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Transchem Ltd

TRANSCHEM

BSE

₹416.75+0.52%19 Oct 2026

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Transchem Ltd

TRANSCHEM

BSE

₹416.75

+0.52%

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.Deep Dive Report: In-depth business analysis.

Transchem Limited is a company in the middle of a deliberate reinvention. After decades as a mushroom exporter, it sold its sole factory in 2020 and spent years as a shell with a treasury portfolio, before re-emerging first as a modest trader of agricultural goods and then, in a decisive break, as a financial-services platform backed by a NYSE-listed strategic investor. The recurring logic is one of patient capital redeployment: monetise a legacy asset, preserve the cash, and redirect it into an entirely new industry with higher growth potential.

Business segments

A single operating business today - agricultural commodity trading - with a financial-services engine under construction that will redefine the company once completed.

1. Agricultural trading: the placeholder that keeps the lights on

The company buys and sells soya and bagasse in the domestic market, generating just enough activity to maintain its listed status while the financial-services pivot takes shape.

A restart, not a legacy - the company re-entered agricultural markets only after selling its mushroom plant, recognising a need to diversify and generate operational revenue for the first time in years.
Simple buy-sell model - it purchases goods like soya and bagasse and resells them, with higher volumes in FY25 driving the revenue line compared to the prior year.
Tied to a promoter-linked supplier - a meaningful portion of the business involves reselling mushroom and other agricultural goods sourced from Manegrow Agro Products, an entity where a promoter holds significant influence, on market-based commercial terms.
No structural advantage - the company operates only in India, has a single operating segment with no reportable geographic or business divisions, and employs just ten people, underscoring the business's interim nature.

2. Financial services: the intended future, bought with a warrant cheque

The company is acquiring a stock-broking firm and has raised capital from a NYSE-listed backer to build a full-spectrum financial-services platform spanning broking, advisory, and fund management.

Acquisition of a ready-made broker - it has signed a non-binding term sheet to acquire 100% of Greshma Shares & Stocks Limited, a Mumbai-based firm that is a member of NSE and BSE and a CDSL depository participant, offering equity and derivatives trading, IPO distribution, and wealth management.
Funded by a strategic giant - a preferential warrant issue of Rs. 461.25 Crores was led by Bakkt Opco Holdings, a subsidiary of NYSE-listed Bakkt, Inc., which took 64.42% of the diluted capital, with the proceeds earmarked for acquisitions in broking and allied financial services.
Licence to build a full platform - shareholders approved a new objects clause permitting the company to act as a stock and commodity broker, depository participant, investment advisor, portfolio manager, underwriter, and sponsor for mutual funds and investment trusts, with explicit scope to use AI and machine learning in service delivery.
Capital allocated for lending - the company plans to deploy part of the raised funds into margin trading facilities, aiming to build a loan book secured against shares while maintaining the regulatory net-worth and liquidity buffers required by SEBI and the exchanges.

Group structure and partners

A promoter group that has steadily diluted control to make way for a single strategic investor that now holds the economic majority.

Promoters in retreat - as of early 2022, promoters Vijay K Choraria and Priyanka Finance held a combined 44.76%, but the June 2026 warrant issue to non-promoters has reshaped the register entirely.
Bakkt is the new anchor - Bakkt Opco Holdings, LLC, a subsidiary of Bakkt, Inc. (NYSE: BKKT), holds warrants representing 64.42% of the fully diluted share capital, making it the dominant economic stakeholder once warrants are exercised.
No current subsidiaries - the company has no subsidiaries, associates, or joint ventures today; the Greshma acquisition will create its first wholly owned subsidiary upon completion.
Lean governance - the board is chaired by an independent director and includes a whole-time director, with a company secretary and CFO rounding out the key managerial personnel, supported by recently rotated statutory and internal auditors.

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

₹510Cr

Close Price

₹416.75

Industry

Trading

Price To Earnings

75.91

Price To Sales

—

Revenue

₹0Cr

Rev Gr TTM

Revenue Growth TTM

-100.00%

PAT Gr TTM

PAT Growth TTM

47.69%

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	2	0	0	0	0	0
Growth YoY Revenue Growth YoY%							490.2			-100.0	-100.0
Expenses ExpensesCr	0	1	1	0	0	1	3	0	1	1	1	1
Operating Profit Operating ProfitCr	0	-1	0	0	0	0	0	0	-1	-1	-1	-1
OPM OPM%			-112.2			-161.9	-20.3
Other Income Other IncomeCr	2	2	2	2	2	2	2	2	2	2	4	5
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	1	2	2	2	2	2	1	1	1	1	2	4
Tax TaxCr	0	0	0	1	0	0	0	0	0	0	0	1
PAT PATCr	1	1	1	2	1	1	1	1	1	1	2	3
Growth YoY PAT Growth YoY%	130.9	860.0	204.9	95.3	48.5	21.9	-41.6	-40.4	-52.8	-61.9	186.3	245.4
NPM NPM%			304.9			661.9	30.2
EPS EPS₹	0.8	0.9	1.0	1.4	1.2	1.1	0.6	0.8	0.6	0.4	1.7	2.8

