PE Analytics Ltd Forensic Report - SOIC x StockScans Report

as of Sep 2026

PE Analytics Ltd's financial record is clean on its face: unqualified audit opinions every year since FY2021, a stable auditor appointment, and a clean cumulative cash conversion ratio. But the FY26 snapshot reveals a web of related-party transactions and commitments that deserve scrutiny: promoter shareholding breached the 75% MPS ceiling, ₹118 crore in capital commitments sit against two subsidiaries already under strike-off, and loans to a subsidiary sit alongside litigation against its former director for alleged embezzlement.

Key findings

  1. Promoter shareholding breached the 75% MPS ceiling in FY26 Major - Promoter shareholding breached the 25% minimum public shareholding threshold under Rule 19A, a regulatory non-compliance flagged in the auditor's Emphasis of Matter, with corrective steps still pending. Mr. Samir Jasuja (Promoter/Promoter Group and Managing Director) acquired 4,88,400 shares (4.65% of total share/voting capital) in an on-market transaction on 12 Sep 2025, increasing his holding from 70,35,428 shares (67.12%) to 75,23,828 shares (71.77%). He acquired a further 1,800 shares (0.017% of total share/voting capital) in an on-market transaction on 5 Jan 2026, increasing his holding from 75,23,828 shares (71.77%) to 75,25,628 shares (71.79%). Promoter and Promoter Group held 78,61,899 equity shares of P.E. Analytics Ltd as on 31st March 2026, up from 70,35,699 equity shares as on 31st March 2025. The FY2025-26 auditor's report contains an Emphasis of Matter (Note 34) stating promoter shareholding exceeded the permissible limit under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, and the company is taking corrective steps to restore compliance within the permitted timeline. The FY2025-26 consolidated financial statements state the company was not in compliance with the minimum public shareholding requirement of at least 25% public shareholding as at the reporting date, with no notice or demand received from any stock exchange or regulatory authority as of that date.
  2. Loans to a subsidiary were extended despite litigation against its former director Major - Loans of ₹1 crore to a subsidiary were extended despite the same subsidiary's former director being prosecuted for alleged embezzlement, with interest overdue and the loans' recoverability uncertain. PE Analytics Ltd provided loans totalling ₹10,000 thousand to subsidiary Propedge Valuations Private Limited via two agreements, ₹3,000 thousand dated 16 August 2024 and ₹7,000 thousand dated 4 October 2024, at 10% per annum with a maximum term of one year. An addendum dated 8 September 2025 extended the tenure of both loans to Propedge Valuations Private Limited by one year, covering loans aggregating ₹10,000 thousand that had fallen due during the year. Interest amounting to ₹434 thousand on the loans to Propedge Valuations Private Limited was overdue as at 31 March 2026. The outstanding balance of loan principal and accrued interest from Propedge Valuations Private Limited as at 31 March 2026 was ₹11,334 thousand. PE Analytics Ltd filed legal proceedings against Mr. Avinash Jha, former director of subsidiary Propedge Valuations Private Limited and its related proprietorship firm and associated entities, under Bharatiya Nagarik Suraksha Sanhita, 2023, on grounds of alleged financial mismanagement and embezzlement. The loans totalling ₹10,000 thousand were extended to Propedge Valuations Private Limited in the same period that the company filed proceedings against the subsidiary's former director for alleged financial mismanagement and embezzlement. Subsidiary Propedge Valuation Private Limited initiated legal proceedings against Mr. Avinash Jha for reacquisition of shares at par value, Case No.: CS / SCJ 146/2025.
