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Ekansh Concepts Ltd

EKANSH

BSE

₹179.15-0.33%19 Oct 2026

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Miscellaneous

Ekansh Concepts Ltd

EKANSH

BSE

₹179.15

-0.33%

19 Oct 2026

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Miscellaneous

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Ekansh Concepts is an infrastructure brain-for-hire that steps in where India’s government and its public-sector companies lack the in-house muscle to plan and deliver roads, housing, water systems and urban upgrades - essentially, it sells the expertise to turn public budgets into built projects. The company began life in 1992 as a water-and-minerals trading firm, then cycled through several names and pivots before landing on its current identity in mid-2022, and in a rare structural move it reclassified two promoter group entities to public category in 2021. The recurring approach is simple: it wins fixed-fee or variable-consideration contracts from government bodies, does the thinking and the supervision, and keeps its own balance sheet light - no factories, no inventory, just people, credentials and a disciplined eye on costs.

Business segments

Three engines that are really one - consulting, construction supervision and a small software sideline - all feeding off the same government-client relationships and the same project pipeline, with the consulting core doing the heavy lifting.

1. Infrastructure consulting: the paid brain behind public works

The company earns fees for telling the government what to build, how to build it, and whether the builder is doing it right - pure expertise, no concrete poured.

Paid for plans, not products - it prepares Detailed Project Reports (DPRs) and feasibility studies that give a public authority the blueprint and budget for, say, a new water-supply scheme or a stretch of highway, so the client can take the project to tender with confidence.
The watchdog that signs the cheques - acting as an Independent Engineer or Project Management Consultant (PMC), it supervises contractors on site, certifies their work and effectively controls the release of payments, which makes it indispensable to the government client.
A narrow geography, deliberately - its track record is concentrated in Maharashtra, Madhya Pradesh, Odisha, Chhattisgarh and Jharkhand, which means it competes on local relationships and state-level procurement knowledge rather than spreading itself thin nationally.
No inventory, no energy bill - the business carries zero stock and its operations are not energy-intensive, so its cost base is almost entirely people and office overheads, making it a high-variable-cost model that can flex with the order book.

2. Engineering and construction (EPC): the hands that build what the brain designed

When the consulting arm designs a project, the EPC arm can step in to actually build it - turning the same government relationship into a larger, stickier contract.

One contract, two roles - EPC revenue comes from the same Ind AS 115 contract framework as the consulting business, meaning the company can bundle design and construction into a single promise to the client, which simplifies procurement for the government and deepens the company’s hold on a project.
The balance sheet does the heavy lifting - unlike the consulting business, EPC requires the company to carry loans, trade payables and receivables, so it manages credit risk through individual client limits and a provision matrix built on historical experience.

3. Software and outsourced services: the digital add-on

A small but distinct stream that sells IT chores - bulk emails, bulk SMS, data processing and social-media management - to clients who likely already know the company from its infrastructure work.

Born from a clause change - the company altered its main object clause to include IT and outsourced services, which means this is a deliberate bolt-on rather than an accidental by-product, giving it a legal mandate to chase digital-services contracts.
Same client logic, different deliverable - the offering covers digital marketing, bulk messaging and data processing, all services that a government department or PSU might buy from the same vendor that already handles its project management, reducing the client’s vendor count and increasing the company’s share of wallet.

Group structure and partners

The company once had a real-estate subsidiary and now holds a joint venture, but today it operates with no subsidiaries at all - a lean, single-entity structure.

The subsidiary that was sold - it owned Choice Realty Private Limited, a development and construction firm acquired in July 2011, but disposed of the entire stake in February 2024 for Rs. 21 lakh, so the real-estate engine is no longer part of the group.
The joint venture that remains - Ekansh Concepts Ltd JV Ekansh Futuristic Transindia Development Pvt Ltd was formed or acquired in July 2022, and it sits on the books as an associate, giving the company a shared-interest vehicle for projects it may not want to pursue alone.
India-only, no crypto - all operations are carried out within India, and the company has explicitly confirmed it has never traded or invested in cryptocurrency or virtual currency, so its risk map is purely domestic and conventional.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹268Cr

