Company Overview
Crest Ventures Limited is an RBI-registered Non-Banking Finance Company (NBFC) headquartered in Mumbai, India, and listed on both the National Stock Exchange (NSE: CREST) and Bombay Stock Exchange (BSE: 511413, 977399 for Debt). The company operates under two primary verticals: Real Estate and Financial Services/Credit. ISINs: INE559D01011 (Equity) and INE559D08032 (Debt).
Board of Directors
- Mr. Vijay Choraria – Managing Director, Chartered Accountant and Bachelor in General Law, with over 35 years of experience in real estate and financial sectors.
- Mr. Mohindar Kumar - Chairman, with over 35 years of experience in RBI Regulations, including 32 years with the Reserve Bank of India.
- Mr. Sivaramakrishnan Iyer – Chartered Accountant, specializing in Corporate Finance, Debt/Equity fundraising, M&A, and Capital Structuring.
- Ms. Neha Mehta – Practicing advocate at Bombay High Court for over 15 years, specializing in commercial real estate litigation and arbitration.
- Mr. Jagdish Mohan Kirpalani – Brings nearly four decades of leadership experience in private banking, wealth management, and operational transformation.
- Ms. Sheetal Kapadia – MBA and CFA charterholder with 20 years in financial services sector.
- Mr. Rajeev Sharma – Chartered Accountant, Company Secretary, Cost & Works Accountant, with 35 years of experience in Consulting, IT, and Outsourcing.
Business Model & Value Proposition
The company follows an asset-light approach focused on optimizing upfront capital expenditure. Its model includes Joint Development Agreements (JDAs) & Project Management, and Project Credit providing capital to develop projects in partnership. Key value propositions include being a trusted partner for redevelopments, financial closure with a robust balance sheet and negligible corporate-level debt, and scale with proven expertise in executing large-scale projects.
Financial Services Operations
Crest Finserv Limited (CFL): A 100% subsidiary, formerly Tullett Prebon (India) Limited, operating as an inter-dealer broker in Wholesale Debt Markets, Foreign Exchange Markets, Interest Rate Swaps, and Currency Options. Also participates in Mutual Funds distribution. Serves world's largest banks, Sovereigns, Mutual Funds, Financial Institutions, and Corporate Treasuries.
Crest Capital And Investment Limited (CCIL): A multi-strategy investment firm focused on generating uncorrelated returns across Indian capital markets through systematic and quantitative strategies.
Current Investments
- Two Brothers Organic Farms (TBOF): Crest Ventures holds over 11% in this direct-to-consumer organic agri-food company.
- Tamarind Global Services Private Limited: Crest Ventures holds 22.39% in this destination and event management company.
- Vascon Engineers: Crest Ventures made a strategic investment through a preferential issue in September 2021 and unlocked value in 2024.
Previous Investments
The company has successfully exited several investments including:
- SAI Consulting Engineers (sold to Systra, a French government company)
- Phoenix Marketcity properties in Chennai, Pune, Bangalore, and Lucknow (sold stakes in 2017 and consolidated holding in Chennai sold in 2022)
- Link Intime India (sold entire stake in 2011)
- Inga Capital (currently ITI Capital Ltd)
- Fortune Financial Services
Financial Summary (Consolidated)
Networth: Approximately ₹1,307 crore as of FY26
Debt/Equity Ratio: 0.21
Investment Portfolio (₹ in crores):
| Item | FY26 | FY25 |
| Listed Shares | 67.38 | 92.25 |
| Unlisted Shares | 128.39 | 56.97 |
| PMS/AIF | 2.55 | 1.10 |
| Liquid Mutual Funds | 86.82 | 10.99 |
| Debt Securities | 0.21 | 16.02 |
| TOTAL | 285.35 | 177.33 |
Asset Breakdown (₹ in crores):
| Item | FY26 | FY25 |
| Properties (Real Estate) | 50.97 | 64.14 |
| Projects (Inventories & JDA deposits) | 824.68 | 366.78 |
| Associates (Real Estate Associate Cos.) | 122.65 | 112.19 |
| TOTAL | 998.30 | 543.11 |
ICD/Loan Book (₹ in crores, net of debt):
| Item | FY26 | FY25 |
| ICD/Loans | 115.81 | 408.18 |
| Cash & Cash Equivalents | 129.02 | 56.41 |
| TOTAL | 244.83 | 464.59 |
Segment Results (₹ in crores):
| Item | FY26 | FY25 |
| Real Estate & Related Activities | 8.65 | 6.57 |
| Investing, Broking & Financial Activities | 64.16 | 110.97 |
| Unallocable/Other Expenses | (8.27) | (5.07) |
| Profit Before Tax | 64.54 | 112.47 |
Note: All loan and ICD data as of March 31, 2026, inclusive of interest accrued but not due.
