Mercantile Ventures Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Manpower services: 77.3% • Rent and Maintenance of Immovable properties: 17.2% • Investment activities: 5.5%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company is almost debt free
- Latest quarter profit grew 268.3% YoY, showing strong momentum
- Company has delivered good sales growth of 22.6% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 106.7 is below its historical median
- Working capital cycle has improved - days down from 360 to 284
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (149.4% of PBT)
- Recent results are weak - TTM profit is down 62.9% versus prior year
- Company has a low return on capital employed of 0.7%
- Company has a low return on equity of 0.9% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -4.16x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PFOCUS | 310.60 | 209.28 | 24188.72 | 0.00 | -457.78 | -514.43 | 12668.15 | 1196.88 | 2.74 | 23.76 |
| SAGILITY | 45.15 | 21.28 | 21136.20 | 0.33 | 216.81 | 45.94 | 1963.48 | 27.59 | 13.82 | 22.32 |
| HORIZONIND | 55.65 | 244.03 | 16043.35 | 0.00 | -116.27 | — | 2005.46 | — | 3.32 | 80.26 |
| SYNGENE | 382.65 | 69.89 | 15446.40 | 0.33 | -9.00 | -110.38 | 736.00 | -15.84 | 9.48 | 12.34 |
| INDGN | 578.05 | 34.74 | 13929.08 | 0.39 | 116.20 | -0.17 | 1063.10 | 39.73 | 18.92 | 16.39 |
| IGIL | 314.20 | 22.27 | 13578.46 | 1.59 | 165.74 | 30.98 | 370.78 | 23.22 | 77.00 | 60.35 |
| NESCO | 1102.75 | 18.65 | 7769.97 | 0.63 | 99.96 | 3.97 | 211.80 | 9.55 | 19.23 | 48.33 |
| LEAPIND | 144.55 | 102.15 | 6367.95 | 0.00 | 247.33 | — | 2034.13 | — | 9.32 | 51.19 |
| SPARC | 196.10 | 4.02 | 6363.87 | 0.00 | -20.78 | 59.94 | 39.92 | 314.11 | 163.94 | -85.17 |
| SMARTWORKS | 530.60 | 217.74 | 6069.06 | 0.00 | 13.15 | 413.27 | 546.25 | 44.05 | 61.12 | 63.33 |
| JUSTDIAL | 665.10 | 15.59 | 5656.61 | 0.00 | 115.74 | 38.44 | 270.27 | 16.23 | 12.88 | 26.17 |
| MERCANTILE | 23.46 | 36.93 | 262.92 | 0.00 | 12.05 | 271.16 | 230.32 | 9.28 | 0.87 | -0.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 65 | 75 | 79 | 79 | 85 | 90 | 93 | 98 | 102 | 112 | 108 | 107 | 102 | |
| 61 | 68 | 74 | 106 | 87 | 89 | 91 | 97 | 104 | 110 | 108 | 116 | 102 | |
| Operating Profit | 4 | 7 | 5 | -27 | -2 | 2 | 2 | 1 | -2 | 2 | -0 | -9 | 0 |
| OPM % | 6.54% | 9.59% | 6.76% | -34.65% | -2.47% | 1.70% | 2.15% | 0.71% | -1.54% | 2.16% | -0.12% | -8.39% | 0.15% |
| 11 | 7 | 12 | 5 | 6 | -3 | 3 | 17 | 0 | 0 | 5 | 20 | 17 | |
| Interest | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 15 | 14 | 17 | -22 | 4 | -1 | 5 | 18 | -2 | 2 | 5 | 11 | 17 |
| Tax % | 180.64% | 20.94% | 14.59% | -24.87% | 26.39% | 22.50% | 25.70% | -260.69% | -174.84% | 182.61% | -1.26% | -30.96% | 57.04% |
| Net Profit | -12 | 11 | 15 | -28 | 3 | -1 | 3 | 64 | -4 | -2 | 5 | 14 | 7 |
| -0.10 | 0.10 | 0.13 | -0.25 | 0.03 | -0.01 | 0.03 | 0.57 | -0.04 | -0.02 | 0.04 | 0.13 | 0.07 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 5 | 5 | 16 | 15 | 15 | 21 | 30 | 37 | 43 | 429 | |
| 3 | 5 | 4 | 13 | 12 | 12 | 18 | 30 | 35 | 43 | 436 | |
| Operating Profit | 2 | 0 | 1 | 3 | 3 | 3 | 2 | 0 | 1 | 0 | -7 |
| OPM % | 35.07% | 2.51% | 25.78% | 21.40% | 20.33% | 17.13% | 11.78% | 0.50% | 3.44% | 0.26% | -1.53% |
| -26 | 7 | 4 | 5 | 7 | 7 | 6 | 4 | 2 | 3 | 42 | |
| Interest | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 8 |
| Profit before Tax | -28 | 6 | 4 | 7 | 9 | 9 | 7 | 2 | 3 | 2 | 34 |
| Tax % | -4.01% | 86.24% | 30.30% | -24.31% | 25.93% | 26.57% | 27.43% | 60.36% | -173.56% | 21.14% | 30.06% |
| Net Profit | -29 | 1 | 3 | 9 | 7 | 6 | 5 | 1 | 7 | 1 | 24 |
| EPS | -2.08 | 0.07 | 0.25 | 0.76 | 0.63 | 0.58 | 0.46 | 0.09 | 0.62 | 0.12 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 26%
- 5 Years:
- 23%
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -11%
- 5 Years:
- -28%
- 3 Years:
- -36%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 1%
- 3 Years:
- 1%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 |
| 132 | 134 | 149 | 147 | 175 | 199 | 179 | 216 | 216 | 163 | |
| 6 | 6 | 3 | 3 | 2 | 3 | 7 | 3 | 3 | 3 | |
| -0 | -3 | -4 | -6 | -4 | -1 | 13 | 29 | 25 | 1 | |
| Total Liabilities | 250 | 250 | 259 | 256 | 286 | 313 | 312 | 361 | 357 | 278 |
| 85 | 84 | 81 | 63 | 63 | 62 | 61 | 69 | 73 | 72 | |
| Capital Work in Progress | 0 | 44 | 44 | 44 | 44 | 0 | 0 | 0 | 0 | 0 |
| 62 | 63 | 79 | 73 | 93 | 149 | 180 | 232 | 234 | 169 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 8 | 6 | |
| Cash & Bank | 1 | 1 | 3 | 9 | 19 | 2 | 1 | 3 | 2 | 1 |
| 101 | 58 | 53 | 66 | 67 | 100 | 70 | 50 | 40 | 30 | |
| Total Assets | 250 | 250 | 259 | 256 | 286 | 313 | 312 | 361 | 357 | 278 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -27 | 5 | 13 | 6 | 27 | 20 | -10 | 39 | -8 | -70 | |
| Cash from Investing | 34 | -4 | -5 | 1 | -14 | -35 | 7 | -33 | 7 | 69 |
| Cash from Financing | -6 | -0 | -4 | 0 | 0 | 0 | 4 | -4 | 0 | 0 |
| 1 | -0 | 2 | 6 | 10 | -17 | -1 | 2 | -1 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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