RPSGVENT - RPSG Ventures

📊 NSE: RPSGVENT 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/14/2025 12:29

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 20.8% YoY to INR 9,608.3 Cr in FY 2024-25. Standalone IT services revenue increased 39.6% from INR 161.5 Cr to INR 225.5 Cr. The BPM business (Firstsource) was the major contributor to the 20.5% growth in total consolidated income (INR 9,645.0 Cr). Real estate (QPIL) income reduced 9.3% to INR 140.3 Cr.

Geographic Revenue Split

The group has a presence in 45+ countries with 100+ offices worldwide. While specific regional % splits are not disclosed, the BPM segment operates globally, including a new subsidiary, Firstsource Middle East Services L.L.C., incorporated in July 2025.

Profitability Margins

Standalone PAT margin stood at 35.7% (INR 148.4 Cr PAT on INR 415.9 Cr Total Income). Consolidated PAT margin was 1.7% (INR 164.4 Cr on INR 9,645.0 Cr), declining from 2.46% in the previous year due to total expenses growing at 22.5%, outpacing revenue growth.

EBITDA Margin

Standalone operating margins remained healthy at over 70% historically. Consolidated Profit Before Tax (PBT) after exceptional items remained stable at INR 374.2 Cr (3.88% margin) compared to INR 376.8 Cr in FY 2023-24.

Capital Expenditure

Not explicitly disclosed as a total figure, but includes reconstruction costs for the Quest Mall food court and development of a residential project in Haldia, West Bengal. QPIL expenses increased to INR 92.0 Cr due to asset write-offs during reconstruction.

Credit Rating & Borrowing

CARE BBB+; Stable (Assigned Feb 2023). Standalone external borrowings were INR 84.25 Cr as of Sept 2022. Consolidated finance costs rose 17.6% to INR 737.0 Cr in FY 2024-25.

⚙️ Operational Drivers

Raw Materials

FMCG ingredients for snacks (Too Yumm!) and Ayurvedic formulations (Dr. Vaidya's). Specific raw material names and % of total cost are not disclosed in available documents.

Capacity Expansion

FMCG business is scaling through 'new age brands' for modern consumers. Sports capacity expanded via the acquisition of Manchester Originals Limited in July 2025 and qualification of MBSG for AFC Champions League 2.

Raw Material Costs

Not disclosed as a specific % of revenue; however, consolidated 'Operating & Other Expenses' grew 15.1% to INR 2,994.4 Cr in FY 2024-25.

📈 Strategic Growth

Expected Growth Rate

20.5%

Growth Strategy

Growth is driven by scaling the BPM segment (Firstsource) into the Middle East, expanding the sports portfolio (Manchester Originals acquisition), and incubating new FMCG brands. The company focuses on ROCE as a KPI and is transforming into an R&D and innovation-led culture to capture the aspirational consumer market.

Products & Services

IT consultancy, BPO/BPM services, Too Yumm! snacks, Dr. Vaidya's Ayurvedic products, luxury retail space (Quest Mall), and sports franchise operations (IPL, SA20, ISL).

Brand Portfolio

Too Yumm!, Dr. Vaidya's, Firstsource, Lucknow Super Giants, Durban Super Giants, Mohun Bagan Super Giant, Quest Mall, Evoke.

New Products/Services

Expansion into the Middle East via Firstsource Middle East Services L.L.C. and the acquisition of Manchester Originals Limited in the sports segment.

Market Expansion

Targeting the Middle East for BPM services and the UK for sports (Manchester Originals).

Strategic Alliances

Joint Ventures include RP-SG Ventures Fund I and RPSG Capital Ventures Fund II; Associate includes Nanobi Data and Analytics Private Limited.

🌍 External Factors

Industry Trends

The BPM industry is evolving with increased demand for IT security and value-added services. The Indian FMCG market for snacks and staples is estimated at INR 170,000 Cr, with RPSG positioning brands for 'modern, aspirational consumers'.

Competitive Landscape

Competes in the fragmented FMCG market against established players and in the global BPM market; sports franchises compete in IPL, SA20, and The Hundred.

Competitive Moat

Strategic importance as a holding company for the US$ 4.5 Bn RPSG Group. The moat is sustained by a high debt cover (4.06x) provided by the INR 7,378 Cr market value of FSL investments, ensuring financial flexibility.

Macro Economic Sensitivity

Sensitive to Indian disposable income trends for the luxury retail segment (Quest Mall) and global inflation trends which impacted global premium segments in 2024.

Consumer Behavior

Shift toward premium and luxury discretionary spending in India, supporting the long-term outlook for the real estate and retail divisions.

Geopolitical Risks

Headwinds from the geopolitical situations in Ukraine and the Middle East are noted as risks to steady macroeconomic stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to SEBI Listing Obligations, MCA regulations, and specific sports league mandates (IPL/SA20).

Environmental Compliance

Committed to ESG principles as a risk mitigation tool; detailed reporting is integrated into the Business Responsibility and Sustainability Report.

Taxation Policy Impact

Consolidated tax expense was INR 209.8 Cr in FY 2024-25, representing an effective tax rate of approximately 56% on PBT of INR 374.2 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the fund support requirement for subsidiaries in high gestation periods. A fall in the market value cover of investments below 2x is a negative rating sensitivity factor.