Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · THAKKERS GROUP LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Purchases and resells goods as a trading and distribution business, formerly known as Asian Food Products Limited. Materials account for 52.4% of revenue in FY26, consistent with a trading model where stock-in-trade purchases are the main cost. Employee costs are 9.2% of revenue and depreciation 14.9%. Results have been volatile across FY26: Q3 swung to a loss of Rs 179.56 lakhs on total income of Rs 204.56 lakhs, while the full year produced a net profit of Rs 2.05 crore on revenue of Rs 14.42 crore. The company is registered in Nashik with the promoter family holding 56.09% of shares and outstanding borrowings of Rs 115.84 crore as of March 31, 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading and distribution. Small-scale trading and distribution with highly volatile quarterly results
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
FY22
FY23
FY24
FY25
FY26
Revenue
0
0
1
5
14
EBITDA (ex other income)
(0)
(1)
(1)
2
2
margin %
—
—
(53.6)
47.8
13.8
Owners' profit
(0)
(0)
4
8
2
EPS, as reported (₹)
(0.60)
(1.07)
24.65
49.46
12.97
ROE % · ROCE %
(0.2) · (0.2)
(0.4) · (0.1)
7.5 · 8.1
13.1 · 10.3
3.3 · 5.6
Debt / equity (x)
0.04
0.64
0.80
0.49
0.39
Cash from operations
7
18
51
4
7
Capex
0
(5)
(17)
0
(2)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · THAKKERS GROUP LIMITED · 29 October 2026Page 2 of 3
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
3
3
2
1
3
1
2
9
Profit before tax
2
1
1
5
3
2
(2)
(0)
Net profit
2
1
1
3
3
2
(2)
(1)
EPS (₹)
9.82
8.96
8.72
21.96
16.50
13.30
(11.34)
(5.48)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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
27,525
16.2
2.64
12.8
12.3
15.7
15.9
2.2
MMTC LIMITED
7,740
17.3
3.65
16.5
18.3
21.6
(83.7)
18426.5
MSTC LIMITED
3,896
16.6
4.31
11.3
24.2
31.8
(13.9)
86.5
CREATIVE NEWTECH LIMITED
1,653
25.4
4.27
19.0
18.1
21.0
—
5.2
Pervasive Commodities Limited
1,104
—
12.27
—
(0.0)
(0.0)
—
45.0
SHIV AUM STEELS LIMITED
736
64.8
6.09
47.0
6.0
6.9
—
4.9
The Yamuna Syndicate Ltd
736
8.1
0.57
185.3
4.0
0.3
4.8
6.2
THE STATE TRADING CORPN
602
0.9
—
51.0
—
—
—
—
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
2.4
13.9
16 of 130
88%
P/B
0.1
0.9
7 of 150
96%
ROCE
1.3
2.1
98 of 177
45%
ROE
3.3
2.3
71 of 158
55%
Debt / Equity
0.4
0.1
111 of 154
28%
EBITDA margin
26.5
4.5
24 of 137
83%
Revenue growth
698.3
(8.6)
5 of 135
97%
Profit growth
(125.0)
0.6
128 of 157
19%
Market cap
5
21
163 of 179
9%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · THAKKERS GROUP LIMITED · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
7 Oct 2026 · RTA submits quarterly dematerialisation certificate under SEBI Reg 74(5)
compliance
minimal
—
—
1 Oct 2026 · Scrutinizer Report: All 3 AGM resolutions passed unanimously
compliance
minimal
—
—
30 Sept 2026 · Thakkers Group appoints Ashok Surana as Secretarial Auditor for FY27-FY31
management changes
medium
—
—
30 Sept 2026 · 58th AGM held on Sept 30, 2026; 3 resolutions tabled
board shareholder meetings
low
—
—
29 Sept 2026 · Promoter gifts 2.62 lakh shares to wife and son in family reshuffle
ownership changes
medium
—
—
29 Sept 2026 · Thakkers Group: Promoter inter-se gift transfer of 2.62 lakh shares
ownership changes
medium
—
—
29 Sept 2026 · SAST disclosure filed for Thakkers promoter group
ownership changes
high
—
—
26 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results
compliance
minimal
—
—
23 Sept 2026 · Inter-se gift transfer of 16.58% promoter shares to spouse and son
ownership changes
medium
—
—
11 Sept 2026 · Promoter gifts 16.58 percent stake to wife and son
ownership changes
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
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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
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
