💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Capital Market operations. Consolidated revenue for the half-year ended September 30, 2025, was INR (386.66) lakhs, representing a 103.15% decline compared to INR 12,265.50 lakhs in the same period of the previous year.

Profitability Margins

Profitability turned negative in H1 FY26 with a consolidated net loss before tax of INR 556.85 lakhs, compared to a profit of INR 1,951.27 lakhs in H1 FY25. This shift is primarily due to mark-to-market (MTM) losses on investments totaling INR 872.98 lakhs.

EBITDA Margin

Consolidated operating profit before working capital changes fell to INR (353.57) lakhs in H1 FY26 from INR 773.12 lakhs in H1 FY25, a decrease of 145.7% YoY.

Capital Expenditure

Historical capital expenditure is minimal; purchase of fixed assets was INR 0.00 for the half-year ended September 30, 2025.

Credit Rating & Borrowing

Standalone current borrowings increased by 3.48% to INR 1,350.62 lakhs as of September 30, 2025, from INR 1,305.24 lakhs as of March 31, 2025. Borrowing costs are not explicitly stated.

⚙️ Operational Drivers

Raw Materials

Equity securities and shares, which serve as the primary inventory for trading and investment activities.

Import Sources

Not applicable as the company sources securities from domestic Indian stock exchanges.

Key Suppliers

Not applicable; transactions are executed through regulated stock exchanges (BSE and NSE).

Capacity Expansion

Not applicable for financial services; however, the company maintains an investment asset base of INR 5,356.73 lakhs as of September 2025.

Raw Material Costs

Purchase of stock in trade was INR 0.00 in H1 FY26, a 100% decrease from INR 8,139.52 lakhs in H1 FY25, indicating a shift from high-volume trading to portfolio management.

Manufacturing Efficiency

Not applicable.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company plans to leverage its management's entrepreneurial spirit and 30+ years of technical expertise to identify undervalued stocks. Growth is sought through picking the right stocks for investment and trading, particularly during periods of corporate consolidation and restructuring.

Products & Services

Equity trading services, investment in listed securities, and capital market operations.

Brand Portfolio

Twentyfirst Century Management Services Limited.

Strategic Alliances

Operates through its 100% subsidiary, Twentyfirst Century Shares & Securities Limited.

🌍 External Factors

Industry Trends

Regulatory reforms are aiding greater participation, but the company notes that the current market is 'expensive,' limiting the likelihood of multiple rerating.

Competitive Landscape

Faces intense competition from both local and global financial service players.

Competitive Moat

The primary moat is the management's 30-year track record in capital market operations, which provides a competitive edge in stock selection and risk balancing.

Macro Economic Sensitivity

High sensitivity to Indian GDP growth and global liquidity flows, which dictate investor sentiment and equity valuations.

Consumer Behavior

Shifts in investor sentiment toward other asset classes could reduce demand for equity-based investment avenues.

Geopolitical Risks

Slowdown in global liquidity flows could adversely impact FII participation and domestic market stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and Indian Accounting Standards (Ind AS) to ensure transparency and accountability.

Environmental Compliance

Not applicable to the company's business model.

Taxation Policy Impact

The company follows standard corporate tax norms; deferred tax liability was INR 0.13 lakhs in H1 FY26.

Legal Contingencies

The company reports no instances of non-compliance, penalties, or strictures from any statutory authority during the last three years.

⚠️ Risk Analysis

Key Uncertainties

Market fluctuations represent the highest risk; MTM losses on investments can cause earnings to swing from profit to loss, as seen in the INR 1,430.10 lakh total comprehensive loss in H1 FY26.

Geographic Concentration Risk

100% of operations are concentrated in India, primarily through offices in Mumbai and Chennai.

Third Party Dependencies

High dependency on stock exchange infrastructure and clearing corporations for trade settlement.

Technology Obsolescence Risk

The company has adopted digital platforms for investor grievances (SCORES) and video conferencing for meetings to mitigate administrative obsolescence.

Credit & Counterparty Risk

Consolidated trade receivables stood at INR 1,615.86 lakhs as of September 30, 2025, representing exposure to market settlement cycles.