🎮 Colab Platforms Ltd – From Leasing to Esports, a ₹1,720 Cr Cloud Circus Trading at 600 P/E
1. At a Glance
Once upon a time (1989), this was a boring leasing company. Today, it’s a ₹1,720 Cr “cloud + esports + IT” startup masquerading as a listed entity. Colab Platforms is the financial equivalent of that cousin who first sold shaadi cards, then opened a gym, then launched a crypto exchange – all before lunch. Current P/E? 601. Yes, the company that makes ₹2.8 Cr profit is priced like a SaaS unicorn.
2. Introduction
Colab Platforms is the Desi Netflix of corporate pivots. From JSG Leasing → Colab Cloud Platforms → IT products → now esports and sports-tech accelerators. Next stop: probably launching its own moon mission.
FY25 revenue jumped 3,000% (from ₹1.6 Cr to ₹69 Cr), which sounds like a miracle until you remember base effect – like increasing your pocket money from ₹10 to ₹300 and calling yourself Ambani. Profit? A humble ₹2.86 Cr, which wouldn’t even cover the rent for a Bangalore coworking hub.
And yet, the stock went full “GameStonks,” rising 1,023% in one year. Public holding = 66%. Promoters chill with just 34%. Institutions? Missing, maybe busy watching IPL instead.
Tell me honestly – do you think this company is the next Infosys or the next “pump-and-dump” WhatsApp group favourite?
3. Business Model – WTF Do They Even Do?
Answer: All of the above.
Legacy IT Job Work: Processing, hardware/software reselling, trading securities. Basically, anything that smells like revenue.
Sports-Tech Expansion: ₹250M accelerator for gaming startups. Because why not?
Esports Platform: Launched colabesports.in in Aug 2025. Fancy press releases, unclear monetization.
E-commerce Marketplace: colabsports.in for fitness gear – because Flipkart wasn’t enough competition.
Predictive Gaming Entry: Claims to enter a ₹50,000 Cr market. Translation: “We Googled TAM.”
In short, Colab is the baba of “platformization.” From IT to esports, they’re sprinkling buzzwords like masala on Maggi.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
21.8
11.2
20.4
94.7%
6.9%
EBITDA (₹ Cr)
-0.06
0.45
1.19
-113%
-105%
PAT (₹ Cr)
1.20
0.45
0.95
167%
26%
EPS (₹)
0.06
0.02
0.05
167%
20%
Comment: Sales growth looks like India’s GDP dreams. EBITDA however did the vanishing act this quarter – negative margins, but PAT is positive thanks to other income (₹1.27 Cr). Basically, profits are being cooked in the “Other Income” microwave.
5. Valuation – Fair Value Range Only
P/E Method: Annualized EPS ~₹0.14 × 4 = ₹0.56. Even at a generous 30–40x industry multiple, fair value = ₹17 – ₹22. CMP = ₹84.3.
