01 — At a Glance
The Company That Hired a Venture Capital Firm as Its Promoter
- 52-Week High / Low₹205 / ₹24.4
- Q3 FY26 Revenue₹4,553 Lakh
- Q3 FY26 Net Profit₹111 Lakh
- TTM Revenue₹12,800 Lakh
- TTM PAT₹483 Lakh
- Book Value₹1.34
- Price to Book126x
- Debt / Equity0.00x
- Promoter Holding33.9%
- Pledged %0.00%
The Setup: Colab Platforms is JSG Leasing 2.0 after a 2022 rebranding by Skybridge Incap Advisory (a VC firm turned promoter). They slapped on a cloud-sounding name, filed some MoUs with AI drone companies and esports accelerators, and somehow convinced the market they’re the next unicorn. Revenue up 96% YoY to ₹4,553 lakh in Q3. Profit up 21% to ₹111 lakh. P/E ratio: 716x. Market cap: ₹3,458 crore. If you were wondering what happens when speculation meets seasonal Q3 buying, congratulations — you’re looking at it.
02 — Introduction
Welcome to the Startup That Acts Like a Stock, Acting Like a Startup
Let me paint you a picture. It’s 2022. JSG Leasing — a sleepy, profitable-but-boring leasing company — gets acquired by Skybridge Incap Advisory LLP, a VC/PE-type vehicle. The board decides: “You know what would be cool? If we rebranded as a cloud company.” (Narrator voice: It was not cloud. Not even close.)
Fast forward to March 2026. Colab Platforms Ltd. Revenue ₹12,800 lakh for the trailing twelve months. TTM profit ₹483 lakh. Market cap ₹3,458 crore. Stock up 310% in one year. P/E ratio: 716x — which is the financial equivalent of paying ₹716 for ₹1 of annual earnings. For perspective, Nifty 50 averages 18x. Tesla trades at 60x. This company trades at 716x. That’s not a valuation. That’s a religion.
Yet here’s the wild part: it’s mostly real growth. Revenue really did jump 96% YoY. They really are investing in AI drones, esports accelerators, e-commerce platforms, and a data-centre-adjacent business. Shareholders? Up from 10,534 in March 2025 to 49,924 by December 2025. Retail is buying. Directors are resigning (Manali Karangutkar quit on March 14, 2026 citing “personal commitments” — translation: somebody had to take one for the team). And the company is now seeking listing on MSEI, India’s newest stock exchange.
This is not a scam. It’s worse. It’s a growth-at-any-cost startup that somehow convinced the Indian stock market to treat it like a value stock. Let’s find out what’s really happening.
The Real Scandal Here? There isn’t one. That’s what makes it interesting. These are real subsidiaries, real MoUs, real revenue growth. The valuation is just cosmically detached from fundamentals. Welcome to 2026 retail investor behaviour.
03 — Business Model: WTF Do They Even Do?
They Do… Everything. Badly. But Very Enthusiastically.
Okay, so officially: Colab Platforms deals in IT products, computer hardware, software processing job-work, and trading of shares & securities. Post-rebranding, add: AI autonomous drones (MoU with RRP Drones since Sep 2025), esports/sports-tech accelerator (₹250 million fund launched June 2025), e-commerce sports marketplace acquisition (51% of Indiaoneonline, September 2025, non-binding), and three wholly-owned subsidiaries including “Colab Global Ventures Pvt Ltd” (incorporated Feb 2026 with ₹25 lakh subscription).
So they’re a company that sells computer hardware and shares, is now also an esports venture capitalist, an AI drone company, and an e-commerce sports platform owner. It’s like your uncle who tells you he’s in “import-export” — technically true, but you’re not entirely sure what he imports or exports.
Here’s what we know: Q3 revenue jumped from ₹2,324 lakh (Q3 FY25) to ₹4,553 lakh (Q3 FY26) — a 96% jump. Principal business breakdown from FY25 shows 100% came from IT products/consultancy (shifted from 39% in prior years). The company also holds investments in subsidiaries and strategic entities like ki Mobility (EV after-sales play, though Castrol already owns that angle). Operating profit margin in Q3 was -0.04% (literally negative) before other income of ₹1.14 crore saved the day. Yes. Negative operating margin. Saved by “other income” (investment gains, subsidies, or just friendly accounting).
