1. At a Glance – The One-Paragraph Roast
Meet Sumeru Industries Ltd, a ₹12.2 crore micro-cap that has mastered the rare Indian stock market skill of existing without operating. Current price ₹1.70, down ~19% in three months and ~25% over one year, yet still proudly trading at 204× P/E. Sales? ₹0.00 crore. Operating margin? Not applicable, because operations are missing. ROE is a majestic 0.87%, ROCE 1.15%, and debt is almost zero—because lenders also seem confused about what business to lend to. Promoters hold 55.6%, public holds the remaining hope. Q3 FY26 PAT came in at ₹0.02 crore, down 33% QoQ, funded largely by other income. If inactivity were an art form, Sumeru would be hanging in the Louvre.
2. Introduction – A Company Searching for Its Calling
Sumeru Industries was incorporated in 1994. That means this company has seen liberalisation, dot-com bubbles, the 2008 crisis, COVID, meme stocks, and yet… still hasn’t decided what it wants to be when it grows up.
Originally, the company traded in cotton fabric. Then COVID happened. Trading stopped. Fair enough. Many businesses died. Sumeru, however, chose a different path—hibernation with listing benefits. In FY22, it suddenly discovered management consultancy. Not because it had decades of consulting pedigree, but because consultancy requires minimal capex and maximum PowerPoint.
Since then, Sumeru has been in a continuous process of identifying new business opportunities. This phrase appears so often that it deserves its own line item on the balance sheet. The company has attempted construction partnerships, flirted with salt pan projects in Kutch, and ultimately halted almost everything. What remains is a listed shell with investments, some interest income, and a quarterly ritual of board meetings.
So the question is simple: is Sumeru a turnaround story, or just a permanent “work in progress”? Let’s dig.
3. Business
Model – WTF Do They Even Do?
Explaining Sumeru’s business model to a lazy investor is easy:
They don’t do business. They contemplate business.
Historically:
- Cotton fabric trading – stopped
- Construction JV with AALPS Infraspace LLP – stalled
- Salt pan project in Kutch – halted due to “local conditions”
Current avatar:
- Management consultancy services related to:
- Industrial buildings
- Industrial construction
- Pre-engineered buildings
- Prefabricated structures
Sounds fancy, right? Unfortunately, revenue says otherwise.
In FY22, revenue mix was:
- ~50% from sale of equity shares
- ~30% from interest on bonds
- ~19% from consultancy
- ~1% from mutual fund dividends
So this is not a consultancy company. This is a mini family office with a BSE listing.
There is no visible order book, no disclosed clients, no recurring revenue engine. The operating business loses money every quarter. Profit exists only because “Other Income” keeps paying rent.
Would you call this diversification? Or indecision with Excel skills?
4. Financials Overview – Numbers That Whisper, Not Scream
Result Type Detected: Quarterly Results
(Locked for EPS purposes)
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.00 | 0.00 | 0.00 | 0% | 0% |
| EBITDA | -0.04 | -0.06 | -0.06 | NA | NA |
| PAT | 0.02 | 0.03 | 0.02 | -33% | 0% |
| EPS (₹) | 0.00 | 0.00 | 0.00 | NA | NA |
Annualised EPS: Q3 rule does not allow single-quarter annualisation. Full-year EPS (TTM) ~₹0.01.
