BSE: 531003
SWARNA SECURITIES LTD.
Holds investments and earns income from rent, lease and dividends on its portfolio, with no revenue from operations or lending activity. The company, classified as an NBFC, has surrendered its NBFC registration to the RBI and has stopped fresh lending, leaving rent, lease and dividend income as its only sources of earnings. Net sales from operations were nil across Q3 FY25, Q2 FY26, Q3 FY26 and Q1 FY27, and all reported income sits under 'Other Income'. Total income for FY26 stood at Rs. 143.85 lakhs versus Rs. 143.09 lakhs in FY25, while profit after tax fell to Rs. 61.70 lakhs from Rs. 80.99 lakhs as expenses rose to Rs. 62.54 lakhs from Rs. 37.05 lakhs. Q1 FY27 PAT rose to Rs. 16.47 lakh from Rs. 9.63 lakh in Q1 FY26 on lower total expenses of Rs. 15.35 lakh. The board has indicated plans to enter real estate and infrastructure development, and the company spent Rs. 82.84 lakh on fixed assets in H1 FY26. Operating cash flow was positive at Rs. 63.94 lakh for FY26, no debt was on the balance sheet, and cash stood at Rs. 170.36 lakh. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Rent and lease income, Dividend income, Planned real estate and infrastructure development. Non-operating, debt-free investment company with no lending activity, sitting on cash and properties.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (1) |
| margin % | (1266.4) | — | — | — | — |
| Owners' profit | 1 | 1 | 1 | 1 | 1 |
| EPS, as reported (₹) | 2.40 | 2.37 | 2.30 | 2.70 | 2.06 |
| ROE % · ROCE % | 16.6 · 20.6 | 14.1 · 17.2 | 12.4 · 15.2 | 12.3 · 15.3 | 8.6 · 10.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1 | 1 | 1 | 1 | 1 |
| Capex | (0) | (1) | (0) | (0) | (1) |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| EPS (₹) | 0.73 | 0.89 | 0.63 | 0.32 | 1.13 | 1.96 | 0.10 | 0.55 |
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) | 20.6 | 18.1 | 107 of 200 | 47% |
| P/B | 3.2 | 1.1 | 216 of 253 | 15% |
| ROCE | 10.9 | 2.0 | 8 of 59 | 88% |
| ROE | 8.6 | 3.1 | 69 of 257 | 73% |
| Debt / Equity | 0.0 | 0.0 | 1 of 53 | 58% |
| Profit growth | 71.0 | 7.8 | 75 of 251 | 70% |
| Market cap | 23 | 34 | 160 of 268 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 26 Sept 2026 · Trading Window Closure Ahead of Q2 Results Declaration | compliance | minimal | — | — |
| 30 Jul 2026 · RTA files Q1 FY27 dematerialisation compliance certificate | compliance | minimal | — | — |
| 28 Jul 2026 · Compliance certificate under SEBI Reg 74(5) for quarter ended June 2026 | compliance | minimal | — | — |
| 25 Jul 2026 · Newspaper ad for Q1 FY27 unaudited results filed with BSE | compliance | minimal | — | — |
| 20 Jul 2026 · Swarna Securities Q1 FY27 PAT jumps 71% YoY to Rs 16.47 lakh | results | high | — | — |
| 8 Jul 2026 · Board meeting on 20 July to consider Q1 FY27 unaudited results | results | low | — | — |
| 1 Jul 2026 · 36th AGM voting results - all resolutions passed | board shareholder meetings | low | — | — |
| 30 Jun 2026 · 36th AGM held on 30 June 2026; voting results awaited | board shareholder meetings | medium | — | — |
| 25 Jun 2026 · Trading Window Closure for Q1 FY2026-27 Results | compliance | minimal | — | — |
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.