Business Overview

Authum operates through three diversified revenue streams:

  • Flow Investments (shareholding <20% in individual entities) - ~65% of total investment portfolio
  • Strategic Investments (control positions >20% shareholding) - ~16% of investment portfolio
  • ARC Platform (ISARC) - credit and alternative assets business

Investment Business Portfolio Composition

As of September 30, 2026:

  • Total investment portfolio: ₹16,116.8 crore
  • Flow Investments: ₹13,568.9 crore (84.2%)
  • Strategic Investments: ₹2,547.9 crore (15.8%)

Listed Equities Portfolio (65% of investment portfolio):

  • Diversified holdings with largest single investment ~15% of total portfolio
  • Includes investments in global conglomerate (water rehabilitation, transportation, oil & gas), pharma company (biologics, biosimilars, vaccines), integrated metal-producer, largest Indian stock exchange, leading global food manufacturing company, and company with integrated iron ore mining and steel operations

Unlisted Equities/Other Investments (19% of investment portfolio):

  • Includes mutual funds, debt instruments/AIFs
  • Investments in vertically integrated renewable energy platform, manufacturer of electromobility commercial vehicles, differentiated reward points platform, manufacturer of military tools & small arms, EPC company specializing in large infrastructure projects

Strategic Investments Details

Prataap Snacks Ltd Acquisition:

  • Authum acquired ~42.3% stake on September 26, 2024 from Peak XV Partners Growth Investment Holdings I, Sequoia Capital GFIV Mauritius Investments and Peak XV Partners Growth Investments II for ~₹765 crore
  • Current shareholding: 48.15% (as of September 30, 2026)
  • Company distributes snack foods across savories and sweet snacks

NITCO Ltd Debt Conversion:

  • Authum acquired ~97% of consortium debt in NITCO (listed company) from an ARC in April 2024 for ₹225.1 crore
  • Under restructuring scheme, converted part of unsustainable debt component of ~₹1,040 crore into equity at ₹93/share in October 2024
  • Authum's entire invested amount fully repaid, currently holds ~44.4% share capital on fully diluted basis
  • NITCO manufactures, processes and trades marbles, ceramic and other types of floorings and wall tiles

Credit and Alternative Assets Business

NBFC Acquisition Outcome:

  • Provides entry into credit business with growth runway
  • Diversification from equity-led business to credit business with stable cash flows
  • Pan-India distribution network with 25+ branches and ~450+ member team
  • Strategic focus: Harvesting recoveries from acquired portfolio in first 12 months; subsequent focus on fresh business growth

Credit Deployment Performance (FY24 - September 30, 2026):

  • Total deployment: Cumulative fresh deployment (NBFC + ARC)
  • Fully exited/closed exposures: ₹3,696 crore
  • Outstanding exposures: ~₹4,104 crore (after partial repayments of ~₹375 crore)
  • Live book across NBFC & ARC platforms

India SME ARC (ISARC) Overview

Acquisition Details:

  • Authum completed acquisition of 88.37% shareholding in ISARC on June 17, 2025 after RBI approval
  • Total investment: ~₹313 crore (includes ~₹193 crore against primary issuance of fresh shares)
  • ISARC is subsidiary of Authum (sole sponsor)

Financial Indicators as of September 30, 2026:

  • Fresh Investment Book: ~₹268 crore
  • AUM: ~₹642 crore (built since acquisition)
  • NIL legacy issues: ARC's investment in legacy book fully provisioned
  • Diversified book through debt acquisitions from multiple banks/institutions
  • Expected 2-3 years exit cycle on average
  • First exits and redemption occurred in Q2 FY27

Recent Development:

  • Q2 FY27: ISARC announced rights issue of ~₹414 crore
  • Authum committed to invest ~₹406 crore
  • Authum's shareholding to increase to ~95%

