Colab Platforms Ltd Q2FY26: ₹41.4 Cr Revenue (+7,625% YoY), ₹1.55 Cr PAT, & AI Drones + Esports Madness — From Leasing Company to Cloud Chaos

1. At a Glance

What happens when a once-forgotten leasing company decides it’s now the next-gen AI + esports empire? You get Colab Platforms Ltd, a ₹4,092 crore market cap comet that went from ₹0.18 crore sales in 2022 to ₹41.39 crore this quarter. That’s not growth — that’s reincarnation. Current price? ₹201. Stock P/E? A godly 882 — that’s higher than enlightenment level, not valuation level.

In the Bhagavad Gita, Krishna says, “Change is the law of the universe.” Clearly, Colab took that literally — changing its name, its business, and even its destiny. With 12.4% ROE and zero debt, this IT-meets-gaming-meets-AI drama has everything but calm. The last three months? +173% return. One year? +2,758%. The market loves madness — and Colab’s delivering it with style.

So buckle up: we’re diving into the wild world of a company that was once called JSG Leasing, now selling dreams of AI drones, esports, and predictive gaming.

2. Introduction

If there were a Bollywood remake of The Wolf of Wall Street, Colab Platforms might have financed it — or starred in it. What began in 1989 as a sleepy leasing outfit now calls itself an “AI-driven cloud innovation company.” Translation: they sell, trade, code, and occasionally announce MoUs that sound like sci-fi sequels.

In just three years, the company’s revenue jumped from ₹2 crore (FY23) to ₹106 crore (FY25). Profit followed the script, up from ₹0.95 crore to ₹4.64 crore. Those numbers look small, until you realize the stock has multiplied 28 times in a year — because who needs profits when you have potential?

In 2025, they announced partnerships for AI drones, predictive gaming, and a ₹250 million esports accelerator. Somewhere between all this, they also found time to report a 7,625% YoY revenue surge this quarter. That’s not “growth,” that’s a financial miracle.

But hey, miracles are marketable. And in today’s India, every second small-cap wants to be the next “tech disruptor.” Colab just decided to play it loud — with AI, esports, and a ₹4,000 crore valuation shouting in harmony.

3. Business Model – WTF Do They Even Do?

Let’s decode this.

Colab Platforms claims to operate across IT hardware, software job-work, cloud services, and trading of shares & securities. That’s basically “we do everything that fits on a balance sheet.” But recently, they’ve started morphing into a full-blown tech-hype engine, branching into futuristic buzzwords like:

• AI-powered search engines (launched Nov 2025)
• Esports & sports-tech accelerator worth ₹250 million
• Non-binding MoU with RRP Drones to build “AI autonomous drone ecosystems”
• Term sheet to acquire 51% in Indiaoneonline – because why not add fintech to the chaos?

It’s like watching a buffet of business models. You have IT job-work on one end, AI drones on the other, and esports in between.

At its core, the company earns revenue through a mix of service sales (~67%), interest income (~26%), and other income (~7%) — as per FY22 breakdown. But post-2023, the mix tilted heavily toward tech-enabled services, creating the illusion of a “cloud-first” operation.

Basically, Colab Platforms is that overenthusiastic kid who signed up for every school competition — and somehow won half of them by confidence alone.

4. Financials Overview

Annualised EPS ≈ ₹0.32.
At ₹201 stock price → P/E = 628x (let’s just say “not meaningful” without laughing).

Commentary:
This is like seeing a ₹10 tuition student suddenly top the IIT exam. The sales jump defies logic, the PAT jump breaks physics, and yet — investors are clapping. The P/E multiple suggests the market expects Colab to become Infosys, Tesla, and Disney combined.

5. Valuation Discussion – Fair Value Range Only

Let’s try to calculate without fainting.

Method 1: P/E Method
Annualised EPS = ₹0.32
Industry P/E = 31.7
→ Fair Value Range = ₹10 – ₹13 (if it were valued like peers)

Method 2: EV/EBITDA Method
EV = ₹4,088 Cr
EBITDA (FY25) ≈ ₹4 Cr
EV/EBITDA = 1,022x (Yes, triple digits again!)
If valued at sector median ~20x → Fair Value = ₹80 Cr EV → ₹4 per share

Method 3: DCF (Highly Hypothetical)
Even assuming 50% CAGR for 5 years and 12% WACC, fair range = ₹20–₹30 per share.

👉 Fair Value Range (Educational): ₹4 – ₹30

📜 Disclaimer: This fair value range is for educational purposes only and is not investment advice.

6. What’s Cooking – News, Triggers, Drama

If you enjoy company announcements that sound like movie trailers, Colab’s feed is pure entertainment.

