NCL RESEARCH & FINANCIAL SERVI

Operates as a small Non-Banking Financial Company (NBFC) listed on BSE, focused on finance and investments. In FY26, total revenue from operations was ₹614.56 lakhs (₹6.15 crore), down 27.7% from ₹852.56 lakhs in FY25, while the company posted a net loss of ₹259.92 lakhs against a prior-year loss of ₹135.81 lakhs. Total assets stood at ₹121.78 crore. The statutory auditor flagged that interest income on roughly ₹22.35 crore of loans and advances has not been recognised due to documentation gaps, and ₹235.71 lakhs was written off as bad debts in FY26. The cost structure is dominated by other operating expenses at 118.7% of revenue, with employee costs at 13.5% and depreciation at 0.6%. In July 2026 the board approved entering India's digital personal loan business — digital personal loans, salary-based loans, loans to self-employed professionals and consumer finance — and plans to set up a fintech subsidiary for software development, subject to shareholder and RBI approvals. The company also filed a Draft Letter of Offer in February 2026 for a Rights Issue of up to ₹50 crore to raise fresh equity capital.