BSE: 540570
VARIMAN GLOBAL ENTERPRISES LIM
Distributes IT/ITeS products and runs toy retail and apparel businesses through the parent entity and four subsidiaries, including Straton Business Solutions and Verteex Vending. In FY26, consolidated revenue stood at ₹134.44 crore with a net profit of ₹3.34 crore, total assets of ₹111.63 crore, and an EBITDA margin of 6.9%. The cost structure is dominated by materials and traded goods at 85.1% of revenue, followed by employee costs at 5.8% and other operating expenses at 4.1%. FY26 standalone revenue was ₹10,534.57 lakhs while consolidated revenue was ₹13,696.90 lakhs, and standalone operating cash flow was negative at ₹336.06 lakh. During the year, the group allotted 5 lakh equity shares on a swap basis to acquire the remaining 16.67% stake in Straton Business Solutions, making it a wholly-owned subsidiary, while withdrawing a separate proposed acquisition of Cultnerds IT Solutions shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT/ITeS distribution, Toy retail, Apparel. Asset-light trading and distribution with thin margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 116 | 113 | 109 | 134 |
| EBITDA (ex other income) | (0) | 1 | 0 | (1) | 7 |
| margin % | (0.0) | 0.7 | 0.3 | (0.7) | 5.0 |
| Owners' profit | 0 | 2 | 1 | 1 | 3 |
| EPS, as reported (₹) | 0.31 | 0.09 | 0.03 | 0.04 | 0.17 |
| ROE % · ROCE % | 2.4 · 6.3 | 6.0 · 9.7 | 3.9 · 9.3 | 1.5 · 6.7 | 6.3 · 10.8 |
| Debt / equity (x) | 0.85 | 0.71 | 0.77 | 0.66 | 0.64 |
| Cash from operations | (7) | (9) | 5 | (17) | (1) |
| Capex | (0) | 0 | (1) | (2) | (2) |
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 | 32 | 31 | 21 | 32 | 54 | 34 | 44 | 26 |
| Profit before tax | 0 | 1 | (0) | 2 | 3 | 2 | 0 | 1 |
| Net profit | 0 | 1 | (1) | — | 2 | 1 | 0 | 1 |
| EPS (₹) | 0.02 | 0.03 | 0.03 | 0.10 | 0.11 | 0.06 | 0.00 | 0.05 |
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 | 30,731 | 18.1 | 2.95 | 14.3 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,976 | 20.1 | 4.23 | 19.1 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 5,146 | 22.0 | 5.69 | 15.4 | 24.2 | 31.8 | (13.9) | 86.5 |
| SHANKARA BUILDPRO LIMITED | 3,080 | 23.4 | 5.64 | 13.6 | 23.4 | 31.8 | — | 3.3 |
| CREATIVE NEWTECH LIMITED | 1,707 | 26.2 | 4.41 | 19.5 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 952 | 0.1 | 10.59 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 807 | 8.8 | 0.63 | 203.2 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 667 | 1.0 | — | 52.3 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 13.9 | 106 of 164 | 36% |
| P/B | 1.8 | 1.0 | 92 of 146 | 37% |
| ROCE | 5.8 | 2.0 | 64 of 184 | 66% |
| ROE | 6.3 | 2.3 | 58 of 174 | 67% |
| Debt / Equity | 0.6 | 0.0 | 139 of 175 | 21% |
| EBITDA margin | 10.1 | 4.5 | 41 of 137 | 71% |
| Revenue growth | (20.4) | (8.6) | 77 of 135 | 43% |
| Market cap | 94 | 24 | 41 of 177 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Variman Global files FY26 annual report and 32nd AGM notice | results | high | — | — |
| 7 Sept 2026 · AGM notice: preferential issue and director reappointments | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Variman withdraws proposed Ecogenics Technologies acquisition | strategic transactions | high | — | — |
| 29 Aug 2026 · Board okays share capital hike, preferential issues and Ecogenics acquisition | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Board to consider preferential fundraise and acquisition on Aug 29 | strategic transactions | medium | — | — |
| 4 Aug 2026 · Board meeting on 12 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 8 Jul 2026 · Reg 74(5) compliance certificate for Q1 FY27 filed with BSE | compliance | minimal | — | — |
| 23 Jun 2026 · Trading window closed for Q1 FY27 results announcement | compliance | minimal | — | — |
| 30 May 2026 · Annual Secretarial Compliance Report for the FY ended 31.03.2026. | compliance | minimal | — | — |
| 29 May 2026 · Intimation for Appointment of Internal Auditor for the FY 2026-27. | 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.