BSE: 539593
Shivansh Finserv Limited
Operates as a BSE-listed non-banking financial company (NBFC) registered in Gujarat. In FY26, revenue from operations was Rs. 264.74 lakhs, almost entirely driven by a one-time purchase of stock-in-trade worth Rs. 287.03 lakhs booked in Q2 FY26, while Q3 FY26 had zero revenue from operations. Total income for the year stood at Rs. 312.74 lakhs and profit after tax was Rs. 42.67 lakhs, reversing a Rs. 17.54 lakh loss in FY25. Operating cash flow for the year was Rs. 1,032.10 lakhs, and borrowings were cut from Rs. 787.18 lakhs to Rs. 300 lakhs. Employee cost was 4.7% of revenue and other operating expenses were 8.3% of revenue, with no materials cost recorded. The board is currently weighing an equity acquisition in another company, raising authorised capital, increasing borrowing and investment limits, and a possible name change. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Stock-in-trade transactions. Very small, BSE-listed NBFC with episodic, transaction-driven revenue.
Exhibit 1: Financial summary, FY22–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue | 1 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) |
| margin % | (5.6) | — | (73.5) |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.14 | 0.08 | 0.08 |
| ROE % · ROCE % | 1.3 · 1.7 | 0.7 · 0.7 | 0.8 · 2.2 |
| Debt / equity (x) | 2.46 | 2.46 | 3.79 |
| Cash from operations | (9) | 1 | (10) |
| Capex | (5) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | (0) | 0 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.05 | 0.08 | 0.08 | (0.13) | 0.09 | 0.07 | 0.05 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 34,420 | 38.9 | 10.52 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,203 | 18.4 | 3.87 | 8.9 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,251 | — | 2.58 | 38.5 | 4.5 | 5.3 | 32.8 | 4.3 |
| PRIME SECURITIES LIMITED | 947 | 169.1 | 3.69 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 945 | 28.6 | 5.56 | 18.1 | 22.5 | 30.3 | — | 97.5 |
| CENTRUM CAPITAL LIMITED | 903 | — | 0.69 | 9.6 | (21.4) | (2.5) | 49.7 | 29.7 |
| REGENCY FINCORP LIMITED | 564 | 51.6 | 3.52 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 509 | — | 1623.78 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.8 | 18.6 | 58 of 76 | 24% |
| P/B | 0.9 | 1.1 | 49 of 105 | 54% |
| ROCE | 0.4 | 1.8 | 56 of 83 | 33% |
| ROE | 0.8 | 1.3 | 63 of 111 | 44% |
| Debt / Equity | 3.8 | 0.0 | 76 of 77 | 1% |
| EBITDA margin | 211.7 | 25.6 | 7 of 91 | 93% |
| Profit growth | 100.3 | (0.2) | 26 of 109 | 77% |
| Market cap | 6 | 26 | 99 of 113 | 13% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for 4 November 2026 to approve results | results | low | — | — |
| 12 Oct 2026 · Compliance certificate for Q2FY27 under Regulation 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Shivansh Finserv AGM 2026: All 14 resolutions passed with 99.86% in favour | compliance | low | — | — |
| 29 Sept 2026 · AGM held; 14 resolutions including acquisitions, preferential issue, new auditor | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading Window Closure from 1 October 2026 for Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Appointment of Mrs. Roshni Alakesh Agarwal as Company Secretary | management changes | low | — | — |
| 22 Sept 2026 · Shivansh Finserv appoints Anuvrat Jhawar as CFO | management changes | high | — | — |
| 22 Sept 2026 · CFO Mr. Jignesh Shah resigns effective 22 Sept 2026 | management changes | high | — | — |
| 22 Sept 2026 · Promoter reclassification clarification and shareholding pattern revision | ownership changes | medium | — | — |
| 16 Sept 2026 · Whole-Time Company Secretary resigns from Shivansh Finserv | management changes | 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.