BSE: 536710
SRG FINGROW FINANCE LIMITED
Operates as a non-banking financial company providing loans and financing activities from its base in Udaipur, Rajasthan, and is listed on the BSE SME platform (formerly known as S R G Securities Finance Limited). The business earns primarily through interest income on its loan book, which stood at Rs. 781.85 lakh at the end of FY 2024-25, up about 9% from Rs. 717.25 lakh the year before, while long-term financing receivables were Rs. 537.30 lakh by H1 FY 2025-26. Total income for FY 2025-26 was Rs. 120.48 lakh, compared to Rs. 130.32 lakh in FY 2024-25, with net profit after tax of Rs. 21.39 lakh and EPS of Rs. 0.40. The cost base is dominated by employee costs at 50.9% of revenue and other operating expenses at 25.8%, reflecting a small, staff-heavy operation rather than a typical large NBFC. The balance sheet is funded entirely by equity — total shareholder funds of Rs. 1,491.27 lakh, reserves and surplus of Rs. 953.73 lakh, cash and bank balances of Rs. 275.95 lakh, and no outstanding bank borrowings. The statutory auditors (Valawat & Associates) have issued an unmodified opinion on the financial statements. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Loans and financing. Small, equity-funded NBFC on BSE SME, exempt from IND-AS
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 1 | 1 | 1 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.73 | 0.97 | 0.88 | 0.65 | 0.40 |
| ROE % · ROCE % | — · 5.9 | — · 4.9 | — · 4.3 | — · 3.1 | — · 1.9 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (1) | 3 | 1 | (0) | 1 |
| Capex | — | — | — | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.44 | 0.17 | 0.36 | 0.52 | 0.33 | 0.32 | 0.28 | 0.12 |
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) | 31.0 | 18.1 | 140 of 200 | 30% |
| ROCE | 1.9 | 2.0 | 32 of 59 | 47% |
| Revenue growth | (20.9) | 12.6 | 168 of 231 | 27% |
| Market cap | 18 | 34 | 179 of 268 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA submits quarterly dematerialisation certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · 31st AGM: Both resolutions passed with 100% votes in favor | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 31st AGM held; FY26 financial statements adopted, MD re-appointed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closure for Half-Yearly Results | compliance | minimal | — | — |
| 8 Sept 2026 · AGM notice published in newspapers; 31st AGM on 30 Sep 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · 31st AGM Notice and Annual Report FY 2025-26 filed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 31st AGM on Sep 30, 2026 with FY2025-26 Annual Report | board shareholder meetings | low | — | — |
| 14 Jul 2026 · Routine compliance certificate for Q1 FY27 dematerialisation | compliance | minimal | — | — |
| 23 Jun 2026 · EGM approves re-appointment of Independent Director Dilip Kumar Singhvi | board shareholder meetings | low | — | — |
| 22 Jun 2026 · SRG Fingrow Finance submits EGM outcome for 22 June 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.