Operational Highlights

Deal Highlights:

  • Q1 FY27 transactions comprised the INR 1,221 crore OFS of NLC India and the INR 252 crore buyback of Welspun Living, with DAM Capital acting as Advisor
  • Executed 98 ECM transactions from November 2019 to June 2026, raising over INR 1,62,700 crore
  • Transaction breakdown: 41 IPOs (including 1 REIT), 22 QIPs, 10 Buybacks, 8 Preferential Issues, 8 OFS, 5 Rights Issues, and 4 Open Offers

Mandate Pipeline:

  • 26 IPOs currently in the pipeline
  • 4 new IPO mandates added in Q1 FY27
  • 10 IPOs where DAM Capital is the Left Lead Banker, including 3 Sole Banker IPOs
  • Multiple capital market and advisory transactions also mandated

Institutional Equities:

  • Broking: Total active institutional clients stood at 304 as of June 30, 2026
  • Research: 202 stocks covered across 23 sectors as of June 30, 2026

Financial Performance

Total Income: Stood at INR 30.0 crore in Q1 FY27, down 2.9% y-o-y compared with INR 30.9 crore in Q1 FY26

Segment-wise Revenue:

  • Revenue from Merchant Banking: INR 9.5 crore in Q1 FY27, up 3.7% y-o-y compared with INR 9.1 crore in Q1 FY26
  • Revenue from Broking / Institutional Equities: INR 16.3 crore in Q1 FY27, down 9.8% y-o-y compared with INR 18.0 crore in Q1 FY26

Profitability:

  • Profit After Tax: INR 0.15 crore in Q1 FY27 compared with INR 0.23 crore in Q1 FY26 (35% decline)
  • PAT Margin: 0.5% in Q1 FY27 compared with 0.8% in Q1 FY26

Balance Sheet Position:

  • Net cash available as of June 30, 2026 stood at INR 312 crore, compared with INR 234 crore as of June 30, 2025 (33% increase)

Financial Comparison Table (INR Cr):

| Particulars | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 | FY25 |

| Total Income | 30.0 | 29.3 | 30.9 | 237.1 | 250.2 |

| - Merchant Banking | 9.5 | 7.4 | 9.1 | 151.2 | 155.2 |

| - Broking | 16.3 | 17.7 | 18.0 | 70.7 | 81.1 |

| Profit After Tax | 0.15 | 0.25 | 0.23 | 72.7 | 103.8 |

| PAT Margin | 0.5% | 0.9% | 0.8% | 30.7% | 41.5% |

Management Commentary

Dharmesh Mehta, Managing Director & CEO commented on Q1 FY27 performance:

  • Challenging external environment shaped by ongoing wars in West Asia and Russia-Ukraine
  • Sharp spike in crude oil prices and record weak levels for the rupee created cautious investor mood
  • FPI outflows added to market pressure
  • Several fund raising transactions were deferred across the industry due to subdued market conditions and valuation considerations
  • Gradual return in IPO market activity towards the end of Q1
  • Renewed investor interest in some deals observed
  • Expect recovery to continue through Q2 and Q3 as macro uncertainties ease and market sentiment normalizes
  • Business is best assessed across cycles rather than quarter on quarter
  • Conviction in India's structural growth story remains intact
  • Healthy pipeline and improving market activity position company to capture opportunities as sentiment strengthens

Company Overview

DAM Capital Advisors Limited is a leading Indian investment bank offering:

  • Merchant banking comprising equity capital markets (ECM), mergers & acquisitions (M&A), private equity (PE) advisory, and structured finance solutions
  • Institutional equities encompassing research and broking
  • Services tailored to corporates, financial sponsors, institutional investors and family offices