Moongipa Capital Finance Ltd Q3 FY26 – ₹2.94 Cr Revenue, EPS ₹0.24, Book Value ₹26.6 vs CMP ₹16.5: When a Tiny NBFC Decides to Play Dalal Street Poker
1. At a Glance – Small Cap, Big Mood Swings
Moongipa Capital Finance Ltd is a ₹15.1 crore market-cap NBFC that behaves less like a boring lender and more like that stock market uncle who trades equities in the morning, does F&O by afternoon, recovers bad debts in the evening, and still claims he’s “diversified.” As of mid-January, the stock is chilling at ₹16.5, down roughly 15% over three months and almost 29% over one year, while its book value sits smugly at ₹26.6. That’s a price-to-book of 0.62, which on paper looks like a discount sale banner, but the market is clearly asking, “Boss, what’s the catch?”
The latest quarterly results (December 2025) show revenue of ₹2.94 crore with PAT of ₹0.22 crore and EPS of ₹0.24. Sequentially, profits dropped hard compared to the previous quarter, while sales still showed respectable growth. ROCE is around 12%, ROE about 9.4%, and debt-to-equity sits at a mild 0.31. No dividend, promoters holding steady at ~37.4%, and liquidity ratios so high they look almost suspicious. In short: a tiny NBFC with a trader’s soul, an investor’s book, and the temperament of a smallcap during earnings season. Curious already?
2. Introduction – Welcome to the Micro NBFC Circus 🎪
Moongipa Capital Finance Ltd was incorporated in 1987, which means it has survived Harshad Mehta, Ketan Parekh, dot-com busts, global financial crises, demonetisation, pandemics, meme stocks, and still shows up every quarter with numbers—sometimes good, sometimes migraine-inducing. Classified as a non-systematically important, non-deposit-taking NBFC-ICC, Moongipa doesn’t take public deposits and doesn’t try to become the next Bajaj Finance. Instead, it quietly operates in investment, trading, and credit activities, switching hats depending on market mood.
This is not your typical “loan book compounding at 25% CAGR” story. Moongipa earns a chunky part of its revenue from sale of shares, fair value gains, F&O profits, and occasional interest income. Basically, when markets are happy, Moongipa smiles. When markets sneeze, Moongipa catches a cold and reports volatile profits. That’s visible in its quarterly numbers, where profits swing from solid green to sudden red faster than a midcap WhatsApp group during a correction.
Yet, despite the chaos, the company has managed to stay profitable on a trailing basis, expand its balance sheet significantly in FY25, and even pull off a rights issue that was “overwhelmingly subscribed.” The question is simple: is this a misunderstood value play, or a classic case of cheap-for-a-reason? Let’s dig in before the popcorn gets cold.
3. Business Model – WTF Do They Even Do?
If Moongipa were a person, it would say: “Main NBFC hoon, par sirf loan dena thodi karta hoon.” Officially, the company is an NBFC – Investment and Credit Company (NBFC-ICC). Practically, it does three things:
First, investment and trading in securities. This includes equity shares, preference shares, debentures (convertible and non-convertible), listed and unlisted companies, government securities, bonds, and other financial instruments. In FY25, around 70% of revenue came from sale of shares, with additional contributions from fair value gains, F&O profits, and even bad debt recovery. Yes, you read that right—bad debt recovery is a revenue line item here.
Second, lending activity, primarily unsecured corporate and personal finance. The loan book is small but growing. In FY25, Moongipa disbursed loans worth ₹2.15 crore, which was roughly 600% higher than FY24. Sounds dramatic, but remember the base was tiny. This is like saying your gym performance improved 500% because you did 5 push-ups instead of 1.
Third, treasury-style management. The investment book stood at ₹6.85 crore in FY25, with about 82% parked in government securities and 18% in equity instruments. This conservative allocation suggests management doesn’t want heart attacks every time the Nifty sneezes—at least not on the entire balance sheet.
So, is Moongipa a lender? A trader? A mini hedge fund in NBFC clothing? The honest answer: all three, depending on the quarter. And that’s exactly why its financials look like a Bollywood thriller with too many plot twists.
4. Financials Overview – Quarterly Reality Check
Result Type Lock: The latest official announcement clearly states Quarterly Results for the quarter ended December 31, 2025. Hence, EPS is treated as quarterly and annualised by multiplying by 4.
Quarterly Comparison Table (₹ in Crores, EPS in ₹)