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	2	0	0	0	0	0
Growth YoY Revenue Growth YoY%							490.2			-100.0	-100.0
Expenses ExpensesCr	0	1	1	0	0	1	3	0	1	1	1	1
Operating Profit Operating ProfitCr	0	-1	0	0	0	0	0	0	-1	-1	-1	-1
OPM OPM%			-112.2			-161.9	-20.3
Other Income Other IncomeCr	2	2	2	2	2	2	2	2	2	2	4	5
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	1	2	2	2	2	2	1	1	1	1	2	4
Tax TaxCr	0	0	0	1	0	0	0	0	0	0	0	1
PAT PATCr	1	1	1	2	1	1	1	1	1	1	2	3
Growth YoY PAT Growth YoY%	130.9	860.0	204.9	95.3	48.5	21.9	-41.6	-40.4	-52.8	-61.9	186.3	245.4
NPM NPM%			304.9			661.9	30.2
EPS EPS₹	0.8	0.9	1.0	1.4	1.2	1.1	0.6	0.8	0.6	0.4	1.7	2.8

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	0	0	0	0	0	0	0	0	0	3	0	0
Growth Revenue Growth%										541.6	-100.0	-100.0
Expenses ExpensesCr	1	1	2	1	1	2	3	2	2	4	4	4
Operating Profit Operating ProfitCr	-1	-1	-2	-1	-1	-2	-3	-2	-2	-1	-4	-4
OPM OPM%									-423.4	-55.6
Other Income Other IncomeCr	2	2	2	3	3	27	7	4	7	9	9	13
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	0	0	0	0	0	0	0
PBT PBTCr	0	0	-1	1	1	25	4	3	6	7	6	9
Tax TaxCr	0	0	1	0	0	1	1	1	1	2	1	2
PAT PATCr	0	0	-1	0	0	24	3	1	4	5	4	7
Growth PAT Growth%	-60.4	-567.5	-443.8	125.6	34.3	5,796.5	-88.1	-56.9	239.8	24.3	-17.8	47.7
NPM NPM%									1,025.2	198.7
EPS EPS₹	0.0	-0.2	-1.0	0.3	0.3	19.7	2.3	1.0	3.4	4.3	3.5	5.5

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	0	0	0	0	0	0	0	0	0	3	0	0
Growth Revenue Growth%										541.6	-100.0	-100.0
Expenses ExpensesCr	1	1	2	1	1	2	3	2	2	4	4	4
Operating Profit Operating ProfitCr	-1	-1	-2	-1	-1	-2	-3	-2	-2	-1	-4	-4
OPM OPM%									-423.4	-55.6
Other Income Other IncomeCr	2	2	2	3	3	27	7	4	7	9	9	13
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	0	0	0	0	0	0	0
PBT PBTCr	0	0	-1	1	1	25	4	3	6	7	6	9
Tax TaxCr	0	0	1	0	0	1	1	1	1	2	1	2
PAT PATCr	0	0	-1	0	0	24	3	1	4	5	4	7
Growth PAT Growth%	-60.4	-567.5	-443.8	125.6	34.3	5,796.5	-88.1	-56.9	239.8	24.3	-17.8	47.7
NPM NPM%									1,025.2	198.7
EPS EPS₹	0.0	-0.2	-1.0	0.3	0.3	19.7	2.3	1.0	3.4	4.3	3.5	5.5

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	12	12	12	12	12	12	12	12	12	12	12
Reserves ReservesCr	26	26	25	26	25	51	54	54	63	67	71
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	4
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	39	38	37	38	37	63	67	66	76	80	88
Current Assets Current AssetsCr	28	29	30	28	30	55	58	58	67	78	85
Non Current Assets Non Current AssetsCr	10	9	7	10	7	9	9	8	9	2	2
Total Assets Total AssetsCr	39	38	37	38	37	63	67	66	76	80	88

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	12	12	12	12	12	12	12	12	12	12	12
Reserves ReservesCr	26	26	25	26	25	51	54	54	63	67	71
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	4
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	39	38	37	38	37	63	67	66	76	80	88
Current Assets Current AssetsCr	28	29	30	28	30	55	58	58	67	78	85
Non Current Assets Non Current AssetsCr	10	9	7	10	7	9	9	8	9	2	2
Total Assets Total AssetsCr	39	38	37	38	37	63	67	66	76	80	88

