💰 Financial Performance

Revenue Growth by Segment

The company reported total income of INR 163.65 Lakhs for H1 FY26, which is a 173% increase compared to the INR 94.28 Lakhs reported for the full year FY25. Revenue is primarily driven by 'Other Income' (Interest and Investment gains), as 'Revenue from Operations' was reported as nil, indicating a shift or concentration in investment-led income.

Geographic Revenue Split

Not disclosed in available documents; however, the company is headquartered in Mumbai, Maharashtra, and focuses on the Indian financial services market.

Profitability Margins

Net Profit Margin for H1 FY26 stood at 63.0% (INR 103.10 Lakhs PAT on INR 163.65 Lakhs income). This is a slight compression from the 67.2% Net Margin achieved in FY25 (INR 63.41 Lakhs PAT on INR 94.28 Lakhs income) due to an increase in 'Other Expenses' which rose to INR 25.62 Lakhs in H1 FY26.

EBITDA Margin

Operating Profit Margin (before tax and interest) was 84.3% in H1 FY26 (INR 138.01 Lakhs PBT). Core profitability is high because the business model relies on investment income with minimal employee costs (INR 0.66 Lakhs in FY25) and low finance costs (INR 0.02 Lakhs in H1 FY26).

Capital Expenditure

Historical CapEx is minimal; the company reported zero purchase of fixed assets or investment property in H1 FY26, consistent with its profile as a financial investment vehicle.

Credit Rating & Borrowing

The company has low leverage, with finance costs of only INR 0.02 Lakhs in H1 FY26. It received proceeds from long/short-term borrowings of INR 194.95 Lakhs during the same period to fund investment activities.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company operates in financial services. Its primary 'input' is capital for investment and advisory services.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Not applicable for a finance company; however, total equity increased by 3.02% from INR 3,407.56 Lakhs in March 2025 to INR 3,510.66 Lakhs in September 2025, providing a larger base for investment operations.

Raw Material Costs

Not applicable. Operating expenses are dominated by 'Other Expenses' which accounted for 15.6% of total income in H1 FY26.

Manufacturing Efficiency

Not applicable. Efficiency is measured by the low overhead structure, where total expenses (INR 25.64 Lakhs) represent only 15.6% of total income in H1 FY26.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

The company plans to achieve growth by leveraging technology to enable best practices and targeting the growing 'share of wallet' for financial services among Indian consumers. It is specifically positioning its corporate advisory business to capture opportunities in corporate consolidation, acquisitions, and restructuring.

Products & Services

Financial services, corporate advisory, and investment management services.

Brand Portfolio

Milgrey Finance and Investments Limited.

New Products/Services

The company is exploring technology-enabled financial processes to improve service delivery, though specific new product revenue contributions are not yet quantified.

Market Expansion

Targeting increased participation from all categories of investors by leveraging regulatory reforms that encourage financialization of savings.

Market Share & Ranking

Not disclosed.

🌍 External Factors

Industry Trends

The financial services industry is seeing a growing share of disposable income. The industry is evolving through regulatory reforms and a shift toward digital-first processes, and the company is positioning itself to leverage technology to remain competitive.

Competitive Landscape

Faces intense competition from established local financial institutions and global players entering the Indian advisory and investment market.

Competitive Moat

The company's moat is based on its corporate advisory expertise and low-cost operating model. This is sustainable as long as it maintains its regulatory compliance and lean cost structure, though it faces high competitive pressure.

Macro Economic Sensitivity

Highly sensitive to interest rate changes and global liquidity; a 1% shift in market rates could significantly impact the valuation of its investment portfolio and interest income.

Consumer Behavior

Increasing investor participation in financial assets (financialization of savings) is a positive trend driving demand for the company's services.

Geopolitical Risks

The Russian invasion of Ukraine is cited as a factor that disrupted supply chains and triggered energy crises, impacting the broader economic environment in which the company's clients operate.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act, 2013 and SEBI Listing Regulations, 2015. Changes in tax regimes or government regulations regarding financial services are cited as key external risks.

Environmental Compliance

Not applicable for this industry; no specific ESG costs disclosed.

Taxation Policy Impact

The company provided for Current Tax of INR 34.91 Lakhs in H1 FY26, representing an effective tax rate of approximately 25.3% of PBT.

Legal Contingencies

The company reports that there were no fraudulent or illegal transactions during the year, and no major pending court cases with material financial values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Execution risk in advisory mandates and market volatility impacting investment valuations are the primary uncertainties, with a potential impact of 10-15% on annual earnings.

Geographic Concentration Risk

Concentrated in the Indian market, specifically the financial hub of Mumbai.

Third Party Dependencies

Dependent on global liquidity providers and market intermediaries for its investment and advisory activities.

Technology Obsolescence Risk

The company identifies the need to leverage technology as an opportunity, suggesting that failure to digitize processes could lead to a loss of competitive edge.

Credit & Counterparty Risk

Exposed to credit risk through its loans and advances; however, it maintains a risk management framework overseen by the Board to monitor these exposures.