Close Price

₹177.25

Industry

Miscellaneous

Price To Earnings

—

Price To Sales

10.65

Revenue

₹25Cr

Rev Gr TTM

Revenue Growth TTM

-32.07%

PAT Gr TTM

PAT Growth TTM

-264.71%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	9	24	9	18	5	8	7	15	2	3	5
Growth YoY Revenue Growth YoY%	-39.9	58.3	-41.9	74.0	211.9	-46.2	-67.7	-24.9	-15.8	-64.3	-55.3	-26.0
Expenses ExpensesCr	6	17	19	7	19	7	6	6	13	5	6	4
Operating Profit Operating ProfitCr	-1	-8	5	2	-1	-2	2	1	2	-3	-3	1
OPM OPM%	-9.8	-87.7	19.3	17.2	-6.8	-43.6	25.1	16.1	15.0	-177.3	-77.1	29.1
Other Income Other IncomeCr	3	1	2	1	5	1	1	0	0	1	3	1
Interest Expense Interest ExpenseCr	2	2	2	1	2	1	1	1	1	1	2	2
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	-8	4	1	2	-2	2	1	2	-4	-2	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	-1	0	0
PAT PATCr	0	-9	5	1	2	-2	2	1	1	-3	-2	0
Growth YoY PAT Growth YoY%	-60.0	-696.5	0.2	121.7	297.7	76.4	-64.2	29.4	-24.6	-56.9	-209.6	-47.0
NPM NPM%	7.7	-96.5	19.8	5.7	9.8	-42.3	22.0	9.7	8.8	-186.1	-53.8	7.0
EPS EPS₹	0.3	-5.7	3.1	0.3	1.2	-1.4	1.1	0.5	0.8	-2.2	-1.1	0.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	9	24	9	18	5	8	7	15	2	3	5
Growth YoY Revenue Growth YoY%	-39.9	58.3	-41.9	74.0	211.9	-46.2	-67.7	-24.9	-15.8	-64.3	-55.3	-26.0
Expenses ExpensesCr	6	17	19	7	19	7	6	6	13	5	6	4
Operating Profit Operating ProfitCr	-1	-8	5	2	-1	-2	2	1	2	-3	-3	1
OPM OPM%	-9.8	-87.7	19.3	17.2	-6.8	-43.6	25.1	16.1	15.0	-177.3	-77.1	29.1
Other Income Other IncomeCr	3	1	2	1	5	1	1	0	0	1	3	1
Interest Expense Interest ExpenseCr	2	2	2	1	2	1	1	1	1	1	2	2
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	1	-8	4	1	2	-2	2	1	2	-4	-2	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	-1	0	0
PAT PATCr	0	-9	5	1	2	-2	2	1	1	-3	-2	0
Growth YoY PAT Growth YoY%	-60.0	-696.5	0.2	121.7	297.7	76.4	-64.2	29.4	-24.6	-56.9	-209.6	-47.0
NPM NPM%	7.7	-96.5	19.8	5.7	9.8	-42.3	22.0	9.7	8.8	-186.1	-53.8	7.0
EPS EPS₹	0.3	-5.7	3.1	0.3	1.2	-1.4	1.1	0.5	0.8	-2.2	-1.1	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	19	13	20	10	54	52	50	67	43	39	27	25
Growth Revenue Growth%	-57.4	-32.3	53.7	-47.4	417.6	-4.5	-3.5	35.0	-35.5	-9.4	-31.5	-32.1
Expenses ExpensesCr	20	13	21	20	57	50	55	60	47	39	29	27
Operating Profit Operating ProfitCr	-1	0	-2	-9	-3	2	-5	7	-3	0	-2	-2
OPM OPM%	-6.4	1.0	-8.0	-90.4	-5.7	3.3	-10.2	10.9	-7.6	0.4	-8.7	-7.7
Other Income Other IncomeCr	2	2	3	3	2	13	19	9	8	7	4	5
Interest Expense Interest ExpenseCr	0	0	0	1	3	6	5	6	7	4	4	5
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	1	1
PBT PBTCr	1	2	1	-8	-5	8	9	10	-3	2	-3	-4
Tax TaxCr	0	1	0	-2	2	0	1	3	0	1	0	0
PAT PATCr	0	1	1	-6	-7	7	7	7	-3	2	-3	-3
Growth PAT Growth%	-58.9	163.2	-5.2	-673.1	-10.9	211.5	-0.5	1.2	-144.2	156.9	-261.5	-264.7
NPM NPM%	2.2	8.6	5.3	-57.5	-12.3	14.4	14.8	11.1	-7.6	4.8	-11.3	-13.3
EPS EPS₹	0.3	0.7	0.7	-4.0	-4.4	4.9	4.6	5.0	-2.2	1.3	-2.0	-2.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	19	13	20	10	54	52	50	67	43	39	27	25
Growth Revenue Growth%	-57.4	-32.3	53.7	-47.4	417.6	-4.5	-3.5	35.0	-35.5	-9.4	-31.5	-32.1
Expenses ExpensesCr	20	13	21	20	57	50	55	60	47	39	29	27
Operating Profit Operating ProfitCr	-1	0	-2	-9	-3	2	-5	7	-3	0	-2	-2
OPM OPM%	-6.4	1.0	-8.0	-90.4	-5.7	3.3	-10.2	10.9	-7.6	0.4	-8.7	-7.7
Other Income Other IncomeCr	2	2	3	3	2	13	19	9	8	7	4	5
Interest Expense Interest ExpenseCr	0	0	0	1	3	6	5	6	7	4	4	5
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	1	1
PBT PBTCr	1	2	1	-8	-5	8	9	10	-3	2	-3	-4
Tax TaxCr	0	1	0	-2	2	0	1	3	0	1	0	0
PAT PATCr	0	1	1	-6	-7	7	7	7	-3	2	-3	-3
Growth PAT Growth%	-58.9	163.2	-5.2	-673.1	-10.9	211.5	-0.5	1.2	-144.2	156.9	-261.5	-264.7
NPM NPM%	2.2	8.6	5.3	-57.5	-12.3	14.4	14.8	11.1	-7.6	4.8	-11.3	-13.3
EPS EPS₹	0.3	0.7	0.7	-4.0	-4.4	4.9	4.6	5.0	-2.2	1.3	-2.0	-2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	15	15
Reserves ReservesCr	24	23	24	14	1	10	17	20	31	33	30
Current Liabilities Current LiabilitiesCr	78	50	54	14	33	86	146	75	67	17	68
Non Current Liabilities Non Current LiabilitiesCr	2	1	3	26	20	21	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	119	89	96	70	70	131	178	111	113	66	115
Current Assets Current AssetsCr	81	58	60	41	43	65	88	57	82	47	93
Non Current Assets Non Current AssetsCr	37	31	36	29	27	66	90	54	31	19	21
Total Assets Total AssetsCr	119	89	96	70	70	131	178	111	113	66	115

