512008

EFC (I) share price & financials

Price
₹191
Market cap
₹2.7k Cr
Sector
Services
Calls analysed
6
Latest concall · Q2 FY26 · call held 12 Nov 2025

EFC (I) Q2 FY26

Revenue from Operations ₹254.6 cr EBITDA ₹110.8 cr +40%

Revenue from Operations ₹255 cr; EBITDA ₹111 cr (+40% YoY). Consolidated revenue from operations reached ₹254.6 crores in Q2 FY26.

Read the full call →

What EFC (I) does

EFC (I) Limited operates an integrated workspace ecosystem spanning three verticals: leasing and managing fully-serviced office spaces under its EFC, Sprint and Bigbox brands; a Design & Build vertical offering end-to-end interior fit-out, general contracting, project management and MEP services; and a Furniture vertical (Ek Design) manufacturing workstations, executive desks, seating and storage for commercial and residential clients. It earns rental income from managing office seats leased to enterprises, startups and co-working occupiers, project revenue from design-and-build contracts, and manufacturing revenue from furniture sales, with the Furniture arm also supplying its own leasing and design projects as backward integration.

Segments

  • Leasing (Managed Offices)
  • Design & Build
  • Furniture
Total seats under management
68,000+ (including 5,900 under development)
Managed office area under management
3.23 million sq ft
Cities with managed office presence
10
Managed office centers
86
Owned vs leased centers
18 owned : 68 leased
Design & Build total area delivered
4.70 million sq ft
Headquarters Pune, Maharashtra Company website

Guidance record · Q2 FY26

what the last two calls moved 14 tracked 3 delivered 2 missed 9 open
  • Revenue Growth delivered, diluted said Q2 FY25 Promised: Double revenues in FY25 Q2 FY26: Verdict remains 'achieved_diluted' based on FY25 results. No new information.
  • Total Seat Capacity missed said Q4 FY24 Promised: 65,000+ seats by end of FY25 Q2 FY26: Verdict remains 'missed' based on FY25-end results. The target was surpassed in FY26, but the promise was for FY25.
  • Total Seat Capacity at risk said Q4 FY24 Promised: 92,000 seats by March 2026 Q2 FY26: Capacity reached 68,241 seats. New annual guidance of '20,000-plus' seats makes the original 92,000 target by March 2026 appear at risk.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 28.6%, net profit up 51.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue166 177 211 220 255 +54%270 +53%293 +39%283 +29%
EBITDA79 93 109 102 111 +41%112 +20%144 +32%123 +21%
Net profit37 40 48 47 57 +54%62 +55%69 +44%71 +51%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −41.3% 1Y

₹200₹250₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025

1Y: ₹316.75 on 10 Sept 2025 → ₹185.8. High ₹330.75 (23 Sept 2025), low ₹174.2 (4 Jun 2026).

How the price took the results

close before → close after

Q2 FY26
+1.6%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 117.4% a year over 3 years, FY23 to FY26. Operating margin widened to 45.2%.

