BSE: 542931
Vardhan Capital & Finance Limi
Classified as a Non-Banking Financial Company (NBFC) listed on BSE. FY26 total income was Rs 33.54 lakh against a net loss of Rs 2.20 lakh, an improvement from the Rs 11.16 lakh loss in FY25. The statutory auditor's emphasis-of-matter paragraph has repeatedly flagged liquidity constraints, unpaid statutory dues outstanding for over six months, related party loans where interest accrual has stopped due to project delays, and overdue NBFC compliance filings with RBI. Operating costs are dominated by other operating expenses, with no material capex or depreciation. Multiple independent directors resigned in late 2025 and early 2026, with promoter family members joining the board in December 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Revenue from operations. Micro-cap, liquidity-constrained NBFC with significant related party exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10 | 10 | 6 | 0 | 0 |
| EBITDA (ex other income) | 10 | 10 | 5 | 0 | 0 |
| margin % | 96.3 | 97.0 | 81.9 | 34.0 | 43.4 |
| Owners' profit | 0 | 0 | (1) | (0) | (0) |
| EPS, as reported (₹) | 0.87 | 0.93 | (1.25) | (0.52) | (0.05) |
| ROE % · ROCE % | 5.0 · — | 4.9 · — | (7.0) · — | (1.4) · — | (0.3) · 1.1 |
| Debt / equity (x) | — | — | — | — | 0.47 |
| Cash from operations | (0) | 0 | (0) | (0) | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | (0) | (0) | (0) | (0) | 0 | (0) |
| Net profit | (0) | 0 | (0) | (0) | (0) | (0) | 0 | (0) |
| EPS (₹) | (0.02) | 0.00 | (0.60) | (0.02) | (0.01) | (0.04) | 0.03 | (0.07) |
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/B | 1.3 | 1.1 | 139 of 253 | 45% |
| ROCE | (0.2) | 2.0 | 49 of 59 | 17% |
| ROE | (0.3) | 3.1 | 202 of 257 | 22% |
| Debt / Equity | 0.5 | 0.0 | 45 of 53 | 15% |
| EBITDA margin | (848.6) | 48.6 | 241 of 249 | 3% |
| Revenue growth | (96.2) | 12.6 | 216 of 231 | 7% |
| Profit growth | (248.9) | 7.8 | 220 of 251 | 12% |
| Market cap | 10 | 34 | 215 of 268 | 20% |
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 review September 2026 results and make appointments | results | low | — | — |
| 7 Oct 2026 · Routine compliance certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 18 Sept 2026 · AGM 2026: 5 of 6 resolutions passed; director re-appointment rejected | board shareholder meetings | low | — | — |
| 17 Sept 2026 · 32nd AGM held; 6 resolutions put to vote including MD re-appointment | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Vardhan Capital submits 32nd Annual Report, AGM on Sep 17, 2026 | compliance | medium | — | — |
| 19 Aug 2026 · Book Closure from 11 Sept 2026 for 32nd Annual General Meeting | compliance | minimal | — | — |
| 19 Aug 2026 · 32nd AGM notice on 17 Sep 2026 with director appointments | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Ms. Deepali Jain appointed as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 11 Aug 2026 · Ms. Deepali Jain appointed as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 11 Aug 2026 · Vardhan Capital Q1 FY27 loss of Rs 3.14L; auditor flags liquidity concerns | results | high | — | — |
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.