BSE: 511110
V.B.DESAI FINANCIAL SERVICES L
Operates as a SEBI-registered Category I Merchant Banker in Mumbai, providing financial services in a single segment. Revenue from operations stood at Rs 283.83 lakhs in FY26, broadly flat versus Rs 283.06 lakhs in FY25. Total income grew 18% to Rs 393.58 lakhs, lifted by a 121% surge in other income, which includes interest income on loans, to Rs 109.75 lakhs. Net profit jumped 55.5% to Rs 86.90 lakhs in FY26, with EPS at Rs 1.92. Other operating expenses form the largest cost line at 78.7% of revenue, followed by employee cost at 18.6%. The company is debt-free, holds Category I Merchant Banker registration (INM 000002731), and received an administrative warning from SEBI in March 2026 for compliance lapses in its merchant banking activities covering April 2022 to November 2024. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Financial Services. Small, debt-free, single-segment merchant banking firm with thin core revenue lifted by interest income
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 2 | 3 | 3 | 3 |
| EBITDA (ex other income) | 0 | 0 | 0 | 0 | 0 |
| margin % | 12.8 | 6.8 | 14.1 | 9.7 | 2.7 |
| Owners' profit | 0 | 0 | 0 | 1 | 1 |
| EPS, as reported (₹) | 0.79 | 0.68 | 1.03 | 1.23 | 1.92 |
| ROE % · ROCE % | 3.3 · 4.5 | 2.8 · 4.0 | 4.1 · 5.4 | 4.6 · 6.2 | 6.7 · 8.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1 | (0) | 0 | (8) | 0 |
| Capex | 0 | (0) | 0 | (0) | (0) |
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 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.21 | 0.32 | 0.43 | 0.45 | 0.52 | 0.49 | 0.45 | 0.64 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 34,420 | 38.9 | 10.52 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,203 | 18.4 | 3.87 | 8.9 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,251 | — | 2.58 | 38.5 | 4.5 | 5.3 | 32.8 | 4.3 |
| PRIME SECURITIES LIMITED | 947 | 169.1 | 3.69 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 945 | 28.6 | 5.56 | 18.1 | 22.5 | 30.3 | — | 97.5 |
| CENTRUM CAPITAL LIMITED | 903 | — | 0.69 | 9.6 | (21.4) | (2.5) | 49.7 | 29.7 |
| REGENCY FINCORP LIMITED | 564 | 51.6 | 3.52 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 509 | — | 1623.78 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.6 | 18.6 | 22 of 76 | 72% |
| P/B | 0.7 | 1.1 | 42 of 105 | 60% |
| ROCE | 8.8 | 1.8 | 19 of 83 | 78% |
| ROE | 6.7 | 1.3 | 27 of 111 | 76% |
| Debt / Equity | 0.0 | 0.0 | 1 of 77 | 55% |
| EBITDA margin | 39.5 | 25.6 | 35 of 91 | 62% |
| Revenue growth | 12.5 | (4.1) | 33 of 85 | 62% |
| Profit growth | 43.8 | (0.2) | 41 of 109 | 63% |
| Market cap | 9 | 26 | 90 of 113 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Quarterly Reg 74(5) compliance certificate filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · 40th AGM: All 5 Resolutions Passed Including Director Appointments | board shareholder meetings | low | — | — |
| 17 Sept 2026 · 40th AGM concludes, all 5 resolutions passed including director appointments | board shareholder meetings | low | — | — |
| 24 Aug 2026 · V.B. Desai files 40th Annual Report for FY26, AGM on Sept 17 | compliance | low | — | — |
| 24 Aug 2026 · Notice of 40th AGM on Sept 17, 2026 with director appointments and related party deals | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Book closure Sep 11-16 for 40th AGM on Sep 17, 2026 | compliance | minimal | — | — |
| 17 Aug 2026 · Board changes: new Independent Director and Executive Director cum CFO appointed | management changes | high | — | — |
| 10 Aug 2026 · CFO of V.B. Desai Financial passes away | management changes | high | — | — |
| 30 Jul 2026 · Independent Director and Chairman resigns; Q1 FY27 results approved | management changes | 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.