Key Financial Highlights (Consolidated)

Full Year FY26 Performance (vs. FY25):

  • Total Income: ₹237.14 Cr (decreased 5.2% from ₹250.21 Cr)
  • Profit After Tax (PAT): ₹72.69 Cr (decreased 30.0% from ₹103.78 Cr)
  • PAT Margin: 30.7% (down from 41.5%)
  • Return on Equity: 24.5% (down from 48.7%)

Q4FY26 Performance:

  • Total Income: ₹29.27 Cr (vs. ₹36.61 Cr in Q4FY25 and ₹69.94 Cr in Q3FY26)
  • Profit After Tax: ₹0.25 Cr (vs. ₹8.50 Cr in Q4FY25 and ₹20.06 Cr in Q3FY26)
  • Basic & Diluted EPS: ₹0.04 (vs. ₹1.20 in Q4FY25)

Segment-Wise Revenue Breakdown (FY26)

  • Merchant Banking Revenue: ₹151.2 Cr (63.7% of Total Income)
  • Broking Revenue: ₹70.7 Cr (29.8% of Total Income)
  • Interest Income: ₹15.72 Cr
  • Other Income: ₹0.03 Cr

Expense Analysis (FY26 vs. FY25)

  • Employee Benefit Expenses: ₹89.72 Cr (increased 5.0% from ₹85.46 Cr)
  • Depreciation and Amortization: ₹14.26 Cr (increased 102.8% from ₹7.03 Cr)
  • Finance Cost: ₹8.94 Cr (increased 260.5% from ₹2.48 Cr)
  • Other Expenses: ₹17.84 Cr (increased 45.7% from ₹11.27 Cr)
  • Total Expenses: ₹139.53 Cr (increased 23.2% from ₹113.23 Cr)

Management Commentary on Expenses

  • Employee strength increased to 130 from 125 YoY
  • Rental expenses increased due to move to new office premise in Q1FY26
  • Higher amortization and finance costs due to long-term lease tenure under Ind AS 116
  • Other expenses include certain one-time expenses
  • Company maintains a lean cost structure with high operating leverage

Operational and Business Highlights

Transaction Execution (FY26):

  • Executed 18 ECM transactions (IPOs, QIPs, OFS, etc.) and 1 M&A advisory
  • Total fundraise facilitated: ₹19,000+ Cr

IPO Pipeline (as of March 31, 2026):

  • 25 IPOs in pipeline (# defined as DRHP filed, Engagement Letter signed, or confirmation received)
  • 4 new IPOs added to pipeline in Q4FY26
  • 13 IPOs where DAM Capital is Left Lead Banker (includes 6 Sole Banker IPOs)
  • Pipeline spans 16 sectors including Services (4), Metals & Mining (2), Consumer Durables (2), Automobile & Auto Components (2)

Historical Track Record (Since Nov 2019 Acquisition):

  • 96 ECM transactions executed raising ₹1,60,000+ Cr
  • Strong execution across sectors: Financial Services (17 transactions, ₹26,221 Cr), Capital Goods (13 transactions, ₹13,263 Cr), Pharma & Healthcare (11 transactions, ₹8,116 Cr)

Institutional Equities Segment:

  • 11-member research team including 10 lead analysts with 14+ years average experience
  • Covers 187 stocks across 21 sectors
  • Research universe by market cap: <5,000 Cr (24), 5,000-20,000 Cr (50), 20,000-50,000 Cr (40), 50,000-1,00,000 Cr (29), 1,00,000-5,00,000 Cr (35), >5,00,000 Cr (9)

Balance Sheet Position (Consolidated as of March 31, 2026)

Assets: ₹453.15 Cr (vs. ₹400.64 Cr YoY)

  • Cash & Cash Equivalents: ₹21.62 Cr
  • Bank Balances (other than cash): ₹276.81 Cr
  • Trade Receivables: ₹27.96 Cr
  • Investments: ₹5.90 Cr
  • Property, Plant & Equipment: ₹96.63 Cr

Liabilities & Equity:

  • Borrowings: ₹3.32 Cr
  • Other Financial Liabilities: ₹81.09 Cr
  • Provisions: ₹27.20 Cr
  • Equity Share Capital: ₹14.14 Cr (unchanged)
  • Other Equity: ₹317.77 Cr (vs. ₹249.81 Cr YoY)

Net Cash Position:

  • Net cash available: ₹311 Cr (vs. ₹242 Cr as of March 31, 2025)
  • Defined as sum of cash & cash equivalents, bank balances other than cash, investments, trade receivables, current tax assets (net), other financial assets, lease deposits subtracted with provisions, other payables, other non-financial liabilities and borrowings

Board of Directors

Independent Directors:

  • Mr. MV Nair (Chairperson): Ex-Chairman and MD of Union Bank of India and Dena Bank, serves on boards of Kfin Technologies, Transunion India, Franklin Templeton
  • Ms. Nithya Easwaran: Whole Time Director at Multiples Alternate Asset Management, serves on boards of Zerodha AMC, Acko, others
  • Mr. Rajendra Prabhakar Chitale: Managing partner of M.P Chitale & Co, serves on boards of Apollo Tyres, Everest Industries
  • Mr. Natarajan Srinivasan: Serves on boards of HDB Financial Services, 3P Investment Managers
  • Mr. Balram Singh Yadav: Ex-MD of Godrej Agrovet Ltd and Godrej Foods Ltd

Executive Directors:

  • Mr. Dharmesh Anil Mehta (MD & CEO): Over 30 years capital markets experience, former MD of ENAM Securities and Axis Capital
  • Mr. Jateen Madhukar Doshi (Whole Time Director): Oversees Institutional Equities division, former Executive Director at ENAM Securities and Axis Capital

Additional Metrics

  • Revenue per employee: ₹1.82 Cr (not annualized for quarters)
  • Employee cost as % of total income: 37.8%
  • Number of employees: 130 (vs. 125 YoY)
  • Stocks covered by research: 187 (vs. 197 YoY)
  • Sectors covered by research: 21 (vs. 23 YoY)

Industry Context

  • FY26 saw record number of IPO issuances
  • Strong institutional participation with growing AUM across FIIs, DIIs, and Retail investors