Swadeshi Industries & Leasing FY26: A ₹0.34 Cr Trader Grew Revenue 200x in Four Years — And Still Earns Less Than ₹2 Cr
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1 — At a Glance
In FY22, Swadeshi Industries & Leasing posted sales of ₹0.34 crore — a number you could mistake for a rounding error. Four years later, FY26 revenue reads ₹68.12 crore. That is a roughly 200x climb, and the kind of trajectory that demands an explanation before it earns trust.
The profit line is more restrained. Net profit for FY26 came to ₹1.70 crore on that ₹68.12 crore of sales — an operating margin of 3.39%, where ₹65.08 crore of the ₹68.12 crore went straight back out as raw-material cost. This is a business that moves a great deal of money and keeps very little of it.
The balance sheet did its own expanding. Total assets jumped from ₹10.40 crore in FY25 to ₹37.27 crore in FY26, funded largely by a warrant conversion that brought in ₹12.31 crore of fresh equity. The share count more than doubled in the process.
The market, for its part, pays about 112x earnings here against an industry multiple near 20x — a gap that says the price is looking well past a ₹1.70 crore profit.
A company can grow revenue faster than it grows a business. The question this entry holds open: which one happened here?
2 — Introduction
Swadeshi Industries & Leasing was incorporated in 1974, and for most of its listed life it has been described in the plainest possible terms — a trader of various items. The financial record backs that modesty up: standalone sales of ₹25.73 crore in FY17 collapsed to ₹0.34 crore by FY22, with losses in most years in between.
The recent chapter is busier. Through FY25 and FY26 the company raised authorized capital to ₹25 crore, issued 1.23 crore convertible warrants on a preferential basis at ₹10 apiece, and converted all of them into equity on March 5, 2026, collecting ₹12.31 crore. It also acquired Swadeshi Agrotech Industries Pvt Ltd as a common-control transaction during the year, which is why the consolidated comparatives carry a not-comparable warning.
The board approved FY26 audited results on May 28, 2026, and appointed Dilip Jagdish Pendse as an additional independent director the same day. The auditor’s opinion was unmodified.
Promoter holding rose from 34.97% to 39.32% over the year, a 4.34 percentage-point increase — much of it via that warrant conversion, in which promoters and non-promoters were both allotted shares.
3 — Business Model: WTF Do They Even Do?
Officially, Swadeshi describes itself across five divisions, and reading the list is its own small adventure. There is a Copper Division (manufacturing and trading industrial copper products). There is Tax-Innovate (specialized taxation and compliance solutions). There is an MSME Park (multi-sector hubs for manufacturers). There are Preservative-Free Foods (natural, chemical-free groceries). And there is Water-less Textile Dyeing (eco-friendly fabric dyeing that uses less water).
Copper, tax consulting, food parks, organic groceries, and a dyeing technology — under one ₹192 crore roof. The phrase “trading of various items” from the registered description suddenly feels less like understatement and more like the only honest summary available.
What the numbers actually show is concentration, not diversification. Of FY26’s ₹68.12 crore in revenue, ₹65.08 crore went out as cost of materials. That is a 95.5% cost-of-goods ratio — the financial signature of a trading desk, not a manufacturer with pricing power across five eco-friendly verticals. The FY24 revenue split the dump records is roughly 95% sale of products and 5% interest income, which fits a thin-margin reselling operation far more snugly than a multi-division industrial group.
The segment note in the audited results agrees, in fewer words: management reports the company as a single operating segment. Five brochures, one ledger.
Does a five-division pitch deck change what a 3.39% margin tells you about the work underneath it?
4 — Financials Overview
Figures are standalone, in ₹ crore. The latest reported period is the quarter ended March 2026.
Metric
Latest Q (Mar 26)
YoY (Mar 25)
QoQ (Dec 25)
Revenue
32.82
6.62
15.79
Operating Profit
1.01
0.47
0.58
PAT
0.73
0.40
0.44
EPS (₹)
0.32
0.37
0.41
Revenue in the March quarter ran roughly 5x its year-ago level and about 2x the prior quarter. Operating profit reached ₹1.01
