QVC Exports Limited (QVCEL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, QVC Exports' revenue was ₹232 Cr (+44.1% year on year, +11.5% on the previous half-year), and net profit ₹1.0 Cr (-75.0% year on year); the operating margin was 0.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹232 | +44.1% | +11.5% |
| Operating profit | ₹1.0 | -80.0% | -75.0% |
| Net profit | ₹1.0 | -75.0% | +0.0% |
| EPS (₹) | 1.36 | -60.9% | -4.9% |
| Operating margin | 0.4% | — | — |
QVCEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the QVCEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.67%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 3 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
QVC Exports Limited has submitted its confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited confirms that dematerialization requests received during the period were processed and securities were duly verified, cancelled, and listed. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by Cameo Corporate Services Limited dated October 6, 2026
- Filed with the NSE Emerge SME Platform on October 14, 2026
QVC Exports Limited announced the voting results of its 21st Annual General Meeting held on September 07, 2026. All six resolutions were approved unanimously with 100% assent from voting shareholders. Key approvals include the declaration of a final dividend of 10% (Rs. 1 per equity share of Rs. 10) for FY 2025-26, adoption of financial statements, and the re-appointment of Managing Director Nilesh Kumar Sharma.
- All 6 resolutions passed unanimously with 100% voting assent
- Approval of final dividend of 10% (Rs. 1 per equity share of Rs. 10 face value)
- Total of 77,12,092 votes polled on ordinary resolutions representing 73.79% of outstanding shares
- Re-appointment of Nilesh Kumar Sharma as Managing Director approved with 53,200 public non-promoter votes (promoters excluded)
QVC Exports Limited conducted its 21st Annual General Meeting on September 7, 2026, where shareholders considered 7 agenda items including the adoption of FY26 financial statements and declaration of a final dividend. Key special resolutions included the re-appointment of Mr. Nilesh Kumar Sharma (holding 45.46% equity) as Managing Director and Mr. Esanoo Kanjilal as Whole-time Director. Shareholders also voted on the appointment of Mr. Pankaj Bagla, a Chartered Accountant with over 20 years of practice, as Independent Director. Voting results scrutinized by RSG & Associates will be declared within 48 hours.
- Concluded 21st AGM on September 7, 2026, transacting 7 ordinary and special resolutions
- Appointed Mr. Pankaj Bagla (Chartered Accountant with 20+ years experience) as Independent Director
- Approved re-appointment of Managing Director Mr. Nilesh Kumar Sharma, who holds 47,51,600 shares (45.46%)
- Re-appointed Mr. Esanoo Kanjilal as Whole-time Director
QVC Exports Limited conducted its 21st Annual General Meeting on September 7, 2026. Shareholders transacted key ordinary and special business items, including the adoption of FY26 financial statements, declaration of a final dividend, and the re-appointment of Managing Director Nilesh Kumar Sharma and Whole-time Director Esanoo Kanjilal. Additionally, Pankaj Bagla was appointed as an Independent Director. Scrutinizer voting results will be submitted to the stock exchange within 48 hours.
- 21st Annual General Meeting held on September 7, 2026, with 8 members attending via Video Conferencing
- Special Resolution transacted for re-appointment of MD Nilesh Kumar Sharma, who holds 47,51,600 shares (45.46% stake)
- Re-appointment of Esanoo Kanjilal as Whole-time Director transacted via Special Resolution
- Remote e-voting period conducted between September 4, 2026 and September 6, 2026 with results due within 48 hours
QVC Exports Limited held its 21st Annual General Meeting on September 7, 2026, where shareholders transacted key agenda items including the re-appointment of Nilesh Kumar Sharma as Managing Director. Sharma has been associated with the company since August 4, 2005, and holds 47,51,600 shares representing a 45.46% equity stake. Additionally, the AGM approved the adoption of FY2026 financials, declaration of a final dividend, re-appointment of Whole-time Director Esanoo Kanjilal, and the appointment of Pankaj Bagla as Independent Director.
- Re-appointment of Nilesh Kumar Sharma as Managing Director (holding 47,51,600 shares or 45.46% stake)
- Re-appointment of Esanoo Kanjilal as Whole-time Director and appointment of Pankaj Bagla as Independent Director
- Approval and adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026
- Declaration of Final Dividend for FY2025-26 approved via ordinary resolution at the 21st AGM
QVC Exports Limited held its 21st Annual General Meeting on September 7, 2026, via video conferencing with 8 members attending. Key ordinary and special resolutions transacted included the adoption of FY26 financial statements, declaration of a final dividend, and the re-appointment of Nilesh Kumar Sharma as Managing Director (holding 45.46% stake). Additionally, resolutions were proposed for re-appointing Whole-Time Director Esanoo Kanjilal and appointing Pankaj Bagla as an Independent Director. Scrutinizer voting results will be submitted within 48 hours.