Year endingFY23FY24FY25FY26
Revenue₹101 Cr₹419 Cr₹656 Cr₹1.0k Cr
Operating profit₹43 Cr₹182 Cr₹327 Cr₹469 Cr
Operating margin42.6%43.4%49.8%45.2%
Interest₹7 Cr₹35 Cr₹45 Cr₹56 Cr
Depreciation₹16 Cr₹76 Cr₹100 Cr₹120 Cr
Net profit₹12 Cr₹63 Cr₹141 Cr₹235 Cr
Net margin11.9%15.0%21.5%22.6%
Cash from operations₹-51 Cr₹11 Cr₹134 Cr₹56 Cr
Free cash flow₹-71 Cr₹-50 Cr₹-12 Cr₹88 Cr
ROCE11.0%19.0%21.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY22FY23FY24FY25FY26
Equity capital₹1 Cr₹7 Cr₹10 Cr₹20 Cr₹27 Cr
Reserves₹1 Cr₹66 Cr₹417 Cr₹602 Cr₹780 Cr
Borrowings₹0 Cr₹324 Cr₹406 Cr₹1.1k Cr₹1.4k Cr
Other liabilities₹0 Cr₹80 Cr₹146 Cr₹447 Cr₹462 Cr
Total liabilities₹2 Cr₹476 Cr₹979 Cr₹2.2k Cr₹2.7k Cr
Fixed assets₹0 Cr₹341 Cr₹371 Cr₹756 Cr₹760 Cr
Capital work in progress₹0 Cr₹19 Cr₹27 Cr₹10 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹5 Cr₹0 Cr
Other assets₹2 Cr₹116 Cr₹580 Cr₹1.4k Cr₹1.9k Cr
Total assets₹2 Cr₹476 Cr₹979 Cr₹2.2k Cr₹2.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −11.40 pp while promoters added +10.62 pp. The shareholder count grew 23% to 25,889.

Promoters
56.1%
FIIs
1.3%
DIIs
8.9%
Public
33.8%

Since Jun 2025

  • Public −11.40 pp
  • Promoters +10.62 pp
  • DIIs +3.74 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.0% to 8.9% — +8.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.8%, FIIs 6.5%, Public 36.7%.Dec '23: Promoters 56.8%, FIIs 6.7%, Public 36.5%.Mar '24: Promoters 45.6%, FIIs 6.5%, DIIs 1.6%, Public 46.4%.Jun '24: Promoters 45.6%, FIIs 5.5%, DIIs 1.8%, Public 47.2%.Sep '24: Promoters 45.6%, FIIs 5.4%, DIIs 2.0%, Public 47.0%.Dec '24: Promoters 45.6%, FIIs 4.6%, DIIs 3.7%, Public 46.1%.Mar '25: Promoters 45.5%, FIIs 3.9%, DIIs 4.6%, Public 46.0%.Jun '25: Promoters 45.5%, FIIs 4.2%, DIIs 5.1%, Public 45.2%.Sep '25: Promoters 45.5%, FIIs 3.8%, DIIs 6.7%, Public 44.0%.Dec '25: Promoters 60.5%, FIIs 2.4%, DIIs 5.8%, Public 31.4%.Mar '26: Promoters 60.4%, FIIs 2.2%, DIIs 6.3%, Public 31.1%.Jun '26: Promoters 56.1%, FIIs 1.3%, DIIs 8.9%, Public 33.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 6 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of EFC (I) above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Umesh Kumar Sahay 35.95%−2.79 pp
Abhishek Narbaria 19.05%−1.48 pp
Bandhan Small Cap Fund Mutual fund2.95%+1.10 pp
Authum Investment And Infrastructure Limited NBFC / DFI2.25%newly disclosed
Sageone-Flagship Growth Oe Fund AIF1.62%+0.61 pp
Sageone - Flagship Growth 2 Fund AIF1.41%−0.11 pp
Martina Developers And Fincon Private Limited 1.33%−0.10 pp
Setu Securities Private Limited 1.16%−0.08 pp
Aditi Umesh Sahai 1.08%−0.09 pp
Akalpita Surendra Bedkihal 0.00%unchanged
Pushpa Sahai 0.00%unchanged
Lakhan Lal Narbaria 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹186, this stock must grow earnings at -0% every year for 7 years. Our analysis caps realistic growth at ~170%. At that growth it is worth ₹123788 — upside of 66525%.

Growth the price implies
-0.2% a year
for 7 years, fading to 4%
It has actually compounded at
169.5% a year
net profit, FY23–FY26
The gap
-1.7 pp
66525% downside if it only repeats history
Price today ₹185.8 Value at the reference growth ₹1,23,788.44

Change the assumptions yourself →

All earnings calls (6)

Read the Q2 FY26 call →

Learn to analyse EFC (I)

Guides on how to read this kind of business and the numbers that matter.