BSE: 526532
SQUARE FOUR PROJECTS INDIA LIM
Operates in the real estate business as its sole segment, according to the Q2 FY26 board outcome filing. Revenue is erratic — Q3 FY26 standalone showed zero revenue from operations with total income of Rs. 9.60 lakhs from 'other income', while Q2 FY26 consolidated revenue from operations was around Rs. 262.59 lakhs. For FY26, standalone total income of Rs. 38.43 lakhs was down from Rs. 52.29 lakhs in FY25, with standalone net profit of Rs. 9.73 lakhs. On a consolidated basis the company posted a net loss of Rs. 28.21 lakhs in FY26, dragged by its wholly-owned subsidiary BRC Construction Company Private Limited, which reported nil revenue. Standalone net worth is negative at Rs. 343.16 lakhs, operating cash flow was negative at Rs. 37.74 lakhs, and the auditor qualified the FY26 opinion because fair valuation of Rs. 39.50 lakhs of investments was not carried out as required under Ind AS. Formerly named Essen Supplements India Limited, registered in Kolkata and listed on BSE under scrip code 526532. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate (100%). Tiny, loss-making real estate company with negative net worth and an inactive construction subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (0) | (0) | 0 | 0 |
| EPS, as reported (₹) | (0.08) | (0.10) | (0.08) | 0.04 | 0.14 |
| ROE % · ROCE % | (0.4) · (0.3) | (0.5) · (0.5) | (0.8) · (0.8) | (0.4) · (0.0) | (1.5) · (1.3) |
| Debt / equity (x) | 0.19 | 0.19 | 0.21 | 0.06 | 0.09 |
| Cash from operations | (0) | (0) | 2 | 1 | (0) |
| 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 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) |
| Net profit | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) |
| EPS (₹) | 0.00 | 0.07 | (0.03) | 0.03 | (0.03) | (0.03) | 0.03 | 0.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 368.0 | 17.4 | 49 of 50 | 2% |
| P/B | 0.8 | 1.4 | 14 of 60 | 78% |
| ROCE | (1.3) | 6.0 | 51 of 62 | 18% |
| ROE | (1.5) | 5.0 | 49 of 60 | 19% |
| Debt / Equity | 0.1 | 0.2 | 21 of 60 | 66% |
| Profit growth | (59.4) | 21.0 | 48 of 64 | 25% |
| Market cap | 14 | 98 | 56 of 66 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 9 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Independent Director resigns, new Independent Director appointed | management changes | medium | — | — |
| 6 Oct 2026 · Notice on SEBI special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 25 Sept 2026 · 34th AGM results: both resolutions passed with 99.99 percent approval | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Newspaper publication of 34th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report weblink and 34th AGM notice sent to shareholders | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Annual Report FY26 - profit down, consolidated loss widens | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Notice of 34th AGM published in Business Standard and Sukhabar newspapers | compliance | minimal | — | — |
| 5 Aug 2026 · AGM set for Sep 24, 2026; share transfer books closed Sep 18 to 24 | 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.