1. At a Glance – The Consulting Circus 🎪
Ekansh Concepts Ltd is currently priced at ₹182 with a market cap of ₹276 crore. Sounds respectable… until you see the numbers.
Q3 FY26 (Dec 2025) revenue came in at ₹1.72 crore. Net loss? ₹3.28 crore. EPS? -₹2.17.
Yes, you read that correctly. The company is trading at a P/E of 745 while reporting a quarterly loss. ROE stands at -1.88%. ROCE? 4.41%. OPM this quarter? -177.91%.
Return over 3 months? -17.7%.
Return over 6 months? -32.9%.
And yet, over 1 year, the stock is still up 57%.
This is not consulting. This is emotional investing.
Sales growth over 5 years: -6%.
Profit growth TTM: -92%.
Working capital days: 265.58 days.
Consulting firm with negative margins, falling sales, zero promoter holding, and rotating directors.
So the big question:
Are we looking at a turnaround story… or a financial thriller series with new episodes every quarter?
Let’s investigate.
2. Introduction – The Consultant Who Forgot to Bill 💼
Ekansh Concepts Ltd, incorporated in 1992, operates in multi-expertise consulting and infrastructure advisory.
Formerly known as Paramone Concepts Limited, the company provides consulting and EPC facilities for infrastructure projects — roads, bridges, tunnels, pipelines, housing, water management, sustainability, even public financial reforms.
Basically, if there is a government tender somewhere in India, they want to be involved.
They offer:
- Infrastructure consulting
- Feasibility studies
- DPR preparation
- Project management consultancy
- Independent engineer services
On paper, this is a strong positioning. Infrastructure consulting in India is a multi-decade opportunity. Government spends big. Projects are everywhere.
But then you see the numbers.
Revenue peaked at ₹67.32 crore in FY23.
It dropped to ₹39.32 crore in FY25.
TTM sales: ₹31.14 crore.
This is not growth. This is reverse growth.
Even more interesting — FY22 revenue breakup shows:
- Sale of services: 49%
- Profit from derivatives trading: 23%
- Other income: 27%
Consulting firm… doing derivative trading?
Why is a consulting company generating nearly a quarter of revenue from derivatives? Is this infrastructure consulting or intraday consulting?
Let’s dig deeper.
3. Business Model – WTF Do They Even Do? 🏗️
Ekansh claims to provide consultancy and EPC services for:
- Roads
- Bridges
- Tunnels
- Highways
- Affordable housing
- Urban development
- Waste management
- Public financial reforms
They even help raise municipal development funds and design e-governance strategies.
Sounds premium.
They also have one wholly owned subsidiary: Choice Realty Private Limited — involved in development and construction.
So we have:
Consulting + EPC + Real Estate + Derivative Trading.
This is not diversification. This is buffet.
Consulting companies usually operate asset-light models. But here, borrowings are ₹31.47 crore (Sep 2025). Debt-to-equity is 0.62. Interest coverage is 1.21.
Why does a consulting firm need this much leverage?
And why does a consulting firm’s other income fluctuate so wildly?
In Q3 FY26, revenue is ₹1.72 crore. Expenses are ₹4.78 crore.
Which means… they spent almost 3x what they earned.
Consultants advising the government… but can’t control their own operating expenses?
