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Rotographics (India) Ltd

RGIL

BSE

₹50.200.00%19 Oct 2026

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Trading

Rotographics (India) Ltd

RGIL

BSE

₹50.20

0.00%

19 Oct 2026

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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.

Rotographics (India) Limited is a nearly five-decade-old Indian trading house that is currently attempting to reinvent itself from a commission agent into an industrial company. Incorporated in 1976, it spent most of its life as a low-inventory intermediary matching buyers and sellers of paper, steel, and fabric, earning fees rather than trading on its own book. That model is now being deliberately dismantled: the company has rewritten its constitutional objects to enter manufacturing, mining, and the green-energy supply chain, and it has begun buying and selling goods directly - a pivot executed under its third controlling shareholder in three years.

Business segments

A single trading engine in the middle of a deliberate transformation - the legacy commission-agency model is being replaced by direct trading in industrial commodities, while a newly authorised diversification into metals, mining, and battery materials exists only on paper, with no operating assets yet.

1. Industrial commodity trading: the only operating engine

What began as a pure commission agency has morphed into a direct-merchant model - the company now buys and sells goods itself, but still carries no manufacturing capability and no physical infrastructure of note.

From agent to merchant - for decades the company earned only commission income by facilitating transactions, holding zero stock-in-trade and recognising revenue only when goods passed to the buyer. By FY26, it had shifted to purchasing stock-in-trade directly, recording purchases of roughly ₹40 crore, which means it now takes title to goods and bears inventory risk for the first time.
A paper-thin asset base - the business runs on minimal fixed assets: plant and machinery, computers, office equipment, and furniture, with net carrying amounts that were modest and saw no additions for several years. It owns no immovable property, no factories, and no warehouses.
Perennially short of fuel - management has repeatedly flagged a shortage of working capital and a tight liquidity position as the binding constraint on enlarging the business and hiring skilled people, a risk that has persisted across multiple annual reports.
Trained in-house, kept lean - the company deliberately hires non-experienced staff and trains them internally, a cost-conscious approach it describes as a way to save on expenses and build engagement, though it also limits the depth of specialist expertise available.

2. Diversification into metals, minerals, and green materials: an authorised ambition with no operations

The company has amended its charter to enter manufacturing, mining, and the battery supply chain, but as of its latest filings it has no operating assets, no subsidiaries, and no immovable property to execute this plan.

Permission, not production - the object clause now authorises the company to manufacture and trade non-ferrous metals, alloys, oxides, and chemicals; to process raw materials for batteries, electric bulbs, glass, rubber, ceramics, and paint; and to conduct technological research and know-how transfers. None of these activities have yet generated revenue.
A mining licence on paper - the amended objects permit surveys, exploration, prospecting, and beneficiation of lead, zinc, aluminium, copper, tin, and other minerals, and allow the company to act as mine owner, quarry operator, or concessionaire. It holds no mining leases or mineral rights as of the latest disclosures.
Gems and jewellery, from rough to retail - the charter also covers manufacturing, cutting, polishing, grading, and trading precious and semi-precious stones, gems, and jewellery, targeting export markets. No operational gem-processing facility exists.
Building a team for a business that does not yet exist - the company says it is recruiting technical, mining, metallurgy, and chemical-industry professionals and running training programs aligned with these new verticals, while updating internal controls for risks it has not yet encountered. This is capacity-building ahead of any operating activity.
No structural vehicle to carry the load - the company has no subsidiaries, joint ventures, or associates through which to ring-fence or fund these capital-intensive ventures, meaning every new initiative must sit on the balance sheet of the listed entity itself.

Group structure and partners

The company has changed hands twice in three years and now operates under its third promoter, with no subsidiary or joint-venture structure to support its ambitious diversification.

Two complete ownership changes since 2023 - the original promoter group sold its entire 51.1% stake to Ashok Kumar Singhal in February 2023 for ₹2.58 crore. In January 2025, Singhal sold his entire holding to Shrey Gupta for ₹2.76 crore, alongside a preferential allotment of 95.5 lakh new shares at ₹11 each that raised a further ₹10.51 crore and gave Gupta a 54.29% post-issue stake.
A standalone entity with no affiliates - the company has no subsidiaries, joint ventures, or associates, and is not required to prepare consolidated financial statements, so every new business line must be built directly on its own books.
Governance scaffolding in place - the company maintains a whistle-blower policy, periodic internal audits, and a board that as of mid-2026 included Shrey Gupta as Managing Director and a newly appointed CFO, Raj Ratan Pugalia.

