BSE: 543391
Suyog Gurbaxani Funicular Rope
Builds and operates funicular ropeway systems. The business runs an established ropeway at Saptashrungi Devi Temple and executes Engineering, Procurement and Construction (EPC) contracts for new ropeway projects, including one at Haji Malang in Maharashtra that was inaugurated in January 2026 under an EPC agreement with Supreme Suyog Funicular Ropeways Private Limited. FY26 standalone revenue was Rs 4,715.73 Lakhs, down about 11% from Rs 5,300.85 Lakhs in FY25, though profit after tax rose about 28% to Rs 1,114.51 Lakhs. The cost base is light on materials (0% of revenue per FY26) and is dominated by employee costs at 18.5% of revenue and other operating expenses at 31.8%. The balance sheet is debt-heavy, with long-term borrowings of Rs 10,003.66 Lakhs and total assets of Rs 263.77 crore (FY26), and the company carries CARE BBB- (Stable) ratings on Rs 80 crore of combined bank facilities. Working capital is stretched by about Rs 84 crore of unbilled receivables tied to the Haji Malang EPC project. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ropeway operations, EPC ropeway contracts. Small-cap, asset-heavy civil construction and ropeway operator listed on BSE SME exchange with stretched working capital and high debt.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 50 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 2.39 |
| ROE % · ROCE % | — · 6.9 |
| Debt / equity (x) | — |
| Cash from operations | 7 |
| Capex | (0) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 23 |
| Profit before tax | 4 |
| Net profit | — |
| EPS (₹) | 0.17 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 476.5 | 13.5 | 100 of 101 | 1% |
| ROCE | 3.9 | 10.0 | 74 of 107 | 31% |
| Market cap | 201 | 456 | 64 of 107 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) Compliance Certificate for Q2 FY27 filed with BSE | compliance | minimal | — | — |
| 29 Sept 2026 · Revised FY26 Annual Report Filed After Fixing Typo Errors | results | medium | — | — |
| 29 Sept 2026 · 17th AGM results: all 5 resolutions passed, Re 0.50 dividend approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 17th AGM concludes; dividend of Re 0.50 per share, director appointments approved | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 8 Sept 2026 · 17th AGM notice and FY26 annual report dispatch via newspaper publication | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY25-26 and 17th AGM Notice filed | results | medium | — | — |
| 7 Sept 2026 · 17th AGM on Sept 29, 2026 via video call; Rs 0.50 dividend proposed | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Notice of 17th AGM via Video Conferencing Published in Newspapers | compliance | minimal | — | — |
| 18 Aug 2026 · Final Dividend of Re 0.50 per Share; AGM on Sep 29, 2026 | corporate actions | high | — | — |
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.