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	15	15
Reserves ReservesCr	24	23	24	14	1	10	17	20	31	33	30
Current Liabilities Current LiabilitiesCr	78	50	54	14	33	86	146	75	67	17	68
Non Current Liabilities Non Current LiabilitiesCr	2	1	3	26	20	21	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	119	89	96	70	70	131	178	111	113	66	115
Current Assets Current AssetsCr	81	58	60	41	43	65	88	57	82	47	93
Non Current Assets Non Current AssetsCr	37	31	36	29	27	66	90	54	31	19	21
Total Assets Total AssetsCr	119	89	96	70	70	131	178	111	113	66	115

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-188	0	19	-20	18	31	6	-44	-37	25	-13
Investing Cash Flow Investing Cash FlowCr	189	1	-20	-2	-9	-26	-7	39	37	19	3
Financing Cash Flow Financing Cash FlowCr	-1	0	3	22	-8	-6	0	6	3	-47	9
Net Cash Flow Net Cash FlowCr	0	0	2	0	1	-1	0	1	4	-3	-1
Free Cash Flow Free Cash FlowCr	-189	0	18	-21	18	31	6	-44	-37	25	-13
CFO To PAT CFO To PAT%	-44,661.8	-43.1	1,853.0	331.8	-264.4	418.9	87.6	-587.5	1,117.1	1,327.5	438.3
CFO To EBITDA CFO To EBITDA%	15,450.7	-355.8	-1,222.6	211.0	-570.8	1,816.4	-127.2	-601.2	1,120.6	17,520.6	572.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-188	0	19	-20	18	31	6	-44	-37	25	-13
Investing Cash Flow Investing Cash FlowCr	189	1	-20	-2	-9	-26	-7	39	37	19	3
Financing Cash Flow Financing Cash FlowCr	-1	0	3	22	-8	-6	0	6	3	-47	9
Net Cash Flow Net Cash FlowCr	0	0	2	0	1	-1	0	1	4	-3	-1
Free Cash Flow Free Cash FlowCr	-189	0	18	-21	18	31	6	-44	-37	25	-13
CFO To PAT CFO To PAT%	-44,661.8	-43.1	1,853.0	331.8	-264.4	418.9	87.6	-587.5	1,117.1	1,327.5	438.3
CFO To EBITDA CFO To EBITDA%	15,450.7	-355.8	-1,222.6	211.0	-570.8	1,816.4	-127.2	-601.2	1,120.6	17,520.6	572.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	17	26	35	29	21	54	38	100	82	156	241	268
Price To Earnings Price To Earnings	39.3	23.4	33.3			7.2	5.1	13.4		81.2
Price To Sales Price To Sales	0.9	2.0	1.8	2.8	0.4	1.0	0.8	1.5	1.9	4.0	8.9	10.7
Price To Book Price To Book	0.4	0.7	0.9	1.0	1.3	2.1	1.2	2.8	1.8	3.2	5.3	5.9
EV To EBITDA EV To EBITDA	-13.8	189.5	-22.2	-5.6	-12.2	45.5	-13.6	19.5	-39.6	1,158.7	-114.3	-152.7
Profitability Ratios Profitability Ratios
GPM GPM%	16.4	19.4	23.5	9.0	37.7	23.5	12.9	22.6	49.3	52.9	52.6	52.6
OPM OPM%	-6.4	1.0	-8.0	-90.4	-5.7	3.3	-10.2	10.9	-7.6	0.4	-8.7	-7.7
