BSE: 531797
SCAN PROJECTS LTD.
Operates a small services and trading business out of Yamuna Nagar, Haryana, listed on BSE under the Cement & Cement Products classification though its current operations do not involve cement manufacturing. Its two named business lines are 'Erection, Commissioning, Supervision Contract' services (including Annual Maintenance Contracts) and 'Trading Activities,' which contributed Rs 1.46 crore and Rs 2.55 crore respectively in Q4 FY26. A third unnamed activity contributed Rs 6.46 crore in the same quarter, forming the bulk of the Rs 9.23 crore total segment revenue reported YTD for the period ending 31 March 2026. Full-year FY26 revenue from operations was Rs 15.69 crore with a net profit of Rs 0.71 crore. The cost structure is dominated by employee expenses at 12.2% of revenue and other operating expenses at 28.5%, while materials costs and capex are negligible. A scheme to merge Chanderpur Industries Pvt Ltd into the entity has been approved by shareholders and is pending NCLT sanction. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Erection, Commissioning, Supervision Contract, Trading Activities, Other segment. Small-cap, services-and-trading oriented with negligible capex, undergoing a pending amalgamation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6 | 6 | 8 | 12 | 16 |
| EBITDA (ex other income) | 0 | 0 | 0 | 0 | 1 |
| margin % | 7.9 | 3.8 | 1.4 | 2.6 | 4.0 |
| Owners' profit | 0 | 0 | 0 | 1 | 1 |
| EPS, as reported (₹) | 0.96 | 0.28 | 0.19 | 1.99 | 2.49 |
| ROE % · ROCE % | 5.9 · 8.3 | 1.7 · 3.5 | 1.1 · 2.1 | 10.6 · 14.2 | 11.5 · 15.5 |
| Debt / equity (x) | 0.20 | 0.02 | 0.02 | 0.02 | 0.10 |
| Cash from operations | (0) | 1 | 0 | 3 | 1 |
| 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 | 3 | 3 | 3 | 3 | 4 | 5 | 4 | 2 |
| Profit before tax | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.10 | 0.53 | 1.32 | 0.54 | 0.54 | 1.02 | 0.39 | 0.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Erection, Commissioning, Supervision Contract | 6 | 41.2 |
| Trading Activities | 9 | 58.8 |
| Total, before eliminations | 16 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,66,877 | 41.6 | 4.72 | 22.9 | 5.3 | 5.2 | 14.6 | 16.0 |
| GRASIM INDUSTRIES LTD | 2,19,613 | 38.4 | 1.29 | 17.9 | 6.1 | 3.2 | 18.1 | 16.0 |
| AMBUJA CEMENTS LTD | 97,064 | 34.5 | 1.34 | 14.7 | 1.2 | 1.5 | — | 13.8 |
| SHREE CEMENT LIMITED | 90,561 | 57.2 | 3.79 | 19.9 | 3.3 | 4.4 | 9.2 | 17.2 |
| JK CEMENT LIMITED | 40,707 | 42.5 | 5.51 | 19.6 | 6.0 | 4.2 | 15.7 | 13.6 |
| DALMIA BHARAT LIMITED | 27,913 | 56.1 | 1.55 | 11.2 | (0.1) | (0.1) | 7.1 | 13.8 |
| ACC LIMITED | 23,293 | 26.4 | 1.13 | 7.7 | 1.2 | 1.4 | — | 7.0 |
| THE RAMCO CEMENTS LIMITED | 19,236 | 31.6 | 2.37 | 15.9 | 0.9 | 0.8 | 11.3 | 13.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.8 | 29.4 | 19 of 27 | 31% |
| P/B | 4.5 | 1.3 | 31 of 34 | 9% |
| ROCE | 15.3 | 1.8 | 1 of 37 | 100% |
| ROE | 11.5 | 2.4 | 3 of 34 | 94% |
| Debt / Equity | 0.1 | 0.5 | 6 of 33 | 84% |
| EBITDA margin | 4.5 | 10.0 | 30 of 37 | 19% |
| Revenue growth | (20.4) | 12.3 | 34 of 36 | 6% |
| Profit growth | (18.5) | (15.0) | 21 of 37 | 44% |
| Market cap | 28 | 1910 | 36 of 38 | 5% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Board to review Q2 results and appoint sectorial auditor | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Routine compliance certificate for share dematerialization, Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · 34th AGM held on Sept 28, 2026 - all resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 Results - Effective October 1, 2026 | compliance | minimal | — | — |
| 23 Sept 2026 · Newspaper notice on special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 3 Sept 2026 · SCAN Projects publishes newspaper notice for upcoming AGM | compliance | minimal | — | — |
| 3 Sept 2026 · AGM Notice published in newspapers; AGM on Sep 28, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · 34th AGM on Sept 28, 2026; book closure Sept 22-28; no dividend | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Book Closure Sep 22-28 for 34th AGM on Sep 28, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Notice of 34th AGM on September 28, 2026; seeks related party deal approval | 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.