| Market Cap | ₹329.61 CrCap size |
|---|---|
| 1-Year Return | 136.82%Price change |
| P/E TTM | 268.13Sector 35.19 |
| Promoter Holding | 74.63%Latest quarter |
| Deal value | ₹1.45 Cr |
| Share of market cap | 0.4% |
| Share of annual revenue | 61.4% |
Key highlights
- Conversion of 13,20,000 warrants into equity shares executed on October 30, 2026
- Net purchase value for the acquisition confirmed at ₹1,45,20,000
- Director Parth Patel's direct equity holding increased to 5,215,972 shares
- Total paid-up equity capital of the company expanded to ₹21.32 crore
- Deal value represents approximately 0.4% of the company's ₹329.61 crore market capitalization
Equity Allotment and Capital Expansion
Director and CFO Parth Tulsibhai Patel converted 13,20,000 warrants into equity shares on October 30, 2026, as part of a preferential allotment strategy. The transaction, valued at ₹1.45 crore, involved shares with a face value of ₹10 each. While the director's combined holding of shares and warrants remains unchanged at 7,009,684 units, the conversion has significantly bolstered the company's direct equity base.
Following this allotment, the total paid-up equity capital of Emrock Corporation has risen from ₹15.82 crore to ₹21.32 crore, reflecting the steady conversion of contingent instruments into permanent equity capital as the company funds its new business verticals.
Details of the Warrant Conversion
- The acquisition was made through the conversion of warrants into equity shares at a net value of ₹1,45,20,000
- Post-allotment, the director’s direct equity voting rights increased to 24.47% on the expanded capital base
- Total diluted share capital now stands at ₹28.75 crore, assuming full conversion of remaining warrants
- The promoter group's total interest (shares plus convertible instruments) remains stable at 74.63%
- The conversion follows the board's earlier approval on May 28, 2026, to raise ₹43.44 crore through warrants
Strategic Pivot to Renewable Energy
Emrock Corporation, formerly known as Vaghani Techno-Build Limited, is currently undergoing a massive transformation into the renewable energy sector. In May 2026, the company placed a procurement order worth ₹104.52 crore for 24 MW solar PV modules and approved a ₹33 crore Bio-CNG plant project. More recently, in October 2026, the firm secured 25-year Power Purchase Agreements with UGVCL for 12 MW of solar capacity, bringing its total supply commitments to 40 MW.
This strategic shift is reflected in the stock's performance, which has climbed 136.82% over the past year, as the market anticipates revenue contributions from these large-scale infrastructure projects.
Financial Performance and Sector Outlook
In the quarter ended June 30, 2026, Emrock reported a revenue surge of 203.11% year-on-year to ₹0.45 crore, although net profit saw a sharp decline to ₹0.19 crore. Despite the current low revenue base, the company maintains a high operating profit margin of 49.84%. With a TTM P/E ratio of 268.13 compared to the industry average of 35.19, valuation remains at a significant premium, likely driven by the aggressive expansion into solar and Bio-CNG sectors.
The upcoming board meeting on November 4, 2026, to approve Q2 results will provide further clarity on the execution progress of its renewable energy subsidiaries.
| Date | Announcement | Amount |
|---|---|---|
| 23 Oct 2026 | Confirmation of 25-year Power Purchase Agreements with UGVCL for 12 MW solar capacitySource: vyqon.in | – |
| 11 Aug 2026 | Acquisition of 51% equity stake in subsidiary Emrock Renewable Private LimitedSource: scanx.trade | ₹0.01 Cr |
| 28 May 2026 | Approval of preferential issue of convertible share warrants to raise capitalSource: economictimes.indiatimes.com | ₹43.44 Cr |
| 19 May 2026 | Approval of new Bio-CNG plant project by subsidiary Emrock Energy Private LimitedSource: iamrenew.com | ₹33.00 Cr |
| 12 May 2026 | Placement of procurement order with Greenpill Renewable Energy for 24 MW solar PV modulesSource: scanx.trade | ₹104.52 Cr |
What to watch next
- Board meeting to approve Q2 and H1 FY27 financial results on November 4, 2026
- Execution progress on the ₹33 crore Bio-CNG plant project by subsidiary Emrock Energy
- Target completion of the 1,600-tonne annual capacity Bio-CNG plant by June 30, 2027
- Operational commencement of 12 MW solar capacity under recent UGVCL agreements
| Share price | ₹208.35 |
|---|---|
| Market capitalisation | ₹329.61 Cr |
| Revenue (annual) | ₹2.06 Cr |
| Net profit (annual) | ₹1.21 Cr |
| Revenue (latest quarter) | ₹0.45 Cr-52.28% vs previous quarter |
| Net profit (latest quarter) | ₹0.19 Cr-53.66% vs previous quarter |
| P/E (TTM) | 268.13×Sector 22.77× |
| Promoter holding | 74.63%0.00% QoQ |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Emrock Corporation Ltd announcing the conversion of warrants into equity shares by Director Parth Patel. Market figures from a third-party data provider.
