1. At a Glance – Blink and You’ll Miss the Business
Likhami Consulting Ltd is a ₹326 Cr market cap company doing ₹0.78 Cr in trailing twelve-month revenue. Yes, read that again—no typo, no missing zero. The stock trades at around ₹328, with a P/E of ~1,087, P/B of 9.33, ROCE of 0.86%, and ROE of 0.63%. This is not a typo parade; this is the actual scoreboard.
The company reported Q3 FY26 income of ₹0.15 Cr and PAT of ₹0.04 Cr, with YoY quarterly sales growth of 50% and profit growth of 33%—which sounds impressive until you realize we’re celebrating growth on a base smaller than a Tier-3 café’s monthly bill.
Debt? Zero.
Cash stress? Nope.
Operating margins? Surprisingly fat at ~40%.
Capital efficiency? Missing in action.
The stock is up ~9.6% in 3 months, but down ~46% over 1 year, which tells you everything about mood swings in this counter. This is a company where valuation dreams big, but the business still wakes up in a studio apartment. Curious already? Good. Because it only gets more bizarre from here.
2. Introduction – A Consulting Firm That Consults the Market’s Imagination
Incorporated in 2012, Likhami Consulting Ltd positions itself as a multi-service consultancy powerhouse—project reports, NGO consulting, M&A advisory, valuations, turnaround strategies, India-entry advisory, global mega-trend research… basically, if a PowerPoint slide exists, Likhami probably offers it as a service.
But here’s the plot twist: despite more than a decade of existence and a menu longer than a wedding buffet, the company’s annual revenue is under ₹1 Cr. That’s not “early-stage startup energy”; that’s “boutique consultancy with listed-company privileges.”
The market, however, has treated Likhami like a rare Pokémon—scarce float, high price, wild valuation multiples. Investors seem to be paying not for current earnings, but for optionalities, shells, narratives, and future possibilities.
Is this a classic case of “balance sheet so clean it forgot to work”? Or is this a slow-burn platform waiting for a reverse-merger-style glow-up? Before we judge, let’s actually understand what this company claims to do.
3. Business Model – WTF Do They Even Do?
Likhami’s business model is essentially intellectual labour + advisory PDFs. No factories, no trucks, no inventory, no capex headache. The company operates across four broad consulting buckets:
a) Consultancy Services
This includes project feasibility studies, NGO consulting, techno-economic viability reports, market surveys, branding strategies, turnaround advisory for distressed firms, business valuations, M&A advisory, loan and equity syndication, and international tie-ups. Basically, if someone needs a report to show a bank, investor, or regulator—Likhami can prepare it.
b) Financial Consultancy
Here we have management consulting, financial planning, budgeting, cash-flow forecasting, and management controls. Think CFO-for-hire vibes, but on a very small scale.
c) Business Consultancy
This
