Asit C Mehta Financial Services ltd Management Discussions

Asit C Mehta Financial Services Limited ("ACMFSL") was incorporated on 25th January 1984, with a vision to be a key facilitator in Indias financial and corporate ecosystem. The Company is primarily engaged in providing infrastructure facilities through leasing of vacant properties, along with offering high-value advisory and consultancy services in the areas of fund mobilization, capital restructuring and corporate financial strategy. ACMFSL is a listed entity on BSE Limited (BSE) and operates with a firm commitment to transparency, long-term value creation and sustainable business practices.

ACMFSL forms part of the well-diversified Asit C. Mehta Group, which is today an integral arm of the Pantomath Group one of Indias fastest-growing capital market powerhouses, widely recognized for innovation, scale and execution excellence across financial services. The Groups broad vision is anchored in empowering individuals and institutions with superior financial solutions and digital capabilities.

A material subsidiary of ACMFSL, (ACMIIL), is a leading player in Indias financial services landscape, offering a comprehensive suite of products and services including Equity Broking, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Mutual Fund distribution and research-driven investment advisory. ACMIIL is a member of both BSE and NSE and is a registered Depository Participant (DP) with the Central Depository Services (India) Ltd. (CDSL).

Established in 1983, ACMIIL has evolved into a trusted household name in Indian financial markets, particularly through its digital-first brand www.investmentz.com, serving over 2 lakh clients across India. With over four decades of legacy, ACMIIL has consistently delivered customer-centric solutions, blending robust research, cutting-edge technology and compliance-first culture.

Further complementing the Groups modern outlook is Edgytal, a fast-emerging digital marketing and web development entity, providing integrated digital solutions across pan-India. Through Edgytal, the Group actively embraces digital transformation both for itself and its clients ensuring its strategic edge in a tech-driven financial landscape.

Together, the Asit C Mehta Group reflects a rare synergy of heritage, innovation and performance, making it a formidable force in the evolving world of finance, advisory and digital solutions. Backed by deep industry knowledge, a loyal client base and a forward-looking approach, the Group is well-positioned to drive long-term stakeholder value in a dynamic business environment

Global Economy.

The global economy demonstrated resilience in Calendar Year (CY) 2024, registering a growth rate of 3.2%, according to the IMF World Economic Outlook (April 2025). However, a sharp rise in trade tensions and heightened policy uncertainty are expected to weigh heavily on global economic activity. Growth is projected to moderate to 2.8% in CY2025 and 3.0% in CY2026, significantly below the historical average of 3.7% (2000 2019). Although strong real income growth and easing interest rates supported economic activity, this momentum was partially offset by weaker government spending, subdued consumer confidence and volatile external demand in several regions.

In advanced economies, growth is expected to decelerate in CY2025, with the United States projected to expand by 1.8%, reflecting increased policy uncertainty, escalating trade tensions and softer demand momentum. In emerging markets and developing economies, growth is also expected to slow to 3.7% in 2025, primarily due to the impact of recent trade measures. Notably, Chinas growth forecast has been revised downward to 4.0%, affected by newly implemented tariffs and ongoing trade policy uncertainty. If U.S.-imposed tariffs take full effect, China is likely to be the most directly impacted economy. In response, the Chinese government is expected to implement a mix of monetary easing and fiscal support measures to stimulate domestic consumption and address persistent challenges in the property sector.

The successful transition from a period of high inflation to a more stable price environment without triggering a broad-based economic contraction marks a significant macroeconomic achievement. This shift has allowed central banks to move from aggressive monetary tightening to a more balanced policy stance, creating space for sustainable growth.

Indias economic growth is expected to remain stable, with projections of 6.2% in 2025 and 6.3% in 2026, supported primarily by strong private consumption, particularly in rural areas. India remains relatively insulated from global headwinds and is on track to become the worlds third-largest economy in the medium term. It continues to be one of the fastest-growing large economies, driven by favourable demographics, an investment-led growth push and ongoing structural and regulatory reforms.

Global financial markets displayed resilience amidst evolving macroeconomic trends. Equities saw moderate gains on the back of improved earnings visibility and softening inflation, while bond markets stabilised as interest rate expectations adjusted. That said, volatility lingered, driven by geopolitical tensions, U.S.-China trade frictions and uneven regional growth. Still, robust investment cycles, accelerating digital adoption and steady consumer demand helped sustain market confidence.The CY2025 outlook remains cautiously optimistic, anchored by sound macro fundamentals and gradual improvement in both the real economy and financial markets.

