NSE: SPCENET
SPACENET ENTERS IND LTD
Operates as a Services group with two reported segments — Service Income at 52.1% of FY26 segment revenue and Trading of Goods at 47.9%. On a consolidated basis, service income rose to 101.42 crore from 54.06 crore a year earlier, while trading revenue was 93.29 crore versus 103 crore earlier. The board approved in May 2026 plans to widen the objects clause to cover real estate development, co-working, defence and aerospace, HR services, software solutions, and renewable energy/EV infrastructure, and to raise up to 200 crore through QIP or private placement by lifting authorised share capital from 65 crore to 100 crore. Stated cost lines are employee costs at 3.0% of revenue, depreciation at 1.9% and other opex at 1.6%, with materials and capex shown at 0.0%. The company is part of the promoter group of String Metaverse Limited and sold 30 lakh SML shares via OFS in April 2026 to meet minimum public shareholding norms. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Service Income (52%), Trading of Goods (48%). Diversifying services and trading group expanding into multiple sectors
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 43 | 145 | 128 | 157 | 195 |
| EBITDA (ex other income) | 0 | 3 | 11 | 14 | 17 |
| margin % | 0.9 | 1.8 | 8.4 | 8.6 | 8.7 |
| Owners' profit | 0 | 3 | 10 | 12 | 16 |
| EPS, as reported (₹) | 0.03 | 0.05 | 0.20 | 0.22 | 0.00 |
| ROE % · ROCE % | — · — | 4.8 · 5.2 | 9.7 · 9.8 | 7.9 · 8.5 | 9.1 · 8.8 |
| Debt / equity (x) | — | 0.00 | 0.01 | 0.01 | 0.14 |
| Cash from operations | (4) | (5) | (1) | 17 | 23 |
| Capex | (0) | (0) | (1) | (21) | 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 | 45 | 39 | 39 | 53 | 48 | 48 | 45 | 49 |
| Profit before tax | 4 | 1 | 5 | 4 | 6 | 3 | 5 | 16 |
| Net profit | 3 | 1 | 5 | 4 | 5 | 3 | 4 | 14 |
| EPS (₹) | 0.06 | 0.02 | 0.09 | 0.00 | 0.08 | 0.05 | 0.00 | 0.23 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading of Goods | 42 | 21.4 |
| Service Income | 101 | 52.1 |
| Trading of commodities | 25 | 12.9 |
| Trading of goods | 26 | 13.6 |
| Total, before eliminations | 195 | 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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 13.9 | 47 of 130 | 64% |
| P/B | 1.0 | 0.9 | 79 of 150 | 48% |
| ROCE | 8.5 | 2.1 | 38 of 177 | 79% |
| ROE | 9.1 | 2.3 | 35 of 158 | 78% |
| Debt / Equity | 0.1 | 0.1 | 89 of 154 | 43% |
| EBITDA margin | 38.8 | 4.5 | 13 of 137 | 91% |
| Revenue growth | (8.4) | (8.6) | 67 of 135 | 51% |
| Profit growth | 258.4 | 0.6 | 20 of 157 | 88% |
| Market cap | 183 | 21 | 26 of 179 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA confirms no dematerialization requests for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM Results: All 6 Resolutions Passed, Includes Fundraise and Director Appoinements | compliance | minimal | — | — |
| 29 Sept 2026 · Spacenet Enterprises 16th AGM held; 500 crore rupees fundraise proposed | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Spacenet re-grants 6.02 lakh ESOP options, allots 6.04 lakh shares | business updates | medium | — | — |
| 15 Sept 2026 · Spacenet allots 6,04,500 shares under ESOP Scheme 2021 | capital market events | low | — | — |
| 15 Sept 2026 · Spacenet Enterprises grants ESOPs and allots 6.04 lakh shares to employees | capital market events | medium | — | — |
| 15 Sept 2026 · Spacenet Enterprises grants 6.02 lakh ESOPs, allots 6.04 lakh shares | capital market events | low | — | — |
| 9 Sept 2026 · NSE seeks clarification from Spacenet Enterprises on Jun 2026 quarter results | compliance | low | — | — |
| 3 Sept 2026 · Newspaper publication of 16th AGM notice | 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.