1. At a Glance
Yogi Ltd is the kind of company that wakes up one fine morning and decides it has lived enough past lives. Born in 1994 as Parsharti Investment Ltd, it spent years doing advisory-type nothingness, then suddenly in FY23 woke up and said: “Real estate developer banenge.” Fast forward to today: market cap ~₹696 Cr, stock price ~₹161, P/E ~36.7×, book value ~₹30.9, debt ~₹154 Cr, ROE ~1.7%.
The latest twist? Q3 FY26 shows ₹57.25 Cr revenue and ₹1.86 Cr PAT. Sounds decent—until you realise this business had zero operating revenue till FY24, and now suddenly looks like a trading + contracting + industrial assemblies machine. Is this a turnaround, a transformation, or a PowerPoint becoming reality? Let’s dig.
2. Introduction
Yogi Ltd is not your boring, linear, one-business-company. It is more like a Bollywood script with flashbacks, reincarnations, and surprise cameos. For years, it existed as a financial advisory shell. In June 2022, management pulled the ultimate corporate reset: name change, object clause change, and a full pivot into real estate and allied activities.
Since FY23, the company has been loss-making initially, revenue-less for a while, and then—boom—FY25 and FY26 show meaningful topline, PAT, and balance sheet expansion. The question investors keep asking (and should keep asking):
Is this finally execution… or just capital rotation gymnastics?
3. Business Model – WTF Do They Even Do?
Officially, Yogi Ltd does everything. Unofficially, it does whatever the board resolution allows.
Stated activities include:
- Real estate development & town planning
- Contracting & infrastructure development
- Buying, selling, leasing immovable & movable assets
- Trading in machinery, industrial assemblies, vehicles, equipment
- Renting properties, plants, even ships and aircraft (yes, really)
In practice, recent revenues are driven by industrial component/assembly orders, not glamorous real estate projects. Multiple purchase orders from Companion Vinimay Trading Pvt Ltd (₹18–80 Cr each, delivery in ~15 days) indicate a trading/assembly execution model rather than long-gestation real estate cash flows.
So the real business model today is:
👉 Raise capital → Rotate working capital → Execute short-cycle industrial orders → Book revenue.
4. Financials Overview (Quarterly Results Locked – Q3 FY26)
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 57.25 | 0.00 | 134.59 | NA | -57% |
| EBITDA* | ~3.34 | NA | ~13.2 | NA | ↓ |
| PAT | 1.86 | -0.17 | 9.29 | NA | -80% |
| EPS (₹) | 0.34 | -0.06 | 2.15 | NA | ↓ |
*EBITDA approximated from financing margin & expenses pattern.
Witty truth: Revenue exists now, but it’s volatile. One quarter you look like a mini-midcap, next quarter you’re back to being a footnote.
5. Valuation Discussion – Fair Value Range Only
Method 1: P/E
- Annualised EPS (Q1–Q3 avg): ~₹4.4
- Reasonable P/E for
