EL CID Investments Ltd (503681)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, EL CID's revenue was ₹73.4 Cr (-20.2% year on year), and net profit ₹57.6 Cr (-18.9% year on year); the operating margin was 98.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹73.4 | -20.2% | from loss |
| Operating profit | ₹72.5 | -20.4% | from loss |
| Net profit | ₹57.6 | -18.9% | from loss |
| EPS (₹) | 2878.34 | -18.5% | from loss |
| Operating margin | 98.8% | — | — |
📢 Recent Corporate Announcements
El Cid Investments reported a consolidated net profit of Rs 57.57 Cr for the quarter ended June 30, 2026, marking an 18.5% decline from Rs 70.62 Cr in the same period last year. Total consolidated income decreased to Rs 73.39 Cr from Rs 91.97 Cr YoY, primarily due to lower net gains on fair value changes of its investment portfolio. Standalone performance was significantly weaker, with net profit falling 55% YoY to Rs 31.78 Cr. The company remains debt-free and has voluntarily constituted a Risk Management Committee effective August 14, 2026.
- Consolidated Net Profit decreased 18.5% YoY to Rs 57.57 Cr from Rs 70.62 Cr
- Consolidated Total Income fell to Rs 73.39 Cr compared to Rs 91.97 Cr in Q1 FY26
- Standalone Net Profit saw a sharp 55% decline to Rs 31.78 Cr from Rs 70.62 Cr YoY
- Consolidated EPS for the quarter stood at Rs 2,878.34, down from Rs 3,531.18 YoY
- Voluntary constitution of a Risk Management Committee effective August 14, 2026
EL CID Investments reported a consolidated net profit of ₹5.76 Cr for Q1 FY27, down from ₹7.06 Cr in the same period last year. Despite low operational revenue of ₹1.23 Cr, the company's Total Comprehensive Income reached a massive ₹1,559.33 Cr, driven by ₹1,501.77 Cr in fair value gains on equity instruments recorded in Other Comprehensive Income (OCI). The company remains a debt-free investment vehicle with a net worth of ₹8,673 Cr. Additionally, the board voluntarily constituted a Risk Management Committee effective August 14, 2026.
- Consolidated Total Comprehensive Income surged to ₹1,559.33 Cr in Q1 FY27.
- Consolidated Net Profit for the quarter stood at ₹5.76 Cr compared to ₹7.06 Cr YoY.
- Other Comprehensive Income (OCI) from equity instruments contributed ₹1,501.77 Cr to the total income.
- Consolidated Revenue from operations increased to ₹1.23 Cr from ₹0.66 Cr in the previous year's quarter.
- Voluntary constitution of a Risk Management Committee led by Chairperson Ms. Amrita Vakil.
EL CID Investments has scheduled a board meeting for August 13, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company, which operates as an investment holding entity, reported a TTM PAT of ₹109 Cr but faced a net loss of ₹41 Cr in the most recent March 2026 quarter. Investors will be looking for a recovery in performance, given the company's substantial investment portfolio of ₹1,724.80 Cr relative to its small equity base. The stock currently trades at a significant discount to its book value with a P/B ratio of 0.3.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results
- Company manages a large investment portfolio valued at ₹1,724.80 Cr
- Previous quarter (March 2026) reported a net loss of ₹41.0 Cr
- TTM EPS stands at ₹5,426.00 despite recent quarterly volatility
- Promoter holding remains stable at 75.0% as of June 2026
Shareholders of El Cid Investments approved the appointment of Ms. Amrita Vakil as a Director and the re-appointment of Mr. Kartikeya Kaji as an Independent Director during the 45th AGM held on July 31, 2026. Mr. Kaji, who has a strong private equity background (Vitruvian, Kedaara Capital), will serve a second five-year term from April 2027 to March 2032. The company continues to manage a significant investment portfolio of Rs 1,724.80 Cr, which supports its TTM PAT of Rs 109 Cr. These appointments ensure leadership continuity for the debt-free investment holding company.
- Re-appointment of Mr. Kartikeya Kaji as Independent Director for a 5-year term effective April 1, 2027.
