BSE: 543914
Swati Projects Limited
Kolkata-based NBFC listed on BSE, with the standalone NBFC segment forming 100% of segment revenue per the latest disclosed segmentation. Standalone FY26 revenue from operations was Rs 175.56 lakh against Rs 6.82 lakh in net profit, while consolidated FY26 revenue reached Rs 3,418.94 lakh with Rs 778.14 lakh in consolidated net profit, the gap reflecting the two wholly owned subsidiaries Radhashree Roadsters Private Limited and Radhashree Apartments Private Limited. During FY26, an additional Rs 1 crore was invested into Radhashree Roadsters at par, taking total investment in that subsidiary to Rs 1.5 crore, with the subsidiary earmarking funds for business operations and loan repayment. The consolidated balance sheet showed total assets of Rs 12,560.17 lakh against borrowings of Rs 764.17 lakh at year end, while operating cash flow was a negative Rs 1,642.6 lakh for FY26 and cash and cash equivalents declined from Rs 582.24 lakh to Rs 238 lakh. The cost shape is dominated by other operating expenses at 34.0% of consolidated revenue, with materials at 1.7%, employees at 2.0%, depreciation at 0.4% and capex at 1.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. SWATI PROJECTS LIMITED-NBFC (100%). Asset-light NBFC holding structure, with consolidated revenue and assets materially larger than standalone.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1 | 1 | 34 |
| EBITDA (ex other income) | 1 | 0 | 11 |
| margin % | 56.0 | 27.5 | 30.8 |
| Owners' profit | 0 | (0) | 4 |
| EPS, as reported (₹) | 0.55 | (0.15) | 7.70 |
| ROE % · ROCE % | 4.4 · — | (1.3) · — | 43.0 · 36.7 |
| Debt / equity (x) | — | — | 0.03 |
| Cash from operations | (0) | (11) | 11 |
| Capex | (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 | 1 | 0 | 1 | 24 | 2 | 8 | 2 |
| Profit before tax | 0 | 0 | (0) | (1) | 7 | 1 | 3 | 1 |
| Net profit | 0 | 0 | (0) | (1) | 5 | 1 | 3 | 1 |
| EPS (₹) | 0.25 | 0.23 | (0.17) | (0.64) | 5.13 | 0.71 | 2.52 | 0.84 |
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) | 5.0 | 18.5 | 20 of 200 | 91% |
| P/B | 2.5 | 1.1 | 197 of 253 | 22% |
| ROCE | 36.0 | 2.0 | 2 of 59 | 98% |
| ROE | 43.0 | 3.1 | 4 of 257 | 99% |
| Debt / Equity | 0.0 | 0.0 | 32 of 53 | 40% |
| EBITDA margin | 53.7 | 48.6 | 118 of 249 | 53% |
| Revenue growth | 166.9 | 12.6 | 32 of 231 | 87% |
| Profit growth | 230.0 | 7.8 | 35 of 251 | 86% |
| Market cap | 46 | 33 | 120 of 268 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to consider Mr. ShreeGopal Daga's resignation on 6 November 2026 | management changes | medium | — | — |
| 23 Oct 2026 · Pooja Randar appointed as Executive Professional Director | management changes | medium | — | — |
| 23 Oct 2026 · Pooja Randar appointed as Executive Professional Director | management changes | medium | — | — |
| 15 Oct 2026 · RTA confirms dematerialisation of shares for quarter ended Sep 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · Board to consider appointment of new Executive Additional Director | management changes | medium | — | — |
| 1 Oct 2026 · Swati Projects AGM 2026: All 3 resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 43rd AGM concluded; financial statements approved, auditor appointed, director regularization passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Closure of Trading Window for Q2 and half year ending 30 Sept 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Swati Projects publishes 43rd AGM notice in newspapers for FY2025-26 | compliance | minimal | — | — |
| 7 Sept 2026 · Swati Projects FY26 Annual Report: PAT jumps 5x to Rs 58L on standalone basis | results | 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.