Date: November 3, 2026

Financial Results (Standalone & Consolidated)

Q2 FY27 Performance:

  • Total Income: ₹54.3 Cr vs ₹30.0 Cr in Q1 FY27 (+81.0% QoQ) and ₹107.1 Cr in Q2 FY26
  • Profit After Tax: ₹13.5 Cr vs ₹0.15 Cr in Q1 FY27 and ₹52.2 Cr in Q2 FY26
  • PAT Margin: 25.0% vs 0.5% in Q1 FY27 and 48.7% in Q2 FY26
  • Basic EPS: ₹1.92 (not annualized)

H1 FY27 Performance:

  • Total Income: ₹84.2 Cr vs ₹137.9 Cr in H1 FY26
  • Profit After Tax: ₹13.7 Cr vs ₹52.4 Cr in H1 FY26
  • PAT Margin: 16.3% vs 38.0% in H1 FY26
  • Basic EPS: ₹1.94 (not annualized)

Revenue Breakdown Q2 FY27:

  • Merchant Banking Revenue: ₹34.3 Cr (63.2% of Total Income)
  • Broking Revenue: ₹15.6 Cr (28.7% of Total Income)
  • Interest Income: ₹4.5 Cr
  • Fees and Commission Income: ₹49.7 Cr

Expense Analysis Q2 FY27:

  • Employee Benefit Expenses: ₹23.51 Cr (43.3% of Total Income)
  • Finance Costs: ₹2.23 Cr
  • Fees and Commission Expenses: ₹2.21 Cr
  • Depreciation and Amortization: ₹3.81 Cr
  • Other Expenses: ₹4.07 Cr
  • Total Expenses: ₹35.83 Cr

Balance Sheet Highlights (as of September 30, 2026):

  • Total Assets: ₹486.0 Cr vs ₹453.2 Cr as of March 31, 2026
  • Cash and Cash Equivalents: ₹6.8 Cr
  • Bank Balances other than cash: ₹292.5 Cr
  • Trade Receivables: ₹56.9 Cr
  • Investments: ₹5.9 Cr
  • Property, Plant and Equipment: ₹94.0 Cr
  • Total Equity: ₹339.0 Cr (₹14.1 Cr Share Capital + ₹324.9 Cr Other Equity)
  • Net Cash Available: ₹314 Cr (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)

Operational Highlights

Capital Market Transactions:

  • Executed 8 ECM transactions in Q2 FY27 raising ₹30,500+ Cr
  • 106 ECM transactions executed from November 2019 to September 2026 raising ₹1,93,200+ Cr
  • 19 IPOs in pipeline (defined as DRHP filed, Engagement Letter signed, or confirmation received)
  • 3 new IPOs added to pipeline in Q2 FY27

IPO Pipeline by Sector:

  • Realty: 2 transactions
  • Utilities: 2 transactions
  • Transport Services: 2 transactions
  • Capital Goods: 2 transactions
  • Financial Services: 2 transactions
  • Metals & Mining: 2 transactions
  • Automobile and Auto Components: 1 transaction
  • Consumer Services: 1 transaction
  • Fertilizers & Agrochemicals: 1 transaction
  • Consumer Durables: 1 transaction
  • Construction & Construction Materials: 1 transaction
  • Telecommunication: 1 transaction
  • Services: 1 transaction

Institutional Equities Research:

  • 206 stocks covered by research
  • 25 sectors covered
  • 14 lead analysts in research team
  • Market cap coverage breakdown: <5,000 Cr (29 stocks), 5,000-20,000 Cr (61 stocks), 20,000-50,000 Cr (40 stocks), 50,000-1,00,000 Cr (32 stocks), 1,00,000-5,00,000 Cr (36 stocks), >5,00,000 Cr (8 stocks)

Employee Metrics:

  • Total Number of Employees: 141 (vs 136 in Q1 FY27 and 131 in Q2 FY26)
  • Revenue per Employee: ₹0.38 Cr (not annualized)

KMP / Board / Auditor Changes

Distinguished and Highly Experienced Independent Board:

  • Mr. MV Nair: Chairperson and Independent Director, serves on boards of Transunion India Data Analytics Solutions and Franklin Templeton Asset Management (IFSC) Pvt. Ltd., Ex-Chairman & MD of Union Bank of India & Dena Bank
  • Mr. Balram Singh Yadav: Independent Director, serves on boards of Mahindra EPC Irrigation Ltd. and Agriculture Skill Council of India, Ex-MD of Godrej Agrovet Ltd and Godrej Foods Ltd
  • Ms. Nithya Easwaran: Independent Director, Whole Time Director at Multiples Alternate Asset Management, serves on boards of Zerodha AMC, Acko, Shubham Housing, Kogta Financial, TI Clean Mobility, Niyo Solutions Inc.
  • Mr. Rajendra Prabhakar Chitale: Independent Director, Managing Partner of M.P Chitale & Co and Chitale & Co., serves on boards of Apollo Tyres Ltd. and Everest Industries Ltd.

Management Team:

  • Mr. Dharmesh Anil Mehta: Managing Director and Chief Executive Officer, capital market veteran with over 30 years of experience, former MD-Equities at ENAM Securities and former MD and CEO of Axis Capital
  • Mr. Dhvanil Dharia: Whole Time Director, over 13+ years of experience in Investment Banking across M&A, PE and ECM, associated with DAM Capital since its inception in 2019

Corporate Governance

Company Secretary & Compliance Officer:

  • Sonal Katariya (Membership No.: A44446)

Corporate Office:

  • Altimus 2202, Level 22, Pandurang Budhkar Marg, Worli, Mumbai 400018 India

Regulatory Registrations:

  • SEBI Reg. No. (Stock Broking): INZ000207137
  • SEBI Reg. No. (Research Analyst): INH000000131
  • SEBI Reg. No. (Merchant Banker): MB/INM000011336