TTM Revenue₹128 Cr3-Year CAGR: 546%
TTM PAT₹4.83 Cr3-Year CAGR: 173%
Operating Margin1.11%Varies wildly
Shareholders49,924Added 39,390 in 12 months
Translation: They’re a venture studio that buys/builds companies, tries to flip them, generates some IT product revenue on the side, and survives on “other income.” This is not a hardware company pretending to be a SaaS. It’s a VC fund cosplaying as a stock exchange-listed company.
💬 Have you ever bought a stock because the name sounded cool? Now imagine if 50,000 people did that simultaneously. What do you get? This.
04 — Financials Overview
Q3 FY26: The Quarterly Results
Result type: Quarterly Results | Q3 FY26 EPS: ₹0.05 | Annualised EPS (Q3×4): ₹0.20 | TTM EPS: ₹0.24
| Metric (₹ Lakh) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 4,553 | 2,324 | 4,012 | +95.9% | +13.5% |
| Operating Profit | -2 | 54 | 31 | -103.7% | -106.5% |
| OPM % | -0.04% | 2.32% | 0.77% | -236 bps | -81 bps |
| Other Income | 114 | 39 | 127 | +192.3% | -10.2% |
| PAT | 111 | 92 | 157 | +20.7% | -29.3% |
| EPS (₹) | 0.05 | 0.05 | 0.08 | +0.0% | -37.5% |
The Plot Twist: Revenue jumped 96%, operating profit went negative, and profit only grew 21% because “Other Income” bailed them out with a ₹114 lakh windfall. Without that? They’d be reporting a loss. This is not a scalable business model. This is a house of cards powered by investment gains and accounting creativity. The company’s actual operations — the -0.04% operating margin — are drowning. P/E calculated as CMP (₹170) ÷ TTM EPS (₹0.24) = 708x. At 716x, you’re paying for next year’s memes, not this year’s earnings.
05 — Valuation: The Twilight Zone
How Much Would You Pay for Hope?
Method 1: P/E Based (If It Made Sense)
TTM EPS = ₹0.24. Industry median P/E (IT Services) = 15–20x. Even at 2x the median (a massive premium for “growth”): Fair P/E = 40x. CMP ₹170 implies 708x. The math checks out: you’re absolutely wrong if you think this is rationally priced.
Fair Range (If Generous): ₹9.60 – ₹19.20
Method 2: EV/EBITDA (The Divorce Angle)
TTM EBITDA ~₹530 Lakh. Current EV (Market Cap – Cash) = ₹3,453 crore. EV/EBITDA = 651x. Quality IT companies trade at 15–25x. Even high-growth SaaS unicorns justify 50–80x at IPO. At 651x, you’re paying for fairy tales, not multiples.
Fair EV (20x EBITDA): ₹1,060 Lakh → Per share:
Fair Range: ₹5 – ₹8
Method 3: DCF (Assuming They Survive)
Base case: ₹12,800 lakh TTM revenue. If they achieve 25% EBITDA margins post-scaling (unrealistic but generous), that’s ₹3,200 lakh EBITDA. Assuming 5 years of 30% revenue growth (wild assumption), FCF converges to ₹1,500 lakh by year 5. At 15% WACC, PV ≈ ₹1,200 Lakh.
→ Extremely bullish case: ₹1,200 Lakh ÷ 2.05 Cr shares = ₹5.85 per share
→ Base case (15% growth, 15% margins): ~₹3–4 per share
Range: ₹3 – ₹6
Fair Min: ₹3
CMP: ₹170 | Reality: ₹5–20
Fair Max: ₹20
CMP ₹170 (Off the chart)
⚠️ EduInvesting Fair Value Range: ₹3 – ₹20. Current Market Price: ₹170. If you bought at ₹170, you did so because: (a) You believe Colab will 8.5x their revenue AND maintain 20%+ net margins, (b) You think the esports/drone/e-commerce bets will be 10x returns, or (c) You scrolled Twitter at 3 AM and got FOMO. This fair value range is for educational purposes only and is not investment advice.
06 — What’s Cooking: News, Audacity & Drama
The Directors Are Quitting. The Company Doesn’t Care.
