NSE: STARTECK · BSE: 512381
STARTECK FINANCE LIMITED
Operates as a Non-Banking Financial Company (NBFC), earning revenue through interest income from lending activities, dividend income from investments, and fees and commission. In Q2 FY26, total consolidated income was ₹1,612.50 lakhs, with consolidated PAT for the quarter more than doubling to ₹736.03 lakhs from ₹359.03 lakhs. The company holds two wholly-owned subsidiaries — Chitta Finlease Private Limited and Bhuwalka Steel Industries Limited — and Bhuwalka Steel carries a negative net worth of ₹69.08 crore, which auditors flagged as a going concern uncertainty. Cost lines from F_COST_SHAPE show other operating expenses at 7.8% of revenue, employee costs at 2.5%, and depreciation at 1.5%, with no materials cost — a structure typical of financial services rather than manufacturing. The Board declared a final dividend of ₹0.25 per share (2.5% on face value) for FY26, with promoters waiving their dividend entitlement. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income, Dividend income, Fees and commission income. Asset-light NBFC generating income from lending, investments, and fees
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 26 | 37 | 33 | 36 |
| EBITDA (ex other income) | 26 | 32 | 30 | 27 | 32 |
| margin % | 89.9 | 122.5 | 81.3 | 83.6 | 89.7 |
| Owners' profit | 10 | 22 | 16 | 10 | 24 |
| EPS, as reported (₹) | 10.28 | 22.02 | 16.05 | 10.52 | 23.83 |
| ROE % · ROCE % | 6.3 · — | 12.2 · — | 7.8 · — | 4.4 · — | 9.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (5) | 86 | 36 | 27 | 33 |
| Capex | 0 | 0 | (0) | 0 | 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 | 8 | 9 | 8 | 8 | 9 | 10 | 8 | 11 |
| Profit before tax | 4 | 3 | 2 | 4 | 9 | 9 | 5 | 5 |
| Net profit | 4 | 4 | 1 | 4 | 7 | 7 | 5 | 4 |
| EPS (₹) | 3.62 | 3.66 | 1.42 | 3.58 | 7.43 | 7.54 | 5.28 | 4.36 |
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) | 10.1 | 18.1 | 60 of 200 | 70% |
| P/B | 0.9 | 1.1 | 117 of 253 | 54% |
| ROE | 9.0 | 3.1 | 64 of 257 | 75% |
| EBITDA margin | 101.6 | 48.6 | 19 of 249 | 93% |
| Revenue growth | 39.5 | 12.6 | 74 of 231 | 68% |
| Profit growth | 21.8 | 7.8 | 111 of 251 | 56% |
| Market cap | 246 | 34 | 61 of 268 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 filed | compliance | minimal | — | — |
| 30 Sept 2026 · Starteck Finance clarifies no undisclosed info behind price move | regulatory legal | medium | — | — |
| 29 Sept 2026 · BSE seeks clarification on price movement | compliance | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hrs after Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Starteck Finance 41st AGM: All 8 resolutions passed | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Starteck Finance 41st AGM: 8 resolutions passed, Rs 0.25 dividend approved | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · 41st AGM voting results: all 8 resolutions approved | board shareholder meetings | low | — | — |
| 18 Sept 2026 · 41st AGM held on 18 Sep 2026; dividend declared, fund raise approved | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Addendum to 41st AGM Notice published in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Addendum to 41st AGM Notice: Re-appointment of Independent Director | 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.