Saraswati Commercial (India) Ltd(ZSARACOM)

NSE: ZSARACOMBSE: 512020

₹ 9,770+0.00%refreshed 22 Oct, 03:30 pm ISTMarket cap: ₹ 1,071 crWebsite: www.saraswaticommercial.comUpdated: 24 Oct 2026

About

Saraswati Commercial (India) Ltd is a Non-Banking Financial Company classified as a Middle Layer NBFC (NBFC-ML) with standalone asset size exceeding Rs 1,000 crores, engaged in investment and trading in shares and securities, and in lending. Its core lending product is revolving loan facilities extended to related parties and others, with aggregate sanctioned limits to related parties alone totalling over Rs 1,455 crore across 12 counterparties as of FY26.^[1][2]

Business activities

The company is an NBFC-ICC classified as Middle Layer NBFC (NBFC-ML), with standalone asset size exceeding Rs 1,000 crores in FY25; its two activities are investment and trading in shares/securities, and lending.^[1]
The lending business consists of extending revolving loan facilities to related parties and other counterparties; the company also receives brokerage services from Four Dimensions Securities, a related party.^[2]

Lending book and related-party exposure

As of FY26, aggregate sanctioned revolving credit limits to related parties total over Rs 1,455 crore across 12 counterparties; member approval for these material related-party transactions is being sought from the 43rd AGM through the 44th AGM in FY2027-28.^[2]

Liquidity management

In FY25, the company managed liquidity shortfalls by drawing on revolving loan facilities from group companies and other NBFCs, and through sale of listed equity shares.^[1]

Risk management

Key risks identified in FY25 include market/investment risk from adverse price movements in securities, external liquidity stress, political uncertainties, regulatory and compliance changes, and IT/cyber security risks.^[1]
Investment risk is managed by dividing the portfolio across sectors and companies, with detailed research and regular senior management monitoring in FY25.^[1]

Regulatory developments

RBI issued a draft discussion paper on 6 August 2026 proposing to restrict revolving credit facilities for NBFCs and permit only term loan products, subject to specified exemptions; the final regulatory framework has not yet been determined.^[2]
If revolving credit is restricted before the AGM, the company may withdraw or not proceed with certain material related-party transaction resolutions; it plans to realign its lending model and product offerings to comply with any new rules.^[2]

Sector outlook

NBFC sector credit growth was expected to moderate to 13 - 15% in FY2024-25 and FY2025-26, down from approximately 17% in FY2022-23 and FY2023-24.^[1]
NBFC AUM growth is projected to recover to 16 - 18% in FY2026-27, aided by RBI repo rate cuts and changes in income tax slabs designed to boost consumer spending.^[1]

Market Cap

₹1,071 Cr

High / Low

₹14,500 / 8,650

Stock P/E

8.1

Price / Book

1.0

Book Value

₹10,050

EPS

₹842.3

No. of Shares

0.11 Cr

ROE

8.9%

Debt / Equity

0.00

Sales

₹11 Cr

Net Profit

₹92 Cr

Promoter holding

74.9%

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