BSE: 530907
SI CAPITAL & FINANCIAL SERVICE
Operates as a Non-Banking Financial Company (NBFC) based in Coimbatore, Tamil Nadu, earning revenue primarily through interest income on loans extended to borrowers. Total income for FY26 stood at Rs 371.21 lakhs, up 42.7% year-on-year, with net profit after tax of Rs 33.37 lakhs and EPS of Rs 0.67. The lending business reports a debt-equity ratio of 1.40 and a capital adequacy ratio of 40.87%. Stage 3 (non-performing) loan assets stood at 3.48% of gross loans with a provision coverage ratio of 90.10%. Employee costs are the largest operating expense at 29.1% of revenue, followed by other operating expenses at 16.1%. Operating cash flow turned negative at Rs 216.66 lakhs in FY26 due to significant increases in loans and other financial assets, with funding supplemented by a Rights Issue of up to Rs 757.50 lakhs (3:2 entitlement ratio) and Secured Unlisted Redeemable NCDs of up to Rs 50 lakhs at 12% per annum, payable monthly, with a maximum tenure of 60 months. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on loans. Small, SME-listed NBFC, asset-light lending business with negative operating cash flow driven by loan-book expansion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 2 | 3 | 4 |
| EBITDA (ex other income) | 0 | (0) | (0) | 1 | 1 |
| margin % | 0.2 | (17.2) | (10.9) | 35.9 | 32.1 |
| Owners' profit | (0) | (0) | (1) | 0 | 0 |
| EPS, as reported (₹) | (0.42) | (0.29) | (2.05) | 0.39 | 0.67 |
| ROE % · ROCE % | (5.2) · — | (3.0) · — | (24.2) · — | 3.3 · — | 5.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | (3) | (5) | (2) | (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 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| EPS (₹) | 0.10 | 0.35 | 0.58 | 0.41 | 0.22 | (0.21) | 0.26 | 0.28 |
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 | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (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) | 22.3 | 13.0 | 51 of 79 | 36% |
| P/B | 1.1 | 1.3 | 38 of 95 | 61% |
| ROE | 5.7 | 2.9 | 42 of 113 | 63% |
| EBITDA margin | 35.0 | 25.4 | 38 of 92 | 59% |
| Revenue growth | 27.8 | 16.2 | 36 of 91 | 61% |
| Profit growth | (29.7) | 5.2 | 77 of 110 | 30% |
| Market cap | 6 | 47 | 92 of 108 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine compliance filing for dematerialised shares for July-September 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1, 2026 till 48 hours post Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · All 5 resolutions passed at 32nd AGM; NCD issue and MD pay hike approved | board shareholder meetings | low | — | — |
| 19 Sept 2026 · AGM outcome: All 5 resolutions passed including NCD issuance and MD remuneration revision | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 32nd AGM concluded; NCD issuance and MD pay revision on agenda | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 32nd AGM held; 5 resolutions transacted including NCD issuance | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Newspaper ads published for Rights Issue completion details | compliance | minimal | — | — |
| 9 Sept 2026 · Board approves allotment of 75.75 lakh rights equity shares | corporate actions | high | — | — |
| 26 Aug 2026 · Newspaper publication of AGM notice and e-voting details | compliance | minimal | — | — |
| 25 Aug 2026 · 32nd Annual Report FY26 dispatched; AGM on Sep 18 via video conferencing | compliance | 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.