1. At a Glance – Blink and You’ll Miss the Business
Saptak Chem & Business Ltd is a ₹4.56 crore market cap company trading at ₹42.4, with zero revenue, negative net worth, ROCE of -66.7%, and a current ratio of 0.09 (yes, decimal point is correct). And yet, the stock is up 1,025% in one year and 223% in three months. This is the kind of stock where fundamentals resigned long ago, promoters are holding a modest 12.6%, and public shareholders are holding the rest with pure faith, vibes, and Telegram forwards.
Latest quarterly result? Q3 FY26 net loss of ₹10.64 lakh, EPS -0.99, sales still doing a perfect ₹0.00 Cr imitation. Debt stands at ₹2.55 Cr, book value is ₹-21.8, and EV/EBITDA is a poetic -26 because EBITDA itself doesn’t exist in a meaningful sense.
So the big question:
Is this a turnaround brewing… or just a very enthusiastic price chart?
Let’s open the forensic file.
2. Introduction – From Chemicals to Confusion
Incorporated in 1980, Saptak Chem & Business Ltd sounds like a serious chemical trading and manufacturing company on paper. The objects clause reads like a chemistry textbook: acids, alkalis, dyes, pigments, resins, phosphates, mining derivatives—you name it, they’ve mentioned it.
Reality check?
The company shut down its SSP fertilizer operations, struggled to stay relevant in chemicals, and has been operating with negligible revenues for years. FY22 revenue fell ~50% YoY, and since then, revenue has largely disappeared from the chat.
Despite this, the stock has recently discovered a new personality:
Microcap + warrants + new MD + vague future plans = multibagger dreams.
Classic Indian market plot twist.
But before we get carried away, let’s ask a boring but important question:
Is there an actual business revival visible in the numbers?
Short answer: not yet.
Long answer: keep reading.
3. Business Model – WTF Do
They Even Do?
Officially, Saptak Chem is into:
- Trading of organic & inorganic chemicals
- Import/export of chemical derivatives
- Products linked to mining outputs (phosphate, limestone, bauxite)
- Earlier: SSP fertilizers (now discontinued)
Unofficially (as per filings and results):
- They are currently doing almost nothing operationally
- Sales have been ₹0.00 Cr in most recent quarters
- Expenses exist (because companies don’t run on air)
- Losses continue quietly
Future plans, however, are ambitious:
- Entry into salt trading in Gujarat
- Exploring textile, marine, solar, and infrastructure sectors
This is the classic “everything everywhere all at once” business strategy seen in stressed microcaps.
Let me ask you:
When a company with no revenue says it will enter five unrelated sectors, is that diversification… or desperation?
4. Financials Overview – Numbers That Refuse to Wake Up
| Metric | Latest Qtr (Dec 2025) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 0.00 | 0.00 | 0.00 | NA | NA |
| EBITDA (₹ Cr) | -0.11 | 0.00 | -0.02 | NA | Worsened |
| PAT (₹ Cr) | -0.11 | 0.00 | -0.02 | NA | Worsened |
| EPS (₹) | -1.02 | 0.00 | -0.19 | NA | Worsened |
Annualised EPS (Q3 rule)
Average of Q1, Q2, Q3 EPS × 4 → still deeply negative, so no valuation magic here.
👉 Witty takeaway:
Revenue is flat because there is no revenue. Losses fluctuate because even survival costs money.
So what exactly is the market pricing in?
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s still do this properly.
Method 1: P/E
