Saraswati Commercial (India) Ltd

ZSARACOM

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Market Cap

₹ 1,424 Cr

P/E

66.12

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Saraswati Commercial (India) Limited is a Non-Banking Financial Company (NBFC) in India, primarily engaged in investment and securities trading and lending activities.

The company follows prudential norms for asset classification and income recognition, owing to its asset size exceeding INR 500 crores, categorizing it as systemically important under RBI directions.

Saraswati Commercial underwent structural changes with the amalgamation of Aroni Commercials Limited in 2017, expanding its business and subsidiaries, Sareshwar Trading and Arkaya Commercial Pvt Ltd.

Allotted 390,593 Equity Shares to shareholders of Aroni Commercials Limited post-amalgamation, reflecting strategic maneuvering to integrate operations and expand corporate presence.

The cessation of association with Mahotsav Trading and Finance Private Ltd in 2015 marked another strategic shift in the company's portfolio management.

Sector

Finance

Industry

NBFC-Others

Market Cap

1,424 Cr

Volatility

Moderate Risk

P/E Ratio

66.1

Industry P/E

34.5

PEG Ratio

—

P/B Ratio

1.3

52W High

20,819.55

52W Low

9,215.00

Sales CAGR

-41.21%

-4.57%

127.16%

10Y

26.27%

Profit CAGR

-48.58%

-6.28%

—

10Y

16.20%

ROE

TTM

2.01%

8.11%

9.18%

10Y

8.12%

ROCE

TTM

2.57%

9.34%

10.61%

10Y

9.42%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ARMANFIN	1485.60	1,569 Cr	—	1.80	0.00	-0.12	10.77	-0.05
MASTERTR	121.00	1,496 Cr	12.66	1.99	0.00	15.68	24.32	5.73
FINKURVE	101.15	1,445 Cr	73.45	9.14	0.00	12.49	15.44	12.24
ZSARACOM	12990.00	1,424 Cr	66.12	1.33	0.00	2.01	2.57	1.73
CIFL	36.00	1,403 Cr	—	2.09	0.06	-8.47	2.27	2.16
ASHIKA	307.20	1,374 Cr	—	2.57	0.00	0.00	0.00	—
CREST	356.80	1,016 Cr	19.85	0.80	0.28	4.06	5.75	3.17

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	30	29	40	30	68	78	-45	-26	31	73
Expenses	0.69	0.61	0.91	0.99	1.34	1.60	0.78	1.32	1.81	0.82
Interest	0.47	0.42	0.26	0.53	0.06	0.15	0.64	0.74	0.49	0.68
Financing Profit	28	28	39	29	67	77	-46	-28	29	72
Financing Margin %	96.07	96.39	97.08	94.95	97.95	97.77	103.17	107.85	92.69	97.95
Other Income	0.00	0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	28	28	39	29	67	77	-46	-28	29	72
Tax %	13.92	13.89	14.37	21.65	21.51	17.28	14.85	18.91	19.16	15.99
Net Profit	24	24	33	22	52	63	-39	-23	24	60
EPS in Rs	222.81	217.20	304.00	204.08	478.55	577.82	-359.49	-222.34	258.79	615.32
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	6.44	16	7.69	1.25	28	87	24	128	75	39
Expenses	2.74	2.37	6.85	14	1.61	2.28	3.16	3.18	5.02	5.51
Interest	2.84	0.34	0.15	0.29	1.51	0.91	1.76	1.69	1.59	2.02
Financing Profit	0.86	14	0.69	-13	25	84	19	123	69	31
Financing Margin %	13.28	83.46	8.94	-1,055.59	88.83	96.33	79.53	96.21	91.24	80.55
Other Income	4.31	0.04	0.07	0.12	0.04	0.02	0.01	0.00	0.00	NaN
Depreciation	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.00
Profit Before Tax	5.14	14	0.74	-13	25	84	19	123	69	31
Tax %	-1.65	-16.90	51.56	26.34	14.34	22.42	38.71	15.85	22.37	21.21
Net Profit	5.22	16	0.36	-9.62	21	65	12	104	53	25
EPS in Rs	—	—	3.48	-87.76	194.50	595.51	106.66	948.09	474.54	292.28
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.64	0.64	1.00	1.00	1.00	1.00	1.03	1.03	1.03	1.10
Reserves	35	115	128	244	156	278	426	437	696	966
Borrowings	42	8.00	32	0.52	10	4.89	28	22	0.02	43
Other Liabilities	4.70	8.80	0.66	8.83	1.16	15	34	30	73	98
Total Liabilities	82	133	162	254	168	299	488	491	770	1,109
Fixed Assets	0.00	0.08	0.08	0.05	0.04	0.04	0.05	0.04	0.04	0.05
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	238	137	292	474	489	762	1,084
Other Assets	82	133	162	16	31	7.11	14	1.50	8.30	25
Total Assets	82	133	162	254	168	299	488	491	770	1,109

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-16	-23	-5.97	16	-18	-4.90	50	27	33	8.74
Cash from Investing Activity	20	27	7.91	16	16	4.15	-81	-22	-6.75	-108
Cash from Financing Activity	-4.20	-2.81	-3.24	-31	9.24	-6.72	33	-6.90	-24	120
Net Cash Flow	0.07	1.50	-1.30	-0.17	7.35	-7.47	1.82	-1.70	2.47	20

