Panafic Industrial BSE RI review - (Not Rated)

•    The company is engaged in financial services offering diverse range of products.
•    It posted minuscule performance with declining profits from FY23 -to FY25.
•    Bumper numbers for 9M-FY26 appears to be window dressing to pave the way for this mega RI.
•    Post RI its paid-up capital stands increased to six-fold, raising concern over its servicing.
•    Based on its recent lackluster financial data, this at par issue appears “High Risk/No Return” bet.
•    Investors may skip this at par non-attractive RI.

ABOUT COMPANY:
Panafic Industrial Ltd., (PIL) is a non-deposit taking Non-Banking Financial Company (NBFC-ND) registered with RBI. It is engaged in a diverse range of products catering to the financial services sector directly through the Company. It operates in a highly competitive and fragmented segment. On certain occasions, it has experienced inadvertent non-compliance or delays in compliance with the provisions of the SEBI LODR Regulations. The offer document is silent on its employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 410625000 equity shares of Re. 1 each at par value to mobilize Rs. 41.06 cr. The RI opens for subscription on April 24, 2026, and will close on May 08, 2026. The company is offering RI in the ratio of 5 for 1 to its eligible stakeholders as of the record date of April 17, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.50 cr. for this RI process, and from the net proceeds, it will utilize Rs. 36.00 cr. for augmenting its capital base, and Rs. 4.56 cr. for general corporate purposes. 

The RI is solely lead managed by the company itself., and Skyline Financial Services Pvt. Ltd. is the registrar to the issue. 

Post-RI, company’s current paid-up equity capital of Rs. 8.21 cr. will stand enhanced to Rs. 49.28 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 49.28 cr. Around six-fold paid-up equity capital post-RI hints at its servicing issue.

FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has posted total income / net profit, of Rs. 0.69 cr. / Rs. 0.11 cr. (FY23), Rs. 0.68 cr. / Rs. 0.05 cr. (FY24), Rs. 0.66 cr. / Rs. 0.03 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net profit of Rs. 0.19 cr. on a total income of Rs. 0.71 cr. Its NAV stood at Rs. 1.75 as of December 31, 2025. It presented minuscule operations so far. It posted declining bottom lines from FY23 to FY25. Higher net profit for 9M-FY26 appears to be inflated data to paving the way for RI.

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: 538860 (FV Re. 1).
The scrip last closed on cum-right basis at Rs. 1.24 on April 16, 2026, and opened on an ex-right basis at Rs. 1.14 on April 17, 2026 with rigging operations. Since then, it has marked a high/low of Rs. 1.29/ Rs. 1.14. The scrip last closed at Rs. 1.29 as of April 22, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 1.30 / Rs. 0.50. The counter is currently under ESM: Stage 1. 

The promoters’ holding has been NIL for the last quarter ended with December 31, 2025, against 1.82% for quarter ended March 31, 2025. The counter appears rigged and well managed by vested interests to tempt investors.