BSE: 500069
QUEST CAPITAL MARKETS LIMITED
Operates as a capital markets and investment company, earning the bulk of its income from a single 'Finance & Investments' segment, which accounted for 100% of segment revenue in the quarter ended 30 June 2024 (₹1.44 crore of ₹1.44 crore). FY26 total income stood at ₹31.35 crore, up 21.46% year-on-year, with profit after tax of ₹23.53 crore and net profit margin of 75.05%. The balance sheet is asset-heavy with total assets of ₹1,118.26 crore against zero debt, and the company carries out no meaningful capex. Operating costs are minimal — employee cost of ₹0.35 crore (1.1% of revenue) and other opex of ₹0.37 crore (1.2% of revenue) — reflecting the low operating intensity of an investment portfolio business. Segment revenue spikes in the March quarter (₹22.28 crore in Q4 FY25 and ₹26.46 crore in the comparable period) suggest the income is driven by periodic realisation of investment returns, while a negative other comprehensive income swing of ₹(29,372.79) lakh in FY26 versus positive ₹31,978.61 lakh in FY25 indicates large fair-value movements on its investment book. The Board declared a final dividend of Rs 2.50 per share (25%) for FY26, and shareholders approved re-appointment of two Independent Directors at the 40th AGM held on 27 July 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Finance & Investments (100%), Other Services (0%). Asset-heavy, debt-free investment and capital-markets entity with a single dominant revenue segment
Exhibit 1: Financial summary, FY19–FY21 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 |
|---|---|---|---|
| Revenue | 6 | 19 | 46 |
| EBITDA (ex other income) | — | 10 | 21 |
| margin % | — | 51.3 | 45.3 |
| Owners' profit | — | 0 | 0 |
| EPS, as reported (₹) | 13.83 | 6.51 | 15.99 |
| ROE % · ROCE % | — · 16.8 | 2.8 · — | 3.3 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | — | — | (4) |
| Capex | — | — | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY20 | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 2 | 2 | 10 | 6 | 13 | 6 | 24 |
| Profit before tax | 0 | 0 | 1 | 8 | 1 | 5 | 1 | 13 |
| Net profit | (1) | (1) | 1 | 8 | 1 | 5 | 2 | 9 |
| EPS (₹) | 0.15 | (0.12) | 0.94 | 7.74 | 1.43 | 4.83 | 1.54 | 8.71 |
Exhibit 3: Segment revenue, FY21
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Finance & Investment | 20 | 44.2 |
| Other Services | 2 | 3.6 |
| Finance & Investments | 24 | 52.1 |
| Other /Unallocated | 0 | 0.1 |
| Total, before eliminations | 46 | 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. % |
|---|---|---|---|---|---|---|---|---|
| GRETEX CORPORATE SERVICES | 1,807 | 48.5 | 5.67 | 41.9 | 8.8 | 12.2 | — | 47.1 |
| QUEST CAPITAL MARKETS LIMITED ◆ | 223 | 13.5 | 0.46 | — | 3.3 | — | — | 57.0 |
| 21ST CENTURY MGMT SERVICE | 52 | — | 1.59 | — | (72.7) | (72.2) | — | 94.6 |
| MEFCOM CAPITAL MARKETS LTD. | 51 | 24.7 | 2.79 | — | (12.3) | (5.9) | — | 15.1 |
| INTERACTIVE FINANCIAL SERVICES | 8 | 2.2 | 0.24 | — | 11.0 | 15.1 | — | 66.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.5 | 19.2 | 15 of 58 | 75% |
| P/B | 0.5 | 2.8 | 3 of 65 | 95% |
| ROE | 3.3 | 11.4 | 52 of 65 | 20% |
| EBITDA margin | 57.0 | 45.7 | 24 of 64 | 64% |
| Revenue growth | 133.9 | 23.1 | 4 of 58 | 95% |
| Profit growth | 12.5 | 17.6 | 36 of 61 | 42% |
| Market cap | 223 | 946 | 46 of 69 | 34% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine quarterly dematerialisation certificate filed with BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closes Oct 1 ahead of Q2 results declaration | compliance | minimal | — | — |
| 21 Sept 2026 · Postal Ballot Results: Two Directors Appointed at Quest Capital Markets | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Postal Ballot Results: Two Director Appointments Approved | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · Newspaper publication filed for postal ballot on 2 director appointments | compliance | minimal | — | — |
| 17 Aug 2026 · Postal ballot to appoint two non-executive directors | management changes | medium | — | — |
| 17 Aug 2026 · CEO Ms. Tanuja Mantri resigns, effective 15 Sep 2026 | management changes | high | — | — |
| 17 Aug 2026 · CEO Ms. Tanuja Mantri resigns, effective 15 Sept 2026 | management changes | high | — | — |
| 12 Aug 2026 · Quest Capital Markets Q1 FY27 results published in Financial Express and Duranta Barta | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY26 results approved; two new Non-Executive Directors appointed | 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.