EFCIL

EFC (I) share price & financials

REaaS platform integrating office leasing, design & build fit-outs, and furniture manufacturing across India.

Price: ₹188.62
Market cap: ₹2.8k Cr
Sector: Services
Calls analysed: 4

Latest concall · Q1 FY27 · call held 30 Jul 2026

EFC (I) Limited Q1 FY27

Revenue from Operations ₹282.88 cr +29%EBITDA ₹122.96 cr +20%EBITDA Margin 43.5% Profit After Tax ₹70.85 cr +52%

What went well

Consolidated revenue from operations grew 29% YoY to approximately 283 crores, reflecting strong platform momentum.
Profit after tax increased 52% YoY to approximately 71 crores, demonstrating profitable execution.
EBITDA grew 20% YoY to approximately 122.96 crores, with an EBITDA margin of 43.5%.

What to watch

Design & Build division revenue declined quarter-on-quarter from approximately 120 crores to 100 crores, though management attributed this to Q1 being a slow starter for project-based businesses.
Furniture segment profit fell significantly quarter-on-quarter, with margins dropping from 40% to 7%, which management explained by the segment being in a scale-up phase and not yet at optimal capacity utilization.

Read the full call →

What EFC (I) Limited does

EFC (I) Limited runs an integrated 'Real Estate as a Service' (REaaS) platform built on three verticals: Leasing (furnished/managed Enterprise, Managed and Customized office spaces let out to enterprises, SMEs and co-working operators on a mix of owned and leased centres), Design & Build (end-to-end interior fit-out and MEP execution delivered predominantly in-house, from single large turnkey mandates to multi-city rollouts), and Furniture (in-house design and manufacture of workstations, seating and storage that supplies both its own Design & Build projects and external B2B clients). The leasing business earns recurring rental/subscription income from long-tenure enterprise occupiers, Design & Build earns project/contract fees for fit-out execution, and Furniture sells manufactured products, with the three verticals cross-feeding each other for supply-chain and execution control.

Segments

Leasing
Design & Build
Furniture

Cities of operation (Leasing): 25
Clients served: 750+
Total seats under management (Q4 FY26): ~78,782
Leasing centres across India: 117 centres (West 71, South 21, North 17, East 8)
Average enterprise client tenure: 51 months
Design & Build team size: 80+ designers & engineers

Founded 1984Headquarters Pune, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 3 delivered 3 missed 6 open

Annual Seat Addition (Leasing) delivered said Q2 FY26 Promised: 20,000+ seats annually Q1 FY27: Promise related to FY26, which has been achieved. Not discussed.
Furniture Capacity Utilization (FY27) delayed said Q2 FY26 Promised: 70-80% in next financial years Q1 FY27: Timeline pushed back. Management now expects to progress towards optimal capacity 'by end of this year', a delay from the previous 'first to second quarter maximum [FY27]' guidance.
Annual Seat Addition (Leasing) (FY27) open said Q1 FY27 Promised: 18,000 to 20,000 billable seats Q1 FY27: 100% confident on kind of adding about 18,000 to 20,000 billable seats on the Leasing business.

All 12 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 item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	166	177	211	220	255 +54%	270 +53%	293 +39%	283 +29%
Expenses	87	85	102	117	144	158	149	160
EBITDA	79	93	109	102	111 +41%	112 +20%	144 +32%	123 +21%
Margin	48%	52%	52%	47%	44%	41%	49%	43%
Other income	5	4	5	4	2	7	4	11
Interest	7	18	15	12	6	10	28	10
Depreciation	21	26	30	28	31	26	35	23
Profit before tax	56	52	71	66	76 +36%	82 +58%	85 +20%	101 +53%
Tax rate	34%	23%	32%	29%	25%	24%	19%	30%
Net profit	37	40	48	47	57 +54%	62 +55%	69 +44%	71 +51%
EPS	2.70	4.12	4.09	4.05	5.17	4.28	4.69	4.66

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 −41.5% 1Y

1Y: ₹316.5 on 10 Sept 2025 → ₹185.18. High ₹329.85 (23 Sept 2025), low ₹173.82 (4 Jun 2026).

How the price took the results

close before → close after

Q1 FY27: −5.4%; 30 Jul
Q4 FY26: −5.6%; 29 May
Q3 FY26: −3.9%; 16 Feb
Q2 FY26: +1.2%; 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 57.4% a year over 2 years, FY24 to FY26. Operating margin widened to 45.2%.

Year ending	FY24	FY25	FY26
Revenue	₹419 Cr	₹656 Cr	₹1.0k Cr
Operating profit	₹182 Cr	₹327 Cr	₹469 Cr
Operating margin	43.4%	49.8%	45.2%
Interest	₹35 Cr	₹45 Cr	₹56 Cr
Depreciation	₹76 Cr	₹100 Cr	₹120 Cr
Net profit	₹63 Cr	₹141 Cr	₹235 Cr
Net margin	15.0%	21.5%	22.6%
Cash from operations	₹11 Cr	₹134 Cr	₹56 Cr
Free cash flow	₹-50 Cr	₹-12 Cr	₹88 Cr
ROCE	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 ending	FY22	FY23	FY24	FY25	FY26
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.

What the price assumes

Attractive

To justify its price of ₹185, this stock must grow earnings at -1% every year for 7 years. Our analysis caps realistic growth at ~93%. At that growth it is worth ₹12716 — upside of 6767%.

Growth the price implies: -0.6% a year; for 7 years, fading to 4%
It has actually compounded at: 93.1% a year; net profit, FY24–FY26
The gap: -0.9 pp; 6767% downside if it only repeats history

Price today ₹185.18 Value at the reference growth ₹12,716.43

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse EFC (I) Limited

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