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Mercantile Ventures Limited (MERCANTILE) · mywealthgrid

About

Mercantile Ventures Limited operates diversified commercial services within the Industrials sector. It is a small-cap company with market capitalisation of ₹274.16 Cr and quarterly revenues ranging from ₹7–10 Cr. The company participates in the Commercial Services & Supplies subsector.

Face value: ₹10

Market cap

₹257 Cr

P/E

14.7×

P/B

0.8×

Dividend yield

ROE

4.9%

ROCE

3.5%

Debt / equity

—

OPM

1.9%

EPS (TTM)

₹1.6

Book value

₹29.6

52-week high

₹31.0

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme earnings volatility: OPM ranged from -31.16% (Mar 2024) to 13.76% (Sep 2023), EPS from -₹0.25 to +₹0.13 quarterly, creating planning uncertainty.
Low returns: ROE 4.89% and overall OPM 1.88% leave minimal shock-absorption capacity against demand or cost pressures.
Small revenue base (₹7–10 Cr quarterly) implies customer/contract concentration risk; verify diversification and contract duration.
Project execution risk: margin volatility from -31% to +13% despite steady revenue suggests project quality or operational challenges; verify contract visibility and predictability.

Generated analysis · source review pending

Growth drivers

Revenue expansion: ₹6.52 Cr (Jun 2023) to ₹9.77 Cr (Mar 2025), a 50% increase; verify sustainability of this growth trajectory.
Operating margin recovery: OPM improved from -31.16% (Mar 2024) to 3.27% (Mar 2025); identify what drove this and whether operational improvements are durable.
Consecutive profitability: Dec 2024 (₹0.34 Cr) and Mar 2025 (₹6.36 Cr) both profitable after prior losses; verify if project mix improvement or cost control is sustaining.
Commercial services sector demand: verify sector growth outlook and company's competitive positioning to support continued expansion.

Generated analysis · source review pending

₹23.0-21.7%1Y

Beta

1.12

Moves with the index

Volatility (1y)

57.8%

Annualised, daily returns

RSI (14)

42.1

Neither overbought nor oversold

Rel. strength (1y)

-32.1%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Comfortable interest coverage of 66.5×
+High promoter holding of 72.8% with no pledge

Cons

−Low return on equity of 1.5% (3-yr avg)
−Thin operating margin of 1.9%

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 25
Growth: 70
Valuation: 84
Momentum

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
International Gemological Institute LimitedIGILIGIL	₹13,482 Cr	₹13,482 Cr	₹1,363 Cr	₹827 Cr	60.9%	₹610 Cr	44.5%	61.1%	49.1%	36
Wework India Management LimitedWEWORKWEWORK	₹8,931 Cr	₹9,264 Cr	₹2,589 Cr	₹1,676 Cr	64.5%	₹84 Cr	3.1%	12.4%	25%	-18
Nesco LimitedNESCONESCO	₹7,249 Cr	₹7,249 Cr	₹951 Cr	₹482 Cr	52.6%	₹417 Cr	44.3%	17%	14.7%	1
Indiabulls LimitedIBULLSLTDIBULLSLTD	₹6,856 Cr	₹7,314 Cr	₹1,101 Cr	₹417 Cr	33.2%	₹419 Cr	41.5%	—	8.9%	—
Inox Green Energy Services LimitedINOXGREENINOXGREEN	₹6,384 Cr	₹6,472 Cr	₹280 Cr	₹28 Cr	8.2%	₹121 Cr	36.8%	8.5%	5.6%	405
Leap India LimitedLEAPINDLEAPIND	₹6,036 Cr	₹7,054 Cr	₹730 Cr	₹157 Cr	21.5%	₹62 Cr	8.6%	9.5%	9.6%	-520
Smartworks Coworking Spaces LimitedSMARTWORKSSMARTWORKS	₹5,837 Cr	₹6,044 Cr	₹1,963 Cr	₹1,260 Cr	64.3%	₹28 Cr	0.6%	7.5%	2%	-102
Elevate Campuses LimitedELEVATEELEVATE	₹5,811 Cr	₹9,931 Cr	₹569 Cr	₹405 Cr	71.3%	₹174 Cr	30.6%	9.3%	21.1%	—
Nirlon LimitedNIRLONNIRLON	₹5,467 Cr	₹6,614 Cr	₹317 Cr	₹237 Cr	79.1%	₹127 Cr	34.3%	23.2%	59.8%	-56
Quess Corp LimitedQUESSQUESS	₹5,023 Cr	₹5,023 Cr	₹15,835 Cr	₹327 Cr	2%	₹253 Cr	1.5%	19.2%	19.7%	19
Indiqube Spaces LimitedINDIQUBEINDIQUBE	₹4,187 Cr	₹4,477 Cr	₹1,564 Cr	₹952 Cr	60.8%	₹-93 Cr	-7.3%	5.7%	-20.7%	-273
Sanghvi Movers LimitedSANGHVIMOVSANGHVIMOV	₹3,719 Cr	₹4,393 Cr	₹1,177 Cr	₹426 Cr	37.4%	₹199 Cr	17.2%	18%	15%	77

