At a Glance
Adarsh Mercantile Ltd was once a dormant trading and investment company with <₹5 Cr in annual sales. But FY25 changed everything — it clocked ₹21 Cr revenue, ₹2.9 Cr profit, and underwent a complete promoter reshuffle via open offer and acquisition of Sai Machine Tools. From dusty ledgers to machinery dreams — is this a turnaround or trap?
1. 🧛 Introduction – The Resurrection of a BSE Deadstock?
Adarsh Mercantile was, for the longest time, the kind of stock you’d buy by accident. But now?
- ✅ Promoters exited entirely (from 74.86% to 0.37%)
- ✅ New acquirers took over with ₹42/share open offer
- ✅ FY25 saw sales jump 6.6x, profit finally appear
- ✅ Main object clause changed to manufacturing of metal fabrication machinery
Plot twist? Sai Machine Tools was merged into this BSE listing — and suddenly, this illiquid relic has a business plan.
2. 🏭 Business Model – WTF Do They Even Do?
Old Avatar (till FY24):
- Trading of shares, securities, and mutual funds
- Occasional commodity trades
- A P&L flatter than a dosa
New Avatar (FY25+):
- Acquired Sai Machine Tools in March 2025
- Planning to manufacture metal fabrication machinery
- Active in open market equity transactions still (but now more cash flow-oriented)
So basically: From sleepy holding company → industrial entity with actual manufacturing ops (allegedly).
3. 📊 Financials – Profit,
