1. At a Glance – Blink and You’ll Miss the Share Price
Sunshine Capital Ltd is currently trading at ₹0.22, which is cheaper than a cutting chai but carries a market cap of ₹115 crore. Yes, your eyes are fine. This is what happens when equity capital balloons faster than credibility.
The company claims a P/E of 4.68, Price-to-Book of 0.15, and a PAT of ₹24.6 crore on annual numbers, while quarterly revenue is barely ₹1.14 crore. ROE sits at a majestic 0.33%, which is technically positive — emotionally disappointing.
Promoters hold 19%, debt is zero, interest coverage is 820x (because there is no interest), and the company has recently gone on a corporate shopping spree — microfinance, solar finance, insurance broking, fintech, mutual fund distribution — all approved in board meetings like items on a wedding buffet menu.
Stock returns?
• -77% in 1 year
• -21% in 3 months
• +22% over 5 years
Question: Is this deep value, deep confusion, or deep trouble?
2. Introduction – When Finance Companies Get Bored of Finance
Sunshine Capital Ltd was incorporated in 1989, which means it has survived Harshad Mehta, Ketan Parekh, IL&FS, DHFL, and yes — the NBFC winter. Survival is not the same as success, but it’s not nothing.
Originally positioned as a financing and investment company, Sunshine Capital today describes itself as a non-deposit taking, non-systemically important NBFC registered with all four RBI-authorised credit bureaus. On paper, that sounds compliant. In reality, it just means they can see your credit score — not that they are minting money off it.
The last few years have been… eventful.
• Massive preferential allotment of ₹670 crore
• Equity capital jumping from ₹13 crore to ₹523 crore
• Promoter holding jumping from 5.5% to 19%
• Auditors resigning like it’s musical chairs
• Independent directors exiting stage left
Yet somehow, the company reports ₹29.45 crore profit in Jun 2025 quarter alone, followed by much smaller numbers. If this feels like a
finance thriller with unreliable narration — congratulations, you’re paying attention.
Ask yourself: how often do you see an NBFC with ₹2–3 crore sales and ₹24 crore PAT?
3. Business Model – WTF Do They Even Do?
Sunshine Capital officially does three things:
- Lending
• Unsecured personal loans
• Corporate loans
• Retail loans (announced in 2024) - Trading & Investments
• Share trading
• Investment activities (details suspiciously vague) - Distribution & New-Age Buzzwords
• Mutual fund distribution
• Insurance broking
• Fintech adoption
• Solar energy finance products
• Proposed microfinance entry
This is not diversification. This is corporate FOMO.
Revenue breakup (FY22):
• 84% from interest income
• 16% from trading
Which means Sunshine Capital behaves more like a balance-sheet NBFC than a fee-based platform — except the loan book is not transparently disclosed in quarterly granularity.
Lazy investor translation:
“They lend money sometimes, invest money sometimes, and announce new verticals whenever the stock sleeps.”
Do you trust a company whose strategy deck looks like a startup pitch from 2016?
4. Financials Overview – The Numbers That Raise Eyebrows
Result Type Lock
The latest announcement clearly states “Quarterly Results” for the quarter ended 31 December 2025.
➡️ Result type locked as QUARTERLY RESULTS.
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.14 | 2.29 | 1.32 | -50.2% | -13.6% |
| EBITDA* | 0.42 | 1.89 | 0.63 | -77.8% | -33.3% |
| PAT | 0.42 | 1.89 | 0.63 | -77.8% | -33.3% |
| EPS (₹) | 0.00 | 0.00 | 0.00 | — | — |
