NSE: CREST · BSE: 511413
CREST VENTURES LIMITED
Operates as an RBI-registered non-banking financial company (NBFC) with two main verticals: Financial Services and Real Estate. The Financial Services vertical spans three reported segments — Investing & Credit Activities (46.6% of segment revenue, Rs 74.13 crore), Financial & Related Services (20.4%, Rs 32.53 crore), and the broking activity visible in earlier quarters — generating returns from an investment portfolio of Rs 285.35 crore (split across unlisted shares of Rs 128.39 crore and liquid mutual funds of Rs 86.82 crore) and a sharply reduced inter-corporate deposit/loan book of Rs 115.81 crore (down from Rs 408.18 crore a year earlier). The Real Estate vertical (33.0% of segment revenue, Rs 52.53 crore) develops residential and redevelopment projects through subsidiaries such as Sutlej Housing, with project inventories of Rs 824.68 crore and real estate investments at cost of Rs 998.30 crore. Named projects include Crest Saidale (Gross Development Value Rs 1,300 crore), Crest Golfshire (Rs 1,850 crore) and Crest Legacy (Rs 2,200 crore), alongside a Dadar East cluster redevelopment with an estimated cluster GDV of Rs 2,200 crore signed via subsidiary Sutlej Housing. The cost base is dominated by employee expenses (20.1% of revenue) and other operating expenses (24.4%), with negligible raw material costs typical of a financial and project-development business. The Board has filed a scheme of arrangement with NCLT to demerge the NBFC business into a new listed entity called Crest Capital and Investment Limited. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Investing & Credit Activities (47%), Real Estate & Related Activities (33%), Financial & Related Services (20%). Asset-light financial services business combined with capital-intensive real estate development
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 57 | 651 | 184 | 204 | 159 |
| EBITDA (ex other income) | (3) | 580 | 109 | 137 | 90 |
| margin % | (5.5) | 89.2 | 59.4 | 67.2 | 56.4 |
| Owners' profit | 12 | 396 | 60 | 89 | 47 |
| EPS, as reported (₹) | 4.25 | 139.41 | 21.33 | 31.39 | 16.61 |
| ROE % · ROCE % | 2.0 · — | 40.5 · — | 5.5 · — | 7.4 · — | 3.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (104) | (680) | (7) | (15) | 46 |
| Capex | (3) | (21) | (13) | (1) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35 | 44 | 48 | 63 | 30 | 35 | 32 | 30 |
| Profit before tax | 19 | 18 | 14 | 37 | 6 | 14 | 10 | 8 |
| Net profit | 18 | 15 | 8 | 26 | 4 | 11 | 9 | 11 |
| EPS (₹) | 6.07 | 5.10 | 2.74 | 9.01 | 1.32 | 3.92 | 2.96 | 4.01 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Investing & Credit Activities | 17 | 10.4 |
| Financial & Related Services | 17 | 10.8 |
| Real Estate & Related Activities | 53 | 33.3 |
| Unallocable Income | 0 | 0.0 |
| Investing & Financial Activities | 59 | 37.1 |
| Broking & Related Activities | 13 | 8.4 |
| Total, before eliminations | 160 | 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 | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.4 | 18.1 | 133 of 200 | 34% |
| P/B | 0.7 | 1.1 | 94 of 253 | 63% |
| ROE | 3.6 | 3.1 | 121 of 257 | 53% |
| EBITDA margin | 73.0 | 48.6 | 74 of 249 | 71% |
| Revenue growth | (52.1) | 12.6 | 196 of 231 | 15% |
| Profit growth | (55.8) | 7.8 | 160 of 251 | 36% |
| Market cap | 981 | 34 | 37 of 268 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve results for quarter and half year ended September 30, 2026 | results | low | — | — |
| 12 Oct 2026 · Reg 74(5) certificate submission for Q2 FY27 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window Closed for Insiders from October 1, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · 44th AGM minutes filed: all 5 resolutions approved, Rs 1 per share dividend declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 44th AGM voting results: All 5 resolutions passed, Re 1 dividend declared | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · AGM results: All 5 resolutions passed, ₹1 per share dividend declared | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Crest Ventures 44th AGM held; MD flags strong growth across businesses | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · Crest Ventures sets up two step-down WOS in real estate | strategic transactions | low | — | — |
| 13 Aug 2026 · Crest Ventures updates Insider Trading Code to Version 3.0 | compliance | minimal | — | — |
| 13 Aug 2026 · Crest Ventures Q1 FY27: standalone PAT falls 84% YoY to Rs 3.5 cr | results | high | — | — |
How to read this document
| 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 | 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 |
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.