1. At a Glance
₹171 crore market cap. ₹290 stock price. +35.7% in 3 months, +75.5% in 6 months, +90% in one year. On paper, Fundviser Capital (India) Ltd looks like it just drank three shots of espresso and ran a marathon.
But zoom in and the picture becomes… interesting. FY25 PAT: ₹1.6 crore. Trailing EPS: ₹2.63. Stock P/E: 107x. Price-to-book: 6.87x for a company whose core business is investing money, not minting it.
Latest quarter (Q3 FY26) shows revenue of ₹51.3 crore, up a ridiculous 677% YoY. Sounds sexy. But profit fell 26% YoY. So sales sprinted, profits tripped, and valuation is still acting like this is a fintech unicorn.
This is not your typical boring investment company. This is a corporate plot twist in slow motion. And yes, it gets better (or scarier) as we go.
2. Introduction – From Dyes to Deals
Fundviser Capital didn’t start life dreaming of securities and properties. It began in 1985 as a manufacturer of dye intermediates. Very chemical, very factory, very “MIDC Mahad vibes.”
Then at some point, management looked at manufacturing margins, pollution norms, capex headaches and said: “Boss, mutual fund hi sahi.”
Manufacturing facilities were sold. Objects in the MoA were changed. Fundviser reincarnated itself as an investment and finance company.
That pivot alone isn’t shady — India has a proud tradition of ex-manufacturers becoming NBFC-ish investment plays. The real masala comes later: acquisitions, preferential allotments, promoter reshuffles, warrants, subsidiaries, and revenue that behaves like crypto on expiry day.
Question for you already:
👉 Is this a clean investment vehicle… or a corporate shell learning new tricks?
3. Business Model – WTF Do They Even Do?
In simple words, Fundviser Capital does four things:
- Invests in securities
- Earns interest on fixed deposits
- Books gains from selling investments
- Charges consultancy
- income
- (Bonus level unlocked) Buys property and subsidiaries
FY24 revenue mix tells the story clearly:
- Net gain on sale of investments: 57%
- Interest on FDs: 22%
- Consultancy income: 20%
- Dividend income: 1%
Translation:
This is not a compounding machine. This is a trading-and-booking-profits setup. Profits depend on when assets are sold, not on a predictable annuity stream.
So if markets are hot, Fundviser looks brilliant.
If markets sneeze, earnings catch viral fever.
Does that deserve a triple-digit P/E? Hold that thought.
4. Financials Overview – The Quarter That Broke Screener Algorithms
| Metric | Latest Qtr (Dec 2025) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 51.33 | 6.61 | 44.49 | +676.5% | +15.4% |
| EBITDA (₹ Cr) | 2.78 | 2.15 | 0.03 | +29.3% | 🚀 |
| PAT (₹ Cr) | 1.90 | 3.22 | -0.59 | -26.0% | Turnaround |
| EPS (₹) | 2.40 | 3.73 | -0.08 | -35.6% | Turnaround |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 ≈ ₹2.6–2.7, which matches reported TTM EPS.
Commentary time:
- Revenue exploded because investment sales exploded
- Profit fell because other income, tax, and timing decided to play spoilsport
- EBITDA margin still a skinny ~5%
This is not operating leverage. This is accounting gymnastics with market tailwind.
5. Valuation Discussion – When Math Meets Mood
Let’s be adults and do the numbers.
P/E Method
- EPS: ~₹2.63
- Sector reasonable P/E for investment cos: 20–30x
- Fair value range: ₹52 – ₹79
EV /