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	27	30	34	38	37	37	47	60	72
COGS	—	—	—	10	9	9	—	—	—
Gross profit	—	—	—	29	28	28	—	—	—
	24	29	32	25	24	26	44	60	71
Operating profit (EBITDA)	3	1	3	4	4	2	3	0	1
OPM %	9.8%	2.4%	7.4%	10.2%	11.8%	6%	7.1%	0.3%	1.9%
Depreciation	1	1	1	1	1	1	1	1	1
Interest	2	1	1	1	1	1	1	1	0
	-26	7	4	6	7	16	8	16	13
Profit before tax	-26	—	—	8	9	16	—	—	—
Tax	1	5	2	-3	3	5	2	1	-3
Tax %	5.4%	—	—	-35.4%	31.7%	30.2%	—	—	—
	-28	1	4	11	6	11	7	-8	16
PAT margin %	-102.9%	3.8%	10.8%	29.7%	17.1%	31%	14.3%	-12.6%	22.5%
EPS (₹)	-2	0.1	0.3	1.4	0.7	0.6	0.5	-0.6	1.6
EPS adjusted (₹)	-2	0.7	1.6	1	0.6	1	0.6	-0.7	1.5
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	113	112	112	112	112	112	112	112	112	112
Reserves	157	158	142	160	159	191	226	199	221	219
Minority interest	—	—	—	—	—	—	—	—	15	13
	9	10	—	—	0	0	0	4	—	—
	21	19	17	12	17	18	22	25	49	46
Total equity & liabilities	301	299	271	284	288	321	360	340	397	391
	—	87	85	81	76	75	74	73	—	—
CWIP	—	44	44	44	44	44	0	—	—	—
Investments	46	62	66	81	77	99	152	177	—	—
	254	106	76	78	91	104	135	90	397	391
Total assets	301	299	271	284	288	321	360	340	397	391

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	74.8%	75.9%	76.3%	—	—	—
EBITDA margin %	2.4%	7.4%	10.2%	11.8%	6%	7.1%	0.3%	1.9%
EBIT margin %	-1.5%	4.3%	7.6%	9.1%	3.3%	5%	-1.4%	0.6%
PAT margin %	3.8%	10.8%	29.7%	17.1%	31%	14.3%	-12.6%	22.5%
Working capital
Receivable days	70	73	83	74	81	74	—	—
Inventory days	0	0	0	0	0	0	0	0
Payable days	5	2	19	9	20	0	3	2
NWC days	64	71	64	66	61	74	—	—
Leverage
Current ratio	6.49	7.41	5.64	5.7	8.3	5.17	9.4	3.79
Debt to EBITDA	—	—	0	0	0	1.2	—	—
Debt to equity	—	—	0	0	0	0.01	—	—
Interest coverage	10.7	11.1	9.9	10.5	16.2	8.6	3.6	66.5
Asset turnover	0.11	0.12	0.13	0.12	0.1	0.14	0.15	0.18
Return ratios
Return on assets %	0.4%	1.3%	3.9%	2%	3.2%	2%	-1.9%	4.2%
Return on capital employed %	2.5%	2.2%	3.4%	3.6%	5.4%	2.7%	1.4%	3.5%
Return on equity %	0.4%	1.4%	4.2%	2.1%	3.4%	2.2%	-2.3%	4.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%	72.75%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%	27.25%
No. of shareholders	—	—	—	—	—	—	—	—	50,668	50,562	50,488	50,547

Promoter holding up 0 percentage points since Sep 2023.

Mr. B NarendranNon-Executive - Independent Director
Mr. E N RangaswamiExecutive Director
Mr. Govindarajan Dattatreyan SharmaNon-Executive - Independent Director
Mr. K GopalakrishnanNon-Executive - Non Independent Director
Mrs. Rita ChandrasekarNon-Executive - Independent Director
Mr. N UmasankarExecutive Director
Oberoi Jangit MCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Mercantile Ventures Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

84 announcementsExport CSV

30 Sept 2026, 2:20 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Date	Category	Subject	Filing
30 Sept 2026, 2:20 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
31 Aug 2026, 12:42 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
29 Aug 2026, 5:00 pm	AGM/EGM AGM	25Th Annual General Meeting	PDF
29 Aug 2026, 4:41 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
28 Aug 2026, 11:21 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
22 Aug 2026, 1:16 pm	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement	PDF
15 Aug 2026, 4:27 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 5:06 pm	Company Update General	25Th Annual General Meeting (AGM) Of The Company.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2024	Mar 2025
	-19	39	-9	23	-6	39	-33
	17	-32	17	-13	-10	17	-18
Cash from financing	-2	-5	0	0	0	-5	0
Net cash flow	—	—	8	10	-16	—	—
Free cash flow	—	—	-13	23	-6	—	—
CFO / Operating profit %	—	—	-238.7%	515.2%	-277.8%	—	—

Mercantile Ventures Limited

Mercantile Ventures Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

1

Announcements

No fund holdings on record

Not in the F&O segment

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Mercantile Ventures Limited

Mercantile Ventures Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Announcements

No fund holdings on record

Not in the F&O segment

Board meetings1

Ratio timeline

Quarterly record

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

1

1