Ind-Agiv Commerce (517077) — Financial Results

Investor Takeaways

Revenue declined to ₹0 Cr from ₹0.36 Cr YoY, with net profit widening to ₹-0.11 Cr from ₹-0.30 Cr.

P/B Ratio stands at -1.66, indicating market valuation below book value.

ROE is 20.27% but ROCE is severely negative at -143.41%, reflecting capital inefficiency.

Debt/Equity ratio of -1.13 suggests liabilities exceed assets, raising solvency concerns.

Promoter holding at 28.69% remains moderate, with no significant increase or decrease noted.

⚠️ Risk or concern from data: Negative P/B ratio, negative ROCE, and Debt/Equity below zero indicate structural financial weaknesses; quarterly revenue has declined consistently over four periods.

Overall Tone: Cautious based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹0 Cr	N/A
Net Profit	₹-0.11 Cr	N/A
EBITDA	N/A	N/A
EPS	₹-0.31	N/A
OPM	N/A	N/A

What Changed

The company disclosed a delay in filing its unaudited financial results for Q1FY27 due to technical issues with ERP integration, mismatches in legacy systems, and the resignation of an accountant in May 2026. These operational disruptions required additional time for data reconciliation and auditor consultation. The filing underscores challenges in financial reporting processes and internal controls. Revenue has declined sequentially from ₹0.36 Cr in Q2FY26 to ₹0.06 Cr in Q4FY26 and further to ₹0 Cr in Q1FY27, with net profit losses persisting across all quarters. The company has not provided forward-looking guidance or recovery timeline. No operational performance metrics beyond financials were disclosed. The situation raises concerns about governance, system reliability, and consistent financial reporting.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Ind-Agiv Commerce Ltd	N/A	20.27%	-143.41%	11.16
Adani Enterprises Ltd	47.44	9.07%	10.88%	413846.54
Adani Ports & SEZ Ltd	30.12	13.67%	13.37%	406648.78
Interglobe Aviation Ltd	N/A	-68.97%	17.66%	192323.44

This company trades at a P/B of -1.66 and generates negative returns on both equity and capital, contrasting sharply with peers who maintain positive ROE and ROCE and higher market valuations.

Risks & Concerns

Negative P/B ratio and negative ROCE indicate poor asset utilization and potential insolvency risks.

Debt/Equity ratio of -1.13 suggests liabilities exceed equity, signaling financial instability.

Consistent quarterly revenue decline and recurring losses across four periods.

Operational delays in financial reporting may reflect deeper systemic weaknesses.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY27	0	-0.11	N/A
Q4FY26	0.06	-0.93	-283.33
Q3FY26	0.06	-0.02	-33.33
Q2FY26	0.36	-0.30	-133.33

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About Ind-Agiv Commerce Ltd (517077)

Services · Trading · Listed on BSE

Market Cap: ₹11.16 Cr ROE: 20.3% ROCE: -143.4%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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Ind-Agiv Commerce Ltd (517077) — Financial Results | 11 September 2026