Welcome to Ekansh Concepts Ltd, the consulting company that seems to consult more for “creative finance” than infrastructure. Priced at ₹196 with a market cap of ₹296 crore, it trades at a P/E of 184 — yes, higher than Tesla, Google, and the neighborhood chaiwala combined. The company has zero promoter holding, ROE of -1.88%, and yet proudly flexes an ROCE of 4.41%, as if to say, “we’re barely profitable, but hey, at least we’re consistent.”
In the September 2025 quarter, sales stood at ₹15.04 crore and PAT at ₹1.28 crore, both falling sequentially — sales down 15.8% QoQ and profit down 31.6% QoQ. Still, the share price has climbed 36% over the past year. Why? Because this is India, where logic occasionally takes long vacations.
With a debt-to-equity ratio of 0.62, a book value of ₹33.3, and working capital days ballooning from 80 to 266, Ekansh’s balance sheet looks more like a yoga pose gone wrong than financial flexibility. But let’s be fair — they did reduce debt, which counts for something… maybe.
So, what’s this ₹296 crore baby actually doing to deserve that valuation? Grab your tea. It’s showtime.
2. Introduction
If consulting had an Olympics for optimism, Ekansh Concepts would win gold every year. The company — formerly known as Paramone Concepts Ltd — offers multi-disciplinary consulting in infrastructure, EPC, urban development, and solid waste management. In short, they claim to fix the nation, one PowerPoint presentation at a time.
Their press releases read like a TED Talk on sustainable cities, but their financials whisper, “Other income zindabad.” Around 27% of FY22 income came from “other” sources — an accountant’s version of “don’t ask too many questions.”
Ekansh isn’t new to the consulting game. Incorporated in 1992, it has spent over three decades advising on roads, bridges, tunnels, pipelines, and government schemes. But lately, the only bridge it’s building is between the balance sheet and the fantasy world of valuations.
What’s even more interesting is their ownership — 0% promoters, almost entirely public and FII-driven. The shareholding is like a college group project: everyone’s involved, but nobody’s accountable.
And yet, despite lacklustre profitability, the stock’s price keeps swinging like a Bollywood plot twist. Is this the rise of India’s first “P/E without performance” legend? Or are we watching another consulting company reinvent itself as a speculative plaything?
Let’s find out.
3. Business Model – WTF Do They Even Do?
So, Ekansh Concepts describes itself as a “multi-expertise consulting operations company.” That’s a mouthful. In normal English, it means they plan and advise on government and infrastructure projects — think feasibility studies, project management consultancy, DPRs (Detailed Project Reports), and EPC advisory.
Their service list reads like a civil engineer’s dream:
Roads, Bridges, and Tunnels (the holy trinity of government contracts)
Water Management and Solid Waste projects (for your inner Swachh Bharat fan)
Public Financial Reforms and e-Governance Strategies (because why stop at construction when you can advise on budgets too?)
They also have a wholly owned subsidiary, Choice Realty Pvt Ltd, which deals in development and construction. Essentially, the parent “consults,” and the subsidiary “builds.” It’s like Ekansh writes the screenplay and Choice Realty does the acting — sometimes melodramatically.
But let’s be honest — this isn’t your typical consulting setup. Their revenues come from a mix of:
Service fees (~49%)
Derivative trading profits (~23%)
Other income (~27%)
Yes, you read that right. Almost half of their income doesn’t come from consulting but from financial activities. For a company that claims to specialize in “roads,” they sure seem to have taken a long detour into Dalal Street.
4. Financials Overview
Let’s decode the September 2025 quarter numbers — where consulting met chaos:
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹15.04 Cr
₹17.87 Cr
₹6.78 Cr
-15.8%
+121.9%
EBITDA
₹2.25 Cr
-₹1.22 Cr
₹1.10 Cr
+284%
+104%
PAT
₹1.28 Cr
₹1.87 Cr
₹0.68 Cr
-31.6%
+88%
EPS (₹)
0.85
1.24
0.45
-31.4%
+88.9%
Witty commentary time:
This quarter, Ekansh managed to make money both from consulting and a little “magic.” While revenue fell 16% YoY, operating profit surged — proving that accounting can sometimes outperform execution. PAT slipped YoY, but compared to the last quarter, they doubled profits — so maybe someone found a forgotten invoice.
Still, with annualized EPS of just ₹3.4, that’s a P/E of 57x on forward basis — generous for a company whose “other income” keeps playing savior.
5. Valuation Discussion – Fair Value Range
Let’s get nerdy.
a) P/E Method: Current EPS (TTM): ₹1.07 Industry P/E: 53.7 Fair Range = ₹1.07 × (30–60) = ₹32–₹64
b) EV/EBITDA Method: EV = ₹328 Cr EBITDA (TTM): ₹5.3 Cr (approx from 9.23% OPM on ₹57.4 Cr TTM Sales) EV/EBITDA = 61.7x — clearly overvalued compared to industry range of 10–15x.
If normalized, fair EV = 15 × ₹5.3 Cr = ₹79.5 Cr Fair Value per Share ≈ ₹79.5 / ₹296 × ₹196 ≈ ₹52
c) DCF (Simplified): Assume optimistic growth of 10% and discount rate of 12%. The NPV fair value emerges between ₹50–₹65 per share.
🎯 Fair Value Range (Educational Only): ₹50–₹65 per share Disclaimer: This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
It’s been raining resignations at Ekansh HQ.
CFO Deepak Nayak Ranjan resigned in June 2023, replaced by Heeralal Agarwal.