  3. The subsidiary structure expanded into a complex web of Indian and offshore entities Major - The subsidiary structure expanded into a complex web of Indian and offshore entities, including three new subsidiaries, a written-off UAE associate, and a Singapore associate with unremitted capital, alongside ₹118 crore in capital commitments to two subsidiaries already under strike-off. PE Analytics held no subsidiaries, associates, or joint ventures as per AOC-1 in FY2020-21, despite acquiring 8,000 equity shares (80% holding) of Propedge Valuations Private Limited on 06.01.2022, making it a subsidiary during that year. PE Analytics incorporated three subsidiaries during FY2025-26 with investments aggregating ₹230 thousand: PropEquity Tech Private Limited (65% equity), PropEquity Education Private Limited (65% equity), and WAOH Foundation (a Section 8 company, 100% equity). PE Analytics wrote off its investment in Propequity Middle East LLC (associate, 25% interest, 50 shares of AED 1,000 each) amounting to ₹11,55,000 during FY2025-26 on account of closure and non-recoverability, charged to P&L under "Other Expenses". PE Analytics has an outstanding capital commitment towards PropEquity AI. Pte. Ltd., Singapore, an associate company incorporated on September 26, 2025, amounting to USD 4 as at March 31, 2026, with share capital not remitted as at the reporting date and the entity not having commenced business operations. Outstanding capital commitments towards subsidiaries Propequity Education Ventures Private Limited (w.e.f 2nd December 2025) and Propequity Tech Ventures Private Limited (w.e.f 13th October 2025) aggregated to ₹118,000 thousand as at March 31, 2026, comprising ₹59,000 thousand each, with both subsidiaries currently under process of strike-off under the Companies Act, 2013. On 20 May 2026, the Board approved HCAL's proposed investment of INR 7,00,00,000 in subsidiary PropEquity Tech Private Limited via equity shares and compulsorily convertible preference shares, with a term sheet executed among the Company, subsidiary, Mr. Samir Jasuja and HCAL. The HCAL term sheet provides for investment in equity shares and CCPS at a pre-money valuation of INR 300 crore (equity) and INR 300-600 crore (CCPS), with aggregate investment of ₹7 crore, a long stop date of 20 May 2026, and exit rights that may involve share swap/exchange.
  4. Capital commitments to subsidiaries under strike-off and litigation details Major - The group had outstanding capital commitments of ₹118,000 thousand towards two subsidiaries, Propequity Education Ventures Private Limited and Propequity Tech Ventures Private Limited, both under strike-off, and USD 4 towards PropEquity AI. Pte. Ltd., Singapore. The company filed a suit against Bhugol Analytics Private Limited for data theft claiming ₹8 Crore, and civil and criminal defamation suits against Mr. Braham Arenja.
  5. Operating cash flow consistently trails reported profit Minor - Operating cash flow consistently trails reported profit, with the CFO/PAT ratio declining from 2.19x in FY22 to 0.71x in FY26, while other income grew to 33.5% of pre-tax profit, indicating a growing reliance on non-operating income. PE Analytics Ltd's cumulative CFO/PAT ratio was flagged CLEAN in the SQL snapshot, but annual CFO/PAT fell from 2.19x in FY22 to 0.71x in FY25 and 0.71x in FY26. PE Analytics Ltd reported PAT of ₹15.67cr and CFO of ₹11.14cr in FY26, a CFO/PAT ratio of 0.71x. PE Analytics Ltd reported PAT of ₹13.28cr and CFO of ₹9.46cr in FY25, a CFO/PAT ratio of 0.71x. PE Analytics Ltd reported PAT of ₹11.67cr and CFO of ₹5.36cr in FY24, a CFO/PAT ratio of 0.46x. PE Analytics Ltd reported other income of ₹7cr against PBT of ₹21cr in FY26, a ratio of 33.5% flagged MAJOR in the SQL snapshot. PE Analytics Ltd's other income rose from ₹3.25cr in FY23 to ₹4.31cr in FY24, ₹6.29cr in FY25, and ₹7.02cr in FY26. PE Analytics Ltd's ROCE declined from 21.69% in FY23 to 20.59% in FY24 and 20.00% in FY25.
