BSE: 543615
SILICON RENTAL SOLUTIONS LIMIT
Rents and sells IT equipment — laptops, desktops, storage, networking gear, and related peripherals — to enterprise customers across India. The rental business, which the company describes as 35% of revenue in FY25, grew to 52% of the H1 FY26 mix, with the balance coming from outright sales. The model is capex-heavy — capital expenditure was 18.8% of revenue in FY26 and depreciation is the single biggest P&L drag (around 23% of revenue in H1 FY26 per the filings) — which is why margins have compressed as the fleet expands. Recent orders include 36 units of ozone generators and ceramic membrane systems on a 36-month rental to Saroj Tiny Tech, NetApp storage on a 24-month operational lease with buyback, and 821 laptops on outright sale to Said Technologies. The company is also piloting a Centre of Excellence-as-a-Service platform for universities and skill institutes, and adding new asset categories such as AI-ready infrastructure, robotics, 3D printing, IoT, and electric vehicles, while expanding into Tier 2/3 cities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Equipment rental and leasing, Equipment sales. Capex-heavy IT equipment rental and sales
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 36 | 63 | 102 | 114 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 12.06 | 12.56 | 12.56 | 8.97 |
| ROE % · ROCE % | — · 27.7 | — · 25.9 | — · 17.7 | — · 12.1 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | 19 | 21 | 40 | 17 |
| Capex | — | — | (43) | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 19 | 24 | 39 | 55 | 47 | 62 | 52 |
| Profit before tax | 7 | 7 | 9 | 8 | 10 | 8 | 6 | 8 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 7.17 | 4.69 | 6.73 | 5.62 | 7.06 | 5.79 | 3.99 | 4.98 |
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 | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (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) | 3.2 | 13.5 | 15 of 80 | 82% |
| ROCE | 11.9 | 3.4 | 25 of 103 | 77% |
| Revenue growth | 34.2 | 16.2 | 34 of 91 | 63% |
| Market cap | 80 | 48 | 44 of 109 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · All 3 AGM Resolutions Passed; 10% Dividend Declared | compliance | minimal | — | — |
| 28 Sept 2026 · 10th AGM held; Re 1 per share dividend proposed for FY26 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Signs Platform Service Agreement with WeWork India for IT equipment rentals | business updates | medium | — | — |
| 12 Sept 2026 · Record date set for final dividend of Re. 1 per share | corporate actions | high | — | — |
| 6 Sept 2026 · Newspaper notice for 10th AGM and e-voting information | compliance | minimal | — | — |
| 5 Sept 2026 · Annual Report for FY2025-26 and 10th AGM Notice submitted | results | high | — | — |
| 5 Sept 2026 · 10th AGM on Sept 28, 2026; Re.1 dividend and director re-appointment | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board approves Director's Report, fixes AGM on Sept 28, forfeits 5.5 lakh warrants | board shareholder meetings | low | — | — |
| 16 Jul 2026 · 5,50,400 Warrants Lapse and Forfeited at Silicon Rental Solutions | fund raising | high | — | — |
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.