BSE: 512511
VARUN MERCANTILE LTD.
Earns interest income on cash and bank balances, with no revenue from operations reported across recent quarters and years. Other Income — primarily interest on cash reserves — totalled ₹37.85 lakh in FY26 (₹28.41 lakh in the first nine months of FY26) and is essentially the only income line. The FY25 annual report describes the entity as "engaged in trading of general commodities," though no trading revenue has been recorded in the periods covered. Operating expenses are minimal, consisting mainly of employee costs and listing/advertisement fees; total expenses in Q3 FY26 were ₹3.53 lakh. Profit after tax came in at ₹12.47 lakh for FY26, down from ₹13.00 lakh in FY25, and the Board declared no dividend for FY26. The balance sheet shows ₹525.42 lakh in cash and bank balances against total assets of ₹552.95 lakh (H1 FY26), ₹551.62 lakh in total equity, and virtually no liabilities (only ₹4.52 lakh in current liabilities at H1 FY26). Statutory auditors N.J. Karia & Associates have issued unqualified opinions on the financial results. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other Income (interest on cash and bank balances) (100%). Non-operating entity with interest income on cash reserves as the sole revenue source
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.13 | 0.36 | 0.50 | 0.65 | 0.63 |
| ROE % · ROCE % | 0.5 · 1.7 | 1.4 · 2.6 | 1.9 · 3.5 | 2.4 · 4.2 | 2.3 · 4.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (0) | (0) | (0) | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 0.14 | 0.18 | 0.19 | 0.15 | 0.21 | 0.13 | 0.16 | 0.13 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.7 | 13.0 | 11 of 79 | 87% |
| P/B | 0.0 | 1.3 | 4 of 95 | 96% |
| ROCE | 4.0 | 3.4 | 48 of 103 | 54% |
| ROE | 2.3 | 2.9 | 60 of 113 | 47% |
| Debt / Equity | 0.0 | 0.1 | 1 of 91 | 77% |
| Profit growth | (10.6) | 5.2 | 68 of 110 | 39% |
| Market cap | 0 | 47 | 106 of 108 | 2% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 results on November 4 | results | low | — | — |
| 30 Sept 2026 · AGM voting results - all 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 41st AGM held on Sep 30, 2026 - all resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from October 1 for Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Book closure for 41st AGM from Sep 18 to Sep 21, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Cut-off date for e-voting set at Sept 23, 2026 for 41st AGM | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Varun Mercantile files FY26 Annual Report; 41st AGM set for Sept 30, 2026 | compliance | low | — | — |
| 7 Sept 2026 · 41st AGM notice issued; 3 resolutions including director and manager re-appointment | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Manager Ms. Kirti B. Chaudhari reappointed for 5 more years | management changes | medium | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Zero Revenue, PAT Falls to Rs 2.41 Lakh | 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.