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.32%	72.32%	72.32%	72.32%	72.32%	72.32%	72.32%	72.32%	72.32%	73.99%	73.99%	73.99%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	27.68%	27.68%	27.68%	27.68%	27.68%	27.68%	27.68%	27.68%	27.68%	26.01%	26.01%	26.01%
Total Shareholders	1,702	1,789	1,796	1,780	1,765	1,999	1,970	2,936	3,106	3,225	3,130	3,161

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 19, 2025	Winro commercial india limited	Insider - Promoter Group	Acquisition	11,913.00	78.63 Cr	66,000	6.40

Projection

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Presentations

Concalls

Reports

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	30	29	40	30	68	78	-45	-26	31	73
Expenses	0.69	0.61	0.91	0.99	1.34	1.60	0.78	1.32	1.81	0.82
Interest	0.47	0.42	0.26	0.53	0.06	0.15	0.64	0.74	0.49	0.68
Financing Profit	28	28	39	29	67	77	-46	-28	29	72
Financing Margin %	96.07	96.39	97.08	94.95	97.95	97.77	103.17	107.85	92.69	97.95
Other Income	0.00	0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	28	28	39	29	67	77	-46	-28	29	72
Tax %	13.92	13.89	14.37	21.65	21.51	17.28	14.85	18.91	19.16	15.99
Net Profit	24	24	33	22	52	63	-39	-23	24	60
EPS in Rs	222.81	217.20	304.00	204.08	478.55	577.82	-359.49	-222.34	258.79	615.32
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	6.44	16	7.69	1.25	28	87	24	128	75	39
Expenses	2.74	2.37	6.85	14	1.61	2.28	3.16	3.18	5.02	5.51
Interest	2.84	0.34	0.15	0.29	1.51	0.91	1.76	1.69	1.59	2.02
Financing Profit	0.86	14	0.69	-13	25	84	19	123	69	31
Financing Margin %	13.28	83.46	8.94	-1,055.59	88.83	96.33	79.53	96.21	91.24	80.55
Other Income	4.31	0.04	0.07	0.12	0.04	0.02	0.01	0.00	0.00	NaN
Depreciation	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.00
Profit Before Tax	5.14	14	0.74	-13	25	84	19	123	69	31
Tax %	-1.65	-16.90	51.56	26.34	14.34	22.42	38.71	15.85	22.37	21.21
Net Profit	5.22	16	0.36	-9.62	21	65	12	104	53	25
EPS in Rs	—	—	3.48	-87.76	194.50	595.51	106.66	948.09	474.54	292.28
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.64	0.64	1.00	1.00	1.00	1.00	1.03	1.03	1.03	1.10
Reserves	35	115	128	244	156	278	426	437	696	966
Borrowings	42	8.00	32	0.52	10	4.89	28	22	0.02	43
Other Liabilities	4.70	8.80	0.66	8.83	1.16	15	34	30	73	98
Total Liabilities	82	133	162	254	168	299	488	491	770	1,109
Fixed Assets	0.00	0.08	0.08	0.05	0.04	0.04	0.05	0.04	0.04	0.05
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	238	137	292	474	489	762	1,084
Other Assets	82	133	162	16	31	7.11	14	1.50	8.30	25
Total Assets	82	133	162	254	168	299	488	491	770	1,109

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-16	-23	-5.97	16	-18	-4.90	50	27	33	8.74
Cash from Investing Activity	20	27	7.91	16	16	4.15	-81	-22	-6.75	-108
Cash from Financing Activity	-4.20	-2.81	-3.24	-31	9.24	-6.72	33	-6.90	-24	120
Net Cash Flow	0.07	1.50	-1.30	-0.17	7.35	-7.47	1.82	-1.70	2.47	20

Overview

Detailed Summary

Saraswati Commercial (India) Limited is a Non-Banking Financial Company (NBFC) in India, primarily engaged in investment and securities trading and lending activities.

The company follows prudential norms for asset classification and income recognition, owing to its asset size exceeding INR 500 crores, categorizing it as systemically important under RBI directions.

Saraswati Commercial underwent structural changes with the amalgamation of Aroni Commercials Limited in 2017, expanding its business and subsidiaries, Sareshwar Trading and Arkaya Commercial Pvt Ltd.

Allotted 390,593 Equity Shares to shareholders of Aroni Commercials Limited post-amalgamation, reflecting strategic maneuvering to integrate operations and expand corporate presence.

The cessation of association with Mahotsav Trading and Finance Private Ltd in 2015 marked another strategic shift in the company's portfolio management.

Sector

Finance

Industry

NBFC-Others

Market Cap

1,424 Cr

Volatility

Moderate Risk

P/E Ratio

66.1

Industry P/E

34.5

PEG Ratio

—

P/B Ratio

1.3

52W High

20,819.55

52W Low

9,215.00

Sales CAGR

-41.21%

-4.57%

127.16%

10Y

26.27%

Profit CAGR

-48.58%

-6.28%

—

10Y

16.20%

ROE

TTM

2.01%

8.11%

9.18%

10Y

8.12%

ROCE

TTM

2.57%

9.34%

10.61%

10Y

9.42%