Worth Investment & Trading Company Ltd Q3 FY26: ₹1.86 Cr Sales, 94% OPM, 63.6 P/E — Finance Company or Financial Mirage?

1. At a Glance – When a ₹139 Cr Market Cap Company Makes ₹1.86 Cr Quarterly Revenue

Worth Investment & Trading Company Ltd is currently priced at ₹3.74 with a market capitalization of ₹139 Cr. Sounds harmless, right? Now here’s the masala: quarterly sales of just ₹1.86 Cr and quarterly PAT of ₹0.80 Cr — which means a jaw-dropping operating margin of 93.55%. Yes, ninety-three percent. Even luxury perfume companies don’t flex like this.

Stock has crashed -66.8% in 3 months and -79.2% in one year. Yet it trades at a P/E of 63.6 and 3.26 times book value (Book value ₹1.15). ROE stands at 5.04%. ROCE at 7.10%. Debt ₹17 Cr. Promoters hold 56.97%.

So let’s get this straight — tiny revenue, high margins, low returns on equity, heavy dilution, bonus shares, stock split, and 13,020 shareholders now sitting in the theatre.

Popcorn ready?

2. Introduction – The Curious Case of High Margins & Low Respect

Worth Investment & Trading Ltd is a registered NBFC incorporated in 1980. That means it’s old enough to remember Doordarshan news. Yet, financially, it behaves like a small-time trader who suddenly discovered “operating leverage” on YouTube.

The company does investment activities and private financial assistance. Translation? It lends money and holds investments. Nothing wrong with that. But when your entire quarterly sales are ₹1.86 Cr and market cap is ₹139 Cr, the valuation math starts sweating.

The stock went from ₹33.3 high to ₹3.20 low. That’s not correction. That’s gravity working overtime.

Yet, profits are rising. Profit growth 5 years: 116%. Sales growth 5 years: 103%.

So what’s happening here? Hidden gem? Or financial engineering Olympics?

Let’s dissect.

3. Business Model – WTF Do They Even Do?

Alright, imagine your wealthy uncle who:

• Lends money privately
• Buys and sells shares
• Gives “investment advice”
• Runs a trading platform
• Writes research reports

That’s Worth Investment.

They operate in:

Investment activities (buy/sell/hold securities)
Private financial assistance
Advisory services
Portfolio management
Trading platform

The FY24 loan disbursement was ₹55.42 Cr — 30% higher than FY23.

Investment book in FY24: ₹1.99 Cr (41% equity, 59% other instruments).

Here’s the funny part — annual sales are ₹5.58 Cr (TTM). But loan disbursement ₹55.42 Cr. That means they rotate capital aggressively.

So are they a lender?
Are they an investment firm?
Are they a micro hedge fund?
Or are they just financially multitasking?

NBFCs typically live on spreads. But this one has operating margins above 90%.

Either they have zero expenses… or something is structured very tightly.

4. Financials Overview

Annualised EPS Calculation

Q3 FY26 EPS = ₹0.02
As per rule: Q3 annualised EPS = Average of Q1, Q2, Q3 × 4

Q1 FY26 EPS = 0.02
Q2 FY26 EPS = 0.02
Q3 FY26 EPS = 0.02

Average = (0.02 + 0.02 + 0.02) / 3 = 0.02
Annualised EPS = 0.02 × 4 = ₹0.08

Recalculated P/E = ₹3.74 / ₹0.08 = 46.75

Reported P/E is 63.6 (based on TTM EPS ₹0.06). Annualised basis gives lower but still rich valuation.

Quarterly Comparison (₹ in Crores)

Source table

Metric	Latest Q3 FY26	Q3 FY25	Q2 FY26	YoY %	QoQ %
Revenue

To Read Full 16 Point

Join 10,000+ investors who read this every week.