 | 11.62 | 5.2 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 5,399 | 21.3 | 4.62 | 16.3 | 19.0 | 14.4 | 7.1 | 2.6 |
| NIRLON LTD | 5,353 | 15.5 | 11.42 | — | 73.8 | 18.1 | — | 79.4 |
| INDIQUBE SPACES LIMITED | 3,964 | — | 7.70 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.6 | 14.1 | 16 of 90 | 83% |
| P/B | 0.1 | 1.5 | 4 of 92 | 97% |
| ROCE | 4.8 | 3.2 | 44 of 105 | 59% |
| ROE | 3.4 | 3.1 | 57 of 116 | 51% |
| Debt / Equity | 0.0 | 0.0 | 60 of 116 | 49% |
| EBITDA margin | 3121.8 | 25.4 | 1 of 92 | 100% |
| Revenue growth | 11.8 | 16.2 | 51 of 91 | 44% |
| Profit growth | (53.9) | 5.2 | 85 of 110 | 23% |
| Market cap | 45 | 55 | 59 of 105 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 18 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26-27 results | compliance | minimal | — | — |
| 26 Aug 2026 · 31st AGM results: all 3 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Sai Capital's 31st AGM concludes; voting results awaited | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Special Window for Re-lodgment of Physical Share Transfer Requests | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Standalone loss, Consolidated PAT of Rs 340.02 lakh | results | high | — | — |
| 13 Aug 2026 · Sai Capital Q1 FY27 results: standalone loss, consolidated profit at Rs 340L | results | high | — | — |
| 4 Aug 2026 · Board meeting on Aug 13 to consider Q1 FY27 results | results | low | — | — |
| 1 Aug 2026 · Sai Capital 31st AGM notice and annual report dispatch | compliance | minimal | — | — |
| 30 Jul 2026 · 31st Annual Report FY26 and AGM Notice filed with BSE | board shareholder meetings | medium | — | — |
| 30 Jul 2026 · Notice of 31st AGM scheduled for August 25, 2026 via video conferencing | 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.