Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
EFC (I) Ltd:
₹62.4 Cr PAT. Two Furniture Factories. A Merger Explosion.
And Still Trading Below Book Value.
They’re running three wildly different businesses under one roof — renting desks to startups, designing fancy office interiors, and manufacturing furniture. Last quarter they grew revenue 52% YoY, made a profit, merged with another company, and literally nobody noticed. Until now.
Market Cap₹2,689 Cr
CMP₹196
P/E Ratio14.6x
P/B Ratio4.32x
ROE23.3%
01 — At a Glance
The Office Desk Startup That Accidentally Became a Furniture Factory
- 52-Week High / Low₹374 / ₹191
- Q3 FY26 Revenue₹270 Cr (in ₹ million)
- Q3 FY26 PAT₹62.4 Cr (in ₹ million)
- TTM EPS₹16.73
- Book Value / Share₹45.3
- Operating Margin45.4%
- Promoter Holding60.4% (up 15% last quarter)
- ROCE21.4%
- ROE (3-yr avg)22.7%
- Debt / Equity1.77x
Flash Summary: EFC just posted Q3 revenue of ₹270 crore, up 52% YoY. PAT of ₹62.4 crore up 43% YoY. Three-year profit CAGR: 2,143% (yes, you read that right). The stock has crashed 40% in 6 months despite growing like a weed. Why? Because the market still thinks it’s an office-leasing company, not realizing it’s morphing into a diversified (slightly chaotic) office real estate ecosystem. Then they merged with Whitehills in November, absorbed another company in December, and the stock is still trading at 4.3x book value. Somewhere, a value investor is sweating nervously.
02 — Introduction
Three Businesses In a Trench Coat, Pretending To Be One
EFC (I) Ltd was incorporated in 1984 under the name Amani Trading and Exports. For most of its life, it was basically that quiet company your CA mentioned once but you never looked up. Then in 2021, someone figured out that India was desperately short of good office spaces for startups and small companies. EFC pivoted, rebranded, and went full “managed workspace” mode — think WeWork, but actually profitable and with actual offices instead of just Instagram aesthetics.
By 2024, they’d cracked the leasing business. Then they bought an interior design firm called Whitehills. Then they started manufacturing furniture. Then they bought a co-working space operator called Bigbox. By 2025, they’d merged with Whitehills formally and increased their stake in their furniture arm to nearly 90%. It’s like watching a guy start a tea shop, then realize he should make his own cups, then decide to own the pottery factory too.
Latest news: on December 26, 2025, they bumped Ek Design (furniture subsidiary) stake to 89.59% and took full ownership of their retail subsidiary. The company is now running 91 centers, 73,000+ seats under management across 11 cities, with a design & build order book of ₹160+ crore. Management says they’re aiming to add 20,000 seats annually. The stock is down 40% from its 52-week high despite literally printing money. Why? Because the market is still trying to figure out what the company actually does.
Management Insight (Feb 2026 Concall): “We are no longer operating as isolated verticals but as a well-aligned ecosystem where leasing, design and build, and furniture reinforce each other.” Translation: we’re trying to lock customers into a flywheel where they lease office space → need interior design → buy our furniture. Genius? Yes. Complicated to explain to investors? Also yes.
03 — Business Model: Three Things At Once
The Modern Indian Startup’s Fever Dream Becomes a Company
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2 Responses
q4 2026 is out, please update
No update still on Q4 2026 and annual result which is out. Please look into this on priority.