1. At a Glance – The Clean Energy Company With No Energy
₹135 Cr market cap.
₹13.6 share price.
Book value ₹0.81.
Price-to-book: 16.7 times.
ROCE: -7.29%.
ROE: -7.29%.
Sales (TTM): ₹0.00 Cr.
PAT (TTM): ₹3.83 Cr (mostly from other income).
And here’s the punchline: the company claims to be into waste management, gas, solar, renewable energy… but the latest quarter shows ₹0.00 Cr revenue.
Let that sink in.
This is like opening a restaurant that sells air and charging premium for oxygen.
The latest Q3 FY26 (Dec 2025 quarter) numbers show:
- Revenue: ₹0.00 Cr
- Net Profit: ₹-0.02 Cr
- EPS: roughly ₹0.00
The stock is down 11.1% in 3 months, down 17.2% in 1 year.
Yet it trades at 16.7 times book value — when the book itself is ₹0.81.
So the real question is:
Are investors buying future clean energy… or just very clean balance sheets?
Let’s investigate.
2. Introduction – The Case of the Invisible Power Plant
Incorporated in 1985, Globus Power Generation Ltd claims to be in power generation, distribution and supply.
It calls itself a “Smart & Clean Energy company.”
Smart? Maybe.
Clean? Absolutely — because there is no operational dirt left.
The company says it converts waste and gas into energy. It invests in wind and biomass power plants. It explores renewables.
But when you open the financials, you find:
Revenue from operations: Zero.
Operating profit: Negative.
Core business activity: Missing in action.
Instead, profits in FY24 and FY25 came largely from
