ALMONDZ - Almondz Global

📊 NSE: ALMONDZ 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 18:11

💰 Financial Performance

Revenue Growth by Segment

Consultancy and Advisory fees grew to INR 127.21 Cr (85.05% of total revenue), Wealth Advisory/Broking activities contributed INR 20.29 Cr (13.57%), and Debt/Equity market operations provided INR 1.53 Cr (1.02%). Q2 FY26 consolidated revenue was INR 34.00 Cr, a 6.25% increase from INR 32.00 Cr in Q1 FY26.

Geographic Revenue Split

The company primarily operates in India, with a strategic focus on expanding into Northeast India for infrastructure advisory and renewable energy projects. Specific regional percentage splits are not disclosed.

Profitability Margins

Net Profit Margin significantly moderated to 6.34% in FY25 from 56.65% in FY24, an 88.8% YoY decline. Return on Net Worth also dropped to 1.33% from 13.07% YoY. Q2 FY26 profit was INR 3.86 Cr, down 44.3% from INR 6.93 Cr in Q1 FY26.

EBITDA Margin

Consolidated Profit Before Tax (PBT) was INR 20.27 Cr on a total income of INR 151.37 Cr, representing a PBT margin of 13.39%. Standalone PBT was INR 2.97 Cr.

Capital Expenditure

Historical and planned capital expenditure figures in INR Cr are not disclosed in the available documents.

Credit Rating & Borrowing

CARE Ratings assigned a 'Stable' outlook, noting a moderate financial risk profile. Debt-Equity Ratio increased to 0.13 in FY25 from 0.02 in FY24, indicating a 550% increase in leverage to support subsidiary operations.

⚙️ Operational Drivers

Raw Materials

Primary inputs for the Green Fuel/Distillery segment (via PGIPL JV) include agricultural feedstocks such as grains and molasses for ethanol production. These represent the core cost for the distillery division.

Import Sources

Not disclosed in available documents; however, sourcing is typically domestic within India for distillery operations.

Capacity Expansion

The company is ramping up operations in subsidiary companies and expanding into new sectors like renewable/green energy advisory and social infrastructure. Specific unit capacities (MT/MW) are not disclosed.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but profitability and cash generation are heavily derived from the green fuel business through Premier Green Innovations Private Limited (PGIPL).

Manufacturing Efficiency

Not disclosed; the company operates primarily in advisory and consultancy services rather than traditional manufacturing.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through geographic expansion into Northeast India and sectoral diversification into social infrastructure, renewable/green energy advisory, and smart mobility. The company is also utilizing a 'Scheme of Arrangement' to restructure for sustainable corporate growth.

Products & Services

Infrastructure consultancy reports, ethanol/green fuel (via JV), stock broking services, wealth management advisory, merchant banking, and healthcare advisory services.

Brand Portfolio

Almondz, Almondz Global Securities, Almondz Global Infra, Almondz Finanz, Skiffle Advisory Services (formerly Skiffle Healthcare).

New Products/Services

Expansion into renewable/green energy advisory and smart mobility services is expected to contribute to future revenue growth.

Market Expansion

Targeting Northeast India and difficult geographies for public sector infrastructure projects.

Strategic Alliances

Key joint ventures include Premier Green Innovations Private Limited (PGI) for ethanol and the AGICL & AGSL WASH JV for infrastructure projects.

🌍 External Factors

Industry Trends

The industry is shifting toward green energy (ethanol blending) and urban renewal (smart mobility). Almondz is positioning itself as a major player in the ethanol space through its PGI joint venture.

Competitive Landscape

Competes with other financial services firms and infrastructure consultancies; specific competitor names are not listed.

Competitive Moat

Durable advantages include a 20-year track record, established government relationships, and an integrated service model (merchant banking, PMS, and research) that provides a comprehensive client value proposition.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and macroeconomic growth which drives capital market maturation.

Consumer Behavior

Increasing demand for green fuel and professional wealth management services is driving segment growth.

Geopolitical Risks

Operations in difficult geographies (Northeast India) expose the company to local regulatory and environmental risks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI’s Investment Adviser Regulations and Research Analyst norms, as well as Companies Act 2013 provisions for consolidated financial reporting.

Environmental Compliance

The company is heavily involved in green fuel (ethanol), aligning with national environmental goals for carbon reduction.

Taxation Policy Impact

The group reported a tax expense of INR 1.70 Cr for its associate PGIPL on a PBT of INR 23.70 Cr (approx. 7.2% effective rate). Standalone tax expense was negligible at INR 0.05 lakhs.

Legal Contingencies

Not disclosed in available documents; however, the company maintains a strong compliance culture to mitigate legal risks.

⚠️ Risk Analysis

Key Uncertainties

High dependence on the infrastructure consultancy segment (85% of revenue) and the green fuel business (primary profit generator) creates concentration risk.