At a Glance
Once an NBFC with zero revenue, now a “real estate developer” doing ₹111 Cr in sales out of literally nowhere. A 483x P/E stock with 430 days debtor cycle, negative cash flows, and mysterious ₹80 Cr industrial order despite zero factories. Namaste 🙏
1. 🎯 Introduction with Hook
From Parsharti Investment Ltd to Yogi Ltd, this is a business reincarnation that even Lord Shiva would say, “Too dramatic, beta.”
In FY23, Yogi Ltd decided NBFC life was too boring, so it pivoted to real estate and infrastructure. Suddenly, in FY25, ₹111 Cr sales appeared out of thin air. Like Baba Ramdev, but in balance sheets.
Oh, and the P/E? 483x. At this point, even their calculator is renouncing math.
2. 🏭 WTF Do They Even Do?
Apparently… everything?
Yogi Ltd now claims to be in:
- 🏗️ Real estate development
- 🛣️ Infrastructure and town planning
- 🧱 Contracting, engineering, estate development
- 🏢 Recently picked up Yogi Realtors LLP and invested ₹45 Cr in Farewell Real Estate Pvt Ltd
Oh, and also received a:
🛒 ₹80 Cr industrial component order (from a company called “Companion Vinimay”) 🤯
Uhh… What? They don’t even list manufacturing as a business vertical.
3. 💸 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Sales | ₹111 Cr | ₹0 Cr | ₹0 Cr |
| PAT | ₹1.88 Cr | ₹-0.17 Cr | ₹-0.36 Cr |
| OPM | 0.8% | NA | NA |
| ROE | 1.7% | -1% | -2% |
📈 Sales went from ₹0 → ₹111 Cr
💸 But PAT margin = 1.7%
🧾 OPM = 0.79%, i.e., thinner than a dosa in an Iyengar mess
4. 📉 Valuation – Is It Cheap, Meh, or Crack?
- P/E: 483x (this isn’t a typo)
- P/B: 5.95x
- Mcap: ₹705 Cr
- Book Value: ₹27.5/share
- EPS: ₹0.36
📦 Fair Value Range: ₹25–₹40
Why? Real estate entities with <1% margin, no history, and negative cash flow don’t deserve 6x book or more than 100x earnings.
5. 🍛 What’s Cooking – News, Triggers, Drama
- 💸 ₹45 Cr invested in Farewell Real Estate Pvt Ltd via debentures (Jun 2025)
- 🏢 Bought 95% of Yogi Realtors LLP – a new subsidiary
- 🤔 ₹80 Cr order for industrial components with 15-day delivery timeline (but no inventory, no factory, no listing of manufacturing)
- 📉 Promoters slowly increasing stake again after wild dilution between 2022–24
- 🕵️♂️ Auditor red flags? Not seen, but a deep dive needed
This story smells like… “aur bhi dikhayenge after interval.”
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Item | FY25 |
|---|---|
| Equity Capital | ₹41 Cr (up 13x in 3 years) |
| Reserves | ₹72 Cr |
| Borrowings | ₹24 Cr |
| Other Liabilities | ₹352 Cr 😳 |
| Net Worth | ₹113 Cr |
| D/E | 0.21 (but unclear what’s in ‘other liabilities’) |
🧃 Total Liabilities = ₹489 Cr
🎩 This includes some kind of non-current liabilities magic – which needs forensic-level unpacking.
7. 💵 Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY25 | -₹72 Cr | ₹1 Cr | ₹72 Cr | ₹0 Cr |
| FY24 | -₹29 Cr | -₹1 Cr | ₹31 Cr | ₹0 Cr |
So, for two years straight:
- CFO = heavily negative
- Funded entire operations via equity/borrowings
Classic “raise-dilute-spend-pray” model.
8. 📐 Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | 1.91% |
| ROE | 1.73% |
| Interest Coverage | NA (no debt servicing yet) |
| Debtor Days | 430 (not a typo) |
| Inventory Days | 937 😵 |
| CCC | 324 Days (i.e., cash arrives next Diwali) |
This is NOT how legit real estate developers operate.
9. 📊 P&L Breakdown – Show Me the Money
FY25:
- Sales: ₹111 Cr
- Expenses: ₹110 Cr
- Net Profit: ₹1.88 Cr
- EPS: ₹0.36
Even ₹2 Cr in profit doesn’t justify a ₹700+ Cr valuation unless you’re selling moon plots.
10. 🧠 Peer Comparison – Who Else in the Game?
| Company | Sales | PAT | ROE | P/E | P/B |
|---|---|---|---|---|---|
| Bajaj Finance | ₹69,000 Cr | ₹16,664 Cr | 19% | 35x | 6.1x |
| Muthoot | ₹20,000 Cr | ₹5,332 Cr | 19.5% | 20x | 3.6x |
| Yogi Ltd | ₹111 Cr | ₹1.88 Cr | 1.73% | 483x | 5.95x |
Even by microcap standards, this is wild.
11. 📦 Miscellaneous – Shareholding, Promoters
| Quarter | Promoter Holding |
|---|---|
| Jun 2022 | 58.4% |
| Mar 2023 | 60.5% |
| Mar 2025 | 59.0% |
Number of shareholders: 2,800+
A solid chunk of public may not know what they’ve bought.
Also:
- No institutional holding
- No anchor investor
- High activity in private placement and allotments
12. 🧑⚖️ EduInvesting Verdict™
Yogi Ltd is either the best turnaround story no one saw coming
OR
a capital-market-driven hallucination with spiritual branding and balance sheet voodoo.
🎯 FV Range: ₹25–₹40
Because unless it delivers 15–20% net margins and confirms this mysterious ₹80 Cr order with audited execution, the rest is… hope-based investing.
✍️ Written by Prashant | 📅 July 11, 2025
Tags: Yogi Ltd, real estate, microcap, BSE stock, valuation, mysterious orders, industrial components, convertible debentures, EduInvesting, funny stock analysis
