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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Principal investment & Treasury (99%), Fee based investment services (1%), Lending & Credit solution (0%), Others / un allocable (0%). Fee-income-led diversified financial services; thin-margin proprietary treasury dominant by revenue, asset management and fee businesses dominant by profit.
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,151 | 1,378 | 3,281 | 23,874 |
| EBITDA (ex other income) | 73 | 150 | 189 | 158 |
| margin % | 6.4 | 10.9 | 5.8 | 0.7 |
| Owners' profit | 65 | 82 | 102 | 96 |
| EPS, as reported (₹) | 14.84 | 17.80 | 21.56 | 20.78 |
| ROE % · ROCE % | 7.8 · 8.4 | 8.8 · 12.4 | 9.3 · 15.8 | 7.8 · 11.2 |
| Debt / equity (x) | 0.49 | 0.92 | 0.72 | 0.55 |
| Cash from operations | 253 | 45 | (119) | 505 |
| Capex | (0) | (1) | (2) | (3) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 641 | 1,280 | 1,063 | 1,894 | 8,725 | 6,495 | 8,708 | 3,713 |
| Profit before tax | 35 | 35 | 33 | 41 | 81 | 36 | 4 | 86 |
| Net profit | 27 | 27 | 30 | 33 | 75 | 34 | (4) | 66 |
| EPS (₹) | 5.46 | 5.36 | 5.96 | 6.46 | 14.74 | 6.78 | (0.73) | 12.20 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fee based investment services | 236 | 0.9 |
| Principal investment & Treasury | 16,942 | 65.6 |
| Lending & Credit solution | 5 | 0.0 |
| Others / un allocable | 1 | 0.0 |
| Lending & Credit solutions | 6 | 0.0 |
| Others/unallocable | 1 | 0.0 |
| Principal investment and treasury | 8,622 | 33.4 |
| Lending and credit solutions | 11 | 0.0 |
| Lending and Credit Solutions | 6 | 0.0 |
| others/un allocable |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · AGM 2026: All 3 Resolutions Passed Including Director Re-appointment | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · 17th AGM held via video conferencing; 3 ordinary resolutions tabled | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Allotment of Equity Shares under ESOP Scheme 2023 | capital market events | low | — | — |
| 9 Sept 2026 · Rectification of typographical errors in FY2025-26 Annual Report | compliance | minimal | — | — |
| 7 Sept 2026 · Insider Trading Plan: AVP Plans to Sell 2,500 Shares in Jan 2027 | ownership changes | medium | — | — |
| 26 Aug 2026 · Assistant Vice President plans sale of 9,700 shares | compliance | minimal | — | — |
| 20 Aug 2026 · AGM notice dispatched; 17th Annual Meeting on September 10, 2026 | compliance | minimal | — | — |
| 19 Aug 2026 · AGM Notice and Annual Report FY26 Dispatch to Shareholders | investor communications | medium | — | — |
| 19 Aug 2026 · Abans Financial Services files BRSR for FY 2025-26 | compliance | low | — | — |
| 19 Aug 2026 · Notice of 17th AGM and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 0 |
| 0.0 |
| Total, before eliminations | 25,830 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 3,05,941 | 30.1 | 2.17 | 5.4 | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,23,904 | 14.0 | 1.50 | 49.9 | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,876 | 65.3 | 9.25 | 41.3 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 12,586 | 17.6 | 2.12 | 2.9 | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 11,961 | 11.5 | 1.05 | 4.3 | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,413 | 28.6 | 1.69 | 6.8 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,691 | 4.3 | 0.20 | 24.3 | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,523 | 11.8 | 0.68 | 3.6 | 12.4 | — | 12.2 | 18.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.1 | 12.9 | 3 of 14 | 85% |
| P/B | 0.8 | 1.3 | 4 of 14 | 77% |
| ROCE | 8.4 | 10.7 | 6 of 9 | 38% |
| ROE | 7.8 | 9.6 | 10 of 15 | 36% |
| Debt / Equity | 0.6 | 0.0 | 13 of 15 | 14% |
| EBITDA margin | 2.7 | 29.6 | 12 of 14 | 15% |
| Revenue growth | 96.0 | 18.6 | 2 of 15 | 93% |
| Profit growth | 101.4 | 18.1 | 4 of 15 | 79% |
| Market cap | 1022 | 1273 | 9 of 16 | 47% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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