NSE: SONAL · BSE: 538943
SONAL MERCANTILE LTD.
Operates as a non-banking financial company (NBFC) registered with the RBI under the RBI Act, 1934, based in New Delhi. The business earns primarily through interest income on its lending book, with standalone income from operations of ₹4,075.75 lakhs in FY26 versus ₹3,529.37 lakhs in FY25. Funding is raised through borrowings, which stood at ₹29,382 lakhs as of H1 FY26, and the company carries a standalone debt-to-equity ratio of 4.14, making the cost of funds the main economic input. Standalone operating costs are light (employee costs at 1.3% of revenue and other opex at 1.6%) because interest expense is netted against interest income at the revenue line. The company has no subsidiaries and one associate, Rudraveerya Developers Limited, whose share of profit contributed materially to consolidated total comprehensive income of ₹2,754.09 lakhs in FY26. Standalone profit after tax rose 10.2% year-on-year to ₹1,146.81 lakhs in FY26, with basic EPS of ₹7.78 versus ₹7.06. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income from lending, Share of profit from associate. Leveraged, light-cost NBFC focused on lending with a single associate in real estate development
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 21 | 26 | 39 | 35 | 41 |
| EBITDA (ex other income) | 20 | 26 | 39 | 35 | 39 |
| margin % | 96.8 | 96.7 | 98.8 | 98.2 | 96.9 |
| Owners' profit | 0 | 0 | 24 | 32 | 26 |
| EPS, as reported (₹) | 11.55 | 15.99 | 18.40 | 24.50 | 19.46 |
| ROE % · ROCE % | 6.9 · — | 6.2 · — | 7.7 · — | 9.0 · — | 6.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (21) | (1) | 0 | 1 | 17 |
| Capex | 0 | (0) | (0) | (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 | 9 | 9 | 8 | 9 | 9 | 10 | 8 | 13 |
| Profit before tax | 4 | 4 | 3 | 4 | 3 | 3 | 2 | 7 |
| Net profit | 8 | 8 | 7 | 9 | 8 | 8 | 3 | 7 |
| EPS (₹) | 4.77 | 3.90 | 5.61 | 7.09 | 6.40 | 5.78 | 2.98 | 5.33 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.9 | 18.1 | 17 of 200 | 92% |
| P/B | 0.3 | 1.1 | 28 of 253 | 89% |
| ROE | 6.7 | 3.1 | 85 of 257 | 67% |
| EBITDA margin | 98.4 | 48.6 | 25 of 249 | 90% |
| Revenue growth | 56.1 | 12.6 | 57 of 231 | 76% |
| Profit growth | (25.5) | 7.8 | 144 of 251 | 43% |
| Market cap | 116 | 34 | 83 of 268 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA compliance certificate under Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Sonal Mercantile 41st AGM: All 3 resolutions passed with over 99.99% approval | compliance | minimal | — | — |
| 30 Sept 2026 · 41st AGM proceedings - financials adopted, RPT up to Rs 250 crore approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed for insiders ahead of H1 results | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 41st AGM on Sep 30, 2026 via video conferencing | compliance | minimal | — | — |
| 3 Sept 2026 · 41st AGM notice and annual report sent to shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · 41st AGM notice and annual report submitted for FY 2025-26 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Sonal Mercantile files 41st Annual Report and AGM Notice for FY 2025-26 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Sonal Mercantile sets book closure Sep 24-30 for 41st AGM on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board approves 41st AGM notice, fixes September 30 meeting date | 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.