BSE: 526827
SPICE ISLANDS INDUSTRIES LIMIT
Operates in hospitality, food and beverages, and electric vehicle rental. In FY26, total revenue was Rs 17.891 crore, with food and beverages the largest disclosed segment at Rs 7.48 crore of segment revenue, followed by hospitality at Rs 2.97 crore and EV rental at Rs 0.46 crore (period ending 2026-03-31). The hospitality segment runs a 26-room hotel, The Ocean Prime in Dwarka, Gujarat, leased at Rs 3 lakh per month with a 10% annual rise and a Rs 50 lakh refundable deposit. New businesses are being added: a 60:40 JV with The Peace Mission for "Peace Rogers" wellness beverages (initial 210 ml fortified drink with Vitamin C, D3, B12, Spirulina and ORS), a JV with Globalone Enterprises for the HYMAX Green Energy Project (10-system POC at an estimated Rs 3 crore, 75% funded by the company), and a Business Operation and Management Agreement with The Cloud Water to run a packaged drinking water plant, where the company bears all costs and retains 100% of net profits. Operating costs are dominated by "other opex" at 30.2% of revenue, while materials cost just 5% of revenue, and capex was 23.6% of FY26 revenue. The company raised Rs 8.70 crore via a preferential issue in December 2025 and proposed a 1:5 stock split at the 38th AGM. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Food and beverages, Hospitality business, Renting/Hire of electric vehicle. Small, multi-line consumer and hospitality business diversifying into wellness beverages, green energy, and packaged drinking water.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 1 | 1 | 1 | 18 |
| EBITDA (ex other income) | (1) | (0) | (0) | (1) | 2 |
| margin % | (44.4) | (25.7) | (1.1) | (123.4) | 13.9 |
| Owners' profit | (1) | (0) | 0 | 0 | 6 |
| EPS, as reported (₹) | (3.06) | (0.24) | 0.76 | 1.11 | 11.45 |
| ROE % · ROCE % | 252.8 · 360.5 | 19.6 · (127.5) | (106.6) · 80.1 | 20.3 · 49.7 | 40.4 · 40.6 |
| Debt / equity (x) | (1.47) | (1.00) | (2.09) | 0.54 | 0.04 |
| Cash from operations | 1 | (0) | (1) | 0 | 3 |
| Capex | (0) | (0) | 0 | 0 | (4) |
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 | 0 | 0 | 0 | 0 | 2 | 2 | 3 | 11 |
| Profit before tax | 0 | (0) | (0) | 2 | 0 | 1 | 1 | 3 |
| Net profit | 0 | (1) | (0) | 2 | 0 | 1 | 1 | 3 |
| EPS (₹) | 0.14 | 2.17 | (0.50) | 3.64 | 0.77 | 1.82 | 2.95 | 6.25 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a). Renting/Hire of electric Vehicle | 0 | 2.6 |
| b} Food and beverages | 7 | 41.8 |
| c) Hospitality business | 3 | 16.6 |
| Renting/Hire of Electric Vehicle | 1 | 2.9 |
| Food and Beverages | 1 | 4.0 |
| Hospitality Business | 4 | 21.9 |
| Renting/Hire of electric Vehicle | 0 | 0.9 |
| Food and beverages | 0 | 2.0 |
| Hospitality business | 1 | 6.8 |
| Renting/Hire of electric vehicle | 0 | 0.5 |
| Total, before eliminations | 18 | 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. % |
|---|---|---|---|---|---|---|---|---|
| Khazanchi Jewellers Limited | 1,826 | 12.9 | 5.71 | — | 28.0 | 37.7 | — | 6.8 |
| PNGS GARGI FASHION JEWELLERY L | 607 | 12.8 | 4.28 | — | 22.1 | 27.0 | — | 30.4 |
| UDAY JEWELLERY INDS. LTD. | 517 | 19.6 | 2.49 | — | 17.2 | 23.1 | — | 8.3 |
| KD GREEN INDUSTRIES LTD | 301 | 19.2 | 4.19 | 33.5 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 224 | 16.4 | 2.79 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 189 | 45.3 | — | — | — | 28.7 | — | — |
| Ashapuri Gold Ornament Limited | 148 | 7.2 | 0.89 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 140 | 7.5 | — | — | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 12.9 | 18 of 54 | 68% |
| P/B | 4.0 | 0.9 | 29 of 37 | 22% |
| ROCE | 40.2 | 3.9 | 3 of 52 | 96% |
| ROE | 40.4 | 2.5 | 2 of 40 | 97% |
| Debt / Equity | 0.0 | 0.1 | 20 of 40 | 51% |
| EBITDA margin | 28.7 | 6.8 | 8 of 35 | 79% |
| Revenue growth | 3113.4 | 13.8 | 1 of 36 | 100% |
| Profit growth | 97.7 | 1.4 | 7 of 34 | 82% |
| Market cap | 56 | 26 | 16 of 54 | 72% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · Secretarial Auditor Alok Khairwar resigns from Spice Islands Industries | management changes | medium | — | — |
| 11 Sept 2026 · SEBI conducts search and seizure at Spice Islands Industries premises | regulatory legal | critical | — | — |
| 5 Sept 2026 · Spice Islands Industries explains delay in Q1FY27 results filing | regulatory legal | medium | — | — |
| 20 Aug 2026 · Spice Islands Industries publishes Q1FY27 results in newspapers | compliance | minimal | — | — |
| 19 Aug 2026 · Q1 FY27 results: revenue jumps 9x, PAT up 320% YoY | results | high | — | — |
| 19 Aug 2026 · Q1 FY27 Results: Revenue jumps over 800 percent year-on-year | results | high | — | — |
| 19 Aug 2026 · Exempted from related party transaction disclosure rules for Q1 FY27 | compliance | minimal | — | — |
| 19 Aug 2026 · Q1 FY26-27 Results: Revenue surges 825% YoY to Rs 17.83 Cr, PAT up 320% | results | medium | — | — |
| 19 Aug 2026 · Board approves Q1 FY27 results; revenue jumps over 8x to Rs 17.83 cr | results | high | — | — |
| 7 Aug 2026 · 38th AGM: All 13 Resolutions Passed Including Stock Split and JV | 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.