💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income grew 33.7% YoY to INR 108.3 Cr in FY2025 from INR 81.0 Cr in FY2024. Standalone Q4 FY24 income grew 4% YoY to INR 108 Cr.

Profitability Margins

Consolidated PAT margin declined significantly from 65.3% in FY2024 to 12.1% in FY2025. Standalone net profit margin for FY2025 was 4.41% compared to 51.50% in the previous year, primarily due to extra tax from re-statement of investment income and the demerger of the high-margin chemical business.

EBITDA Margin

Consolidated OPBDITA margin fell to 12.1% in FY2025 from 22.8% in FY2024. Standalone EBIDTA margin was 26% in FY2025 compared to 58% in FY2024, impacted by lower income from liquid funds following the demerger.

Capital Expenditure

In the near future, CAPEX will be restricted to maintenance and payback-oriented projects. Net cash used in investing activities was INR 42.6 Cr in FY2024.

Credit Rating & Borrowing

ICRA assigned [ICRA]A- (Stable)/[ICRA]A2+ ratings to INR 50.0 Cr bank facilities, which were subsequently withdrawn in August 2025 at the company's request. Interest coverage ratio dropped from 166.2x in FY2024 to 18.0x in FY2025.

⚙️ Operational Drivers

Raw Materials

Steel and special alloys are the primary raw materials for the subsidiary Duncan Engineering Limited, representing a significant portion of its manufacturing costs.

Capacity Expansion

The company aims to improve capacity utilization and capital efficiency as demand recovers. Specific installed capacity in MT/units is not disclosed.

Raw Material Costs

Profitability is vulnerable to volatility in steel and special alloy prices. Raw material costs are a key driver for the engineering subsidiary's margins.

Manufacturing Efficiency

Focus on operating efficiency and unit economics in portfolio companies. Capacity utilization is expected to improve with demand recovery.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is transitioning into a focused investment and commodity trading firm following the demerger of its chemical business. Strategy includes identifying businesses at the intersection of real-world demand and digital enablement, scaling commodity trading in gold, silver, and agri-commodities, and supporting sustainable enterprises with tangible revenue visibility.

Products & Services

Investment management services (PE/VC/AIFs), commodity trading (gold, silver, metals, agri-commodities), and engineering process equipment (valves and actuators via Duncan Engineering).

Brand Portfolio

AG Ventures, Duncan Engineering.

New Products/Services

Expansion into commodity trading and trade-linked businesses is expected to drive future revenue growth.

Market Expansion

Exploring geographical expansion and targeting big tier customers to increase the addressable market for the engineering segment.

Market Share & Ranking

The company faces stiff competition from large players in the engineering segment and has limited bargaining power due to its small scale of operations.

Strategic Alliances

Strategic Growth Advisors Pvt. Ltd. serves as Investor Relations advisors. MUFG Intime (India) Pvt. Ltd. is the Registrar and Share Transfer Agent.

🌍 External Factors

Industry Trends

The Indian investment ecosystem is recalibrating toward unit economics and profitability over growth. There is a notable shift toward risk-adjusted returns, private debt, and sustainable/ESG-compliant businesses.

Competitive Landscape

The company operates in a highly competitive environment with pressure from larger players and volatility in startup valuations affecting the PE/VC landscape.

Competitive Moat

Competitive advantages include balance sheet hygiene (Total outside liabilities/TNW of 0.1x), established customer approvals in the engineering segment, and a sharpened focus on long-term value creation in the investment portfolio.

Macro Economic Sensitivity

Sensitive to global economic uncertainties and domestic policy shifts in taxation, FDI norms, and data governance.

Consumer Behavior

Rising disposable incomes and changing preferences are creating opportunities for scalable consumer brands within the company's investment portfolio.

Geopolitical Risks

Geopolitical tensions are identified as external shocks that can disrupt market stability and investor confidence.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and SEBI (Depositories and Participants) Regulations 2018.

Environmental Compliance

The company emphasizes ESG commitments and supports sustainable enterprises compliant with green technology regulations.

Taxation Policy Impact

The standalone net profit margin was impacted by extra tax due to the re-statement of investment income in FY2025.

Legal Contingencies

An appeal has been filed in NCLAT regarding the appointed date of the demerger scheme, following the NCLT order in April 2024.

⚠️ Risk Analysis

Key Uncertainties

Ongoing correction in startup valuations could lead to significant mark-to-market losses in the investment portfolio. Frequent shifts in regulatory policy (taxation, FDI) pose risks to business continuity.

Third Party Dependencies

Dependency on the performance of underlying assets in liquid mutual funds and alternate investment funds.

Technology Obsolescence Risk

The company prioritizes digital enablement in its portfolio companies to mitigate technology risks and improve operational efficiency.

Credit & Counterparty Risk

Consolidated trade receivables were INR 81.3 Cr as of March 31, 2024. Receivables quality is supported by repeat orders from established customers in the engineering segment.