ABANS FINANCIAL SRVCS LTD

Operates as a diversified financial services group with three revenue pillars. The Principal investment & Treasury segment accounts for 99.1% of FY26 segment revenue at INR 23,664.79 crore but contributes only INR 10.88 crore of EBIT, reflecting the thin-margin nature of proprietary trading on the firm's own capital. The Fee based investment services segment generates INR 190.81 crore (0.8% of revenue) yet delivers INR 104.24 crore of EBIT, making it the profit engine through asset management, distribution partnerships and broking services for HNI and institutional clients. Lending & Credit solutions through its NBFC adds INR 22.05 crore of revenue and INR 12.38 crore of EBIT. The fee-based segment houses the Global Arbitrage Fund at Rs 831 crore AUM (around 25% of total AUM) and a new GIFT City AIF being seeded with a roughly $100 million target. Geographic build-out includes GIFT City, the UK (Abans Global) and Mauritius platforms, while broking licenses are being consolidated under Abans Broking Services. The largest cost line is 'materials' at 98.6% of revenue, essentially the cost of the securities held in the principal investment book that drives most revenue but minimal profit.