Operational Highlights

Deal Highlights (Q2 FY27):

  • Executed 8 ECM transactions comprising 5 IPOs, 2 OFS transactions, and 1 buyback.
  • Total capital raised across these deals was over INR 30,500 crore.
  • IPO details:
  • National Stock Exchange of India: INR 22,563 crore
  • Hero Motors: INR 1,000 crore
  • ESDS Software Solution: INR 720 crore
  • Caliber Mining & Logistics: INR 600 crore (including pre-IPO); DAM Capital was Sole BRLM
  • Prasol Chemicals: INR 595 crore (including pre-IPO); DAM Capital was Sole BRLM
  • Other transactions:
  • Hindustan Copper OFS: INR 3,029 crore
  • Cochin Shipyard OFS: INR 1,705 crore
  • PVR Inox buyback: INR 300 crore
  • Historical track record: 106 ECM transactions executed from November 2019 to September 2026, raising over INR 1,93,200 crore, including 46 IPOs (including 1 REIT).

Mandate Pipeline (as of September 30, 2026):

  • 19 IPOs in the pipeline.
  • 3 new IPO mandates added during Q2 FY27.
  • DAM Capital is the Left Lead Banker on 3 IPOs in its current pipeline.
  • Also mandated for multiple capital market and advisory transactions.

Institutional Equities:

  • Broking: Total active institutional clients stood at 313 as of September 30, 2026.
  • Research: 206 stocks covered across 25 sectors as of September 30, 2026.

Financial Highlights

Quarterly Performance (Q2 FY27 vs Q1 FY27 vs Q2 FY26):

| Particulars (INR Cr) | Q2 FY27 | Q1 FY27 | Q2 FY26 |

| Total Income | 54.3 | 30.0 | 107.1 |

| - Merchant Banking | 34.3 | 9.5 | 86.1 |

| - Broking | 15.6 | 16.3 | 17.3 |

| Profit After Tax (PAT)| 13.5 | 0.15 | 52.2 |

| PAT Margin | 25.0% | 0.5% | 48.7% |

Half-Yearly Performance (H1 FY27 vs H1 FY26):

| Particulars (INR Cr) | H1 FY27 | H1 FY26 |

| Total Income | 84.2 | 137.9 |

| - Merchant Banking | 43.8 | 95.3 |

| - Broking | 31.8 | 35.4 |

| Profit After Tax (PAT)| 13.7 | 52.4 |

| PAT Margin | 16.3% | 38.0% |

Key Financial Metrics:

  • Total Income in Q2 FY27 stood at INR 54.3 crore, up 81% quarter-on-quarter (q-o-q) from INR 30.0 crore in Q1 FY27.
  • Revenue from Merchant Banking stood at INR 34.3 crore in Q2 FY27, up 262% q-o-q from INR 9.5 crore in Q1 FY27.
  • Revenue from Broking / Institutional Equities stood at INR 15.6 crore in Q2 FY27, down 4.4% q-o-q from INR 16.3 crore in Q1 FY27.
  • Profit After Tax (PAT) stood at INR 13.5 crore in Q2 FY27, a significant recovery from INR 0.15 crore in Q1 FY27.
  • PAT Margin improved to 25.0% in Q2 FY27 from 0.5% in Q1 FY27.
  • Net cash available as of September 30, 2026, stood at INR 314 crore.

Leadership Commentary

Dharmesh Mehta, Managing Director & CEO, provided the following commentary:

  • Q2 FY27 saw a pickup in primary market activity, with India's capital markets demonstrating resilience amidst persistent global uncertainties, geopolitical tensions, and volatility in foreign capital flows.
  • Healthy domestic liquidity and sustained investor confidence in quality issuances supported fundraising activity during the quarter.
  • For DAM Capital, it was a good quarter in terms of deal execution, completing 5 IPO transactions (including 2 sole banker mandates), 2 OFS transactions, and a buyback.
  • These transactions attracted strong participation from quality institutional investors, reaffirming the depth of the franchise, execution capabilities, and investor reach.
  • The company remains optimistic about the structural growth prospects of India's capital markets, supported by an expanding universe of businesses seeking access to capital and an increasingly stable domestic investor base.
  • Q3 FY27 began positively with the successful listing of the landmark Jio Platforms Limited IPO.
  • The company has a healthy pipeline of mandates which positions it well for the coming quarters, though the pace of execution will remain dependent on prevailing market conditions and the broader global environment.