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

₹330Cr

Close Price

₹50.20

Industry

Trading

Price To Earnings

295.29

Price To Sales

7.31

Revenue

₹45Cr

Rev Gr TTM

Revenue Growth TTM

301.60%

PAT Gr TTM

PAT Growth TTM

239.39%

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	0	0	0	0	0	0	1	10	12	10	8	14
Growth YoY Revenue Growth YoY%			-100.0	-100.0							943.2	37.7
Expenses ExpensesCr	0	0	0	0	0	0	1	10	12	10	9	14
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%							27.2	0.3	1.7	-0.3	-3.7	1.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	1	0	0	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	-100.0	-100.0	-175.0	-200.0	-100.0	100.0	666.7	2,100.0	1,025.0		-52.9	125.0
NPM NPM%							21.0	1.9	3.0	2.2	0.9	3.1
EPS EPS₹	0.0	0.0	-0.1	0.0	0.0	0.0	0.7	0.0	0.1	0.0	0.0	0.1

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	0	0	0	0	0	0	1	10	12	10	8	14
Growth YoY Revenue Growth YoY%			-100.0	-100.0							943.2	37.7
Expenses ExpensesCr	0	0	0	0	0	0	1	10	12	10	9	14
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%							27.2	0.3	1.7	-0.3	-3.7	1.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	1	0	0	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	-100.0	-100.0	-175.0	-200.0	-100.0	100.0	666.7	2,100.0	1,025.0		-52.9	125.0
NPM NPM%							21.0	1.9	3.0	2.2	0.9	3.1
EPS EPS₹	0.0	0.0	-0.1	0.0	0.0	0.0	0.7	0.0	0.1	0.0	0.0	0.1

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	1	1	0	0	0	0	0	0	0	1	41	45
Growth Revenue Growth%	32.7	20.6	-82.4	-31.7	1.2	1.8	0.7	-23.4	232.6	111.2	5,005.5	301.6
Expenses ExpensesCr	1	1	0	0	0	0	0	0	1	1	41	45
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%	1.7	-0.6	12.5	1.3	13.3	9.9	3.0	-61.0	-31.2	16.6	-0.2	0.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	1	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	1	2
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	1	1
Growth PAT Growth%	-22.9	33.0	64.5	-10.2	0.9	9.1	-28.5	44.6	-491.6	287.3	672.3	239.4
NPM NPM%	0.7	0.8	7.2	9.4	9.4	10.1	7.2	13.5	-15.9	14.1	2.1	2.5
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	0.3	0.1	0.2

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	1	1	0	0	0	0	0	0	0	1	41	45
Growth Revenue Growth%	32.7	20.6	-82.4	-31.7	1.2	1.8	0.7	-23.4	232.6	111.2	5,005.5	301.6
Expenses ExpensesCr	1	1	0	0	0	0	0	0	1	1	41	45
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	0	0
OPM OPM%	1.7	-0.6	12.5	1.3	13.3	9.9	3.0	-61.0	-31.2	16.6	-0.2	0.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	1	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	1	2
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	1	1
Growth PAT Growth%	-22.9	33.0	64.5	-10.2	0.9	9.1	-28.5	44.6	-491.6	287.3	672.3	239.4
NPM NPM%	0.7	0.8	7.2	9.4	9.4	10.1	7.2	13.5	-15.9	14.1	2.1	2.5
EPS EPS₹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	0.3	0.1	0.2

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	4	4	4	4	4	4	4	4	4	4	13
Reserves ReservesCr	0	0	0	0	0	0	0	0	0	0	2
Current Liabilities Current LiabilitiesCr	0	1	0	0	0	0	0	0	0	1	1
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	4	5	4	4	4	4	4	4	4	5	17
Current Assets Current AssetsCr	4	1	0	0	0	0	0	0	0	1	1
Non Current Assets Non Current AssetsCr	0	4	3	3	3	3	3	3	4	4	16
Total Assets Total AssetsCr	4	5	4	4	4	4	4	4	4	5	17

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	4	4	4	4	4	4	4	4	4	4	13
Reserves ReservesCr	0	0	0	0	0	0	0	0	0	0	2
Current Liabilities Current LiabilitiesCr	0	1	0	0	0	0	0	0	0	1	1
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	4	5	4	4	4	4	4	4	4	5	17
Current Assets Current AssetsCr	4	1	0	0	0	0	0	0	0	1	1
Non Current Assets Non Current AssetsCr	0	4	3	3	3	3	3	3	4	4	16
Total Assets Total AssetsCr	4	5	4	4	4	4	4	4	4	5	17

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	0	0	0	0	0	0	0	0	0	1	0
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	-12
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	11
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	1	-1
Free Cash Flow Free Cash FlowCr	0	0	0	0	0	0	0	0	0	1	0
CFO To PAT CFO To PAT%	-2,025.1	3,319.9	-173.2	-20.9	198.1	-526.1	-300.5	285.2	66.7	465.4	44.5
CFO To EBITDA CFO To EBITDA%	-818.9	-4,213.8	-99.1	-149.6	139.4	-534.4	-716.4	-63.0	34.0	395.5	-405.8

