💰 Financial Performance

Revenue Growth by Segment

The company operates as a single segment (Loans and Investments). While specific revenue figures were not provided, the Net Profit Margin declined by 22.04% YoY to 48.52% for FY25.

Geographic Revenue Split

Not disclosed in available documents; however, the company is headquartered in Kolkata, West Bengal.

Profitability Margins

Net Profit Margin was 48.52% in FY25, a decrease from 62.24% in FY24. Return on Net Worth stood at 3.11%, representing a 48.48% decrease YoY due to lower Profit After Tax.

EBITDA Margin

Return on Capital Employed (RoCE) was 3.93% in FY25, a significant decrease of 49.25% from 7.75% in FY24, driven by a decrease in Profit Before Tax and an increase in borrowings.

Capital Expenditure

Not disclosed in available documents; however, the company completed a subscription of 28,469 CCPS in Altstar Capital Management Private Limited for a consideration not exceeding INR 7.03 Cr.

Credit Rating & Borrowing

The company reported an increase in borrowings which contributed to a 49.25% decline in RoCE. Specific credit ratings and interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

As an NBFC, the primary 'raw material' is capital/funds. The company relies on bank loans, bonds, NCDs, and CPs for liquidity.

Import Sources

Not applicable for a financial services company.

Key Suppliers

Not applicable; however, the company notes that NBFCs generally rely on banks and debt market instruments for funding.

Capacity Expansion

Not applicable; however, the company maintains a lean operational structure with a total employee strength of 13 as of March 31, 2025.

Raw Material Costs

Cost of funds is a major driver; the company noted that an increase in borrowing impacted the Return on Capital Employed by 49.25% YoY.

Manufacturing Efficiency

Not applicable; the company operates with a small team of 13 employees to manage an investment portfolio where 74% of total investments (INR 1,040.02 Cr) are unquoted.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

6.2%

Growth Strategy

The company aims to achieve growth through a disciplined approach to long-term investing and lending. It recently acquired a 5% stake in Altstar Capital Management Private Limited for INR 7.03 Cr to expand its investment footprint. It leverages its strong net worth and parentage to tap into deeper markets and capitalize on profitable opportunities in the financial sector.

Products & Services

Loans, financing, and investment services involving equity instruments, preference instruments, venture capital funds, mutual funds, and debentures.

Brand Portfolio

Kiran Vyapar Limited.

New Products/Services

The company recently expanded its portfolio by subscribing to 28,469 CCPS in Altstar Capital Management Private Limited (ACMPL).

Market Expansion

The company foresees opportunities in tapping deeper markets by capitalizing on its strong liquidity and client network.

Strategic Alliances

Acquired a 5% stake in Altstar Capital Management Private Limited (ACMPL) for a total consideration of approximately INR 7.03 Cr.

🌍 External Factors

Industry Trends

The NBFC industry is evolving with Scale Based Regulations (Middle Layer). A major trend is the shift toward leveraged spending by the working-age population, though NBFCs face stiff competition from banks for low-cost funding.

Competitive Landscape

Key competition comes from banks that have access to low-cost deposits, whereas the company must rely on more expensive bank loans and debt instruments.

Competitive Moat

The company's moat is built on strong parentage, brand recognition, high liquidity, and a strong net worth. These are sustainable as they provide a buffer against market volatility and allow for opportunistic long-term investments.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth (forecasted at 6.2% for 2025) and the growth of the middle-income group, which is expected to reach 40% of the population.

Consumer Behavior

Increasing propensity for leveraged spending among the Indian middle class is expected to drive demand for the company's lending products.

Geopolitical Risks

Uncertainties and volatility in financial markets are cited as a continuing threat to organizational performance.

⚖️ Regulatory & Governance

Industry Regulations

Registered as a Middle Layer NBFC (Non-Deposit Taking) under RBI Scale Based Regulations. Complies with RBI Master Directions and SEBI Listing Obligations.

Taxation Policy Impact

Not disclosed; however, the company follows Indian Accounting Standards (Ind AS) and Companies Act 2013 requirements.

Legal Contingencies

The company disclosed the impact of pending litigations on its financial position in Note 28 of the Standalone Financial Statements, though specific INR values for these cases were not provided in the snippets.

⚠️ Risk Analysis

Key Uncertainties

Profits are highly volatile as they are linked to capital market performance; unquoted investments of INR 1,040.02 Cr (74% of total) carry significant valuation risk.

Geographic Concentration Risk

The company is based in Kolkata; specific regional revenue concentration was not disclosed.

Third Party Dependencies

Dependent on independent valuation specialists for fair valuing Level 3 unquoted investments.

Technology Obsolescence Risk

The company has implemented accounting software with audit trail (edit log) facilities to ensure data integrity and regulatory compliance.

Credit & Counterparty Risk

Exposed to credit risk from lending operations; managed through a robust risk management framework and credit controls to prevent asset quality deterioration.