CREST - Crest Ventures

📊 NSE: CREST 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 21:14

💰 Financial Performance

Revenue Growth by Segment

Standalone total income grew 17.3% YoY to INR 164.14 Cr in FY25. Financial Services saw robust growth with the Non-SLR desk achieving 25% revenue growth and the Derivatives Desk posting 38.15% YoY growth. Real Estate segment contributions include Crest Aspen at 9% of revenue and Crest Golfshire at 15% of revenue.

Geographic Revenue Split

Primarily concentrated in Mumbai, India (100%), with key projects in Dadar (E), Andheri (E), Chembur, Breach Candy, Carter Road, and Parel. Tamarind Global associate (23.14% stake) provides international exposure across the Middle East, Australia, U.K., and Africa.

Profitability Margins

Standalone Net Profit Margin was 48.02% in FY25 (INR 78.82 Cr PAT on INR 164.14 Cr income). Consolidated Net Profit Margin stood at 44.09% in FY25 (INR 90.17 Cr PAT on INR 204.52 Cr income), reflecting strong operational efficiency despite a loss of INR 1.35 Cr from associates.

EBITDA Margin

Standalone Profit Before Tax (PBT) margin was 58.2% in FY25, up from 47.5% in FY24. Core profitability is driven by high-margin financial services and successful real estate exits, with standalone PAT growing 58.7% YoY.

Capital Expenditure

Planned project values include Dadar (E) Redevelopment at INR 2,200 Cr, Crest Golfshire at INR 1,850 Cr, Project Saidale at INR 1,300 Cr, and Crest Aspen at INR 370 Cr. Total delivered real estate exceeds 10 million sq. ft.

Credit Rating & Borrowing

CARE BBB; Stable (Reaffirmed Dec 2025). The company demonstrates the ability to raise funds from banks at competitive rates. Rating constraints include reliance on unsecured Inter-Corporate Deposits (ICDs) with shorter tenures.

⚙️ Operational Drivers

Raw Materials

Land (primary asset), Steel, and Cement (construction inputs). Specific cost percentages for materials are not disclosed, but land acquisition and construction costs are the primary drivers of the real estate vertical.

Import Sources

Sourced domestically within India, specifically in the Maharashtra region for Mumbai-based projects.

Key Suppliers

Strategic tie-ups for development include Kalpataru and The Phoenix Mills Limited. Raw material vendors are not specifically named.

Capacity Expansion

Current delivery exceeds 10 million sq. ft. Planned expansion includes Crest Golfshire (Q4 FY26), Crest Aspen (Q1 FY27), Project Saidale (Q1 FY27), and Dadar (E) Redevelopment (Q2 FY27).

Raw Material Costs

Not explicitly disclosed as a % of revenue; however, standalone total expenses were INR 68.55 Cr in FY25, a decrease of 6.7% YoY despite higher revenue, indicating improved procurement and cost management.

Manufacturing Efficiency

Real estate efficiency is measured by project delivery; the group has delivered over 10 million sq. ft. and maintains a healthy booking pipeline for upcoming projects.

📈 Strategic Growth

Expected Growth Rate

17.30%

Growth Strategy

Growth will be achieved through the IFSC framework at GIFT City for global treasury and derivatives, expansion of Tamarind Global into new geographies, and the execution of a high-value real estate pipeline in Mumbai totaling over INR 7,920 Cr in estimated project values.

Products & Services

Residential apartments (luxury and mid-income), Commercial real estate, Inter-dealer broking (G-Secs, Corporate Bonds), Interest Rate Swaps, Currency Options, and Credit/Lending services.

Brand Portfolio

Crest Ventures, Crest Finserv, Crest Oaks, Crest Aspen, Crest Golfshire, Tamarind Global, Two Brothers Organic Farms.

New Products/Services

GIFT City operations for treasury and global access platforms; bespoke OTC broking products to offset pricing pressures.

Market Expansion

Expansion into GIFT City (IFSC) and Tamarind Global's expansion into the Middle East, Australia, U.K., and Africa.

Market Share & Ranking

Crest Finserv is a leading player in Wholesale Debt and Forex markets with a 25-year track record. Industry ranking is not specified.

Strategic Alliances

Partnerships with Kalpataru and The Phoenix Mills Limited for real estate; 23.14% stake in Tamarind Global; 100% ownership of Crest Finserv Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward digital transformation and algorithmic trading. Real estate is seeing high demand in luxury and mid-income segments in Mumbai, supported by infrastructure growth.

Competitive Landscape

Competes with other Category I Merchant Bankers and inter-dealer brokers; faces pricing pressure in vanilla financial products.

Competitive Moat

Durable advantages include a 40+ year operational track record (since 1982), experienced management (MD Vijay Choraria has 35+ years experience), and a high Capital Adequacy Ratio of 86.54%.