1. At a Glance – Blink and You’ll Miss the Plot
At ₹6.10 per share, Last Mile Enterprises Ltd carries a market cap of ₹217 crore while reporting TTM sales of ₹2,675 crore. Yes, you read that right. A company valued at ₹217 crore doing ₹2,675 crore in sales. Price-to-sales ratio? 0.08. Price-to-book? 0.57.
Stock P/E stands at 15.3. ROE is 5.65%. ROCE is 8.02%. Debt is ₹40.7 crore with debt-to-equity at 0.11.
Now here’s the masala:
Q3 FY26 revenue came at ₹375 crore, up 424% YoY. But PAT crashed 72.2% YoY to ₹2.58 crore.
So sales are doing bhangra. Profits are doing yoga in reverse.
The stock is down 50.2% in three months and 73.2% in one year. Promoter holding has slipped to 25.16%.
And just when you think the story is settling — boom — ₹500 crore borrowing approval proposal via postal ballot.
Is this a turnaround story? Or a business model that changes faster than IPL team strategies?
Let’s investigate.
2. Introduction – The Company That Can’t Sit Still
Incorporated in 1994, Last Mile Enterprises Ltd used to be Trans Financial Resources Limited. That’s right. A former finance company now dealing in coatings, real estate, electronics, agri-tech, mobility and possibly the emotional stability of shareholders.
This is not diversification. This is business ADHD.
From Japanese heat-reflective coatings to mobile accessories contributing 99.82% of revenue in FY24 — the pivot has been dramatic.
FY24 revenue mix:
- Sale of Goods & Services: ~94%
- Misc Income: ~3%
- Cancellation income: ~2%
And guess what? The company reportedly did not carry significant operational activity in FY24 but still reported revenue and profit swings.
That’s like saying, “I didn’t study, but I topped the exam.”
Meanwhile:
- Preferential issues
- Warrant allotments
- Share subdivision 1:10
- Multiple acquisitions
- Foreign JV exploration
- ₹500 crore borrowing approval
Question for you:
Are we watching a business scale up… or a balance sheet speedrun?
3. Business Model – WTF Do They Even Do?
Let’s break this circus down.
1. Multipurpose Coatings (Sun Bless)
Heat-reflective coating using Japanese patented tech. Helps reduce indoor temperature by reflecting solar radiation. Also gives thermal insulation.
Cool product. Literally.
They’ve won coating contracts with Piramal Pharma and Amity School.
2. Real Estate via Fairlane Realty (51% stake)
Projects
