BSE: 530557
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Finance and investments (existing NBFC lending and investment activity). Small, loss-making, professionally managed NBFC without a promoter; in transition toward technology-led retail lending
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 4 | 12 | 9 | 6 |
| EBITDA (ex other income) | 1 | 1 | 2 | (1) | (3) |
| margin % | 54.2 | 23.2 | 17.5 | (6.7) | (53.8) |
| Owners' profit | 1 | 1 | 2 | (1) | (3) |
| EPS, as reported (₹) | 0.02 | 0.01 | 0.01 | (0.01) | (0.02) |
| ROE % · ROCE % | 1.7 · — | 0.5 · — | 1.5 · — | (4.0) · — | (2.4) · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (15) | 10 | (16) | 14 | 3 |
| Capex | 0 | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 3 | 2 | 2 | 3 | 2 | 2 | (0) |
| Profit before tax | (2) | 1 | (1) | 0 | 2 | 1 | 1 | (7) |
| Net profit | (2) | 1 | (0) | 0 | 2 | 1 | 0 | (6) |
| EPS (₹) | (0.02) | 0.01 | (0.00) | 0.00 | 0.02 | 0.01 | 0.00 | (0.05) |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.6 | 1.1 | 67 of 253 | 73% |
| ROE | (2.4) | 3.1 | 221 of 257 | 14% |
| EBITDA margin | 2809.8 | 48.6 | 1 of 249 | 100% |
| Revenue growth | (117.5) | 12.6 | 228 of 231 | 1% |
| Profit growth | (5744.0) | 7.8 | 246 of 251 | 2% |
| Market cap | 64 | 34 | 100 of 268 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Board meeting on Nov 13, 2026 to consider Q2FY27 results | results | low | — | — |
| 9 Oct 2026 · Routine RTA compliance filing for July-Sept 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · Nil report under Regulation 57(5) for QE Sept 30, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · 41st AGM: All 4 resolutions passed with major shareholder approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 41st AGM: All 4 resolutions passed with overwhelming majority | compliance | minimal | — | — |
| 29 Sept 2026 · 41st AGM held; financial statements and director re-appointments tabled | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Declares non-applicability of Reg 57(4) for Q3 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · GCM Capital Advisors acquires 5.54% in NCL Research via Rights Issue | ownership changes | medium | — | — |
| 7 Sept 2026 · NCL Research publishes AGM notice in newspapers | compliance | minimal | — | — |
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.