Sai Capital’s consolidated profit is a paper entry: it depends entirely on non-operating other income while the business itself has burned ₹97 crore of cash over eight years. The standalone entity has been under a going-concern warning for six straight years, the promoter holds 73.72% of the shares, and a subsidiary with net worth of ₹11.95 crore has guaranteed ₹40 crore for a sister entity with nil turnover.
Key findings
- Profit is entirely non-operating income, while operating cash flow is deeply negative
Major- Other income of ₹23.87 crore made up 130.7% of consolidated profit before tax of ₹18.27 crore in FY26. Cumulative operating cash flow over the eight-year window is negative ₹97 crore against cumulative EBITDA of ₹12 crore, a ratio of -7.92 times. The standalone entity lost ₹0.68 crore in FY26, meaning 105% of consolidated profit sat at subsidiaries. - A subsidiary guarantees ₹40 crore for a sister entity with nil turnover
Major- Butterfly Ayurveda Private Limited, a material subsidiary with net worth of ₹11.95 crore and turnover of ₹53.11 lakh, provided a ₹40 crore corporate guarantee in December 2025 for Health Care Energy Foods Private Limited, which had nil turnover and negative operating cash flows of ₹61.42 crore in FY2024-25. The guarantee represents 4,707.33% of the listed entity's annual consolidated turnover and of BAPL's own standalone turnover. Mr. Ankur Rawat, Non-Executive Director & CFO, also provided a personal guarantee of ₹40 crore for HCEFPL's credit facilities despite a disclosed net worth of ₹50 lakh. - Chairman holds 1,38,600 shares; no director remuneration in FY2025-26
Major- Dr. Niraj Kumar Singh held 1,38,600 equity shares as Chairman and Managing Director as on March 31, 2026. The board has comprised only four directors across FY2021-FY2026, including Mr. Ankur Rawat, who serves as both Non-Executive Director and CFO. No remuneration was paid to any director by Sai Capital Ltd during the year under review (FY2025-26). - Subsidiary disclosures are contradictory
Minor- The standalone financial statements for FY26 state “the company does not have any subsidiary company” while the same filing confirms it is the holding company of Health Care Energy Foods Pvt. Ltd. with step-down subsidiaries. - A subsidiary faces a commercial suit from Barista Coffee, while two large property advances were largely recovered
Minor- Barista Coffee Company Ltd. filed a commercial suit against Butterfly Ayurveda for recovery of ₹12.88 lakhs; Butterfly Ayurveda filed a counterclaim of 1.41 crore. Separately, a subsidiary paid a ₹25.11 crore advance for residential property that was cancelled in FY25; ₹25.11 crore was received back in FY25 and the balance ₹3.83 crore in FY26.
What to watch
- Invocation of the ₹40 crore corporate guarantee by BAPL for HCEFPL’s credit facilities, approved via postal ballot on 5 January 2026.
- Invocation of the ₹40 crore personal guarantee by Mr. Ankur Rawat for HCEFPL’s credit facilities, approved via postal ballot on 5 January 2026.
- Recovery or write-off of the ₹20.45 crore ICDS Lucknow receivable, fully provided for as at FY26.
- The going-concern material uncertainty remains unresolved as of the FY2025-26 audit report dated 26 May 2026.
Bottom line: This is a record where the consolidated profit figure tells you nothing about the business, the operating engine has not generated cash in eight years, and the standalone entity lost ₹0.68 crore in FY26 while 105% of consolidated profit sat at subsidiaries. The risk is concentrated in a subsidiary structure that routes guarantees around a listed shell with a 73.72% promoter and a four-person board. Watch the ₹40 crore guarantees: if either is invoked, the subsidiary with ₹53 lakh of turnover carries the obligation.