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	1	1	-20	10	-1	-28	22	1	-39	36	-3
Investing Cash Flow Investing Cash FlowCr	0	-2	20	6	1	23	1	-1	5	6	2
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	1	-1	0	16	0	-5	23	0	-34	42	-1
Free Cash Flow Free Cash FlowCr	1	1	-20	11	-1	-2	22	1	-39	37	-1
CFO To PAT CFO To PAT%	2,312.1	-252.7	1,663.5	3,388.8	-154.6	-114.8	763.9	98.5	-935.1	688.9	-67.3
CFO To EBITDA CFO To EBITDA%	-116.5	-56.1	1,169.9	-764.4	45.4	1,431.0	-798.3	-70.4	2,264.3	-2,459.2	79.4

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	1	1	-20	10	-1	-28	22	1	-39	36	-3
Investing Cash Flow Investing Cash FlowCr	0	-2	20	6	1	23	1	-1	5	6	2
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	1	-1	0	16	0	-5	23	0	-34	42	-1
Free Cash Flow Free Cash FlowCr	1	1	-20	11	-1	-2	22	1	-39	37	-1
CFO To PAT CFO To PAT%	2,312.1	-252.7	1,663.5	3,388.8	-154.6	-114.8	763.9	98.5	-935.1	688.9	-67.3
CFO To EBITDA CFO To EBITDA%	-116.5	-56.1	1,169.9	-764.4	45.4	1,431.0	-798.3	-70.4	2,264.3	-2,459.2	79.4

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	21	27	40	29	20	20	27	23	34	41	199	510
Price To Earnings Price To Earnings	437.5			95.0	49.2	0.8	9.4	18.7	8.2	7.8	46.3	75.9
Price To Sales Price To Sales									83.8	15.5
Price To Book Price To Book	0.6	0.7	1.1	0.8	0.5	0.3	0.4	0.3	0.5	0.5	2.4	6.1
EV To EBITDA EV To EBITDA	-21.7	-27.6	-23.4	-9.4	-2.5	-4.5	2.7	6.5	-19.6	1.1	-43.0	-114.5
Profitability Ratios Profitability Ratios
GPM GPM%									2.4	0.8
OPM OPM%									-423.4	-55.6
NPM NPM%									1,025.2	198.7
ROCE ROCE%	0.1	-0.6	-1.5	2.0	2.2	39.4	5.9	3.8	7.5	8.9	6.7	6.7
ROE ROE%	0.1	-0.6	-3.2	0.8	1.1	38.4	4.3	1.9	5.6	6.6	5.1	5.1
ROA ROA%	0.1	-0.6	-3.2	0.8	1.1	38.1	4.3	1.9	5.5	6.5	4.9	4.9
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	21	27	40	29	20	20	27	23	34	41	199	510
Price To Earnings Price To Earnings	437.5			95.0	49.2	0.8	9.4	18.7	8.2	7.8	46.3	75.9
Price To Sales Price To Sales									83.8	15.5
Price To Book Price To Book	0.6	0.7	1.1	0.8	0.5	0.3	0.4	0.3	0.5	0.5	2.4	6.1
EV To EBITDA EV To EBITDA	-21.7	-27.6	-23.4	-9.4	-2.5	-4.5	2.7	6.5	-19.6	1.1	-43.0	-114.5
Profitability Ratios Profitability Ratios
GPM GPM%									2.4	0.8
OPM OPM%									-423.4	-55.6
NPM NPM%									1,025.2	198.7
ROCE ROCE%	0.1	-0.6	-1.5	2.0	2.2	39.4	5.9	3.8	7.5	8.9	6.7	6.7
ROE ROE%	0.1	-0.6	-3.2	0.8	1.1	38.4	4.3	1.9	5.6	6.6	5.1	5.1
ROA ROA%	0.1	-0.6	-3.2	0.8	1.1	38.1	4.3	1.9	5.5	6.5	4.9	4.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AERPACE	SKM	BHATIA	TRANSCHEM	OSWALAGRO	KDGREEN	SUSAN
Market CapitalizationMkt CapCr	544	532	520	510	510	507	505
Close PriceClose₹	35.34	435.00	37.00	416.75	38.00	49.95	248.50
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		46.84	24.50	75.91		74.55	27.70
Price To SalesPS		1.67	0.78		17,003.07	4.35	1.88
RevenueRevenueCr	0	318	670	0	0	117	269
Revenue Growth TTMRev Gr TTM%			49.0%	-100.0%	-100.0%
PAT Growth TTMPAT Gr TTM%	-129.5%		45.5%	47.7%	-103.8%

	AERPACE	SKM	BHATIA	TRANSCHEM	OSWALAGRO	KDGREEN	SUSAN
Market CapitalizationMkt CapCr	544	532	520	510	510	507	505
Close PriceClose₹	35.34	435.00	37.00	416.75	38.00	49.95	248.50
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		46.84	24.50	75.91		74.55	27.70
Price To SalesPS		1.67	0.78		17,003.07	4.35	1.88
RevenueRevenueCr	0	318	670	0	0	117	269
Revenue Growth TTMRev Gr TTM%			49.0%	-100.0%	-100.0%
PAT Growth TTMPAT Gr TTM%	-129.5%		45.5%	47.7%	-103.8%

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Sep 24