E Factor Experiences Ltd. (EFACTOR)
SME CapServices stocks · SME cap · NSE
E-Factor has transformed from an execution-led experiential events company into a creator of experiential infrastructure, cultural destinations, immersive tourism, and IP-led experiences. It operates at the intersection of tourism, heritage, culture, technology, and public engagement, focusing on long-term government spending and destination development.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT 0% YoY · margin compression · Rev +9% YoY · +162% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹139 Cr | +9.4% | +162.3% |
| EBITDA | ₹21 Cr | -19.2% | +162.5% |
| Operating margin | 15.0% | -200 bps | +0 bps |
| PAT | ₹15 Cr | +0.0% | +200.0% |
| PAT margin | 10.8% | -228 bps | +136 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 11.5% YoY to INR191.44 crores, below prior guidance due to West Asia crisis-led project postponements. Profitability moderated due to strategic investments in talent and capabilities for future growth.
Revenue missed guidance due to project postponements from the West Asia crisis, impacting short-term performance. Management is making strategic investments in capabilities and talent, which moderated profitability but are positioned for long-term growth in experiential infrastructure and IP-led segments. Future pipeline is strong, but management is conservative on conversion.
Tourism-led Initiatives & Destination Experiences
strong momentum across eco-retreats, glamping projects, cultural tourism programs, tourism festivals.
Permanent Experiential Infrastructure
deepen our presence with museums, cultural centers, interpretation centers, and immersive storytelling environments.
Proprietary Intellectual Properties (IPs)
building proprietary intellectual properties and scalable experience formats capable of generating long-term recurring value.
B2C Segment Expansion
intending to get into the B2C space with immersive technology and Shiva Immersive show.
Team Expansion
expanded our in-house team to over 75 professionals across specialized disciplines.
Industry & Technology Capabilities
strengthened our industry and technology capabilities, enhanced execution systems.
Business Development Investment
invested significantly in business development and the opportunity of creation to build a healthier opportunity pipeline.
Government Spending on Creative Sector
leadership of our country... started to give to the creative sector. Many important initiatives, a lot of effort being focused.
India's Multi-Decade Opportunity
India today stands at the beginning of what we believe is a multi-decade opportunity around tourism, heritage, culture, immersive public experiences, and destination development.
Supportive Policy Environment
policy environment is becoming increasingly supportive of India's emerging orange economy, encompassing culture, creativity, tourism, content, immersive experiences.
Spiritual & Cultural Tourism Promotion
government allocation is almost more than INR100,000 crores on spiritual tourism and development of corridors.
Global Geopolitical Crises
West Asia crisis and what has been ongoing in the Middle East, two of our very large projects... got postponed.
Uncertainty as a Constant
uncertainty is now a constant, and we need to probably more intelligently account for that in our business planning.
Execution Risk with Expansion
considerable focus that we have been giving on increasing the backend infrastructure in terms of human ability to handle execution.
Dependence on Government Projects
90% of our revenue right now is coming from government sector, aiming to balance it in 2-3 years.
Global Catastrophes & Dislodges
when global catastrophes and dislodges like this happen, everybody is taken a back foot... we don't have a solution.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly reported full-year FY26 consolidated revenue growth on a year-on-year basis. The business involves large-format projects and seasonal events, making YoY comparison more relevant for assessing overall performance trends.
Consolidated Revenue from Operations
increased by 11.5% year-on-year basis to INR191.44 crores
SkyWaltz Balloon Safari Revenue
approximately INR11.2 crores
SkyWaltz Balloon Safari PAT
for the first time of INR1.3 crores
Current Ratio (Consolidated)
improved to 2.08x
Strategic Shift to Long-Term Value
consciously transformed ourselves from being primarily an execution-led experiential events company into a creator of experiential infrastructure.
Building Robust Opportunity Pipeline
built the largest qualified opportunity of pipeline in the company's history... INR500 crores to INR550 crores for FY27.
Conservative Revenue Target for FY27
aspiring to achieve at least a 60% of that number [INR500-550 crores] in the current financial year.
Long-Term Sustainable EBITDA Margin
EBITDA margins will reduce as we move along... 14% to 15% is a good sustainable number.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Target | INR300 crores to INR330 crores (60% of INR500-550 crores pipeline) | Achievement of conservative revenue target, indicating improved project conversion despite uncertainties. |
| Private Sector Revenue Contribution | 10% of total revenue (FY26) | Increase towards 25% target in FY27, demonstrating successful diversification away from government dependence. |
| Order Book Growth | Close to INR80-82 crores at start of FY27 | Consistent build-up of the order book throughout FY27, especially from permanent infrastructure projects. |
| EBITDA Margin | 15% (consolidated level) | Maintenance near 14.5% target, balancing strategic investments with profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 +15.4% / mo · MACD − · near 52W low
Technical chart
EFACTORdaily · 1Y · AUTO-26.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~13.4% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 50% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 56.0%.
- Growth contributes 19/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 73rd percentile within Services. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 69.6%. Key concern: Promoter holding fell 4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 73rd pctile, median 66 · SME: 81st pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 24.7%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 4%.
- ▸ROCE trend is -16%.
- ▸OPM spread across recent quarters is 18.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 11.50
- P/B
- 2.51
- EV/EBITDA
- 8.90
- Market Cap
- 227.00Cr
Profitability
- ROE
- 24.40%
- ROCE
- 24.70%
- ROA
- 12.42%
- Dividend Y
- 0.69%
Growth (CAGR)
- Revenue 5Y
- 98.00%
- EPS 5Y
- 77.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 38.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- 29.00×
- Altman Z
- 4.57
- Book Value
- 68.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- —
- EPS TTM
- 14.99
Shareholding
- Promoter Hold
- 69.56%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.