• The company is engaged in providing integrated workspace solutions and related services.
• 9M-FY26 has posted robust growth in its top and bottom lines is surprising.
• Based on its recent financial data, the RI appears fully priced.
• Only well-informed/cash surplus investors may park moderate funds for medium term.
PREFACE:
The offer document is dated May 01, 2026, record date was May 07, 05, 2026 and the RI issue as was released in media on May 11, 2026, the offer documents were uploaded on NSE and BSE post noon of May 11, 2026. RI opens for subscription on May 13, 2026.
ABOUT COMPANY:
EFC (I) Ltd., (EIL) erstwhile known as Amani Trading and Exports Ltd., - is engaged in the business of providing integrated workspace solutions, including co-working spaces, enterprise office solutions, asset renting and design and build turnkey interior services. The Company offers fully serviced and flexible office environments, along with customized workspace solutions tailored to the requirements of enterprises across various industries.
Its service portfolio spans the entire workspace lifecycle, including location identification, design, fit-outs, asset management and facility services, enabling clients to adopt asset-light and scalable operating models. Within its business verticals, the Company’s design and build turnkey interior segment plays a critical role in delivering end-to-end interior solutions for commercial spaces.
This vertical involves planning, designing, procurement of materials, and execution of interior on a project basis, requiring upfront expenditure towards materials, labour, vendor payments and site mobilization prior to revenue realization. Accordingly, this segment is working capital intensive in nature, with funding requirements driven by project timelines and client payment cycles.
Currently it has an orderbook as of 20th April, 2026 worth Rs. 165.00 crores in hand for the Fiscal 2027. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 10662786 equity shares of Rs. 2 each at a fixed price of Rs. 150 per share to mobilize Rs. 159.94 cr. The RI opens for subscription on May 13, 2026, and will close on May 22, 2026. The company is offering RI in the ratio of 8 for 103 to its eligible stakeholders as of the record date of May 07, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 0.82 cr. for this RI process, and from the net proceeds, it will utilize Rs. 30.00 cr. for funding its subsidiary EFC Ltd., Rs. 30.00 cr. for funding It’s another subsidiary EK Design Industries Ltd., Rs. 60.00 cr. for working capital, and Rs. 39.12 cr. for general corporate purposes.
The RI is solely lead managed by the company itself, and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 27.46 cr. will stand enhanced to Rs. 29.59 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 2219.19 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 419.46 cr. / Rs. 63.30 cr. (FY24), Rs. 656.74 cr. / Rs. 140.77 cr. (FY25), For 9M of FY26 ended on December 31, 2025, it posted a net profit of Rs. 165.80 cr. on a total income of Rs. 743.80 cr. Its NAV stood at Rs. 53.71 as of December 31, 2025.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 512008 (FV Rs. 2).
The scrip last closed on cum-right basis at Rs. 190.55 on May 06, 2026, and opened on an ex-right basis at Rs. 188.95 on May 07, 2026. Since then, it has marked a high/low of Rs. 198.50 / Rs. 179.60. The scrip last closed at Rs. 180.10as of May 12, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 368.09 / Rs. 173.90.
The promoters’ holding has been constant around 60.44% for the last three quarters ended with March 31, 2026. The counter is currently trading above the RI price.
Review By Dilip Davda on May 12, 2026
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