- 21st AGM held on September 7, 2026, with 8 members attending via video conferencing
- Transacted adoption of standalone and consolidated FY26 financial statements and FY26 final dividend
- Special resolution proposed for re-appointment of Nilesh Kumar Sharma (holding 47,51,600 shares or 45.46%) as Managing Director
- Voting results along with the Scrutinizer's Report to be submitted within 48 hours
QVC Exports Limited announced that its Board of Directors approved the appointment of Giriraj Stock Broking Private Limited as the company's new market maker on the NSE Emerge SME Platform. The board meeting was held on September 02, 2026, from 4:00 p.m. to 4:15 p.m. Giriraj Stock Broking provided its formal consent on August 26, 2026, confirming compliance with SEBI eligibility criteria. This is a standard regulatory requirement for SME-listed companies to maintain trading liquidity.
- Board approved appointment of Giriraj Stock Broking Private Limited as new Market Maker on September 02, 2026
- Consent letter received from the market maker dated August 26, 2026
- Board meeting commenced at 4:00 p.m. and concluded at 4:15 p.m. (duration: 15 minutes)
- Appointment made pursuant to NSE Emerge Platform compliance and SEBI regulations
QVC Exports Limited (QVCEL) has issued a notice for its 21st Annual General Meeting (AGM) to be held on September 7, 2026. Key agenda items include the approval of a final dividend of ₹1 per equity share (10% of face value) for FY25-26. The company is also seeking shareholder approval for the re-appointment of Managing Director Nilesh Kumar Sharma for a three-year term and Whole-time Director Esanoo Kanjilal with a basic salary of ₹21 lakh. These moves come as the company manages a high-volume, low-margin trading business with TTM revenue of ₹799 crore and an OPM of 1.9%.
- Proposed final dividend of ₹1 per equity share (10% of face value) for the financial year 2025-26
- Re-appointment of Managing Director Nilesh Kumar Sharma for a 3-year term from January 11, 2027, to January 10, 2030
- Proposed basic salary of ₹21,00,000 plus ₹1,75,000 bonus for Whole-time Director Esanoo Kanjilal
- Appointment of Pankaj Bagla as Independent Director for a 5-year term effective November 14, 2025
- AGM to be conducted via Video Conferencing on September 7, 2026, at 4:00 PM IST
QVC Exports Limited (QVCEL) has announced a final dividend of Rs 1.00 per equity share (10% of face value) for the financial year 2025-26. The company has fixed August 31, 2026, as the record date to determine shareholder eligibility. This payout follows a fiscal year where the company reported a TTM PAT of Rs 11 Cr on a revenue of Rs 799 Cr, reflecting the thin-margin nature (1.9% OPM) of its metal trading business. The dividend is subject to approval at the 21st Annual General Meeting scheduled for September 7, 2026.
- Final dividend recommended at 10% of face value, amounting to Rs 1.00 per equity share.
- Record date for dividend eligibility is fixed for August 31, 2026.
- 21st Annual General Meeting (AGM) to be held on September 7, 2026, at 4:00 PM.
- Dividend payment will be processed within 30 days of shareholder approval at the AGM.
- Book closure period set from September 1, 2026, to September 7, 2026.
QVC Exports Limited has recommended a final dividend of Re. 1 per equity share (10% of face value) for FY 2025-26. This dividend represents a payout of approximately 9.2% relative to the TTM EPS of Rs 10.80. The board also proposed the re-appointment of Managing Director Nilesh Kumar Sharma and Whole-time Director Esanoo Kanjilal for three-year terms starting in late 2026 and early 2027. The 21st Annual General Meeting (AGM) is set for September 7, 2026, to seek shareholder approval for these items.
- Recommended a final dividend of Re. 1 per equity share of Rs. 10 face value.
- Dividend payout ratio is approximately 9.2% based on TTM EPS of Rs 10.80.
- Managing Director Nilesh Kumar Sharma re-appointed for 3 years effective January 11, 2027.
- Whole-time Director Esanoo Kanjilal re-appointed for 3 years effective October 1, 2026.
- 21st Annual General Meeting scheduled for September 7, 2026, via video conferencing.
QVC Exports Limited (QVCEL) has recommended a final dividend of ₹1 per equity share (10% of face value) for FY 2025-26, subject to shareholder approval at the upcoming AGM on September 7, 2026. The board also approved the re-appointment of Managing Director Nilesh Kumar Sharma for a three-year term starting January 2027 and Whole-time Director Esanoo Kanjilal for three years starting October 2026. A decision on appointing a new Market Maker was deferred for further evaluation. These leadership extensions provide continuity for the company, which operates on thin margins (1.9% OPM) in the metal trading industry.
- Recommended a final dividend of ₹1 per equity share (10% of face value) for FY 2025-26.
- Re-appointed MD Nilesh Kumar Sharma for a 3-year term effective January 11, 2027.
- Re-appointed WTD Esanoo Kanjilal for a 3-year term effective October 1, 2026.
- Scheduled the 21st Annual General Meeting (AGM) for September 7, 2026.
- Deferred the appointment of a new Market Maker to allow for further evaluation.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 5.28% YoY, reaching INR 20,796.21 Lacs in H1 FY26 compared to INR 19,752.72 Lacs in H1 FY25. The growth is driven by increased trading volumes in metals and minerals following the infusion of IPO working capital.
