AVON MERCANTILE LTD.

Operates as a single-segment loan company listed on BSE (Scrip Code: 512265), with revenue coming from its lending activity. As of FY26, loans and advances on the balance sheet stood at Rs 4,073.78 lakhs and total assets at Rs 4,570.66 lakhs, against equity of only Rs 577.53 lakhs. FY26 revenue from operations rose to Rs 484.21 lakhs from Rs 255.22 lakhs in FY25, an increase of about 90%. The business is run on a very thin equity base backed by borrowings of Rs 3,599.75 lakhs, and finance costs of Rs 337.49 lakhs absorbed roughly 70% of revenue. Employee costs ran at 5.5% of revenue and other operating costs at 6%, with negligible depreciation (0.2%) and capex (0.1%). Other equity remained negative at Rs 143.74 lakhs, reflecting prior accumulated losses.