BSE: 521222
SANBLUE CORPORATION LTD.
Trades in textile products, earning revenue from the sale of traded textile goods. FY26 revenue from operations was ₹318.53 lakh, nearly doubling from ₹167.35 lakh in FY25, but the cost of goods sold of ₹310.11 lakh left a very thin gross spread on each sale. Profit after tax fell 42% to ₹19.02 lakh from ₹32.96 lakh in FY25, with the company posting a standalone loss of ₹6.81 lakh in Q4 FY26. Employee costs were 8.4% of revenue and other operating expenses 4.1%, yielding an EBITDA margin of 6.2%. The business sits on total assets of ₹37.95 crore, while operating cash flow for FY26 turned negative at ₹229.33 lakh, largely on a ₹200 lakh build-up of financial assets. Other comprehensive income recorded a large negative swing of ₹1,867.59 lakh from remeasurement of investments, leaving total comprehensive income deeply negative for the year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading of textile products (100%). Small, low-margin textile trading business with non-operating investment exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 4 | 1 | 2 | 3 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | (24.9) | (6.9) | (20.0) | (19.3) | (9.9) |
| Owners' profit | 0 | 1 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.17 | 1.38 | 0.51 | 0.66 | 0.38 |
| ROE % · ROCE % | 0.2 · 0.2 | 1.7 · 1.5 | 0.4 · 0.5 | 0.6 · 0.7 | 0.6 · 0.5 |
| Debt / equity (x) | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (1) | 0 | (1) | (0) | (2) |
| 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 | 0 | 2 | 0 | 0 | 2 | 1 | 2 |
| Profit before tax | 0 | 0 | (0) | (0) | 0 | 0 | (0) | (0) |
| Net profit | 0 | 0 | (0) | (0) | 0 | 0 | (0) | (0) |
| EPS (₹) | 0.48 | 0.32 | (0.03) | (0.15) | 0.39 | 0.28 | (0.14) | (0.10) |
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. % |
|---|---|---|---|---|---|---|---|---|
| PDS LIMITED | 4,743 | 40.4 | 2.55 | 10.6 | 9.6 | 9.8 | 16.1 | 3.1 |
| LE MERITE EXPORTS LIMITED | 238 | 4.4 | 1.76 | 13.7 | 8.6 | 10.5 | — | (4.0) |
| BHILWARA TECHNICAL TEXT L | 210 | — | 1.30 | — | (7.0) | (6.5) | 32.8 | (128.6) |
| STANDARD INDUSTRIES LTD. | 108 | 1.7 | 0.94 | — | (16.9) | (15.8) | 23.6 | 45.1 |
| SPL INDUSTRIES LIMITED | 77 | 9.4 | 0.36 | — | 3.3 | 2.8 | — | 18.6 |
| Anand Rayons Limited | 58 | 5.3 | 0.56 | — | 7.1 | 9.4 | — | 3.1 |
| Vivaa Tradecom Limited | 51 | 36.3 | — | — | — | 3.6 | — | — |
| SANBLUE CORPORATION LTD. ◆ | 24 | 111.6 | 0.70 | — | 0.6 | 0.5 | — | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 111.6 | 9.4 | 7 of 7 | 0% |
| P/B | 0.7 | 1.1 | 3 of 8 | 71% |
| ROCE | 0.5 | 2.8 | 6 of 9 | 38% |
| ROE | 0.6 | 1.9 | 5 of 8 | 43% |
| Debt / Equity | 0.0 | 0.1 | 1 of 8 | 57% |
| EBITDA margin | (3.0) | 3.0 | 5 of 7 | 33% |
| Revenue growth | 336.3 | 25.8 | 3 of 9 | 75% |
| Profit growth | 30.4 | 76.5 | 7 of 8 | 14% |
| Market cap | 24 | 68 | 8 of 10 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve unaudited September 2026 quarter results | results | low | — | — |
| 13 Oct 2026 · RTA confirms no demat or remat activity in Q2 FY27 | compliance | minimal | — | — |
| 13 Oct 2026 · Non-Applicability of Escrow Payment Mechanism Declaration | compliance | minimal | — | — |
| 26 Sept 2026 · CEO Jose Daniel re-appointed for 5 years; Director Krina Shah re-appointed by rotation | management changes | medium | — | — |
| 26 Sept 2026 · 33rd AGM results: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 33rd AGM held - three resolutions passed including MD re-appointment | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper ad for special window for share transfer and dematerialization | compliance | minimal | — | — |
| 31 Aug 2026 · Specimen letter to shareholders for 33rd AGM on Sep 26, 2026 | compliance | minimal | — | — |
| 24 Aug 2026 · Annual Report FY26: Revenue nearly doubles but PAT drops 42% | results | medium | — | — |
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.