Fundviser Capital (India) Ltd Q3 FY26 — ₹51 Cr Quarterly Revenue, ₹1.9 Cr PAT, but a 107x P/E… Who Blinked First?
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
Source table
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
