BSE: 508969
SULABH ENGINEERS & SERVICES LT
Operates as a non-banking financial company (NBFC) listed on BSE and based in Kanpur. In FY26, the standalone NBFC entity generated negligible earnings — standalone profit after tax was just Rs 0.03 lakh against standalone revenue of Rs 258.22 lakh, while consolidated revenue was Rs 390.35 lakh with consolidated PAT of Rs 169.79 lakh. The consolidated results were lifted by its wholly-owned subsidiary, Venkatswamy Mining & Estates Private Limited, which contributed Rs 161.10 lakh to group PAT. The company carried no outstanding borrowings as of March 31, 2026, having fully repaid Rs 164.71 lakh of debt during the year. Q1 FY27 standalone revenue rose 38% year-on-year to Rs 118.09 lakh with PAT of Rs 87.31 lakh. Other operating expenses made up 32.7% of revenue, employee costs 8.6%, with depreciation at 2.2% and no material input costs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone NBFC operations, Subsidiary mining operations. Small BSE-listed NBFC; consolidated earnings driven by mining subsidiary rather than standalone NBFC activity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 4 | 3 | 5 | 4 |
| EBITDA (ex other income) | 1 | 2 | 2 | 3 | 2 |
| margin % | 29.6 | 53.4 | 53.4 | 61.9 | 43.5 |
| Owners' profit | 1 | 1 | 1 | 2 | 1 |
| EPS, as reported (₹) | 0.22 | 0.15 | 0.17 | 0.32 | 0.16 |
| ROE % · ROCE % | 2.9 · — | 3.7 · — | 4.3 · — | 7.3 · — | 3.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 0 | 1 | (2) | (1) | 2 |
| 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 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | (1) |
| Net profit | 0 | 1 | 1 | 1 | 1 | 1 | 1 | (1) |
| EPS (₹) | 0.04 | 0.07 | 0.10 | 0.10 | 0.06 | 0.05 | 0.11 | (0.06) |
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 | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.4 | 18.5 | 98 of 200 | 51% |
| P/B | 0.6 | 1.1 | 63 of 253 | 75% |
| ROE | 3.7 | 3.1 | 119 of 257 | 54% |
| EBITDA margin | (80.5) | 48.6 | 214 of 249 | 14% |
| Revenue growth | 42.0 | 12.6 | 67 of 231 | 71% |
| Profit growth | (159.5) | 7.8 | 205 of 251 | 18% |
| Market cap | 26 | 33 | 149 of 268 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Newspaper publication of Q2 and H1 FY26-27 unaudited financial results | compliance | minimal | — | — |
| 14 Oct 2026 · Sulabh Engineers Q2 FY26-27 results: Revenue up 35%, PAT rises 55% YoY | results | high | — | — |
| 14 Oct 2026 · Board okays Q2 and H1 FY26 results, standalone PAT jumps about 55% YoY | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · Reg 74(5) certificate: no physical share certificates received for demat in Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Board meeting on Oct 14 to consider Q2 and H1 FY26 results | board shareholder meetings | low | — | — |
| 28 Sept 2026 · AGM approves related party deals with subsidiary and MD re-appointment | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · MD re-appointed; related party deals with subsidiary approved at AGM | management changes | high | — | — |
| 28 Sept 2026 · Sulabh Engineers 43rd AGM: All 4 resolutions passed with over 99% approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 43rd AGM: All 4 resolutions passed, MD reappointed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 43rd AGM held on Sept 28, 2026; 4 resolutions passed including MD re-appointment | 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.