Ongoing Projects
1. Crest 4 Pali Hill: Residential Redevelopment in Pali Hill, Bandra (W), Mumbai. Gross Development Value: ₹300 crores. Economic Interest: 100%. Status: Full IOD received, CC up to top of 2nd podium, piling completed, superstructure work in-progress, plinth level completed. Expected Completion: Q2 FY29.
2. Crest Saidale: Residential Redevelopment in Breach Candy, Mumbai. Gross Development Value: ₹1,300 crores. Economic Interest: 76%. Status: Development agreements signed with society, CFO NOC received, concession approval in process. Expected Completion: FY30.
3. Crest Golfshire: Mixed Use Development in Chembur, Mumbai under Slum Rehabilitation Scheme. Gross Development Value: ₹1,850 crores. Economic Interest: 15% of revenue. Status: JDA signed with Vensco Projects LLP, construction commenced (piling and excavation), project launched February 11, 2026. Expected Completion: FY30.
4. Crest Oaks: Residential Development in Marol, Andheri (E), Mumbai (RERA: P51800053387). Gross Development Value: ₹265 crores. Economic Interest: 11% of Revenue + Interest on loan given. Status: Over 70% sold, full CC received, RCC structure completed, finishing in-progress. Expected Completion: Q2 FY27.
5. Crest Uno: Residential Redevelopment in Union Park, Pali Hill, Mumbai. Gross Development Value: ₹100 crores. Economic Interest: 100%. Status: Development agreement signed, IOA & CC received, piling initiated. Expected Completion: Q4 FY28.
6. Crest Greens Phase 2 & 3: Township + Residential Tower in Kota Road, Raipur. Gross Development Value: ₹290 crores. Economic Interest: 50%. Status: Phase 2 construction began Q3 FY26. Expected Completion: Q2 FY29.
7. Crest Park: Residential Plotted Development in Bani Park, Jaipur (RERA: RAJ/P/2024/3033). Gross Development Value: ₹200 crores. Economic Interest: 3% of Revenue + Interest on loan given. Status: Phase 1 sold out, Phase 2 sales ongoing, expected completion June 2026. Expected Completion: Q1 FY27.
8. Project Hospital: Hospital in Worli, Mumbai. PMC Contract: ₹30 crores. Economic Interest: 100%. Status: Commencement Certificate received, piling in-progress. Expected Completion: FY29.
Recently Completed Projects
- Crest Link: Commercial & Residential Redevelopment in Linking Road, Khar (W), Mumbai (36,000 sq.ft, RERA: P51800045883). Status: Full OC received, commercial units leased to retail tenants, residential units sold out.
- Crest Parkview: Residential Redevelopment in Guru Nanak Park, Bandra(W), Mumbai (13,600 sq.ft)
- One National Park: Commercial Office Development in Velachery, Chennai (~594,000 sq.ft). Status: Full OC received, 70% leased to corporate tenants.
- Phoenix MarketCity: Commercial in Velachery, Chennai (15 lakh sq.ft)
- Palladium: Commercial in Velachery, Chennai (2.5 lakh sq.ft)
- Crest Greens Phase 1: Township in Kota Road, Raipur (30 acres)
- One Crest: Residential in Nungambakkam High Rd, Chennai (1.26 lakh sq.ft)
- Crest Towers: Residential in Velachery, Chennai (5.1 lakh sq.ft)
- Crest Mukta: Commercial in Andheri (West), Mumbai (1 lakh sq.ft)
- Club Crest: Commercial in Velachery, Chennai (35,000 sq.ft)
- Design Hotel: Commercial in Velachery, Chennai (26 rooms)
Upcoming Projects (Planning Stages)
1. Crest Legacy: Residential/Commercial Redevelopment in Dadar (E), Mumbai. Gross Development Value: ₹2,200 crores. Economic Interest: 100%. Status: Development agreements with societies underway, construction expected to commence Q3 FY27.
2. Crest Aspen: Residential Development in Marol, Andheri (E), Mumbai. Gross Development Value: ₹370 crores. Economic Interest: 9% of Revenue. Status: Project Management Agreement to be signed, pre-construction activities ongoing, CFO NOC in-progress. Estimated Start: Q2 FY27.
3. Project Lotus: Residential Development in Carter Road, Mumbai. Gross Development Value: ₹2,200 crores. Economic Interest: 50% of DM Fees (15% of Revenue). Status: Final documentation upon clearances to be received.
4. Project Lalbaug: Residential + Commercial in Parel, Mumbai. Development potential: Over 10 lakh sq.ft. Status: In planning stage with KBK Group.
5. Project Central: Residential + Commercial in Parel, Mumbai. Development potential: Over 6 lakh sq.ft. Status: In planning stage with KBK Group.
Disclaimer
The presentation contains forward-looking statements concerning future business prospects and profitability, subject to risks and uncertainties including earnings fluctuations, growth management, competition, political and economic conditions in India, talent retention, contract time and cost overruns, government policies, and fiscal policies. The company does not undertake to update forward-looking statements.