BSE: 501370
WALCHAND PEOPLEFIRST LTD.
Walchand PeopleFirst operates in a single reported segment — Training — for FY26. Total income from operations for FY26 stood at Rs 3,653.87 lakhs, with profit after tax of Rs 347.08 lakhs. The business is asset-light and people-driven, with employee cost making up 47.6 percent of revenue at Rs 17.38 cr and other operating expenses accounting for another 45.1 percent. The company carries near-zero debt (debt-to-equity of 0.005) and spent only Rs 0.67 cr on capex in FY26. For Q1 FY27, total income rose to Rs 951.09 lakhs from Rs 758.33 lakhs in Q1 FY26, with Q1 profit after tax at Rs 245.92 lakhs versus Rs 114.48 lakhs a year earlier. A final dividend of Re 1 per equity share (10 percent on Rs 10 face value) was recommended for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Training (100%). Asset-light, people-intensive training and consulting services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18 | 20 | 26 | 31 | 37 |
| EBITDA (ex other income) | 1 | 1 | 2 | (0) | 3 |
| margin % | 8.2 | 3.9 | 6.3 | (0.3) | 7.3 |
| Owners' profit | 2 | 3 | 3 | 2 | 3 |
| EPS, as reported (₹) | 6.36 | 12.04 | 11.76 | 6.21 | 12.39 |
| ROE % · ROCE % | 9.5 · 13.2 | 15.4 · 17.6 | 13.2 · 17.2 | 6.6 · 7.8 | 11.3 · 14.6 |
| Debt / equity (x) | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 |
| Cash from operations | 4 | 0 | (0) | 0 | 4 |
| Capex | (2) | (0) | (0) | (0) | (1) |
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 | 6 | 9 | 8 | 9 | 8 | 10 | 9 | 10 |
| Profit before tax | (0) | 2 | 0 | 1 | 1 | 2 | 2 | (0) |
| Net profit | (0) | 1 | 0 | 0 | 1 | 1 | 1 | (0) |
| EPS (₹) | (0.75) | 4.97 | 0.76 | 1.22 | 3.41 | 4.14 | 4.67 | 0.17 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL MINE P N D INST L | 13,338 | 43.9 | 5.84 | — | 26.9 | 34.6 | — | 34.9 |
| IIRM HOLDINGS INDIA LTD | 695 | 28.3 | 4.41 | 11.8 | 15.5 | 14.4 | — | 24.9 |
| Qualitek Labs Limited | 582 | 37.3 | — | — | — | 8.5 | — | — |
| Monarch Surveyors and Engineer | 358 | 7.3 | — | — | — | 20.9 | — | — |
| LIKHAMI CONSULTING LIMITED | 307 | 965.6 | 8.75 | — | 0.7 | 0.9 | — | 67.2 |
| Ekansh Concepts Limited | 245 | 77.9 | 5.40 | 148.1 | (6.7) | (6.8) | (12.2) | 48.8 |
| EKI ENERGY SERVICES LTD | 206 | — | 0.54 | 20.9 | (4.3) | (3.0) | — | (6.1) |
| AAA TECHNOLOGIES LIMITED | 158 | 74.1 | 5.10 | — | 6.7 | 8.9 | — | 31.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.7 | 7.6 | 13 of 23 | 46% |
| P/B | 1.1 | 2.0 | 7 of 17 | 63% |
| ROCE | 14.5 | 8.2 | 6 of 26 | 80% |
| ROE | 11.3 | 6.7 | 6 of 17 | 69% |
| Debt / Equity | 0.0 | 0.0 | 8 of 17 | 56% |
| EBITDA margin | 0.7 | 31.8 | 15 of 17 | 13% |
| Revenue growth | 18.4 | 10.3 | 7 of 18 | 65% |
| Profit growth | (122.0) | (29.8) | 15 of 18 | 18% |
| Market cap | 35 | 35 | 13 of 26 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · First-half profit rises 42.5%, while Q2 profit falls 8.3% | compliance | minimal | — | — |
| 22 Oct 2026 · Half year profit rises 55 percent; operating cash flow turns negative | results | high | — | — |
| 22 Oct 2026 · Board approves September 2026 quarterly and half-year results | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting on 22 Oct 2026 to consider Q2/H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · Routine RTA certificate on share dematerialization for Jul-Sep 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 6 Aug 2026 · Company responds to BSE query on share price movement | regulatory legal | medium | — | — |
| 5 Aug 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 31 Jul 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 30 Jul 2026 · 106th AGM results: all 3 resolutions passed, Re 1 dividend declared | compliance | minimal | — | — |
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.