543284
EKI Energy financials
- Market cap
- ₹192 Cr
- Sector
- Services
- Calls analysed
- 1
EKI Energy Q3 FY25
What went well
- Maintained stability in consolidated revenue despite global carbon market turmoil.
- Strengthened liquidity with ₹235.35 Crores in MF, FD, and Bank balance at group level.
- Declared an interim dividend of 20% of Face Value, reflecting strong liquidity.
What to watch
- Significant decline in consolidated revenue this quarter due to the off-season for the power business.
- Ongoing greenwashing issue in the carbon market, though industry bodies are working towards resolution, it will take time to fix.
What EKI Energy does
EKI Energy Services Ltd. (Enking International) develops and consults on carbon-credit projects, sourcing credits from technology-based (wind, solar, hydro) and community-based (improved cookstoves, clean drinking water, forestry) projects, then sells/offsets these credits to corporate and institutional clients worldwide. Its subsidiary EKI Sustainability Services provides GHG-inventory, Science Based Targets and GreenCo/ESG advisory, while Amrut Nature Solutions develops nature-based carbon-sequestration projects. The company also distributes Surya Nutan indoor solar cookstoves (developed with Indian Oil) to rural households and holds a licence for power trading.
Segments
- Carbon Consulting & Offsetting
- Project Development
- ESG & Net-Zero / Sustainability Advisory
- Nature-based Solutions
- Generation
- Client base
- 3,500+ clients across 40+ countries
- Carbon credits mobilised (cumulative)
- 200+ million offsets
- Projects developed
- 1,000+
- Team size
- 100+ people
- Carbon credit inventory (stock in hand)
- ~7.6 million credits (Q3 FY25)
- GHG inventory assessments completed
- 70+ organizations supported (FY25)
Guidance record · Q3 FY25
what the last two calls moved 4 tracked 1 delivered 0 missed 3 open- Debt Level delivered said Q3 FY25 Promised: Maintain completely debt-free status (except negligible vehicle loans). Q3 FY25: Company continues to operate as a debt-free entity.
- Indian Compliance Market Details open said Q3 FY25 Promised: Full list of obligated entities and targets expected from Bureau of Energy Efficiency or Ministry of Power in the next 2-3 months. Q3 FY25: Awaiting full list of obligated entities and targets to assess domestic market opportunity.
All 4 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 33.3%, net profit down 1500.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 143 | 67 | 18 | 15 | 35 −76% | 17 −75% | 20 +11% | 10 −33% |
| EBITDA | 1 | 5 | -6 | -4 | 2 +100% | -4 −180% | -3 +50% | -14 −250% |
| Net profit | 4 | 2 | -7 | -1 | -3 −175% | -5 −350% | -8 −14% | -16 −1500% |
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 −39.7% 1Y
1Y: ₹114.4 on 10 Sept 2025 → ₹69. High ₹118.3 (16 Sept 2025), low ₹62.07 (30 Mar 2026).
Financials, as filed
Revenue fell 59.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to -10.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.3k Cr | ₹264 Cr | ₹406 Cr | ₹87 Cr |
| Operating profit | ₹144 Cr | ₹-131 Cr | ₹0 Cr | ₹-9 Cr |
| Operating margin | 11.2% | -49.6% | 0.0% | -10.3% |
| Interest | ₹6 Cr | ₹3 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹4 Cr | ₹5 Cr | ₹15 Cr | ₹25 Cr |
| Net profit | ₹98 Cr | ₹-128 Cr | ₹-1 Cr | ₹-17 Cr |
| Net margin | 7.6% | -48.5% | -0.2% | -19.5% |
| Cash from operations | ₹141 Cr | ₹99 Cr | ₹43 Cr | ₹-29 Cr |
| Free cash flow | ₹59 Cr | ₹69 Cr | ₹44 Cr | ₹-38 Cr |
| ROCE | 33.0% | -25.0% | 1.0% | -4.0% |
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 ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹28 Cr | ₹28 Cr | ₹28 Cr | ₹28 Cr |
| Reserves | ₹402 Cr | ₹496 Cr | ₹369 Cr | ₹357 Cr | ₹352 Cr |
| Borrowings | ₹2 Cr | ₹67 Cr | ₹5 Cr | ₹1 Cr | ₹5 Cr |
| Other liabilities | ₹151 Cr | ₹298 Cr | ₹261 Cr | ₹195 Cr | ₹163 Cr |
| Total liabilities | ₹562 Cr | ₹888 Cr | ₹663 Cr | ₹580 Cr | ₹548 Cr |
| Fixed assets | ₹27 Cr | ₹32 Cr | ₹35 Cr | ₹108 Cr | ₹133 Cr |
| Capital work in progress | ₹4 Cr | ₹74 Cr | ₹95 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹23 Cr | ₹24 Cr | ₹6 Cr | ₹90 Cr | ₹39 Cr |
| Other assets | ₹508 Cr | ₹759 Cr | ₹526 Cr | ₹383 Cr | ₹377 Cr |
| Total assets | ₹562 Cr | ₹888 Cr | ₹663 Cr | ₹580 Cr | ₹548 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 added +0.22 pp while promoters trimmed −0.19 pp. The shareholder count shrank 11% to 55,412.
- Promoters
- 65.9%
- FIIs
- 0.1%
- Public
- 34.1%
Since Jun 2025
- Public +0.22 pp
- Promoters −0.19 pp
- FIIs −0.01 pp
How it drifted, 12 quarters
Over this window the public went from 26.4% to 34.1% — +7.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.4%, FIIs 0.1%, DIIs 0.0%, Public 26.4%.Dec '23: Promoters 73.4%, FIIs 0.1%, DIIs 0.0%, Public 26.4%.Mar '24: Promoters 73.4%, FIIs 0.1%, Public 26.4%.Jun '24: Promoters 73.4%, FIIs 0.1%, Public 26.4%.Sep '24: Promoters 73.4%, Public 26.6%.Dec '24: Promoters 70.9%, FIIs 0.1%, Public 29.1%.Mar '25: Promoters 66.1%, FIIs 0.1%, Public 33.9%.Jun '25: Promoters 66.1%, FIIs 0.1%, Public 33.8%.Sep '25: Promoters 66.0%, FIIs 0.1%, Public 33.9%.Dec '25: Promoters 66.0%, FIIs 0.1%, Public 33.9%.Mar '26: Promoters 65.9%, FIIs 0.1%, Public 34.0%.Jun '26: Promoters 65.9%, FIIs 0.1%, Public 34.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of EKI Energy above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Enking International Llp | 52.84% | unchanged |
| Manish Kumar Dabkara | 4.96% | unchanged |
| Vidhya Dabkara | 2.71% | unchanged |
| Jagannath Dabkara | 2.28% | unchanged |
| Priyanka Dabkara | 1.06% | unchanged |
| Goldenkey Properties Llp | 0.00% | unchanged |
| Crestova Estates Llp | 0.00% | unchanged |
| Hanuel Environmental Services Llp | 0.00% | unchanged |
| Gridcap Ventures Private Limited | 0.00% | unchanged |
| Creststone Properties Llp | 0.00% | unchanged |
| Brickhive Realty Llp | 0.00% | unchanged |
| Evospace Realty Llp | 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.
Learn to analyse EKI Energy
Guides on how to read this kind of business and the numbers that matter.