NSE: ADVIKCA · BSE: 539773
ADVIK CAPITAL LTD.
Operates as an RBI-registered, non-deposit-taking NBFC, with its Loan Division making up 99.8% of segment revenue in the quarter ended 30 June 2025 (Rs 7.3981 crore out of Rs 7.41 crore total segment revenue). The Loan Division booked an EBIT margin of 35.2% on that revenue, while the residual Securities/Share division contributed 0.2% of segment revenue and ran deep into negative EBIT. Cost lines are thin and typical of a financial-services business: materials of 0.4% of revenue, employee cost of 3.1%, other opex of 13.6%, and depreciation of 2.8%. Capex in FY25 was Rs 3.9375 crore (13.7% of revenue). Total assets stood at Rs 333.9973 crore at FY25. The group has one material subsidiary, Advikca Finvest Limited. A Rs 64 crore loan extended to Elitecon International Limited turned into a stressed asset, with the company issuing a recall notice for Rs 71.15 crore and securing Delhi High Court interim asset protection on Elitecon's assets. Quarterly NPAs under NBFC prudential norms triggered a sharp Rs 1,876.71 lakh impairment provision in Q3 FY26, pushing the company to a consolidated net loss of Rs 2,087.33 lakhs for that quarter. To bolster its capital base, the Board approved a rights issue of up to Rs 100 crore of equity shares of Re. 1 face value. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Loan Division (100%), Security/Share division (0%), Manufacturing Division (0%), Others (0%). Small, lending-focused NBFC with a thin cost base, no debt on the balance sheet, and recent asset-quality stress.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 6 | 46 | 604 | 840 | 29 |
| EBITDA (ex other income) | 1 | 1 | 16 | 9 | 22 |
| margin % | 8.1 | 2.1 | 2.6 | 1.0 | 75.6 |
| Owners' profit | 0 | 0 | 0 | 6 | 8 |
| EPS, as reported (₹) | 0.00 | 0.10 | 16.80 | 0.18 | 0.17 |
| ROE % · ROCE % | 0.6 · — | 4.4 · — | 15.2 · — | 5.6 · — | 5.0 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (2) | (89) | (52) | (112) |
| Capex | (0) | (0) | (0) | (1) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 210 | 320 | 228 | 102 | 7 | 7 | 6 | (3) |
| Profit before tax | 1 | 0 | 3 | (0) | (3) | 1 | 0 | (26) |
| Net profit | 0 | (1) | 2 | (0) | (1) | 0 | 1 | (21) |
| EPS (₹) | 0.01 | (0.05) | 0.06 | 0.00 | (0.02) | 0.01 | 0.01 | 0.34 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Loan Divison | 8 | 2.3 |
| Securities/Share Division | 98 | 29.2 |
| Loan Division | 9 | 2.6 |
| Manufacturing Division | 0 | 0.0 |
| Security/Share division | 223 | 66.2 |
| Total, before eliminations | 338 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 6,37,456 | 31.4 | 5.45 | 11.5 | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 2,38,113 | 17.9 | 3.61 | 6.5 | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,50,844 | 26.1 | 4.95 | 6.6 | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,46,002 | 26.7 | 3.10 | 6.2 | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 1,14,884 | 10.1 | 2.89 | 4.0 | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 60,541 | 26.6 | 3.85 | — | 13.8 | — | — | 33.1 |
| HDB FINANCIAL SERVICES L | 56,632 | 20.5 | 2.74 | — | 12.3 | — | — | 58.0 |
| SUNDARAM FINANCE LTD | 52,057 | 23.3 | 3.50 | 6.7 | 13.8 | — | — | 78.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.9 | 17.8 | 15 of 213 | 93% |
| P/B | 0.3 | 1.1 | 27 of 246 | 89% |
| ROE | 0.6 | 3.0 | 187 of 266 | 30% |
| Debt / Equity | 0.0 | 0.0 | 5 of 266 | 11% |
| EBITDA margin | 793.0 | 48.6 | 3 of 249 | 99% |
| Revenue growth | (102.8) | 12.6 | 227 of 231 | 2% |
| Profit growth | (8550.4) | 7.8 | 247 of 251 | 2% |
| Market cap | 59 | 35 | 108 of 262 | 59% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Advik Capital completes 41st AGM notice dispatch and newspaper publication | compliance | minimal | — | — |
| 7 Sept 2026 · Advik Capital files 41st Annual Report for FY 2025-26 | results | high | — | — |
| 7 Sept 2026 · Advik Capital 41st AGM notice set for September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Advik Capital appoints new auditor, two independent directors resign | management changes | medium | — | — |
| 5 Sept 2026 · Advik Capital: Book Closure Sep 24-30, 41st AGM on Sep 30 | corporate actions | medium | — | — |
| 5 Sept 2026 · Board approves new auditor, two independent directors resign, AGM on Sep 30 | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Statutory Auditor KSMC and Associates resigns mid-term citing low fees | management changes | medium | — | — |
| 17 Aug 2026 · Statutory Auditor Resigns Citing Fee Inadequacy | management changes | high | — | — |
| 27 Jul 2026 · Fairplan Distributors cuts 2% stake in Advik Capital, holding down to 21.74% | ownership changes | medium | — | — |
| 16 Jul 2026 · Promoter Vikas Garg taken into ED custody under PMLA | regulatory legal | high | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.