1. At a Glance – Blink and You’ll Miss the Business
Golden Crest Education & Services Ltd is that rare BSE-listed creature where market cap is ₹153 Cr, quarterly sales are ₹0.09 Cr, and the stock still trades at ₹292 like it owns half of Harvard and one IIT campus. This is a 42-year-old consultancy company that does everything from education advisory to HR consulting to legal liaisoning to equity research (yes, equity research… while itself trading at 1,094x earnings).
Latest quarter (Q3 FY26):
- Revenue: ₹0.09 Cr
- PAT: ₹0.05 Cr
- EPS: ₹0.10
- ROCE: 2.05% (barely awake)
- ROE: 1.49% (still yawning)
- Debt: Zero (because banks probably asked “kitna business hai?”)
Three-month return is -16.7%, one-year return is -64.3%, yet five-year CAGR is a spicy 65%. This stock has seen more mood swings than a crypto influencer.
The biggest mystery: How does ₹0.33 Cr annual revenue justify ₹153 Cr valuation?
Welcome to Golden Crest — where numbers whisper but prices scream.
2. Introduction – The Consulting Multiverse Nobody Asked For
Golden Crest was incorporated in 1982, which automatically gives it “vintage” status in Indian markets. The problem? Vintage wine improves with age. Vintage consulting firms usually don’t stay at ₹30–40 lakh annual revenue for decades.
The company claims to offer:
- Educational consultancy
- Operations advisory
- HR advisory
- Strategy advisory
- E-learning, E-business, online education
- Legal liaisoning
- Secretarial services
- Project management
- Equity research
That’s not a business model. That’s a Justdial category list.
Despite this buffet of services, revenue remains microscopic. Over the last decade, sales have oscillated between ₹0.2–0.3 Cr annually, while profits appear largely driven by other income and provisioning adjustments, not core consulting scale.
And yet, the stock trades at:
- P/E: 1,094
- P/B: 14.1
- Price/Sales: 464
If valuation was a syllabus, Golden Crest skipped all classes and still topped the exam.
3. Business Model – WTF Do They Even Do?
Let’s simplify this for a lazy but intelligent investor.
Golden Crest is not an education company.
It is not a platform.
It is not a scalable consulting firm.
It is essentially a small advisory outfit that:
- Provides consultancy to educational institutions
- Offers HR, legal, and secretarial advisory
- Earns interest income on surplus funds
- Occasionally books write-backs and other income
There is:
- No proprietary product
- No SaaS
- No tech IP
- No large institutional clients disclosed
- No scalability narrative
This is not Accenture. This is not NIIT. This is a relationship-based advisory shop that survives on low costs, negligible assets, and very controlled expenses.
The business survives. It does not scale. Big difference.
Question for you:
Can consultancy without people, brands, or platforms ever justify premium valuation?
4. Financials Overview – Tiny Numbers, Loud Valuation
Quarterly Comparison (Figures in ₹ Crores)
| Metric | Latest Qtr (Dec 2025) | YoY Qtr (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.09 | 0.08 | 0.09 | 12.5% | 0% |
| EBITDA | 0.04 | 0.05 | 0.04 | -20% | 0% |
| PAT | 0.05 | 0.07 | 0.05 | -28.6% | 0% |
| EPS (₹) | 0.10 | 0.13 | 0.10 | -23.1% | 0% |
Annualised EPS Rule Applied:
Q3 EPS average method → average of Q1, Q2, Q3 EPS × 4
Annualised EPS ≈ ₹0.27 (matches reported TTM EPS)
So the math is clean.
The valuation? Not so much.
At ₹292 price and ₹0.27 EPS → P/E ≈ 1,094.
Even startup SaaS founders are blushing.
5. Valuation Discussion – Only a Range, Not a Fantasy
Method 1: P/E Multiple
