💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations decreased by 11.77% YoY to INR 69.32 Lakhs in H1 FY26 from INR 78.57 Lakhs in H1 FY25. Total standalone income fell 45.15% YoY to INR 88.73 Lakhs due to a sharp decline in other income.

Geographic Revenue Split

Not specifically disclosed, but operations are primarily centered in Mumbai, Maharashtra, as per the registered office and NCLT jurisdiction.

Profitability Margins

Standalone Net Profit Margin compressed significantly from 62.98% in H1 FY25 to 28.05% in H1 FY26. This was driven by a 76.67% reduction in 'Other Income' which fell from INR 83.21 Lakhs to INR 19.41 Lakhs.

EBITDA Margin

Standalone EBITDA margin for H1 FY26 stood at approximately 28.64% (EBITDA of INR 25.41 Lakhs on Total Income of INR 88.73 Lakhs), down from 63.32% in H1 FY25, reflecting lower non-operating gains.

Capital Expenditure

Standalone purchase of fixed assets was INR 6.17 Lakhs in H1 FY26 compared to INR 0.83 Lakhs in H1 FY25, an increase of 643% as the company prepares for merger integration.

Credit Rating & Borrowing

Consolidated non-current borrowings stood at INR 70.00 Lakhs as of Sept 30, 2025, halved from INR 140.00 Lakhs in March 2025 following the redemption of preference shares.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company provides financial services. The primary operational cost is Employee Benefit Expenses, which totaled INR 36.04 Lakhs in H1 FY26, representing 40.6% of total standalone income.

Import Sources

Not applicable for financial services.

Key Suppliers

Not applicable; however, the company utilizes professional services from firms like S. Ramanand Aiyar & Co (Statutory Auditors).

Capacity Expansion

The company is expanding its operational scope through the amalgamation with Maximus Securities Limited, which will provide access to stock exchange memberships and a broader client base.

Raw Material Costs

Not applicable. Service-related 'Other Expenditure' rose 14.18% YoY to INR 23.27 Lakhs in H1 FY26.

Manufacturing Efficiency

Not applicable. Operational efficiency is measured by the cost-to-income ratio, which worsened from 37.01% in H1 FY25 to 71.95% in H1 FY26 due to lower income.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be achieved through the merger with Maximus Securities Limited (effective April 1, 2024), which allows the company to transition into a full-service financial intermediary with stock exchange memberships and expanded brokerage services.

Products & Services

Financial services, investment advisory, stock broking (via Maximus Securities), and management of investment properties (valued at INR 58.19 Lakhs).

Brand Portfolio

Hybrid Financial Services, Maximus Securities.

New Products/Services

Post-merger, the company will offer integrated stock broking and securities trading services, expected to contribute over 60% of consolidated revenue.

Market Expansion

Consolidation of operations in the Western Region (Mumbai) with plans to leverage Maximus Securities' existing client network.

Market Share & Ranking

Small-cap player in the financial services sector; the merger is intended to improve competitive positioning.

Strategic Alliances

Amalgamation with Maximus Securities Limited is the primary strategic move.

🌍 External Factors

Industry Trends

The financial services industry is shifting toward consolidation and digital-first brokerage models. The company is positioning itself by merging with a securities firm to capture higher-margin trading volumes.

Competitive Landscape

Faces intense competition from large-scale discount brokers and established full-service financial houses.

Competitive Moat

The primary moat is the regulatory licenses and stock exchange memberships held by the merging entity (Maximus Securities), which are difficult and time-consuming to acquire.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and equity market performance. Rising interest rates typically increase borrowing costs for financial service firms.

Consumer Behavior

Increasing retail participation in Indian equity markets is a positive trend for the company's post-merger brokerage business.

Geopolitical Risks

Indirect impact through global market sentiment affecting Indian equity indices and investment valuations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to SEBI regulations for securities trading and RBI norms for financial services. The company must comply with Rule 8A(1)(n) of the Companies (Incorporation) Rules, 2014, regarding name changes post-merger.

Environmental Compliance

Not applicable for financial services; ESG costs are negligible.

Taxation Policy Impact

Effective tax rate for H1 FY26 was 0% on a standalone basis as no tax expense was recorded against the INR 24.89 Lakhs profit.

Legal Contingencies

Pending final implementation of the NCLT Mumbai Bench order (C.P. (CAA)/135 (MB) 2025) for the amalgamation of Maximus Securities Limited into Hybrid Financial Services Limited.

⚠️ Risk Analysis

Key Uncertainties

Integration risk following the merger with Maximus Securities and the potential for regulatory delays in transferring exchange memberships.

Geographic Concentration Risk

High concentration in Mumbai, Maharashtra, with 100% of physical assets and registered operations located there.

Third Party Dependencies

Dependency on stock exchanges (BSE/NSE) for operational continuity of the brokerage arm.

Technology Obsolescence Risk

Risk of falling behind larger discount brokers who invest heavily in proprietary trading platforms.

Credit & Counterparty Risk

Consolidated trade payables increased significantly to INR 141.50 Lakhs in Sept 2025 from INR 48.33 Lakhs in March 2025, indicating higher short-term liabilities.