BSE: 503663
Tilak Ventures Limited
Operates as a financial services business on two reported segments — commodity trading and a finance business. The commodity segment trades in bullion and other commodities and accounted for Rs. 17.197 crore in revenue across FY26. The finance segment, which includes lending and investment activity, generated Rs. 13.2345 crore in revenue and Rs. 10.0076 crore in EBIT, the highest-margin line in the portfolio. Investment and other income added a further Rs. 5.4739 crore. In January 2026, the company raised Rs. 89.14 crore through a rights issue, with net proceeds of Rs. 88.54 crore fully deployed into working capital: Rs. 60.62 crore into shares and government bonds and Rs. 27.92 crore into bullion and commodities. Stock-in-trade jumped from Rs. 551.28 lakhs to Rs. 3,811.73 lakhs, turning operating cash flow sharply negative at Rs. -3,440.36 lakhs for the year. FY26 revenue from operations stood at Rs. 30.4315 crore with net profit of Rs. 9.6226 crore and an EBITDA margin of 45.681%; employee costs were 9.9% of revenue and other operating expenses 15.6%, with no material or depreciation costs reported. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commodity Trading, Finance Business, Other Income. Small-scale, two-segment financial services — commodity trading and lending/investments
Exhibit 1: Financial summary, FY23–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 7 | 13 | 22 |
| EBITDA (ex other income) | 0 | 3 | 4 |
| margin % | 5.2 | 24.2 | 16.6 |
| Owners' profit | 0 | 5 | 6 |
| EPS, as reported (₹) | 0.10 | 0.23 | 0.14 |
| ROE % · ROCE % | 3.1 · 3.8 | 6.6 · 8.8 | 4.5 · 6.1 |
| Debt / equity (x) | 0.03 | 0.03 | 0.06 |
| Cash from operations | 7 | 1 | 2 |
| Capex | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 3 | 2 | 3 | 5 | 9 | 1 | 7 |
| Profit before tax | 1 | 1 | 1 | 3 | 2 | 3 | 1 | 2 |
| Net profit | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 2 |
| EPS (₹) | 0.05 | 0.03 | 0.05 | 0.10 | 0.08 | 0.09 | 0.02 | 0.34 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Income from Commodity Business | 16 | 58.4 |
| Income From Finance Business | 6 | 21.2 |
| Other Income | 1 | 4.7 |
| Income from Finance Business | 1 | 2.2 |
| Other operating Income | 1 | 5.6 |
| Other Operating Income | 2 | 8.0 |
| Total, before eliminations | 27 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.4 | 19.9 | 5 of 51 | 92% |
| P/B | 1.2 | 0.6 | 45 of 63 | 29% |
| ROCE | 6.1 | 0.4 | 6 of 28 | 82% |
| ROE | 4.5 | 1.3 | 23 of 65 | 66% |
| Debt / Equity | 0.1 | 0.0 | 24 of 27 | 12% |
| EBITDA margin | 37.6 | 61.6 | 38 of 62 | 39% |
| Revenue growth | 131.9 | 13.6 | 11 of 56 | 82% |
| Profit growth | (35.1) | 10.7 | 46 of 66 | 31% |
| Market cap | 167 | 273 | 38 of 68 | 45% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board approves 7:3 split of commodities trading into Tilak Jewels | strategic transactions | medium | — | — |
| 27 Oct 2026 · Board approves 7:3 demerger of commodities trading business into Tilak Jewels | strategic transactions | medium | — | — |
| 16 Oct 2026 · Board to consider Scheme of Arrangement on Oct 27 | strategic transactions | medium | — | — |
| 15 Oct 2026 · Compliance certificate for share dematerialization filed with BSE | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · voting result for AGM | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Tilak Ventures 45th AGM: All 5 resolutions passed with near-unanimous votes | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Tilak Ventures 45th Annual Report for FY 2025-26 filed; Revenue up 35% | results | high | — | — |
| 2 Sept 2026 · 45th AGM on September 24, 2026 with e-voting from September 21 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Tilak Ventures sets 45th AGM on 24 Sept 2026, book closure from 18 Sept | board shareholder meetings | low | — | — |
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.