EFC (I) Limited (EFCIL) share price

₹167.07 on NSE as of 2026-10-08. -3.87% on the day. market cap ₹1,663 Cr. P/E 8.3. 52-week range ₹167.07 to ₹314.20. Services.

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EFC (I) Q1 FY27: ₹283 Cr Revenue, 84,000 Seats, and Three Businesses Wearing One Uniform

At a glance

A company incorporated in 1984 as Amani Trading and Exports now rents out 84,000-odd desks across 25 cities. It also builds the interiors those desks sit in, and manufactures the desks itself. Vertical integration, but for office furniture.

Revenue for the three months to June 2026 was ₹283 crore. That is 28.8% above the ₹220 crore of the same quarter a year earlier. Against the three months to March 2026, the figure is 3.4% lower. That quarter brought in ₹293 crore. Operating profit reached ₹123 crore, against ₹102 crore a year earlier. Net profit was ₹69.0 crore, up 58.9% on the year. The previous quarter's ₹69.4 crore leaves it effectively flat.

Earnings per share — profit divided across every share in issue — came to ₹4.66. The March quarter's figure was ₹4.69. The share count grew by 1.07 crore shares in the middle of the year.

Rental took ₹153.9 crore in the quarter, up 26% on the year. Interiors took ₹100.4 crore, 19% above the same quarter last year. Against the March quarter, interiors were 18% lower. Furniture took ₹28.6 crore, up 124% from a small base. The segment result on that revenue was ₹2.10 crore. Management describes the furniture vertical as still in a scale-up phase. It says quarterly margin comparisons are not appropriate until utilisation reaches 60% to 70%.

Three businesses sit on one balance sheet. Borrowings stood at ₹1,406 crore as of March 2026. Net worth, the owners' book share of the company, was ₹807 crore. The market pays ₹11.20 for every ₹1 of yearly profit. For the industry the figure is ₹19.30. On 29 July 2026 the board approved one demerger and EFC entities withdrew another scheme.

Introduction

EFC (I) Ltd is headquartered in Pune and listed on both exchanges. It describes itself as a real estate-as-a-service platform. The press release counts 150 centres and more than 84,000 seats under management across twenty-five cities. It also counts roughly 500 employees and more than 780 corporate clients. The founder, Umesh Kumar Sahay, is described as a first-generation entrepreneur. The company dates its founding to 2014, while the listed shell goes back to 1984.

The last eighteen months have been busy on the corporate-action front. Whitehills Interior Limited, the interiors arm, merged into EFC (I) with effect from 28 November 2025. The National Company Law Tribunal, which approves company mergers in India, had ordered it on 12 November 2025. Comparative figures were restated under the pooling-of-interest method, which redraws past accounts as though the two were always one.

In December 2025 the company raised its stake in Ek Design Industries to 89.59%. It took Forty Two Ventures to 100% in the same month.

Then came the capital raise. On 3 April 2026 the board approved a rights issue, which offers new shares first to existing shareholders. Terms were finalised on 1 May and the letter of offer was filed on 6 May. On 25 May the company allotted 1,06,62,786 shares and took in ₹159.94 crore. Capital after the issue stood at 14,79,46,162 shares.

On 29 July 2026, alongside the quarterly results, the board approved a demerger of EFC's asset-light business into EFC (I). That is subject to tribunal and other approvals. On the same date, EFC entities approved the withdrawal of a demerger scheme, with an application to the Regional Director to follow. Asked about it on the earnings call, management called the exercise "more of a restructuring… consolidation process" to "simplify the corporate holding structure".

The consolidated results carry twenty-three subsidiaries. Five of them were incorporated in April and May 2026 alone.

Business model

EFC takes commercial property, fills it with desks, and sells the desks by the month. It later bought an interiors company, and later still built a furniture factory. Both of those sit upstream of the desk it rents out. The logical endpoint of the strategy is a company that manufactures the coffee as well.

Leasing brings in the recurring money: ₹153.9 crore in the June quarter, up 26% on the year. It runs under three brands. EFC serves enterprise clients, Sprint is the co-working line, and a third brand offers managed workspaces. The company states occupancy above 90% and retention above 95%. Average enterprise client tenure is put at 51 months. Billed seats rose from 53,250 in the June 2025 quarter to 68,029 a year later. Total seats reached 84,387, against 63,389 a year earlier. The presentation frames that as 33% seat expansion supporting 29% revenue growth.

Design and Build took ₹100.4 crore, up 19% on the year. It does turnkey interiors, with mechanical, electrical and plumbing work handled in-house. The arm has more than 85 designers and engineers, and has designed 5.91 million square feet to date. The order book stands above ₹228 crore, up from ₹135 crore at the end of March. Management says more than 85% of that book is third-party work, because "the majority of the development on the internal work… is done by the landlords". On management's account, the interiors arm mostly fits out other people's offices.

Furniture trades as Ek Design. It lists more than 2,200 product codes and has delivered over 75,000 units. Its order book is above ₹53 crore. Revenue grew 124% on the year to ₹28.6 crore, with a segment result of ₹2.10 crore. Management's stated aspiration is "more than 25% easily under this vertical" once utilisation optimises.

The seat base sits mostly in the west, at 68%. The north and south hold 15% each, and the east 2%. Clients are 35% information technology and software, and 29% consulting and professional services. Banking, financial services and insurance make up 15%. The remainder spreads across engineering, artificial intelligence, visual effects and gaming.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for EFC (I) Limited.

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