Sai Capital Ltd Q2FY26 – The ₹3.5 Crore Profit, ₹47 EPS & 77% Pledged Promoter Saga Nobody Asked For!
1. At a Glance
Ladies and gentlemen, meet Sai Capital Ltd, the ₹56.4 crore market cap mystery box from the finance and investments alley. This is not your regular NBFC or asset manager — it’s more like the holding company that woke up one fine day, earned ₹13.8 crore profit on ₹0.63 crore sales, and went back to sleep again, smiling smugly at its ₹47.8 EPS.
The current market price? ₹196 per share — a 61% crash in the last year, because apparently, the market doesn’t reward companies with minus 414% operating margins. The P/E ratio is a delicious 4.09, making it look “cheap,” but so does a car without wheels. The promoters hold 73.7% of the stock, though 77.3% of that is pledged, meaning every rupee they own is practically mortgaged to some banker sipping green tea at HDFC.
With ROE at 3.03%, ROCE at 4.59%, and debt at a modest ₹20 crore, Sai Capital looks like that calm relative in the family who claims to “invest in startups” but really just lends money to their cousin’s cafe.
And yet, Q2FY26 (Sept 2025) saw PAT jump to ₹3.56 crore, with quarterly EPS of ₹12.12, up 118% YoY. Finance ke Shaktimaan moment? Maybe.
2. Introduction
Sai Capital’s story reads like a corporate soap opera directed by a CA with trust issues. Born in 1995, the company’s main business is finance and investments — basically buying and selling shares, debentures, or any security that promises a thrill.
But that’s not the fun part. Sai Capital also happens to be the holding company of Health Care Energy Foods Pvt. Ltd, which sells ICDS food supplements, empty bags (we kid you not), and refraction products. So the holding company makes money by holding, and the subsidiary makes food for holding children. Poetic symmetry.
Their performance sheet is more dramatic than a Bollywood comeback. Sales of ₹0.14 crore, profits of ₹3.56 crore, and other income of ₹6.67 crore — which means their “business” is actually… their investments making money.
Think of Sai Capital as that investor uncle whose portfolio gains are larger than his salary. Only here, the “salary” is ₹14 lakh revenue and the “portfolio gain” is ₹3.5 crore.
But despite this calm exterior, there’s chaos under the hood — pledged shares, resignations, related-party transactions, and postal ballots flying faster than Diwali greetings.
3. Business Model – WTF Do They Even Do?
Let’s decode Sai Capital’s core operations.
At its heart, Sai Capital Ltd is a finance and investment holding company. It doesn’t make products, it makes moves. The company buys, sells, or deals in shares, debentures, and securities. That’s corporate jargon for “we’re professional traders with a SEBI registration and better suits.”
It’s also the holding entity for Health Care Energy Foods Pvt. Ltd, which itself is in the ICDS nutrition supply business — think fortified foods and mid-day meal supplements. Sai Capital owns roughly 98% of it. So technically, if a school kid in North India is drinking fortified milk, Sai Capital might have had a very indirect hand in it.
This structure makes Sai Capital a curious hybrid — part NBFC, part investment company, part corporate parent. It’s not lending aggressively, it’s not manufacturing, and it’s definitely not scaling — it’s just holding, earning, and occasionally calling an auditor meeting.
Revenue in FY25 was a meagre ₹0.63 crore, but PAT was ₹13.8 crore, thanks to ₹26 crore of other income (probably dividends or book profits). So the business model is: earn interest and dividends, call it a day, and tell the world you’re “diversified.”
4. Financials Overview
Result Type: Quarterly Results (Q2FY26 – September 2025) Therefore, Annualised EPS = ₹12.12 × 4 = ₹48.48
Source table
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
0.14
0.10
0.15
40.0%
-6.7%
EBITDA
-0.65
-0.95
-0.64
31.6%
1.6%
PAT
3.56
1.63
3.11
118.4%
14.5%
EPS (₹)
12.12
5.56
10.59
118.0%
14.4%
Commentary: Operating margins are still buried somewhere deep underground (a negative -464% OPM), but who cares when other income is raining like monsoon bonuses? PAT grew more than double YoY, even though the business activity barely changed. It’s like winning a lottery during a company offsite.
5. Valuation Discussion – Fair Value Range Only
Let’s do the nerdy stuff, with a twist.
Method 1: P/E Valuation
Annualised EPS = ₹48.48
Industry P/E = 21.9
Conservative P/E = 6–8 (given the tiny float and risk) Fair Value Range = ₹290 – ₹390
Method 2: EV/EBITDA Valuation
EV = ₹73.2 crore
EBITDA (FY25) ≈ ₹-4 crore → (so valuation here is a joke). We’ll skip precise EBITDA multiple — fair EV/EBITDA in such cases = 3–4× adjusted for non-operating income. Implied Fair Range ≈ ₹250 – ₹320
Method 3: DCF (using PAT as proxy) Assume flat ₹14 crore PAT for 5 years, 10% discount rate, no terminal growth. Fair Equity Value ≈ ₹280 – ₹330 crore, translating to ₹280–₹330 per share.
🧾 Disclaimer: This fair value range is for educational purposes only and not investment advice. Sai Capital’s performance depends heavily on “other income,” which is unpredictable and not a core business metric.
6. What’s Cooking – News, Triggers, Drama
December 2025 has been peak reality TV season for Sai Capital shareholders.
First came the postal ballots — one to approve two massive guarantees (corporate and personal) worth up to ₹40 crore! Both involve Health Care Energy Foods Pvt. Ltd, their material subsidiary, and HDFC Bank. Basically, Sai Capital and one of its directors, Mr. Ankur Rawat, are offering personal and corporate guarantees so the subsidiary can borrow comfortably.
Then, another update: Butterfly Ayurveda Pvt. Ltd, another related entity, is stepping in
