Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on March, 2026
• This is the 2nd RI from the company since November 2024.
• The company is engaged primarily in financial services and mulling investment in stock markets.
• It has posted mind boggling financial performances for the reported periods.
• Its market trade below the par value for last few months raises eyebrows and alarm.
• Simply stay away from this at par RI considering its current market price trends.
ABOUT COMPANY:
Enbee Trade & Finance Ltd., (ETFL) is primarily engaged in making and holding investments in listed and unlisted securities, volatility in the Indian securities markets can directly impact the market value of its investment portfolio and, consequently, its net worth and financial performance. In the past, stock exchanges in India have imposed trading restrictions, limitations on price movements, and revised margin requirements. Any such future volatility or restrictions could adversely affect the market price and liquidity of its Equity Shares.
ETFL is a Non Deposit Accepting Non-Banking Financial Company (NBFC) registered with RBI to carry on the NBFC activities under Section 45IA of the Reserve Bank of India Act, 1934 bearing Registration no. 13.00691 dated April 20, 1998. As the Company has been granted NBFC License by RBI, the Company’s business model is mainly centered on Loan activities i.e., granting of unsecured loans to body corporates and individuals. The company needs financial resources to fuel the growing demand and to seize the opportunities presented by the market from time to time. It has been in the business
for the last 25 years. There is no holding as well as subsidiary companies of the Company. Its loan portfolio as of December 31, 2025 is Rs. 150.59 cr.
The offer document is silent on its employees’ strength.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 1200500007 equity shares of Re. 1 each at par value to mobilize Rs. 120.05 cr. The RI opens for subscription on March 12, 2026, and will close on March 20, 2026. The company is offering RI in the ratio of 21 for 10 to its eligible stakeholders as of the record date of March 04, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 1.00 cr. for this RI process, and from the net proceeds, it will utilize Rs. 46.56 cr. for repayment of loans taken from promoter and promoter group to be adjusted against RI issue, Rs. 72.49 cr. for augmenting capital base.
The RI is solely lead managed by the company itself., and Cameo Corporate Services Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 57.17 cr. will stand enhanced to Rs. 177.22 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 177.22 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 10.26 cr. / Rs. 1.52 cr. (FY24), Rs. 19.73 cr. / Rs. 3.11 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net profit of Rs. 8.57 cr. on a total income of Rs. 22.70 cr. Its NAV stood at Rs. 1.53 as of December 31, 2025.
The company has tried all sort of gimmicks like bonus issue in March 2025, stock split in April 2025, and interim dividend of 1% in June 2025, to stay in limelight.
Refer page no. 28 of the offer document, its statutory auditor’s report hints for overdue statutory dues for FY24 and FY25 amounting to Rs. 2.79+ cr.
DIVIDEND POLICY:
The company has paid a dividend of 1% in June 2025, which appears to be gimmick to lure investors for at par RI. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 512441 (FV Re. 1).
The scrip last closed on cum-right basis at Rs. 0.50 on March 02, 2026, and opened on an ex-right basis at Rs. 0.49 on March 04, 2026. Since then, it has marked a high/low of Rs. 0.49 / Rs. 0.42. The scrip last closed at Rs. 0.43 as of March 09, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 1.01 / Rs. 0.35. The counter is currently under ASM ST: Stage 1.
The promoters’ holding declined to 8.60% for period ended December 31, 2025, against 10.33% for quarter ended June 30, 2025. The counter is currently trading at a discount to its offer price of par value. This indicates its current status, and raises alert.
Conclusion / Investment Strategy
This is the 2nd RI from the company since November 2024. ETFL is engaged primarily in financial services and mulling investment in stock markets. It has posted mind boggling financial performances for the reported periods. Declined promoters’ holding raise alarm. Over three fold rise in its post-RI equity base also hints as its servicing issue going forward. Its market trade below the par value for last few months raises eyebrows and alarm. Simply stay away from this at par RI considering its current market price trends.
Review By Dilip Davda on March, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