Outlook

The global economic outlook is shaped by a sense of cautious optimism, yet shadowed by rising challenges. Aggressive U.S. trade policies, including the imposition of broad-based tariffs, have introduced fresh uncertainties, potentially weighing on global trade flows and investment sentiment. The resurgence of protectionism raises the risk of stagflation, particularly in more vulnerable economies. However, supportive policy measures such as tax cuts and deregulation may partially offset these risks by encouraging private sector investment and capex expansion.

While monetary policy recalibration is widely anticipated, central banks face the delicate task of balancing inflationary pressures with the need to support growth. As a result, monetary policy paths may remain desynchronised, with decisions shaped by country-specific economic conditions and external dynamics. In this evolving environment, policymakers, businesses and investors will need to navigate persistent uncertainties to uphold economic and financial stability.

Financial markets continue to navigate a complex and dynamic environment, marked by heightened sensitivity to policy shifts and geopolitical developments. Equity markets, for the most part, have shown resilience, buoyed by robust corporate earnings and sustained investor optimism. In contrast, bond markets remain volatile, reflecting ongoing uncertainty around interest rate trajectories and inflation dynamics. The IMF has underscored the urgency of addressing trade tensions to restore market confidence and support long-term global growth. Against this backdrop, investors are likely to stay cautious, focusing on portfolio diversification and close monitoring of policy signals.

Chart: Indias GDP growth highest amongst major peers

GDP Growth rate (%)	2023	2024	2025P	2026P
World Output	3.50%	3.30%	2.80%	3.00%
USA	2.90%	2.80%	1.80%	1.70%
China	5.40%	5%	4%	4%
Japan	1.50%	0.10%	0.60%	0.60%
Germany	-0.30%	- 0.20%	0.00%	0.90%
India	7.50%	6.50%	6.20%	6.30%
	-
UK	0.40%	1.10%	1.10%	1.40%
France	1.10%	1.10%	0.60%	1.00%
	0.70%	0.70%	0.40%	0.80%
Italy
Canada	1.50%	1.50%	1.40%	1.60%
Russia	4.10%	4.10%	1.50%	0.90%

Source: IMF World economic outlook, Apr25

Indian Economy

India has emerged as the fastest-growing major economy over the past decade, expanding from US$ 2.1 trillion in 2015 to US$ 4.3 trillion in 2025, surpassing all other major economies in growth rate and solidifying its position as a global economic powerhouse. India retained its position as the 5th largest economy, maintained its status as the fastest growing amongst large economies and is expected to be the third largest economy by 2027 (crossing GDP of $5 Tn) after USA and China. The Indian economy is expected to grow by 6.2% in Cy25.

This impressive expansion has been driven by a confluence of structural reforms, technological progress and a favourable demographic dividend. Indias strategic emphasis on digital infrastructure, financial inclusion and manufacturing competitiveness has significantly boosted domestic productivity. Meanwhile, the services sector particularly IT and financial services continues to be a key engine of growth. Additionally, public investments in infrastructure and a strong policy push toward self-reliance in critical sectors have further accelerated economic momentum, reinforcing Indias long-term growth trajectory.

Indias economy has been undergoing rapid digital transformation over the past decade. By 2030, the digital economy is projected to contribute nearly 20% of the countrys GDP, significantly outpacing the growth of traditional sectors. According to the State of Indias Digital Economy Report 2024, India ranks as the 3rd most digitalised economy globally in terms of economy-wide digital adoption and 12th among G20 nations in terms of individual user digitalisation. This underscores Indias emergence as a leading digital powerhouse, with wide-reaching implications for productivity, innovation and inclusion.

The Union Budget 2025 26 strikes a prudent balance between growth imperatives and fiscal discipline. By streamlining regulations, supporting MSMEs and encouraging investments and exports, the budget lays out a clear pathway toward Viksit Bharat 2047. Focused allocations to tourism, healthcare and manufacturing are expected to catalyse job creation and enhance economic dynamism. The governments commitment to fiscal consolidation, with a targeted fiscal deficit of 4.4% for FY26, reinforces Indias trajectory toward debt sustainability. These measures aim to stabilize the macroeconomic environment, promote private sector participation and lay a solid foundation for long-term resilience and inclusive growth.