  6. Audit opinions have been unqualified across every reported year Minor - Audit opinions have been consistently unqualified, but the recurring TDS default of ₹10 thousand disclosed in FY2022-23 and the FY26 promoter shareholding breach flagged as an Emphasis of Matter indicate persistent, albeit small, compliance lapses. Singhi Chugh & Kumar issued an unqualified opinion on the standalone financial statements for FY2025-26, dated 20 May 2026, with an Emphasis of Matter on Note 34 stating promoter shareholding exceeded the permissible limit under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, and the company is taking corrective steps to restore compliance within the permitted timeline; the opinion was not modified. Singhi Chugh & Kumar issued an unqualified opinion on the consolidated financial statements for FY2025-26, dated 20 May 2026, signed by Partner Divesh Kalra (M. No. 545589), UDIN 26545589LFITP07994. CARO 3(vii)(b) for FY2025-26 disclosed TDS defaults of ₹10 thousand relating to prior years, described as rectifiable in nature. CARO for FY2022-23 disclosed the same TDS defaults of ₹10 thousand relating to prior years, described as rectifiable in nature. CARO 3(iii)(a)(B) for FY2025-26 disclosed loans granted to a subsidiary in FY2024-25 with outstanding principal and accrued interest of ₹11,334 thousand as at 31 March 2026, comprising two loan agreements of ₹3,000 thousand dated 16 August 2024 and ₹7,000 thousand dated 4 October 2024, with an addendum dated 8 September 2025 extending tenure of both loans by one year. CARO 3(iii)(d) for FY2025-26 disclosed interest amounting to ₹434 thousand was overdue as at the balance sheet date. CARO 3(x) for FY2025-26 disclosed unutilized IPO proceeds as at 31 March 2026 of ₹55,825 thousand, temporarily invested in deposits with scheduled banks. The audit trail (edit log) feature in the accounting software was reported as operated throughout FY2025-26 for all relevant transactions, with no instances of tampering found and the audit trail preserved as per statutory requirements. The audit trail (edit log) feature was reported as enabled from 10 May 2023 onwards for FY2024-25, with the audit trail for the period before 10 May 2023 unable to be generated or preserved. Annexure B (Internal Financial Controls) for FY2025-26 stated the company has, in all material respects, an adequate internal financial controls system over financial reporting and such controls were operating effectively as at 31 March 2026.
  7. A mid-year auditor resignation in FY2021 was followed by a stable five-year term Minor - The mid-year auditor resignation in FY2021 was followed by a stable five-year appointment, with no subsequent resignations, indicating the earlier change was an isolated event rather than a pattern of auditor churn. M/S Sharma Sudhir & Associates resigned as statutory auditor during FY2020-21, creating a casual vacancy filled by M/S Prakash Barnwal & Associates (FRN 0031284C) at an EOGM on 01.09.2021; the outgoing auditor raised no issues, objections, or concerns. M/S Singhi Chugh and Kumar, Chartered Accountants (FRN 013613N), a peer-reviewed firm, was appointed as statutory auditor for five years from FY2021-22 to FY2025-26 at the AGM held in 2022. Singhi Chugh & Kumar signed the FY2020-21 standalone audit report on 09-05-2022 with partner Jabir Contractor (M. No. 102771), UDIN 22102771AKEODJ1587. Singhi Chugh & Kumar signed the FY2024-25 standalone and consolidated audit reports on 16-05-2025 with partner Harsh Kumar (M. No. 088123), UDINs 25088123BMJAKK6532 and 25088123BMJAKM8997. Singhi Chugh & Kumar signed the FY2025-26 standalone audit report on 20-05-2026 with partner Divesh Kalra (M. No. 545589), UDIN 26545589UNQVWY4637. CARO clause 3(xviii) in FY2025-26 states no resignation of statutory auditors occurred during the year.

What to watch

Bottom line: PE Analytics' audit record is clean, but the FY26 snapshot shows a company whose related-party dealings and capital commitments carry real risk. The promoter shareholding breach, the ₹118 crore committed to subsidiaries under strike-off, and the loans extended to a subsidiary whose former director faces embezzlement charges all point to governance gaps that warrant close monitoring. The watch list is long, and the outcomes of these legal and regulatory processes will determine whether the clean audit opinions hold up in substance.