DAMCAPITAL - Dam Capital Advi

📊 NSE: DAMCAPITAL 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 21:20

💰 Financial Performance

Revenue Growth by Segment

Investment Banking revenue grew 27% YoY to INR 155.20 Cr in FY 2024-25. Total consolidated income grew 37.5% YoY to INR 250.21 Cr in FY 2024-25. For Q2 FY26, total income reached INR 107.05 Cr, a 69% increase compared to INR 63.32 Cr in Q2 FY25.

Geographic Revenue Split

The company reported no reportable geographic segments as per Ind AS 108, though it maintains operations in India and the USA through DAM Capital (USA) Inc. to facilitate international institutional equity flows.

Profitability Margins

PAT margin improved from 38.8% in FY 2023-24 to 41.5% in FY 2024-25. In Q2 FY26, the company achieved a net profit of INR 52.15 Cr on a total income of INR 107.05 Cr, representing a quarterly PAT margin of 48.7%.

EBITDA Margin

Profit Before Tax (PBT) margin was 54.7% in FY 2024-25 (INR 136.78 Cr PBT on INR 249.99 Cr income). For H1 FY26, the PBT margin stood at 51% (INR 70.30 Cr PBT on INR 137.82 Cr income), reflecting strong core profitability despite a 592% increase in finance costs.

Capital Expenditure

Not explicitly disclosed in INR Cr; however, the company is investing in talent acquisition and leadership expansion to support a pipeline of 21 IPOs.

Credit Rating & Borrowing

Finance costs increased significantly by 592% YoY from INR 0.65 Cr in H1 FY25 to INR 4.50 Cr in H1 FY26. Total financial liabilities stood at INR 133.60 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Human Capital (Employee Benefits) represents the primary operational cost at 34.2% of total income (INR 85.46 Cr in FY 2024-25).

Import Sources

Not applicable for financial services; talent is sourced primarily from the Indian financial markets.

Key Suppliers

Not applicable for financial services.

Capacity Expansion

Current capacity involves 20 ECM transactions executed in FY25; planned expansion is evidenced by a pipeline of 21 IPOs and multiple QIP/Advisory mandates as of November 2025.

Raw Material Costs

Employee benefit expenses were INR 85.46 Cr in FY 2024-25, representing 34.2% of total income. These costs grew 11% YoY in H1 FY26 to INR 42.79 Cr.

Manufacturing Efficiency

Transaction execution efficiency: Successfully completed 12 transactions in Q2 FY26 (9 IPOs, 2 QIPs, 1 Preferential Issue) compared to 20 transactions in the entire FY 2024-25.

Logistics & Distribution

Not applicable; distribution is handled through digital trading platforms and institutional networks.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Focusing on high-quality, fee-accretive mandates in ECM and advisory services. The company is leveraging a robust pipeline of 21 IPOs and expanding its leadership team to capture the 2.2x increase in capital market fund-raising activity seen in the industry.

Products & Services

Initial Public Offerings (IPOs), Qualified Institutional Placements (QIPs), Offer for Sale (OFS), Rights Issues, Buybacks, Merchant Banking Advisory, and Institutional Stock Broking.

Brand Portfolio

DAM Capital, DAM Capital Advisors Limited.

New Products/Services

Launched DAM Asset Management Limited in July 2024 to diversify revenue streams into fee-based asset management.

Market Expansion

Expanding international reach through DAM Capital (USA) Inc. to service global institutional investors interested in Indian equities.

Market Share & Ranking

Not disclosed, but executed 20 ECM transactions raising over INR 21,700 Cr in FY 2024-25.

🌍 External Factors

Industry Trends

The merchant banking industry saw a 2.2x increase in funds raised in FY25 vs FY24. Q2 FY26 alone saw 59 IPO and QIP issuances, indicating a rapid acceleration in capital market activity.

Competitive Landscape

Faces intense competition in the broking business from discount brokers and other institutional houses, leading to fee pressure and a lack of client exclusivity.

Competitive Moat

Moat is built on deep client trust and a strong execution track record (20 ECM deals in FY25). Sustainability depends on retaining the leadership team and the 'DAM Capital' brand reputation in marquee transactions.

Macro Economic Sensitivity

Highly sensitive to capital market cycles; FY25 revenue grew 37.5% primarily due to a revival in India's primary markets.

Consumer Behavior

Institutional and retail investors are showing increased appetite for primary market issuances, shifting demand toward IPOs and QIPs.

Geopolitical Risks

Geopolitical instability is cited as a risk that could lead to market downturns, stalling the 21-IPO pipeline and reducing brokerage volumes.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Companies Act 2013 and Indian Accounting Standards (Ind AS 34 and Ind AS 108). Operations are subject to domestic and international inspection risks.