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	0	0	0	0	0	0	0	0	0	1	0
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	-12
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	11
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	1	-1
Free Cash Flow Free Cash FlowCr	0	0	0	0	0	0	0	0	0	1	0
CFO To PAT CFO To PAT%	-2,025.1	3,319.9	-173.2	-20.9	198.1	-526.1	-300.5	285.2	66.7	465.4	44.5
CFO To EBITDA CFO To EBITDA%	-818.9	-4,213.8	-99.1	-149.6	139.4	-534.4	-716.4	-63.0	34.0	395.5	-405.8

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		4			5	4	8	10			170	330
Price To Earnings Price To Earnings		334.3			325.0	304.0	695.0	725.8			192.5	295.3
Price To Sales Price To Sales		3.0			31.2	29.2	50.1	95.0			4.1	7.3
Price To Book Price To Book		1.0			1.3	1.2	2.1	2.9			11.3	21.9
EV To EBITDA EV To EBITDA		-503.6			238.0	295.4	1,666.3	-147.8			-1,768.8	11,020.2
Profitability Ratios Profitability Ratios
GPM GPM%	12.7	14.1	82.3	100.0	95.9	100.0	100.0	100.0	12.8	35.9	1.5	1.5
OPM OPM%	1.7	-0.6	12.5	1.3	13.3	9.9	3.0	-61.0	-31.2	16.6	-0.2	0.1
NPM NPM%	0.7	0.8	7.2	9.4	9.4	10.1	7.2	13.5	-15.9	14.1	2.1	2.5
ROCE ROCE%	0.3	0.4	0.6	0.5	0.5	0.6	0.5	0.6	-1.9	4.5	7.7	7.7
ROE ROE%	0.2	0.3	0.4	0.4	0.4	0.4	0.3	0.4	-1.7	3.1	5.8	5.8
ROA ROA%	0.2	0.2	0.4	0.4	0.4	0.4	0.3	0.4	-1.7	2.4	5.2	5.2
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		4			5	4	8	10			170	330
Price To Earnings Price To Earnings		334.3			325.0	304.0	695.0	725.8			192.5	295.3
Price To Sales Price To Sales		3.0			31.2	29.2	50.1	95.0			4.1	7.3
Price To Book Price To Book		1.0			1.3	1.2	2.1	2.9			11.3	21.9
EV To EBITDA EV To EBITDA		-503.6			238.0	295.4	1,666.3	-147.8			-1,768.8	11,020.2
Profitability Ratios Profitability Ratios
GPM GPM%	12.7	14.1	82.3	100.0	95.9	100.0	100.0	100.0	12.8	35.9	1.5	1.5
OPM OPM%	1.7	-0.6	12.5	1.3	13.3	9.9	3.0	-61.0	-31.2	16.6	-0.2	0.1
NPM NPM%	0.7	0.8	7.2	9.4	9.4	10.1	7.2	13.5	-15.9	14.1	2.1	2.5
ROCE ROCE%	0.3	0.4	0.6	0.5	0.5	0.6	0.5	0.6	-1.9	4.5	7.7	7.7
ROE ROE%	0.2	0.3	0.4	0.4	0.4	0.4	0.3	0.4	-1.7	3.1	5.8	5.8
ROA ROA%	0.2	0.2	0.4	0.4	0.4	0.4	0.3	0.4	-1.7	2.4	5.2	5.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	QMSMEDI	LOGICA	GRETEX	RGIL	PIPAN	STARLENT	SWISSMLTRY
Market CapitalizationMkt CapCr	336	334	332	330	323	319	315
Close PriceClose₹	174.00	187.50	214.00	50.20	184.25	7.41	13.35
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	29.15	23.53	94.69	295.29		123.50	44.50
Price To SalesPS	1.84	0.25	5.95	7.31		3.03	1.22
RevenueRevenueCr	183	1,316	56	45	0	105	258
Revenue Growth TTMRev Gr TTM%	6.5%	18.4%		301.6%		53.0%	13.4%
PAT Growth TTMPAT Gr TTM%	-12.9%	34.9%		239.4%	-1,342.1%	-87.0%	-22.1%

	QMSMEDI	LOGICA	GRETEX	RGIL	PIPAN	STARLENT	SWISSMLTRY
Market CapitalizationMkt CapCr	336	334	332	330	323	319	315
Close PriceClose₹	174.00	187.50	214.00	50.20	184.25	7.41	13.35
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	29.15	23.53	94.69	295.29		123.50	44.50
Price To SalesPS	1.84	0.25	5.95	7.31		3.03	1.22
RevenueRevenueCr	183	1,316	56	45	0	105	258
Revenue Growth TTMRev Gr TTM%	6.5%	18.4%		301.6%		53.0%	13.4%
PAT Growth TTMPAT Gr TTM%	-12.9%	34.9%		239.4%	-1,342.1%	-87.0%	-22.1%

FY2026

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Jun 26