BSE: 512221
SPV GLOBAL TRADING LIMITED
Acts as a holding company whose consolidated operations were driven almost entirely by its 54.90% stake in material subsidiary Rashtriya Metal Industries Limited (RMIL), which contributed 97.36% of consolidated turnover (Rs 885.95 crore) and 98.55% of consolidated net worth for FY25. On 12 March 2026 the company executed a Share Purchase Agreement to sell its entire 22,79,410 RMIL shares to Gravita India Limited, an unrelated third party, for approximately Rs 310.17 crore, and the subsidiary has been deconsolidated thereafter. Standalone revenue from operations had already collapsed to Rs 1,186.27 lakhs in FY26 from Rs 2,405.18 lakhs in FY25, and the standalone entity posted a loss of Rs 2,609.00 lakhs before exceptional items in FY26, with the headline standalone PAT of Rs 25,459.95 lakhs driven by a Rs 30,714.64 lakhs exceptional gain on the RMIL sale. At the consolidated level, FY26 revenue was Rs 98,890.17 lakhs, up 8.7% year-on-year, but operating profit before exceptional items fell to Rs 2,655.68 lakhs from Rs 3,824.13 lakhs. Materials were the largest cost line at 81.2% of consolidated revenue (Rs 802.92 crore in FY26), with employee cost at 3.5% and other opex at 10.7%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Material subsidiary operations (RMIL) (97%), Standalone operations. Holding company divested of its core operating subsidiary in March 2026; standalone entity is now a near-shell holding cash and investment balances
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 533 | 598 | 688 | 910 | 989 |
| EBITDA (ex other income) | 51 | 25 | 26 | 60 | 239 |
| margin % | 9.5 | 4.2 | 3.8 | 6.6 | 24.2 |
| Owners' profit | 17 | 3 | 5 | 15 | 132 |
| EPS, as reported (₹) | 1345.59 | 34.24 | 25.95 | 74.28 | 671.13 |
| ROE % · ROCE % | 11.1 · 16.1 | 2.2 · 6.3 | 3.0 · 7.5 | 8.8 · 17.7 | 55.4 · 91.7 |
| Debt / equity (x) | 0.06 | 0.18 | 0.18 | 0.50 | 0.00 |
| Cash from operations | 12 | 12 | 31 | 62 | 72 |
| Capex | (7) | (6) | (24) | (6) | (6) |
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 | 224 | 243 | 232 | 211 | 246 | 273 | 237 | 234 |
| Profit before tax | 16 | (2) | 12 | 13 | 6 | 14 | 34 | (26) |
| Net profit | 11 | (2) | 6 | 13 | 4 | 10 | 25 | (65) |
| EPS (₹) | 27.30 | (3.34) | 15.32 | 35.00 | 10.50 | 28.61 | 70.66 | 561.36 |
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) | 0.0 | 18.1 | 2 of 200 | 100% |
| P/B | 0.0 | 1.1 | 1 of 253 | 99% |
| ROCE | 75.3 | 2.0 | 1 of 59 | 100% |
| ROE | 55.5 | 3.1 | 2 of 257 | 100% |
| Debt / Equity | 0.0 | 0.0 | 1 of 53 | 58% |
| EBITDA margin | 1.7 | 48.6 | 189 of 249 | 24% |
| Revenue growth | 10.9 | 12.6 | 120 of 231 | 48% |
| Profit growth | (622.0) | 7.8 | 239 of 251 | 5% |
| Market cap | 3 | 34 | 262 of 268 | 2% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting to approve Q2 and half-year results | results | low | — | — |
| 15 Oct 2026 · SPV Global Trading files quarterly compliance certificate for dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · 41st AGM: all six resolutions passed with 100 percent votes in favor | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 41st AGM Proceedings - 6 Resolutions Transacted | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 10 Sept 2026 · SPV Global Trading changes internal auditor; CAS and Co exits, Chhogmal and Co joins | management changes | medium | — | — |
| 7 Sept 2026 · Newspaper publication for 41st AGM on September 29, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · AGM notice FY26: seek higher investment cap Rs 350 Cr, borrowing cap Rs 500 Cr | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · SPV Global Trading sets AGM on 29 Sep 2026, book closure from 23 Sep | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Book Closure for AGM from Sep 23 to Sep 29, 2026 | 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.