BSE: 512014
SOBHAGYA MERCHANTILE LTD.
Operates two named segments — Engineering and Metal Sale (Stone Crusher) — within a diversified commercial services classification. The Engineering Segment delivers construction and infrastructure contracts; the company's 40%-owned joint venture M/s Adyal L.I.S. recently secured a Rs 260.53 crore, 33-month order from Vidarbha Irrigation Development Corporation to build the Adyal Lift Irrigation Scheme in Chandrapur, Maharashtra. The Metal Sale (Stone Crusher) Segment sells crushed stone/aggregate, with quarterly revenue of Rs 9.75 crore in Q4 FY26 versus Rs 71.75 crore for Engineering in the same quarter. Beyond these operating segments, the company has incorporated Vadakhol Asoli Mining Private Limited (60% stake) to mine nickel, chromium and cobalt under a Letter of Award from Assam Mineral Development Corporation, and has invested preferential-issue proceeds of Rs 78.53 crore into promoter-group SPVs running HAM road projects. The FY26 cost base is dominated by materials at 36.6% of revenue and other operating expenses at 47.5%, with employee cost at 2.2% and depreciation at 0.1%, indicating a sub-contracted, asset-light operating model. FY26 revenue stood at Rs 232.50 crore with net profit of Rs 22.04 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering Segment, Metal Sale (Stone Crusher) Segment. Cyclical, project-driven engineering and quarrying with heavy related-party transaction exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 67 | 109 | 115 | 157 | 233 |
| EBITDA (ex other income) | 9 | 13 | 13 | 22 | 33 |
| margin % | 13.5 | 11.7 | 11.4 | 14.2 | 14.2 |
| Owners' profit | 11 | 11 | 12 | 16 | 22 |
| EPS, as reported (₹) | 457.43 | 446.77 | 484.01 | 21.80 | 30.93 |
| ROE % · ROCE % | 44.1 · 53.6 | 30.1 · 41.1 | 24.5 · 36.3 | 19.4 · 31.1 | 11.4 · 18.3 |
| Debt / equity (x) | 0.08 | 0.19 | 0.29 | 0.08 | 0.11 |
| Cash from operations | (11) | (7) | 4 | (17) | 53 |
| Capex | (0) | (1) | (1) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25 | 28 | 44 | 57 | 52 | 51 | 47 | 81 |
| Profit before tax | 3 | 4 | 6 | 11 | 8 | 6 | 8 | 11 |
| Net profit | 2 | 2 | 4 | 8 | 6 | 5 | 6 | 6 |
| EPS (₹) | 2.69 | 2.48 | 4.38 | 10.58 | 6.77 | 5.64 | 7.20 | 7.88 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering Segment | 187 | 80.4 |
| Metal Sale (Stone Crusher) Segment | 46 | 19.6 |
| Total, before eliminations | 233 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.8 | 13.0 | 65 of 79 | 18% |
| P/B | 6.6 | 1.3 | 80 of 95 | 16% |
| ROCE | 16.9 | 3.4 | 11 of 103 | 90% |
| ROE | 11.4 | 2.9 | 31 of 113 | 73% |
| Debt / Equity | 0.1 | 0.1 | 50 of 91 | 46% |
| EBITDA margin | 14.1 | 25.4 | 52 of 92 | 44% |
| Revenue growth | 43.9 | 16.2 | 28 of 91 | 70% |
| Profit growth | (25.1) | 5.2 | 74 of 110 | 33% |
| Market cap | 1280 | 47 | 19 of 108 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Routine filing of demat confirmation certificate for July-September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: all 6 resolutions passed with over 99.99 percent votes in favour | compliance | minimal | — | — |
| 29 Sept 2026 · 42nd AGM held via video conferencing; six resolutions transacted | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Newspaper advertisement submitted for 42nd AGM notice | compliance | minimal | — | — |
| 7 Sept 2026 · 42nd AGM weblink of FY25-26 annual report sent to physical shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Sobhagya Mercantile files FY25-26 Annual Report and 42nd AGM notice | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Sobhagya Mercantile submits FY26 Annual Report and 42nd AGM Notice | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Cost Auditor appointed for FY 2026-27 | management changes | low | — | — |
| 2 Sept 2026 · Sobhagya Merchantile appoints Cost Auditor for FY 2026-27 | management changes | low | — | — |
| 17 Aug 2026 · Sobhagya Mercantile Q1 FY27 Results: PAT Rs 407.6 Lakh, Down 27% YoY | compliance | minimal | — | — |
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.