- Appointment of Ms. Amrita Vakil as Director; she has been with the company since 2019 managing NBFC matters.
- Company maintains a massive investment portfolio of Rs 1,724.80 Cr against a small paid-up capital of Rs 0.20 Cr.
- The 45th Annual General Meeting was conducted via video conferencing and concluded within 29 minutes on July 31, 2026.
Shareholders at the 45th AGM held on July 31, 2026, approved the appointment of Ms. Amrita Vakil as a Director and the re-appointment of Mr. Kartikeya Kaji as an Independent Director. Mr. Kaji's second term will span five years from April 1, 2027, to March 31, 2032. Ms. Vakil, who joined the company in 2019 to manage NBFC matters, is now a Director liable to retire by rotation. These moves ensure leadership continuity for a company managing a massive Rs 1,724.80 Cr investment portfolio.
- Re-appointment of Mr. Kartikeya Kaji for a second 5-year term effective April 1, 2027
- Appointment of Ms. Amrita Vakil as Director; she has handled NBFC matters since 2019
- The company maintains a significant investment portfolio of Rs 1,724.80 Cr
- Decisions were ratified at the 45th AGM held on July 31, 2026
Shareholders of El Cid Investments approved all resolutions at the 45th AGM held on July 31, 2026, including a final dividend of ₹25 per share. The company reaffirmed its long-term strategy of holding a 4.23% stake in Asian Paints, which remains the core of its investment portfolio. Despite a consolidated dividend income of ₹105.80 crore in FY26, the Chairman clarified that no bonus issue or share sub-division is currently under consideration. The voting results showed 99.99% approval for all items, though public participation remains low with only 1,979 non-institutional votes polled.
- Approved a final dividend of ₹25 per equity share for the financial year ended March 31, 2026
- Reaffirmed a 4.23% strategic stake in Asian Paints Ltd, held for over four decades with no intention to sell
- Reported consolidated dividend income of ₹105.80 crore earned during the financial year
- Confirmed that no proposal for a bonus issue or sub-division of equity shares is presently under consideration
- Total votes polled represented 75.86% of the total 2,00,000 equity shares outstanding
El Cid Investments concluded its 45th AGM, where shareholders approved a final dividend of ₹25 per share for FY26. The Chairman reaffirmed the company's long-term commitment to its 4.23% stake in Asian Paints, which has been held for over 40 years with no intention to sell. For FY26, the company reported a consolidated dividend income of ₹105.80 crore, primarily derived from its investment portfolio. Management clarified that no bonus issue or stock split is currently under consideration, despite the high market price per share and significant discount to Net Asset Value (NAV).
- Approved a final dividend of ₹25 per equity share for the financial year ended March 31, 2026
- Confirmed a 4.23% direct and indirect strategic stake in Asian Paints Limited, held for over four decades
- Generated ₹105.80 crore in consolidated dividend income during the financial year
- Management explicitly stated no current plans for bonus issues or share sub-divisions
- Total votes polled reached 75.86% of the 2,00,000 outstanding equity shares
Elcid Investments has issued a revised Annual Report for FY 2025-26 to correct clerical errors in its investment schedule. The holding in Kusumgar Limited was corrected from 82 to 82,192 shares, while the Taal Tech Limited holding was adjusted from 2,702 to 12 shares. These corrections are purely administrative and do not impact the reported profit of ₹76.23 crore or the carrying values of the investments. The company's massive investment book, primarily consisting of its stake in Asian Paints, remains valued at ₹5,257.6 crore as of March 31, 2026.
- Kusumgar Limited share quantity corrected from 82 to 82,192 shares due to a decimal formatting error
- Taal Tech Limited quantity corrected from 2,702 to 12 shares (2,702 was the market price per share)
- Reported profit for FY 2025-26 stands at ₹7,623 Lakhs (₹76.23 Cr)
- Total equity investments through OCI valued at ₹5,25,762.90 Lakhs (₹5,257.6 Cr)
- 45th Annual General Meeting (AGM) is scheduled for July 31, 2026, via video conference
Financial Performance
Revenue Growth by Segment
The company operates in a single segment of investment activities. Consolidated turnover grew 14.63% YoY, increasing from INR 33.88 Cr in FY24 to INR 38.83 Cr in FY25.
