R J Shah & Company Ltd (509845)
🎯 Key Takeaways
- R J Shah & Company Ltd appears to be in a dormant or minimal operational phase, with negligible revenue and profits reported in recent quarters despite a stable dividend policy. The company maintains a conservative balance sheet and consistent promoter holding, but financial performance has sharply declined year-on-year, suggesting limited business activity or potential reporting anomalies.
- ⚠️ 1) Persistent near-zero revenue and profits across multiple quarters raise concerns about core business viability. 2) The company’s financials show no
📖 The Story
R J Shah & Company Ltd appears to be in a dormant or minimal operational phase, with negligible revenue and profits reported in recent quarters despite a stable dividend policy. The company maintains a conservative balance sheet and consistent promoter holding, but financial performance has sharply declined year-on-year, suggesting limited business activity or potential reporting anomalies.
📰 What's Happening
In the latest filings, the company declared a 25% dividend (Rs. 2.50 per share) for FY 2025-26, payable by October 21, 2026, with the AGM scheduled for September 22, 2026, requiring e-voting between September 17-21. Shareholders must update KYC by September 15 to receive dividends and participate. The annual report confirms a significant drop in net profit to ₹240.73 Lakhs from ₹575.43 Lakhs YoY, with revenue also declining, yet the dividend remains unchanged, indicating possible cash flow resilience despite operational stagnation.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Operating Profit | -1 | -0 | 2 | -0 |
| OPM % | — | — | 796.3% | — |
| Net Profit | 0 | 0 | 2 | 0 |
| EPS | ₹0.26 | ₹7.92 | ₹71.46 | ₹6.67 |
Quarterly financials show near-zero revenue and profits in Jun 2026 (Rev ₹0, NP ₹0, EPS ₹6.67), with only a minor operational blip in Mar 2026 (Rev ₹0, OP ₹2, NP ₹2, EPS ₹71.46), followed by consistent near-zero performance in Dec 2025 and Sep 2025. This suggests the company is not generating meaningful income from operations, yet maintains profitability on paper, possibly due to accounting timing or non-recurring items, raising concerns about sustainable earnings quality.
🔮 Management Outlook & What's Next
Management has not provided forward-looking operational guidance in the latest filings, focusing instead on procedural compliance for the AGM, dividend payment, and e-voting. The only forward-looking element is the confirmation of dividend payment contingent on AGM approval, with no commentary on business revival, new projects, or revenue growth expectations. The tone remains administrative, reflecting routine shareholder communications rather than strategic momentum.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 0 |
| Reserves | 35 | 41 | 41 | 43 |
| Borrowings | 1 | 1 | 1 | 1 |
| Total Liabilities | 37 | 45 | 44 | 46 |
| Fixed Assets | 1 | 1 | 1 | 1 |
| Investments | 1 | 1 | 1 | 1 |
| Total Assets | 37 | 45 | 44 | 46 |
The balance sheet shows stable equity and reserves of ₹41-43 Lakhs and minimal borrowings of ₹1 Lakh, indicating a highly conservative capital structure with no significant investment or debt activity. Total assets have slightly declined from ₹45 to ₹44 Lakhs, reflecting asset stagnation, while the absence of subsidiaries or external financing suggests limited corporate development or potential restructuring in progress.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2024 |
|---|---|
| Operating | -5 |
| Investing | +5 |
| Financing | -0 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 52.5% | 52.9% | 52.9% | 53.3% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 1.8% | 1.8% | 1.8% | 1.8% |
| Public | 30.2% | 29.7% | 29.7% | 29.3% |
| # Shareholders | 246 | 240 | 240 | 244 |
Promoter holding remains stable around 52-53% over recent quarters, with no FII or DII activity reported, suggesting limited institutional interest. Public shareholding has slightly decreased from 30.24% to 29.31%, and the number of shareholders has marginally reduced, indicating possible retail exits. No pledging or sell signals are evident, but the lack of foreign or domestic institutional accumulation implies low investor confidence or awareness.
⚖️ Peer Comparison — Infrastructure Developers & Operators
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| LT | 5.54 L Cr | 33.4 | 17.8% | 18.1% | 0.90 |
| RVNL | 43,765 | 48.7 | 11.2% | 9.1% | 0.49 |
| ACMESOLAR | 28,505 | 41.2 | 13.8% | 13.4% | 2.31 |
| KPIL | 23,994 | 21.1 | 17.7% | 14.5% | 0.43 |
| IRB | 23,383 | 21.5 | 7.6% | 4.5% | 0.96 |
| CEMPRO | 21,035 | 35.0 | 31.4% | 25.1% | 0.40 |
| JNPR | 15,067 | — | — | — | 3.77 |
| ENGINERSIN | 14,717 | 18.8 | 32.7% | 25.7% | 0.00 |
| WABAG | 12,333 | 28.7 | 21.2% | 15.3% | 0.09 |
| TECHNOE | 11,428 | 26.5 | 15.3% | 11.5% | 0.01 |
⚠️ Risk Factors
1) Persistent near-zero revenue and profits across multiple quarters raise concerns about core business viability. 2) The company’s financials show no meaningful growth or operational revival despite dividend continuity, suggesting possible accounting or structural issues. 3) Minimal public and institutional interest may lead to liquidity challenges if shareholders seek exit. 4) Regulatory compliance is emphasized, but no disclosure of material risks or business restructuring plans is provided, creating transparency gaps.
📋 Recent Filings
-
🔴 Corporate Action 31 August 2026R J Shah & Company Ltd announced a 25% dividend (Rs. 2.50 per share) for FY 2025-26, with Record Date on September 11, 2026 and payment on October 21,...
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🔴 Corporate Action 31 August 2026R J Shah & Company Ltd announced its 68th AGM on September 22, 2026, with a record date of September 11 for dividend entitlement. Shareholders approve...
-
🟡 Board Meeting 30 August 2026R J Shah & Company Ltd announced its 68th AGM on September 22, 2026, with a 25% dividend of Rs. 2.50 per share payable by October 21, 2026, requiring ...
-
🔴 annual report 30 August 2026R J Shah & Company Limited reported a net profit of **₹240.73 Lakhs** for FY 2025-26, down from **₹575.43 Lakhs** in the previous year, with revenue d...
🧠 Analyst's Read
The company exhibits characteristics of a dormant entity with stable but non-recurring financials and no visible growth trajectory, making it a high-risk holding with limited upside; investors should monitor for operational restarts, new project disclosures, or changes in capital allocation strategy in future filings.
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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