Outlook

India is expected to remain relatively insulated from global shocks in the near term and continue its trajectory of strong, broad-based growth. The countrys long-term structural growth story remains intact, underpinned by favourable demographics, stable governance and a reform-oriented policy framework. According to the IMFs World Economic Outlook, India is projected to retain its status as the fastest-growing major economy, with growth driven by the expanding services sector and a renewed impetus to manufacturing. Government initiatives aimed at infrastructure development and tax simplification are likely to further bolster economic momentum and investor confidence.

Key growth drivers for India include manufacturing and infrastructure development, supported by flagship initiatives like Make in India and the National Infrastructure Pipeline, which are boosting industrial output and logistics efficiency. Simultaneously, the rapid expansion of the digital economy, coupled with fintech innovation and a thriving startup ecosystem, is driving productivity gains and broader economic participation. Additionally, improvements in the ease of doing business and proactive economic diplomacy are enhancing Indias appeal as a foreign investment destination, while facilitating deeper integration into global value chains.

Despite Indias positive growth trajectory, several challenges persist. Global economic fragmentation and geopolitical tensions may weigh on external trade, while oil price volatility poses risks to fiscal stability. On the domestic front, inflationary pressures, an uneven rural recovery and climate-related disruptions in agriculture could create potential growth headwinds.

To sustain high and inclusive growth, India must advance with comprehensive structural reforms. Key priorities include strengthening institutional governance, simplifying regulatory frameworks, enhancing labour market flexibility and deepening integration into global trade networks. With sustained policy commitment and strategic investments, India remains well-positioned to realise its vision of becoming an advanced economy by 2047.

Indias demographic profile stands out as a core economic strength, with a median age of just 28 years significantly younger than most developed economies. The country is set to experience a steady rise in its working-age population, with approximately 120 million individuals projected to enter the workforce by 2040. This demographic dividend, combined with urbanisation, job creation and increasing digital adoption, is expected to accelerate per capita income growth.

As incomes rise, so too will household savings, with a growing shift from physical assets to financial instruments. This transformation presents a major opportunity for Indias financial services industry, as more individuals look to invest in equities, mutual funds, insurance and other market-linked products to build and secure long-term wealth.

Capital Markets - Industry Overview

Indias capital markets have undergone a remarkable transformation over the past five years, signalling a paradigm shift in the nations investment landscape. This evolution has been driven by a surge in retail investor participation, enabled by rising financial literacy, rapid digital adoption, FinTech innovation and proactive regulatory foresight that established strong market guardrails. From 40.9 million demat accounts at the end of FY2020, India witnessed a 4.7x increase to 192.4 million accounts by FY2025. Similarly, the number of active clients on the NSE expanded 4.6x, reaching 49.2 million, while mutual fund participation saw unique investors grow 2.6x to 54.2 million. These milestones reflect increasing investor trust and the structural deepening of Indias retail investment ecosystem, positioning capital markets as a key pillar of long-term wealth creation.

Indias domestic equity markets continue to rank fourth-largest globally with over $4.0 Tn on market cap.

Table: India is the 4th largest market by Market Capitalisation

Country	US$ Tn Market cap
USA	59.3
China	7.8
Japan	5.6
India	4.4
United Kingdom	3.9

Source: https://companiesmarketcap.com/allcountries/ (as on 26th May 2025)

Robust Stock Market Performance in FY25

FY25 was a mixed yet eventful year for Indian equities, shaped by political developments and shifting market sentiment. The year began with cautious undertones, as investors awaited clarity on the outcome of the general elections. This uncertainty persisted until the national election results on 4th June 2024, which saw the re-election of the NDA government, triggering a wave of optimism and clarity.

The post-election period witnessed a sharp market rally through September 2024, with indices scaling multiple all-time highs, driven by renewed investor confidence in policy continuity, economic reforms and Indias long-term growth potential. However, the second half of FY2024-25 saw a notable correction, with markets declining for five consecutive months from October 2024 to February 2025, reflecting profit-taking, global headwinds and valuation concerns.

The correction phase in Indian equities was driven by a combination of global headwinds, regulatory changes and domestic valuation concerns. Muted corporate earnings and stretched valuations led foreign institutional investors (FIIs) to adopt a more cautious stance. On the global front, a major fiscal stimulus in China and a leadership transition in the United States heightened market volatility, accelerating capital outflows from emerging markets.

During this period, India recorded FII outflows of US$ 36 billion, the second-largest only to US$ 40 billion outflow experienced between October 2021 and June 2022. Despite these challenges, Indian equities displayed remarkable resilience, staging a strong rebound in March 2025. For the full fiscal year, the BSE Sensex posted a gain of 5.1% while the NSE Nifty rose 5.3%, underscoring continued investor faith in Indias structural growth story.