Profitability Margins
Net Profit Margin for H1 FY26 stood at 1.00% (INR 208.82 Lacs PAT on INR 20,796.21 Lacs revenue), a significant decline from 2.20% in H1 FY25. The decline is attributed to higher purchase costs and a 51.9% drop in absolute PAT from INR 434.23 Lacs to INR 208.82 Lacs.
EBITDA Margin
Operating margins are characterized as 'modest' (typically below 3%) due to the trading nature of the business. Profit Before Tax (PBT) margin for H1 FY26 was 0.86% (INR 179.33 Lacs), reflecting thin spreads in the metal trading segment.
Capital Expenditure
The company utilized INR 155.70 Lacs for issue-related expenses and INR 474.14 Lacs for general corporate purposes from IPO proceeds. No major debt-funded capex is planned, as the business model is asset-light trading.
Credit Rating & Borrowing
CRISIL has assigned a 'Stable' outlook. Borrowing is supported by a modest bank limit utilization of 53% (average for 12 months through June 2024). Interest coverage is a critical metric, with a downward rating sensitivity if it falls below 2.0 times.
Operational Drivers
Raw Materials
Traded goods include iron, steel, ferroalloys, copper, nickel, aluminum, manganese ore, coal, and coke. Purchase of traded goods accounted for INR 19,141.31 Lacs in H1 FY26, representing 92.04% of total operational revenue.
Import Sources
The company imports and exports metals and minerals; however, specific country-wise sourcing percentages are not disclosed in available documents.
Capacity Expansion
As a trading entity, QVCEL does not have traditional manufacturing capacity. Growth is measured by turnover, which was INR 642 Crores in fiscal 2024.
Raw Material Costs
Purchase of traded goods rose to INR 19,141.31 Lacs in H1 FY26 from INR 12,906.48 Lacs in the preceding half-year (H2 FY25), indicating a 48.3% increase in procurement activity to support scaling.
Manufacturing Efficiency
Not applicable as the company is a trading house. Efficiency is driven by inventory turnover and working capital management.
Strategic Growth
Growth Strategy
The company is executing a volume-led growth strategy by deploying INR 1,023.82 Lacs of IPO proceeds into working capital. This capital infusion is intended to increase the scale of trading in high-value minerals and ferroalloys, leveraging the existing 1.5x current ratio to support larger trade cycles.
Products & Services
Trading and export services for iron, steel, ferroalloys, copper, nickel, aluminum, manganese ore, coal, and coke.
Brand Portfolio
QVC Group.
Market Expansion
The company is utilizing general corporate purpose funds (INR 474.14 Lacs) to explore broader market reach, though specific target regions are not detailed.
Market Share & Ranking
The market is dominated by a large number of unorganized players; QVCEL's specific ranking is not disclosed.
Strategic Alliances
The group operates through consolidated entities including QVC International Private Limited and Matashree Mercantile Private Limited to synchronize trading operations.
External Factors
Industry Trends
The industry is seeing a shift toward organized players with better credit access. QVCEL is positioning itself by maintaining an 'Adequate' liquidity profile with cash accruals expected to exceed INR 7 Crores annually.
Competitive Landscape
Intense competition from both large organized traders and numerous local unorganized players, putting constant pressure on profitability.
Competitive Moat
The moat consists of promoter experience and supplier networks. This is sustainable as long as the company maintains its 'Stable' credit profile and 1.5x current ratio to fund the high working capital requirements of metal trading.
Macro Economic Sensitivity
Highly sensitive to industrial production and GDP growth, as metal demand is cyclical. Inflation in logistics and procurement costs directly impacts the thin net margins.
Consumer Behavior
Industrial buyers are increasingly seeking reliable, ISO-certified suppliers like QVCEL to ensure supply chain transparency in metal procurement.
Geopolitical Risks
Trade barriers or export duties on minerals like manganese ore or steel products could disrupt the 92% revenue stream derived from metal trading.
Regulatory & Governance
Industry Regulations
Operations are subject to export-import regulations and GST compliance. The company maintains ISO 9001 certification to meet international trading standards.
Taxation Policy Impact
The company's effective tax rate is influenced by its associate company profits; H1 FY26 PBT was INR 179.33 Lacs while PAT was INR 208.82 Lacs after accounting for a INR 59.39 Lacs share of profit from associates.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of metal prices; a sharp decline could lead to inventory write-downs, impacting the INR 1,053.85 Lacs stock-in-trade.
Geographic Concentration Risk
The company is headquartered in Kolkata, West Bengal, with a significant portion of operations managed from this hub.
Third Party Dependencies
High dependency on principal suppliers for mineral sourcing, though specific vendor names are not disclosed.
Technology Obsolescence Risk
Low risk of technology obsolescence due to the commodity nature of the products.
Credit & Counterparty Risk
High credit risk exposure with Trade Receivables of INR 5,759.52 Lacs, which is nearly 28x the half-yearly PAT, indicating a need for stringent receivable management.
