Vakrangee Ltd Q3 FY26 – ₹13,433 Cr Quarterly GTV, 201% YoY PAT Growth & a ₹6 Stock That Refuses to Die

1. At a Glance

Vakrangee Ltd is that stock which refuses to follow either gravity or logic. At ₹6.63 per share, a market cap of ~₹718 crore, and a three-month return of –24%, it looks like the market has already filed an FIR. And yet, Q3 FY26 just delivered a 201% YoY jump in PAT and ₹13,433 crore of quarterly GTV.

This is a company with 22,986 physical outlets, 83% of them sitting in Tier IV–VI India, pushing banking, ATM, insurance, e-commerce, and whatever else can be sold next to a kirana store. ROE is a sleepy 3.65%, ROCE a modest 5.86%, and P/E a spicy 61×—because nothing says “value” like paying tech-stock multiples for a rural fintech kiosk.

Debt is basically gone (₹4.18 crore), promoters hold 40%, pledges are zero, and cash flows still behave like a rebellious teenager. If curiosity were a stock, this would be it.

2. Introduction

Vakrangee is not a normal company. It is an idea, a network, and occasionally, a case study in investor patience. Born in 1990 as a data digitisation and IT services outfit, it reinvented itself into a last-mile distribution empire long before “last mile” became a VC buzzword.

The pitch is seductive: one standardized store in every PIN code. Banking, ATM, insurance, pensions, shopping, bill payments—India delivered via one counter with CCTV and digital signage. Think of it as Amazon + Bank Mitra + ATM, but with chai breaks.

But history hasn’t been kind. Revenues collapsed post-FY18, ROEs evaporated, and the stock chart looks like a ski slope. Now, after years in the wilderness, Vakrangee claims the turnaround is real. Q3 FY26 numbers certainly look dramatic—but with Vakrangee, numbers always