Fundviser Capital (India) Ltd Q2 FY26 – The ₹79.44 Crore Warrant Whirlwind, -1.0 EPS, and a ‘Fund’ of Surprises!
1. At a Glance
What happens when a once-dye-making company turns into an investment house and then starts issuing crores worth of warrants like ladoos in Diwali season? You get Fundviser Capital (India) Ltd – a ₹119 crore market-cap entity now strutting around the BSE floors at ₹201 a pop (down 6.49% last session), with a P/E of 76.2 and a book value of ₹42.2.
From a humble Mahad dye-maker to a self-proclaimed “Fundviser” of properties and securities, this company has done everything except sit quietly. Its Q2 FY26 results show sales of ₹44.5 crore (a mind-blowing 1,11,125% jump YoY — not a typo, just a statistical joke caused by a ₹0.04 crore base last year). But profits? Well, they decided to take a vacation — Net Loss of ₹0.59 crore, EPS of -₹1.00.
And the corporate news is spicier than a Saturday night: ₹79.44 crore worth of convertible warrants, an amended Memorandum of Association to include precious metal trading, and a CIN change that screams rebranding ambitions. In short — Fundviser Capital’s quarterly report reads less like a financial statement and more like a Netflix corporate thriller.
2. Introduction
Imagine explaining this to your grandma: “Dadi, pehle ye log dye banate the, ab ye shares aur properties kharid rahe hain, aur kal shayad sona bhi bechenge.” That’s Fundviser Capital (India) Ltd for you — a company that keeps reinventing itself faster than a politician during election season.
Incorporated in 1985, this company’s transition from manufacturing dye intermediates to dabbling in investments is the kind of midlife career change we secretly admire. After selling off its MIDC Mahad plant, it swapped chemical fumes for financial fumes — investing in securities, buying properties, and occasionally throwing in a consultancy service for good measure.
The last few quarters have been a rollercoaster. One quarter they report ₹26 crore sales and ₹0.56 crore profit, and the next quarter they drop into a ₹0.59 crore loss pit. Yet, they’re busy issuing warrants worth ₹79 crore — because why let profitability ruin a good funding party?
If corporate restructuring were an Olympic sport, Fundviser would have a podium finish. Preferential allotments, capital increases, new subsidiaries like Starlight Box Theatres Pvt Ltd (yes, they even have a theatre arm now) — this company’s diversification list reads like a Bollywood star’s filmography: unpredictable but entertaining.
3. Business Model – WTF Do They Even Do?
So what does Fundviser Capital actually do now? In theory, it’s a financial and investment company — think of it as a cousin of those “finance bros” who trade stocks in the morning and buy land plots in the evening.
The company generates income from four main sources:
Interest on Fixed Deposits (22%) — because FDs are still India’s favorite comfort food.
Consultancy Income (20%) — advice is lucrative, especially when you don’t have to guarantee results.
Net Gain on Sale of Investments (57%) — the real driver; basically, stock market profits keeping the show running.
Dividend Income (1%) — negligible, but adds legitimacy to the “investment” tag.
Behind the scenes, Fundviser’s real play seems to be on asset reallocation — investing in securities, acquiring properties, and acquiring companies like Starlight Box Theatres Pvt Ltd (which became its subsidiary in May 2024). Yes, from finance to film screens — clearly, diversification knows no genre limits here.
And of course, they’ve been busy raising capital — increasing authorized share capital from ₹3.75 crore to ₹10 crore, and then dropping those tasty convertible warrants to the tune of ₹7.86 crore in March 2024, followed by another mega ₹79.44 crore warrant issue this year.
So, what’s their business? In short — making money from money. But sometimes, it seems they spend more time issuing new shares than compounding old ones.
4. Financials Overview
Let’s put the Q2 FY26 numbers on the operating table:
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue (₹ Cr)
44.49
0.04
17.00
1,11,125%
161.7%
EBITDA (₹ Cr)
0.03
-0.10
0.82
130%
-96.3%
PAT (₹ Cr)
-0.59
-0.06
1.12
-883%
-152.7%
EPS (₹)
-1.00
-0.07
0.88
-1,328%
-213.6%
Commentary: Revenue looks like it got a sugar rush, but profit fainted from the glucose spike. The YoY jump in sales is purely a base-effect illusion, considering last year’s same quarter revenue was basically pocket change. PAT flipping from ₹1.12 crore profit to a ₹0.59 crore loss shows that operating margins are still allergic to sustainability.
The annualized EPS, based on this quarter, would technically be -₹4.0 — which is the financial equivalent of writing a cheque that bounces every quarter.
5. Valuation Discussion – Fair Value Range Only
Let’s try some academic valuation gymnastics:
P/E Method: EPS (TTM) = ₹3.05 Industry P/E = 31.2 → Fair Value Range = ₹94.5 to ₹152 (if it ever trades near industry average) But actual P/E = 76.2, so it’s currently running on “hope premium.”
EV/EBITDA Method: EV = ₹129 Cr, EBITDA (TTM) = ₹3.56 Cr EV/EBITDA = 36.2x Industry range is 15–25x. → Fair Value Range (EV) = ₹53–₹89 Cr ⇒ Equity Value = roughly ₹83–₹140/share
DCF (Simplified): Assuming 10% annual growth for 5 years and 12% cost of equity, fair range comes out ₹130–₹160.
So overall, Fair Value Range (Educational): ₹130 – ₹160 per share (Disclaimer: This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Fundviser’s recent news cycle is like a never-ending web series:
Warrant Mania 2025: Issuing 64.85 lakh convertible warrants worth ₹79.44 crore at ₹122.50 each. ₹19.86 crore already received. Conversion due