• Nov 2025: Q2FY26 revenue ₹4,139 lakh (+7,625% YoY), PAT ₹155 lakh.
• Sep 2025: Signed MoU with RRP Drones for AI drone development. Expect “autonomous delivery” buzzwords soon.
• Sep 2025: Term sheet to acquire 51% stake in Indiaoneonline Synergies — fintech twist incoming.
• Jun 2025: Entered Esports arena with ₹250 million accelerator — targeting India’s ₹1,100 crore gaming market.
• Apr 2025: Incorporated a sports-science subsidiary to “redefine athlete analytics.”
• May 2025: Reported FY25 revenue ₹70 crore (+3006%), PAT ₹2.86 crore (+60%).

So in one year: drones, AI search, esports, fintech, sports science. It’s like the Marvel Cinematic Universe of buzzwords. The company doesn’t need caffeine — its press releases are enough.

7. Balance Sheet

Funny Takeaways:

• Assets jumped from ₹21 Cr to ₹37 Cr — clearly, someone found a treasure chest.
• Borrowings = ₹0.00 Cr — the CFO must sleep peacefully.
• Other Liabilities at ₹9 Cr — maybe that’s the “AI drone project” billing.

8. Cash Flow – Sab Number Game Hai

Interpretation:
The company used to burn cash like popcorn in FY23, then calmed down by FY25. Positive operating cash flow finally appeared — that’s like finding your debit card after 3 years of chaos. But financing turned negative, meaning the expansion binge is slowing (or maybe promoters ran out of hashtags).

9. Ratios – Sexy or Stressy?

Verdict: Sexy on ROCE, scary on P/E. Imagine going on a date with someone who’s rich, confident, but wildly overvalued — that’s Colab Platforms.

10. P&L Breakdown – Show Me the Money

Commentary:
In two years, revenue grew 50x. But profits only grew 5x. That’s like going from a bicycle to a Ferrari — and still arriving late to office. The OPM fell to 2%, suggesting costs are sprinting faster than revenues.

11. Peer Comparison

Colab’s valuation looks like a typo. Even CRISIL would blush seeing that P/E. But hey, when your 3-year return is +342%, who cares about arithmetic?

12. Miscellaneous – Shareholding and Promoters

Promoter: Skybridge Incap Advisory LLP, which acquired 29.13% stake in Aug 2022 via open offer.

Promoter roast? Skybridge sounds like a fintech fund, but given Colab’s buzzword collection, maybe they just liked the name “Cloud Platforms.” Either way, promoter holding at 33.9% means public enthusiasm drives this rocket — not insider conviction.

13. Corporate Governance – Angels or Devils?

The company’s last few years have been a revolving door: new auditors (Rawka & Associates replacing K. Singh & Co.), new name, new promoters, new directors (and one resignation in Oct 2025).

No pledging, no debt, and clean balance sheets — that’s good. But the pace of “name changes + MoUs” gives mild startup drama vibes. Auditor rotation in 2022 raised eyebrows but hasn’t shown accounting fireworks yet.

Think of them as angels learning to file SEBI forms.

14. Industry Roast and Macro Context

Welcome to India’s tech renaissance — where every other company is launching something “AI-powered.” The IT + gaming + drone cocktail is trendy: from Tata building AI factories to smallcaps signing “non-binding MoUs.”

Esports in India is projected to cross ₹1,100 crore by 2025. Drones are buzzing under “Make in India” incentives. Predictive gaming, AI search — all these sectors sound fancy but are brutally competitive.

So while giants like Infosys and Zomato are building solid tech, Colab’s strategy is pure sizzle: “Announce, trend, repeat.” Still, in a market that rewards storytelling over spreadsheets, Colab might just continue its fairy tale — at least till someone asks, “Wait, where’s the profit?”

15. EduInvesting Verdict

If stock markets had a “Most Improved Student” award, Colab would win hands down. From a ₹6 low to ₹201 in 18 months — that’s not performance, that’s resurrection.

Strengths (S):

• Debt-free balance sheet (₹0.00 Cr debt).
• Insane sales growth: +297% TTM, +546% 3-year CAGR.
• Expanding into multiple high-growth niches (AI, esports, drones).

Weaknesses (W):

• P/E ratio of 882 — cosmic overvaluation.
• Promoter stake at 33.9% — not enough skin in the game.
• OPM only 2% — too low for a “tech” company.

Opportunities (O):

• AI, drone, and gaming markets are exploding — even small participation can bring visibility.
• Strategic partnerships (RRP Drones, Indiaoneonline) can open new revenue lanes.

Threats (T):

• Over-diversification: when you chase everything, focus goes out the window.
• Valuation bubble risk — one missed quarter and gravity will remind everyone of Newton’s laws.
• Thin margins mean one bad cost cycle could erase profits.

In short: Colab Platforms is less of a business, more of a performance art piece about market sentiment. It has reinvented itself faster than ChatGPT updates, and the market has rewarded that enthusiasm — for now.

If the company can turn its ambitious MoUs into actual revenue streams, it could justify part of its hype. Until then, it’s a brilliant case study in how narrative beats numbers in small-cap India.

Written by EduInvesting Team | 19 November 2025

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