Starsource Multitrade Ltd (506365)
🎯 Key Takeaways
- Starsource Multitrade Ltd operates in a stagnant or contracting segment with no revenue growth over multiple periods, and its financials reflect minimal operational activity, with revenue frequently reported at zero and intermittent losses. The company maintains a debt-free balance sheet but shows no signs of revenue recovery or reinvestment to drive growth, suggesting it may be in a dormant or terminal phase rather than a turnaround.
- ⚠️ Persistent zero or negligible revenue over multiple reporting periods indicates a potential cessation of core business operations.
📖 The Story
Starsource Multitrade Ltd operates in a stagnant or contracting segment with no revenue growth over multiple periods, and its financials reflect minimal operational activity, with revenue frequently reported at zero and intermittent losses. The company maintains a debt-free balance sheet but shows no signs of revenue recovery or reinvestment to drive growth, suggesting it may be in a dormant or terminal phase rather than a turnaround.
📰 What's Happening
The most recent filing from August 27, 2026, confirms a board meeting scheduled for September 1, 2026, to approve the notice for the 39th Annual General Meeting, indicating routine governance updates without strategic initiatives. There is no mention of new business orders, expansion plans, or operational revival in the disclosed agenda. Earlier filings show no significant changes in promoter holding or shareholding patterns, suggesting stable but passive ownership structure.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 0 | 1 | 0 | 0 | 0 |
| Operating Profit | -12 | 0 | -0 | -0 | 0 |
| OPM % | — | 18.9% | — | — | 28.6% |
| Net Profit | -12 | 0 | -0 | -0 | 0 |
| EPS | ₹-78.70 | ₹0.65 | ₹-0.58 | ₹-0.48 | ₹0.14 |
Revenue has been largely absent over the past several quarters, with only a brief spike in September 2025 (₹1 crore) followed by a return to zero, and operating losses persisting through 2025 and early 2026. The company reported a net loss of ₹12 lakh in June 2025 with a negative EPS of ₹78.70, and although operating profit margin briefly rose to 28.6% in June 2026, it was not sustainable, as seen from the zero revenue and profit in subsequent quarters.
🔮 Management Outlook & What's Next
There is no forward guidance or strategic outlook provided in the available filing content, and management has not articulated any recovery plan, revenue targets, or operational revival strategy in the disclosed documents. The absence of commentary on future performance suggests either a lack of confidence or an implicit acceptance of the current status quo.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2016 |
|---|---|
| Equity Capital | 2 |
| Reserves | 2 |
| Borrowings | 0 |
| Total Liabilities | 4 |
| Fixed Assets | 0 |
| Investments | 0 |
| Total Assets | 4 |
The balance sheet as of March 2016 shows minimal capitalization with ₹2 crore in equity and reserves and no borrowings, indicating a historically conservative capital structure. However, the lack of updated balance sheet data beyond 2016 raises concerns about the current financial position, particularly given ongoing losses and zero revenue, suggesting possible capital erosion or unrecorded liabilities.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2016 |
|---|---|
| Operating | -2 |
| Investing | +2 |
| Financing | 0 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 27.9% | 27.9% | 27.9% | 27.9% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.4% | 0.4% | 0.4% | 0.4% |
| Public | 65.7% | 65.7% | 65.8% | 65.7% |
| # Shareholders | 6,409 | 6,360 | 6,292 | 6,264 |
Promoter holding remains stable at 27.89% over multiple quarters, with no significant movement from FII or DII, which held less than 0.5% consistently. The growing number of public shareholders (from 6,264 to 6,409) may reflect retail interest, but the lack of institutional accumulation suggests limited confidence from sophisticated investors.
⚖️ Peer Comparison — Miscellaneous
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GMRAIRPORT | 99,096 | 204.0 | 12.1% | -23.5% | -13.08 |
| NBCC | 23,180 | 31.3 | 41.3% | 30.9% | 0.00 |
| CMPDI | 16,508 | 29.9 | 32.4% | 24.2% | 0.00 |
| IGIL | 14,747 | 24.2 | 56.1% | 41.0% | 0.00 |
| HORIZONIND | 13,933 | — | — | — | 1.22 |
| RITES | 10,492 | 25.2 | 23.5% | 17.5% | 0.00 |
| INOXGREEN | 6,703 | 53.7 | 9.4% | 6.7% | 0.10 |
| RAIN | 6,555 | 12.2 | 12.0% | 8.9% | 1.21 |
| SIS | 6,068 | 41.4 | 8.0% | 5.8% | 0.56 |
| THOMASCOOK | 5,064 | 22.3 | 15.8% | 9.2% | 0.10 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent zero or negligible revenue over multiple reporting periods indicates a potential cessation of core business operations. 2. Consecutive net losses and negative ROE/ROCE suggest capital is not being preserved or deployed effectively. 3. The absence of updated financials beyond 2016 raises transparency and compliance concerns. 4. No visible growth initiatives or management action to reverse the downward trend increases the risk of delisting or regulatory scrutiny.
🧠 Analyst's Read
The company appears to be in a non-operational or dormant state with no visible path to recovery, making it a high-risk holding with limited upside potential and increasing governance and compliance concerns.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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