BSE: 526431
WELTERMAN INTERNATIONAL LTD.
According to its filings with BSE, the company is described as a small manufacturer of inorganic water-soluble chemical fertilizers, classified under Consumer Durables / Leather and Leather Products. In practice, it reported nil revenue from operations in Q2 FY26, Q3 FY26, and Q4 FY26, with full-year FY26 revenue from operations at zero. Its only income in FY26 was 'other income' of Rs 20.34 lakh, essentially flat against Rs 20.41 lakh in FY25, against a net loss of Rs 49.97 lakh for the year versus Rs 15.41 lakh in FY25. The company carries Rs 670.35 lakh in long-term borrowings, and its net worth is deeply negative at Rs -1,287.75 lakh because other equity stands at Rs -1,731.88 lakh against Rs 444.13 lakh of equity share capital. Total liabilities exceed total assets. Factory rent of Rs 20.27 lakh was paid as a related party transaction in FY26. There is no evidence in the filings of any active product sales, customer base, or manufacturing output during the period covered. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Other income (100%). Dormant small-cap shell-like entity with no revenue from operations, deeply negative net worth, and recurring losses
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 0 | 0 | 0 |
| EBITDA (ex other income) | 0 | (0) | (0) | (0) | (1) |
| margin % | 13.7 | (78.8) | — | — | — |
| Owners' profit | 1 | (0) | (0) | (0) | (0) |
| EPS, as reported (₹) | (0.41) | (0.67) | (0.30) | (0.35) | (1.12) |
| ROE % · ROCE % | (12.2) · (52.9) | 2.5 · 15.5 | 1.1 · 3.9 | 1.2 · 4.1 | 3.9 · 10.5 |
| Debt / equity (x) | (0.77) | (0.76) | (0.41) | (0.47) | (0.52) |
| Cash from operations | 2 | (0) | (1) | (0) | 0 |
| Capex | (1) | 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 (₹) | (0.04) | (0.05) | (0.21) | (0.05) | (0.02) | (0.36) | (0.16) | (0.58) |
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. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,177 | 15.3 | 2.80 | 10.7 | 16.9 | 22.5 | 13.5 | 30.4 |
| BHARTIYA INTERNATIONAL | 1,363 | 52.7 | 2.80 | 15.2 | 2.8 | 7.7 | 19.9 | 10.2 |
| KOTHARI INDUSTRIAL CORP L | 1,182 | 33.8 | 5.11 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| MIRZA INTERNATIONAL LIMIT | 368 | — | 0.65 | 9.1 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 160 | 19.5 | 0.33 | 6.8 | 0.8 | 1.4 | 4.7 | 8.1 |
| ANKA INDIA LTD. | 98 | 146.9 | 3.73 | 59.8 | (1.8) | (0.9) | — | (0.2) |
| ZENITH EXPORTS LTD | 97 | 210.9 | 1.15 | — | 2.7 | 3.7 | — | (4.0) |
| SUPER TANNERY LTD. | 87 | 12.9 | 0.75 | 7.7 | 5.8 | 7.2 | 5.3 | 12.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | (1050.2) | (11.0) | 11 of 12 | 9% |
| Market cap | 8 | 97 | 12 of 13 | 8% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine compliance certificate under SEBI Depositories Regulations | compliance | minimal | — | — |
| 2 Oct 2026 · Welterman International 34th AGM: 3 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Welterman International holds 34th AGM via video conferencing | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY26 Results Announcement | compliance | minimal | — | — |
| 7 Sept 2026 · Welterman FY2025-26 annual report flags wider loss | compliance | minimal | — | — |
| 7 Sept 2026 · Welterman International files 34th AGM notice, meeting on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book closure announced for 34th AGM on 30 September 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Welterman International 34th AGM on Sept 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Welterman Q1 FY27 loss widens; no commercial operations, only rent income | results | high | — | — |
| 10 Aug 2026 · Board approves Q1 FY27 results; loss widens to Rs 2.33 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.