BSE: 538918
Vani Commercials Limited
Operates as a non-banking financial company (NBFC), reporting total revenue of Rs 5.7 crore in FY26. Its lending book is heavily concentrated in related-party exposures, including loans of Rs 858 lakhs to Novaxdigital Technologies, Rs 760 lakhs to Smart Energy 111 Techmobil, and Rs 697 lakhs to Regency Fincorp. The cost structure is consistent with a financial services business — no material inputs, with employee costs at 8.9% of revenue and other operating expenses at 25.1%. The board has approved acquisition of 51% stakes in two newly incorporated subsidiaries — The Scale Estates Limited (real estate leasing and warehousing) and GTB Projects Private Limited (real estate development and construction) — at Rs 51,000 each, signalling a planned move into real estate. In March 2026, the company allotted 1,76,66,663 equity shares on a preferential basis at Rs 12 per share, raising Rs 8.43 crore in fresh cash and converting Rs 12.77 crore of existing loans into equity, lifting paid-up equity capital to Rs 29.41 crore (2,94,07,283 shares of Rs 10 each). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Lending / interest income, Real estate (newly approved). Small NBFC with concentrated related-party loan exposure, pivoting into real estate
Exhibit 1: Financial summary, FY24–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 |
|---|---|---|
| Revenue | 3 | 3 |
| EBITDA (ex other income) | 2 | 1 |
| margin % | 55.4 | 36.6 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 0.28 | 0.02 |
| ROE % · ROCE % | 1.8 · — | 1.9 · — |
| Debt / equity (x) | — | — |
| Cash from operations | (32) | 11 |
| Capex | (0) | (0) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | (0) | 1 | 1 | 1 | 0 | 2 |
| Profit before tax | 0 | (0) | 0 | 0 | 0 | 0 |
| Net profit | (0) | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.00 | 0.00 | 0.39 | 0.13 | 0.01 | 0.09 |
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) | 12.9 | 18.1 | 78 of 200 | 61% |
| P/B | 1.7 | 1.1 | 169 of 253 | 33% |
| ROE | 1.9 | 3.1 | 153 of 257 | 41% |
| EBITDA margin | 39.4 | 48.6 | 133 of 249 | 47% |
| Revenue growth | 13.5 | 12.6 | 114 of 231 | 51% |
| Profit growth | 226.8 | 7.8 | 36 of 251 | 86% |
| Market cap | 24 | 34 | 158 of 268 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA certifies no physical shares received for demat in Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Vani Commercials: Voting Results of 39th AGM - All Resolutions Passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Scrutinizer Report: 39th AGM Resolutions Passed with Requisite Majority | compliance | minimal | — | — |
| 30 Sept 2026 · 39th AGM of Vani Commercials held on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from October 1 ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper publication of 39th AGM notice submitted to BSE | compliance | minimal | — | — |
| 5 Sept 2026 · 39th AGM set for September 30 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Vani Commercials files 39th Annual Report; AGM set for Sept 30, 2026 | compliance | medium | — | — |
| 2 Sept 2026 · Vani Commercials appoints Company Secretary; proposes subsidiary acquisition | management changes | medium | — | — |
| 2 Sept 2026 · Board appoints Ms. Pooja Sharma as Internal Auditor and Company Secretary | 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.