ISARC Financial Performance:

| Period | Revenue (₹ crore) | Expenses (₹ crore) | Profit (₹ crore) |

| FY26 H1 | 8.5 | 3.7 | 4.7 |

| FY26 H2 | 9.0 | 1.6 | 7.4 |

| Q1 FY27 | 6.2 | 0.9 | 5.3 |

| Q2 FY27 | 12.2 | 2.4 | 9.7 |

Consolidated Financial Position

Balance Sheet as at September 30, 2026 (₹ crore):

| Assets | Amount |

| Investments | 16,116.8 |

| - Flow Investments | 13,568.9 |

| - Strategic Investments | 2,547.9 |

| Loans/credit substitutes | 4,452.4 |

| - Acquired Portfolio | 242.1 |

| - PTC assets | 105.8 |

| - Fresh Credit Portfolio | 4,104.4 |

| Other assets | 2,650.7 |

| - Cash & cash equivalents | 1,004.6 |

| - Property Investments & Fixed Assets | 534.5 |

| - Receivables & Misc. | 909.4 |

| - Intangible Assets | 202.2 |

| Grand Total | 23,219.9 |

Liabilities as at September 30, 2026 (₹ crore):

| Liabilities | Amount |

| Net-worth | 18,723.9 |

| Borrowings & Payables | 4,451.9 |

| - PTC borrowings | 189.0 |

| - Dissenting creditors | 177.8 |

| - Third-party credit line | 330.2 |

| - Inter Corporate Deposits | 533.3 |

| - Redeemable pref. shares | 2,189.6 |

| - Other payables | 1,032.0 |

| Non-controlling Interest | 44.1 |

| Grand Total | 23,219.9 |

Asset Quality Indicators:

  • Gross NPA: ₹185.4 crore
  • Net NPA: ₹0.0 crore (100% provision created for legacy book)
  • 85-90% of NPA book is mortgage backed
  • 100% written off retail mortgage loans: ₹535.4 crore
  • 100% written off retail other loans: ₹2,110.5 crore (vehicle, CV, other loans)
  • 100% written off corporate loans: ₹5,956.4 crore

P&L Performance (₹ crore):

| Revenue Stream | FY2024 | FY2025 | FY2026 | Q1 FY2027 | Q2 FY2027 |

| Investment Income | 1,803.4 | 2,663.4 | 164.1 | 1,223.6 | 327.0 |

| Interest Income | 512.5 | 396.0 | 551.9 | 110.6 | 122.7 |

| Change in provision/bad debts recovery | 2,050.8 | 1,145.2 | 1,778.5 | 59.8 | 170.0 |

| Fees & Commission | 26.0 | 75.1 | 35.3 | 2.1 | 16.6 |

| Miscellaneous Income | - | 42.4 | 60.1 | 19.9 | 8.1 |

| Exceptional Income | 57.6 | - | - | - | - |

| Total Revenue | 4,450.3 | 4,322.1 | 2,589.9 | 1,416.0 | 644.4 |

Other Comprehensive Income (₹ crore):

| Component | FY2026 | Q1 FY2027 | Q2 FY2027 |

| Realized Profit | 185.4 | (74.5) | 1,580.6 |

| Unrealized Profit | (2,474.5) | 1,822.7 | (403.5) |

| Total OCI | (2,289.1) | 1,748.3 | 1,177.1 |

Expenses Breakdown (₹ crore):

| Expense Type | FY2024 | FY2025 | FY2026 | Q1 FY2027 | Q2 FY2027 |

| Finance Costs | 65.2 | 52.0 | 198.8 | 64.4 | 61.9 |

| Employee Benefit Expenses | 42.3 | 47.7 | 75.7 | 20.8 | 28.1 |

| Other Expenses | 117.3 | 155.2 | 198.0 | 81.9 | 50.8 |

| Total Expenses | 224.8 | 254.9 | 472.5 | 167.0 | 140.8 |

Corporate Governance

Promoters: First-generation entrepreneurs with track record of value creation in capital market

Board Composition: Diversified representation through Promoter Directors, Professional Executive Director and Independent Directors with majority comprising Independent Directors

Management: Young management teams with specialization in buildout areas

External Rating: A/Stable by CRISIL

Market Capitalization: ~₹45,000 crore (as on November 4, 2026)