NPM NPM%	2.2	8.6	5.3	-57.5	-12.3	14.4	14.8	11.1	-7.6	4.8	-11.3	-13.3
ROCE ROCE%	2.0	4.6	3.5	-11.8	-4.5	27.6	20.8	19.9	4.2	11.6	1.4	1.4
ROE ROE%	1.1	2.9	2.7	-20.4	-40.5	29.4	22.9	21.1	-7.2	3.9	-6.7	-6.7
ROA ROA%	0.3	1.2	1.1	-8.6	-9.6	5.7	4.2	6.8	-2.9	2.9	-2.7	-2.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	17	26	35	29	21	54	38	100	82	156	241	268
Price To Earnings Price To Earnings	39.3	23.4	33.3			7.2	5.1	13.4		81.2
Price To Sales Price To Sales	0.9	2.0	1.8	2.8	0.4	1.0	0.8	1.5	1.9	4.0	8.9	10.7
Price To Book Price To Book	0.4	0.7	0.9	1.0	1.3	2.1	1.2	2.8	1.8	3.2	5.3	5.9
EV To EBITDA EV To EBITDA	-13.8	189.5	-22.2	-5.6	-12.2	45.5	-13.6	19.5	-39.6	1,158.7	-114.3	-152.7
Profitability Ratios Profitability Ratios
GPM GPM%	16.4	19.4	23.5	9.0	37.7	23.5	12.9	22.6	49.3	52.9	52.6	52.6
OPM OPM%	-6.4	1.0	-8.0	-90.4	-5.7	3.3	-10.2	10.9	-7.6	0.4	-8.7	-7.7
NPM NPM%	2.2	8.6	5.3	-57.5	-12.3	14.4	14.8	11.1	-7.6	4.8	-11.3	-13.3
ROCE ROCE%	2.0	4.6	3.5	-11.8	-4.5	27.6	20.8	19.9	4.2	11.6	1.4	1.4
ROE ROE%	1.1	2.9	2.7	-20.4	-40.5	29.4	22.9	21.1	-7.2	3.9	-6.7	-6.7
ROA ROA%	0.3	1.2	1.1	-8.6	-9.6	5.7	4.2	6.8	-2.9	2.9	-2.7	-2.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ARIHANTACA	EFACTOR	MARC	EKANSH	MERCANTILE	UVDRHOR	ITHL
Market CapitalizationMkt CapCr	279	270	268	268	243	222	221
Close PriceClose₹	230.00	205.30	154.95	177.25	21.68	32.15	276.00
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	15.14	13.70	51.48		36.13	41.75	13.50
Price To SalesPS	4.12	1.41	3.85	10.65	2.55	6.94	0.96
RevenueRevenueCr	68	191	70	25	95	32	230
Revenue Growth TTMRev Gr TTM%		11.6%	45.7%	-32.1%	24.5%		-2.1%
PAT Growth TTMPAT Gr TTM%		-2.4%	39.5%	-264.7%	-59.0%		-37.8%

	ARIHANTACA	EFACTOR	MARC	EKANSH	MERCANTILE	UVDRHOR	ITHL
Market CapitalizationMkt CapCr	279	270	268	268	243	222	221
Close PriceClose₹	230.00	205.30	154.95	177.25	21.68	32.15	276.00
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	15.14	13.70	51.48		36.13	41.75	13.50
Price To SalesPS	4.12	1.41	3.85	10.65	2.55	6.94	0.96
RevenueRevenueCr	68	191	70	25	95	32	230
Revenue Growth TTMRev Gr TTM%		11.6%	45.7%	-32.1%	24.5%		-2.1%
PAT Growth TTMPAT Gr TTM%		-2.4%	39.5%	-264.7%	-59.0%		-37.8%

FY2026

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FY2024

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FY2022

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FY2026

Jun 26