Geographic Revenue Split
Not disclosed in available documents; however, the company is described as having a widespread investment business across India.
Profitability Margins
Consolidated Net Profit Margin stood at 71.71% for FY25, while the Operating Margin was 72.46%. Standalone Net Profit Margin was slightly higher at 71.80%.
EBITDA Margin
Net Profit Margin is 71.71% (Consolidated). Core profitability is driven by investment income, with Profit After Tax growing 18.46% YoY to INR 28.21 Cr.
Capital Expenditure
Not applicable for an investment company; however, the total investment portfolio grew 14.17% to INR 1,724.80 Cr in FY25.
Credit Rating & Borrowing
The company continues to be debt-free with a Debt-Equity Ratio of NA. It maintains sufficient cash for strategic and operational requirements.
Operational Drivers
Capacity Expansion
Not applicable for an investment company; however, the company seeks to increase profitability by leveraging India's growing economy.
Manufacturing Efficiency
Not applicable; however, the company maintains a robust working capital management process with a Consolidated Current Ratio of 4.13.
Strategic Growth
Expected Growth Rate
14.63%
Growth Strategy
Growth is pursued through professional management of a large investment portfolio (INR 1,724.80 Cr) by reputed managers. The strategy focuses on capitalizing on India's economic growth, policy stability, and the increasing financial literacy/SIP popularity among domestic investors.
Products & Services
Investment holding and management services, generating income through dividends and capital appreciation from equity and money market instruments.
Brand Portfolio
Elcid Investments Limited.
New Products/Services
Not disclosed; the company remains focused on its core single-segment investment activities.
Market Expansion
The company looks forward to increasing profitability by aligning with the growing trend in the Indian economy.
Strategic Alliances
The company has no associates or joint ventures as of March 31, 2025.
External Factors
Industry Trends
The industry is benefiting from increased financial literacy, digital access to investing, and the popularity of SIPs, which have surged domestic participation.
Competitive Landscape
Operates in a complex environment with risks from market volatility, interest rate fluctuations, and competition for capital flows.
Competitive Moat
The company's moat is its massive investment portfolio (INR 1,724.80 Cr) relative to its small paid-up capital (INR 0.20 Cr) and debt-free status, providing high net margins (71.71%).
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth and inflation. Inflation erodes real returns, while the downtrend in share and money markets over recent years has previously impacted the portfolio.
Consumer Behavior
Shift toward financialization of savings and increased use of digital investment platforms is driving market liquidity.
Geopolitical Risks
Global risks related to geopolitics and capital flows remain active and are monitored as part of the risk management framework.
Regulatory & Governance
Industry Regulations
Regulated as a non-deposit accepting NBFC by the Reserve Bank of India (RBI). Complies with the Companies Act 2013 and SEBI Listing Obligations.
Environmental Compliance
ESG compliance costs not specified; however, the company spent INR 0.45 Cr on CSR activities, exceeding its INR 0.43 Cr obligation.
Taxation Policy Impact
Consolidated provision for taxation was INR 9.48 Cr for FY25. The company follows applicable Indian tax laws for NBFCs.
Legal Contingencies
The company reported a shortfall of INR 41.26 Lakhs in CSR contributions for FY 2022-23 due to erroneous calculations, which was discussed in a January 2025 board meeting. No other major pending court cases or frauds were reported.
Risk Analysis
Key Uncertainties
Market risk from equity price fluctuations and interest rate changes poses the highest uncertainty, potentially impacting portfolio value by significant percentages during downturns.
Geographic Concentration Risk
Primarily concentrated in the Indian securities market.
Third Party Dependencies
High dependency on portfolio managers (Kotak Bank, IIFL Securities) for investment decision-making and risk mitigation.
Technology Obsolescence Risk
Cybersecurity risk is identified as a pressing concern due to increasing reliance on technology and data for investment operations.
Credit & Counterparty Risk
Credit risk exists regarding the potential for counterparties to default on fixed-income obligations, leading to financial losses.
