OfBusiness (OFB Tech)
Gurugram B2B commerce and fintech group trading steel, metals, chemicals and agri-commodities to SMEs and financing them through Oxyzo; FY26 PAT ₹724 Cr, DRHP expected by November 2026.
Market cap
₹41,500 Cr
100.00 Cr shares
P/E ratio
62.41
Sector average 30
Book value
₹72.20
P/B 5.75
1-year return
-28.24%
52w ₹415 – ₹678
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-28.24% ₹578 → ₹415
52-week band in this window: ₹415.00 – ₹578.28. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY26 consolidated PAT ₹724 Cr (+21%) on revenue ₹20,645 Cr; FY25 PAT ₹597 Cr on ₹22,241 Cr.
- DRHP for an ~$800 Mn IPO expected by November 2026; valuation target $5–6 Bn.
- Altius lists the stock without a live quote; rate shown is ₹415 from another dealer (7 Sep 2026).
About OfBusiness
OFB Tech (OfBusiness) runs a tech-enabled B2B platform that procures and sells bulk raw materials — steel, non-ferrous metals, polymers, chemicals, cement and agri-commodities — to small and mid-sized manufacturers and infrastructure contractors, and extends working-capital credit to them through its NBFC arm Oxyzo Financial Services. It has added private-label and contract-manufacturing lines and owns stakes in several downstream manufacturing businesses.
Founded in 2015 by Asish Mohapatra, Ruchi Kalra, Bhuvan Gupta, Nitin Jain, Vasant Sridhar, Srinath Ramakkrushnan and Chandranshu Sinha, the group raised a $325 Mn Series G in December 2021 at a $5 Bn valuation from Alpha Wave Global, SoftBank Vision Fund 2 and Tiger Global; Z47 (Matrix), Norwest and Creation Investments are earlier backers. It is one of the few large Indian unicorns that is consistently profitable.
Consolidated revenue was ₹22,241 Cr in FY25 with PAT of ₹597 Cr; in FY26 revenue fell 7% to ₹20,645 Cr as low-return trading lines were dropped, while PAT rose 21% to ₹724 Cr. Five banks (Axis, Morgan Stanley, JPMorgan, Citi, BofA) were appointed in late 2024 and, per August 2026 reports, a DRHP for an ~$800 Mn IPO (≈$260 Mn fresh, ≈$540 Mn OFS) at a $5–6 Bn valuation is to be filed by November 2026. FY24 figures and all balance-sheet lines below are estimates. Figures preliminary; verify from MCA filings.
Altius Investech lists OfBusiness but shows no live quote (₹N/A). The rate used here — ₹415 — is the 7 September 2026 indicative price from another dealer; a second dealer showed ₹574 on 21 August with a 52-week range of ₹471–678. The 100 Cr share count is an estimate that reconciles the quote with the ~$5 Bn valuation; the company converted to a public limited company for the IPO and its registered office / CIN should be re-checked on MCA.
Where the revenue comes from
- Raw-material commerce (metals, chemicals, agri, polymers)85%
Trading and fulfilment revenue — estimate
- Oxyzo financing10%
Interest income on SME working-capital loans — estimate
- Manufacturing & private label5%
Owned and contract-manufactured products — estimate
Products & services
Raw-material commerce
Steel, non-ferrous metals, polymers, chemicals, cement, agri-commodities sold to SMEs with fulfilment and credit.
Oxyzo Financial Services
NBFC providing purchase finance and working-capital loans to platform customers.
Private label & manufacturing
Owned and contract-manufactured products in metals, chemicals and apparel; stakes in several downstream plants.
What works
- • Profitable at scale — ₹724 Cr PAT on ₹20,645 Cr revenue in FY26, with profit compounding while trading revenue is pruned.
- • Oxyzo (RBI-registered NBFC) gives a captive, high-margin lending book tied to the commerce flow; group ROE is well above listed B2B peers.
- • Marquee cap table (SoftBank, Tiger, Alpha Wave, Z47, Norwest) and a bank syndicate already mandated for an IPO at $5–6 Bn.
What to watch
- • Revenue is low-margin commodity trading; a downturn in steel or agri prices, or a credit event at SME customers, hits both commerce and Oxyzo's book.
- • Dealer quotes vary widely (₹415 vs ₹574 within three weeks) and Altius shows no live price — the market for this stock is thin and opaque.
- • IPO pricing at $5–6 Bn is not assured; a lower IPO band or delay would reset unlisted prices.
- • Corporate-structure complexity (dozens of manufacturing subsidiaries and associates) makes consolidated numbers hard to verify pre-DRHP.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| OfBusinessThis page | ₹415.00 | ₹41,500 Cr | 62.41 | 5.75 | +3.44% |
| Yubi | ₹560.00 | ₹12,085 Cr | — | 14.26 | +41.65% |
| SK Finance | ₹745.00 | ₹10,020 Cr | 23.25 | 2.53 | +28.57% |
Latest reported year: FY26 ending 31 Mar 2026.