Financial Performance Highlights

Financial Results (₹ in Lakhs)

| Particulars | 31.03.2026 | 31.03.2025 | Change |

| Gross Total Income | 490.57 | 827.94 | -40.75% |

| Profit Before Tax | 127.09 | 229.96 | -44.73% |

| Profit After Tax | 89.14 | 165.46 | -46.13% |

| EPS (₹) | 2.83 | 5.25 | -46.10% |

Key Financial Metrics

  • Revenue from operations decreased to ₹464.07 lakhs from ₹779.51 lakhs in previous year
  • Other income stood at ₹26.50 lakhs compared to ₹48.43 lakhs in FY25
  • Employee benefit expenses: ₹187.12 lakhs (FY25: ₹229.40 lakhs)
  • Depreciation: ₹11.14 lakhs (FY25: ₹10.70 lakhs)
  • Tax expense: ₹37.95 lakhs (FY25: ₹64.50 lakhs)

Capital Structure

  • Authorized Share Capital: ₹325.00 lakhs (32,50,000 equity shares of ₹10 each)
  • Paid-up Share Capital: ₹315.28 lakhs (31,52,750 equity shares of ₹10 each)
  • No change in share capital during the financial year

Dividend Declaration

No dividend recommended for FY26 as the Board decided to plough back profits into the business

Board and Management Changes

  • Mr. Gagan Goel (DIN: 07360059) was appointed as Additional Director (Executive) effective January 19, 2026
  • Mr. Sarthak Vijlani (DIN: 05174824) retires by rotation and seeks re-appointment at AGM
  • Proposal to appoint Mr. Gagan Goel as Executive Director liable to retire by rotation

Key Managerial Personnel

  • Mr. Sarthak Vijlani: Managing Director
  • Mr. Vikas Chhangani: Executive Director
  • Mr. Mitesh Somchand Ambani: Chief Financial Officer
  • Ms. Nikita Shiv Kumar Nirwan: Company Secretary and Compliance Officer

Board Committees

1. Audit Committee: Monish Hukamchand Jain (Chairman), Mahipal Singh Chouhan, Sarthak Vijlani

2. Nomination & Remuneration Committee: Monish Hukamchand Jain (Chairman), Mahipal Singh Chouhan, Dipali Nikunj Kanabar

3. Stakeholders Relationship Committee: Mahipal Singh Chouhan (Chairman), Monish Hukamchand Jain, Vikas Chhangani

AGM Details

  • 14th Annual General Meeting to be held on September 29, 2026 at 11:30 AM
  • Venue: 804, Meadows, Sahar Plaza Complex, J B Nagar, Andheri Kurla Road, Andheri East, Mumbai-400059
  • Cut-off date for eligibility: September 21, 2026

Business Operations

  • Company is SEBI Registered Category I Merchant Banker engaged in Merchant Banking Activities
  • No change in nature of business during the financial year
  • No subsidiaries, joint ventures or associate companies

Related Party Transactions

All related party transactions were on arm's length basis in ordinary course of business:

  • Director remuneration: Sarthak Vijlani (₹120.00 lakhs), Vikas Chhangani (₹24.00 lakhs), Gagan Goel (₹5.25 lakhs)
  • Professional charges: Vikas Chhangani (₹3.08 lakhs)
  • Sitting fees: Monish Jain (₹0.50 lakhs), Mahipal Singh Chouhan (₹0.60 lakhs), Dipali Kanabar (₹0.40 lakhs)

Auditors

  • Statutory Auditors: M/s. Ramanand & Associates, Chartered Accountants (Firm Registration No. 117776W)
  • Secretarial Auditors: M/s. S K Dwivedi & Associates, Practicing Company Secretaries
  • Internal Auditor: Mr. Ranjan Kumar, Advocate
  • No qualifications or adverse remarks in audit reports

Key Ratios

  • Current Ratio: 10.10 (FY25: 4.54)
  • Return on Equity: 7.07% (FY25: 14.59%)
  • Trade Receivables Turnover Ratio: 75.76 (FY25: 68.01)
  • Net Profit Ratio: 18.17% (FY25: 19.98%)
  • Return on Capital Employed: 9.68% (FY25: 18.90%)

Foreign Exchange

  • Foreign exchange earnings: ₹10.75 lakhs
  • Foreign exchange outgo: Nil

Investments

  • Non-current investments: ₹575.04 lakhs (Quoted: ₹367.54 lakhs, Unquoted: ₹207.50 lakhs)
  • Current investments: ₹544.06 lakhs
  • Market value of quoted investments: ₹149.07 lakhs (Cost: ₹367.54 lakhs)

Significant Regulatory Impact

The company's financial performance was significantly impacted by:

1. Withdrawal of Section 56(2)(viib) of Income Tax Act, 1961 affecting valuation services revenue

2. SEBI's recalibration of SME IPO framework with stricter eligibility criteria

Corporate Governance

As an SME-listed company, exempt from certain corporate governance provisions under Regulation 15 of SEBI LODR Regulations, 2015, but follows majority provisions voluntarily

Compliance Status

  • No significant material orders passed by regulators/courts
  • No fraud reported by auditors
  • No deposits accepted from public
  • All statutory dues regularly paid

Employee Strength

7 employees as on March 31, 2026, including executive directors

Additional Information

  • Registrar & Transfer Agent: KFin Technologies Limited
  • Bankers: HDFC Bank, ICICI Bank