NSE: PIONRINV · BSE: 507864
PIONEER INVESTCORP LTD.
Operates as a non-banking financial company (NBFC) in India, reporting a single operating segment. On a standalone basis, the company earns primarily from fee-based financing activity — standalone fee income for H1 FY26 was around ₹2,201.76 lakhs. For FY26, standalone revenue was ₹46.89 crore and net profit ₹15.91 crore, with consolidated revenue rising sharply year-on-year. On a consolidated basis, the group earns from financing, broking, and wealth management through several wholly-owned subsidiaries, and holds a 14.58% stake in Pioneer Insurance & Reinsurance Brokers Pvt Ltd, an IRDAI-licensed composite insurance broker whose turnover reached ₹104.59 crore in FY25 (up from ₹81.18 crore in FY23). The group comprises roughly 7–8 wholly-owned subsidiaries and 1 associate (numbers vary across filings). The cost structure is people-heavy, with employee costs at 35.7% of revenue and other operating expenses at 21.8%, while materials cost is nil, typical of a financial-services firm. Standalone borrowings were reduced from ₹98.99 crore (March 2025) to ₹43.51 crore (September 2025), reflecting material deleveraging during the year. Total assets stood at ₹417.46 crore as of FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financing (standalone NBFC), Financing, broking and wealth management (consolidated subsidiaries), Insurance broking (associate). People-heavy, fee-driven NBFC group with subsidiaries across financing, broking and wealth management.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 36 | 32 | 36 | 37 | 47 |
| EBITDA (ex other income) | 15 | 11 | 11 | 12 | 20 |
| margin % | 43.0 | 33.3 | 31.3 | 32.1 | 42.2 |
| Owners' profit | 4 | 2 | 4 | 8 | 16 |
| EPS, as reported (₹) | 3.04 | 1.67 | 3.31 | 6.42 | 12.94 |
| ROE % · ROCE % | 2.7 · — | 1.5 · — | 2.8 · — | 5.1 · — | 9.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 68 | (30) | (23) | (25) | 68 |
| Capex | (1) | (0) | (0) | (0) | (3) |
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 | 9 | 8 | 10 | 11 | 15 | 17 | 12 | 4 |
| Profit before tax | 2 | 2 | 2 | 3 | 3 | 6 | 5 | 1 |
| Net profit | 3 | 0 | 1 | 3 | 4 | 5 | 6 | 2 |
| EPS (₹) | 2.67 | 0.23 | 1.21 | 2.31 | 2.31 | 3.94 | 4.69 | 1.37 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CRISIL LTD | 33,999 | 38.5 | 10.39 | — | 13.7 | 16.1 | — | 30.6 |
| ONEMI TECHNOLOGY SOL LTD | 5,509 | 19.5 | 4.10 | 9.4 | 21.0 | 18.8 | — | 32.0 |
| GYFTR LIMITED | 1,234 | — | 2.54 | 37.9 | 4.5 | 5.3 | 32.8 | 4.3 |
| CENTRUM CAPITAL LIMITED | 969 | — | 0.74 | 9.7 | (21.4) | (2.5) | 49.7 | 29.7 |
| PRIME SECURITIES LIMITED | 968 | 172.9 | 3.78 | — | 5.1 | — | 25.7 | 19.0 |
| WEALTH FRST PORT. MG. LTD | 881 | 26.7 | 5.18 | 16.9 | 22.5 | 30.3 | — | 97.5 |
| REGENCY FINCORP LIMITED | 571 | 52.3 | 3.56 | — | 8.4 | — | — | 84.3 |
| STELLANT SECURITIES (INDIA) LT | 529 | — | 1687.57 | — | 18.2 | 18.2 | — | 56.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.9 | 19.0 | 11 of 76 | 87% |
| P/B | 0.4 | 1.0 | 24 of 105 | 78% |
| ROE | 9.3 | 1.3 | 18 of 111 | 85% |
| EBITDA margin | 111.7 | 25.6 | 10 of 91 | 90% |
| Revenue growth | (59.1) | (4.1) | 70 of 85 | 18% |
| Profit growth | (40.6) | (0.2) | 72 of 109 | 34% |
| Market cap | 63 | 26 | 37 of 113 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA certificate for Q2 dematerialization of physical shares filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · 41st AGM results: all 3 resolutions passed; NCD plan up to Rs 300 Cr cleared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Pioneer Investcorp holds 41st AGM; 300 crore NCD issuance among resolutions | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Newspaper ad for 41st AGM published; meeting on 30 Sept 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · AGM on Sep 30, 2026; Rs.300 Cr NCD proposal and strong FY26 earnings | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Annual Report FY26: Profit jumps, Rs 300 crore NCD issue proposed | general | medium | — | — |
| 7 Sept 2026 · 41st AGM on 30 Sep 2026; NCD issue of up to Rs 300 Cr for approval | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Pre-AGM newspaper ad for 41st AGM on 30 September 2026 via video conferencing | compliance | minimal | — | — |
| 19 Aug 2026 · Pioneer Investcorp publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| 12 Aug 2026 · Q1 FY27 results: consolidated PAT up 90% YoY; board clears Rs 300 Cr NCD plan | 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.