BSE: 542025
Sun Retail Limited
A small BSE SME-listed entity classified under Trading & Distributors in Commercial Services & Supplies. Revenue comes from trading operations — Rs. 7.136 crore in FY26, against Rs. 4,001.77 lakhs in FY25 — and from grant income tied to skill development projects under the DDU-GKY scheme, where Rs. 247.78 lakhs was booked in FY26. Total income for FY26 was Rs. 966.17 lakhs versus Rs. 4,377.08 lakhs in FY25, an audited ~78% decline, and revenue from operations fell about 82% year-on-year. The FY26 auditor (DDS & Associates) issued a qualified opinion citing six recurring issues: failure to classify MSME creditors, TDS discrepancies totalling Rs. 30.12 lakhs, unsecured loans and advances of Rs. 1,883.20 lakhs given and received without formal agreements, unverified DDU-GKY grant income, missing documentation for trading transactions with unusual fluctuations, and non-compliance with audit trail requirements for accounting software. The cost base is dominated by other operating expenses at 37.6% of revenue (Rs. 2.6811 crore in FY26), with employee cost at 0.4% and no materials cost recorded. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading operations, DDU-GKY skill development grants. Small, asset-light trading entity with grant-income exposure, declining revenues, and recurring audit qualifications.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 13 | 97 | 40 | 7 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | (0.01) | (0.08) | 0.07 | 0.01 | 0.01 |
| ROE % · ROCE % | — · (0.4) | — · (5.7) | — · 6.0 | — · 0.9 | — · (0.9) |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 7 | (1) | 8 | (0) | 2 |
| 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 | 3 | 10 | 15 | 82 | 38 | 2 | 1 | 6 |
| Profit before tax | (0) | (1) | (2) | 3 | 0 | (0) | (0) | (0) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (0.03) | (0.05) | (0.10) | 0.17 | 0.02 | 0.01 | 0.00 | 0.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 28,026 | 16.5 | 2.69 | 13.1 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,680 | 17.2 | 3.62 | 16.4 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,932 | 16.8 | 4.35 | 11.5 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,637 | 25.1 | 4.23 | 18.8 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,125 | — | 12.51 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 737 | 8.1 | 0.57 | 185.4 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 734 | 64.6 | 6.08 | 46.9 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 601 | 0.9 | — | 50.9 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.0 | 14.3 | 48 of 130 | 64% |
| ROCE | (0.9) | 2.1 | 142 of 177 | 20% |
| Revenue growth | (92.1) | (8.6) | 121 of 135 | 10% |
| Market cap | 6 | 21 | 157 of 179 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Sun Retail files quarterly dematerialization certificate for Sep 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Change in Registered Office within Ahmedabad | general | low | — | — |
| 1 Oct 2026 · Sun Retail 19th AGM: all 5 resolutions passed; 46.98 crore warrants cleared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Sun Retail 19th AGM: Warrants Issue, Director Appointments Tabled | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed for Sun Retail H2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · Corrigendum to 19th AGM Notice: Meeting Mode Corrected to Virtual | board shareholder meetings | low | — | — |
| 8 Sept 2026 · FY2025-26 annual report sets AGM and proposed Rs 46.98 crore warrant issue | results | medium | — | — |
| 8 Sept 2026 · Sun Retail 19th AGM on Sept 30 to approve 46.98 crore warrant issue | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Board approves 46.98 crore warrants issue, appoints new CS, fixes AGM on 30 Sep | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Company Secretary and Compliance Officer resigns | management changes | medium | — | — |
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.