💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of investment activities. Consolidated turnover grew 14.63% YoY, increasing from INR 33.88 Cr in FY24 to INR 38.83 Cr in FY25.

Geographic Revenue Split

Not disclosed in available documents; however, the company is described as having a widespread investment business across India.

Profitability Margins

Consolidated Net Profit Margin stood at 71.71% for FY25, while the Operating Margin was 72.46%. Standalone Net Profit Margin was slightly higher at 71.80%.

EBITDA Margin

Net Profit Margin is 71.71% (Consolidated). Core profitability is driven by investment income, with Profit After Tax growing 18.46% YoY to INR 28.21 Cr.

Capital Expenditure

Not applicable for an investment company; however, the total investment portfolio grew 14.17% to INR 1,724.80 Cr in FY25.

Credit Rating & Borrowing

The company continues to be debt-free with a Debt-Equity Ratio of NA. It maintains sufficient cash for strategic and operational requirements.

⚙️ Operational Drivers

Raw Materials

Not applicable for an investment company.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Not applicable for an investment company; however, the company seeks to increase profitability by leveraging India's growing economy.

Raw Material Costs

Not applicable.

Manufacturing Efficiency

Not applicable; however, the company maintains a robust working capital management process with a Consolidated Current Ratio of 4.13.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

14.63%

Growth Strategy

Growth is pursued through professional management of a large investment portfolio (INR 1,724.80 Cr) by reputed managers. The strategy focuses on capitalizing on India's economic growth, policy stability, and the increasing financial literacy/SIP popularity among domestic investors.

Products & Services

Investment holding and management services, generating income through dividends and capital appreciation from equity and money market instruments.

Brand Portfolio

Elcid Investments Limited.

New Products/Services

Not disclosed; the company remains focused on its core single-segment investment activities.

Market Expansion

The company looks forward to increasing profitability by aligning with the growing trend in the Indian economy.

Strategic Alliances

The company has no associates or joint ventures as of March 31, 2025.

🌍 External Factors

Industry Trends

The industry is benefiting from increased financial literacy, digital access to investing, and the popularity of SIPs, which have surged domestic participation.

Competitive Landscape

Operates in a complex environment with risks from market volatility, interest rate fluctuations, and competition for capital flows.

Competitive Moat

The company's moat is its massive investment portfolio (INR 1,724.80 Cr) relative to its small paid-up capital (INR 0.20 Cr) and debt-free status, providing high net margins (71.71%).

Macro Economic Sensitivity

Highly sensitive to Indian GDP growth and inflation. Inflation erodes real returns, while the downtrend in share and money markets over recent years has previously impacted the portfolio.

Consumer Behavior

Shift toward financialization of savings and increased use of digital investment platforms is driving market liquidity.

Geopolitical Risks

Global risks related to geopolitics and capital flows remain active and are monitored as part of the risk management framework.

⚖️ Regulatory & Governance

Industry Regulations

Regulated as a non-deposit accepting NBFC by the Reserve Bank of India (RBI). Complies with the Companies Act 2013 and SEBI Listing Obligations.

Environmental Compliance

ESG compliance costs not specified; however, the company spent INR 0.45 Cr on CSR activities, exceeding its INR 0.43 Cr obligation.

Taxation Policy Impact

Consolidated provision for taxation was INR 9.48 Cr for FY25. The company follows applicable Indian tax laws for NBFCs.

Legal Contingencies

The company reported a shortfall of INR 41.26 Lakhs in CSR contributions for FY 2022-23 due to erroneous calculations, which was discussed in a January 2025 board meeting. No other major pending court cases or frauds were reported.

⚠️ Risk Analysis

Key Uncertainties

Market risk from equity price fluctuations and interest rate changes poses the highest uncertainty, potentially impacting portfolio value by significant percentages during downturns.

Geographic Concentration Risk

Primarily concentrated in the Indian securities market.

Third Party Dependencies

High dependency on portfolio managers (Kotak Bank, IIFL Securities) for investment decision-making and risk mitigation.

Technology Obsolescence Risk

Cybersecurity risk is identified as a pressing concern due to increasing reliance on technology and data for investment operations.

Credit & Counterparty Risk

Credit risk exists regarding the potential for counterparties to default on fixed-income obligations, leading to financial losses.