Colab Platforms Q3 FY26: ₹45.53 Cr Revenue, 95.9% YoY Surge — But 745 P/E and 132x Book Value. Cloud Company or Valuation Kite Festival?

1. At a Glance – The Stock That Went From ₹24 to ₹205 and Forgot to Blink

Colab Platforms Ltd is currently chilling at ₹176, carrying a market cap of ₹3,598 Cr, on annual sales of just ₹128 Cr (TTM) and a net profit of ₹4.83 Cr (TTM).

Let that sink in.

• Stock P/E: 745
• Price to Book: 132
• EV/EBITDA: 696
• ROE: 12.4%
• ROCE: 16.6%
• 3-year Sales CAGR: 546%
• 1-year Return: 497%
• 3-month Return: -12.1%

Q3 FY26 (Dec 2025 quarter) numbers:

• Revenue: ₹45.53 Cr (+95.9% YoY)
• PAT: ₹1.11 Cr (+20.6% YoY)
• EPS: ₹0.05

So here we are — a company that used to do ₹0 sales years ago, suddenly doing ₹45 Cr in a quarter… and the market valuing it like it discovered artificial intelligence before OpenAI.

Question is simple:
Is this a transformation story?
Or is this a valuation story running ahead of its financials?

Let’s open the books.

2. Introduction – From Leasing to Cloud to Esports to Drones. Bhai, Decide.

Incorporated in 1989, this company was originally called JSG Leasing Limited.

Yes. Leasing.

Fast forward to 18th August 2022 — rebranded to Colab Cloud Platforms Limited. Because obviously, “cloud” sounds better than “leasing” in a bull market.

Business today?

• Computer hardware & software job-work
• Trading of shares & securities
• Interest income
• And now — esports accelerator, drones MoU, sports-tech expansion, potential acquisition of Indiaoneonline.

This is not a business model.
This is a buffet plate.

Revenue breakup in FY22:

• 67% services
• 26% interest
• 7% other income

Since then, growth exploded. FY25 revenue jumped to ₹70 Cr. TTM now ₹128 Cr.

But here’s the spicy bit — earnings include ₹3.74 Cr of other income (TTM).

So is this an IT platform company?
Or a financial income + trading income cocktail?

And how does a company doing ₹4.83 Cr PAT justify ₹3,598 Cr market cap?

Stay with me.

3. Business Model – WTF Do They Even Do?

Let’s simplify.

Core activities:

1. Computer hardware & software job work
2. Trading of shares & securities
3. Interest income
4. Esports accelerator (₹250 million program)
5. Non-binding MoU for drone SPV with RRP Drones
6. Signed term sheet to acquire 51% stake in Indiaoneonline

So basically:

• Some IT job work
• Some financial activity