Fy25 witnessed a strong year of IPOs unmatched historically and relatively to peers

FY25 saw a total of 318 companies, comprising 79 Mainboard and 239 SME, raise Rs1.72 Tn in IPOs, surpassing the combined total raised in the last two years (FY24 & FY23). A total of Rs1.6 Tn was raised via main board and rest from SMEs. Also, the average issue size more than doubled, reaching Rs2,082 crore in FY2024-25 (up from Rs815 Crs on YoY). As highlighted earlier that FIIs were active in primary markets, they contributed by subscribing to a substantial Rs1.21 Tn.

Notably, the average issue size more than doubled to Rs2,082 crore in FY25, up from Rs815 crore in the previous year, reflecting improved investor appetite and the increasing scale of offerings. As previously highlighted, Foreign Institutional Investors (FIIs) played a significant role in the primary markets, subscribing to a substantial Rs1.21 trillion, underscoring their continued confidence in Indias long-term growth potential despite secondary market volatility.

Industry Structure and Developments

The Indian financial services industry continues to evolve at a rapid pace, underpinned by strong macroeconomic fundamentals, progressive policy reforms and accelerated digital adoption. In FY2024 25, India sustained its position as one of the fastest-growing major economies, with capital markets reflecting investor confidence and a stable regulatory environment.

There has been a marked increase in demand for comprehensive financial solutions, ranging from wealth management to digital advisory platforms. Regulatory bodies such as SEBI and RBI have been instrumental in promoting transparency, market integrity and technological innovation. With rising financial literacy, deeper digital penetration and the proliferation of fintech platforms, traditional financial institutions are actively reinventing themselves to remain competitive and relevant in a rapidly shifting landscape.

Amid this transformation, infrastructure leasing, advisory services and capital restructuring continue to be key enablers of business growth and liquidity optimization for corporates sectors in which Asit C Mehta Financial Services Limited (ACMFSL) operates with strategic clarity and efficiency.

Regulatory Framework: In FY25, the Securities and Exchange Board of India (SEBI) introduced a series of regulatory changes aimed at enhancing transparency, protecting investors and fostering market integrity across various financial sectors.

Mutual Fund Lite Regulations: Effective March 16, 2025, SEBI implemented the Mutual Fund Lite regulations to simplify the framework for passively managed funds. Asset management Companies are now required to maintain a minimum net worth of

Rs500 million and demonstrate profitability in at least three of the previous five years. These criteria aim to simplify regulatory requirements for smaller mutual fund houses or those managing lower AUM, thereby encouraging wider participation, innovation and competition in the mutual fund industry.

Optional Same-Day Settlement (T+0): Starting January 31, 2025, SEBI expanded the optional T+0 settlement cycle, where select stocks are settled on the same day, to reduce risk and increase liquidity. For investing in these specified scripts, investors will receive their funds faster, accelerating reinvestments while enhancing market efficiency.

ASBA facility for secondary markets: SEBI at its board meeting in September 2024 made it mandatory for Qualified Stock Brokers to offer either UPI block mechanism (ASBA-like service) or 3-in-1 trading facility, in addition to the current mode of trading for the secondary market, effective from February 2025. While it is mandatory for the QSBs to offer this service, it is optional for clients, whether or not to consume the same. Further the facility is made live only for transactions in the cash segment.

Financial Influencers: Stricter Regulations: To combat the rise of unregulated financial advice, SEBI mandated that, by January 2025, regulated entities must cease association with unregistered financial influencers, commonly known as finfluencers. This initiative seeks to protect investors from misleading information and ensure that financial advice comes from qualified professionals.

True to Label: With the ultimate goal to further strengthen investor protection, SEBI implemented True to Label regulations from October 2024. Through this regulation, SEBI ensured that the clients were charged the same fees, that the market infrastructure institutions (MIIs) levied on market intermediaries.

Index derivatives regulations: The other significant regulatory change that came into force during the year was with respect to index derivatives, with a view to arrest the potential systemic risk associated to speculative excesses in the equity derivative market, particularly on expiry days. The regulator directed the intermediaries to implement the following measures, over November 2024 to February 2025, to strengthen the index derivatives framework.

Rationalisation of weekly Index derivatives products: Implemented from 20th November, 2024, SEBI rationalized the number of weekly expiries of index derivatives products, offered by exchanges, to only one benchmark index per week. As a result, the weekly derivative contracts for sectoral indices were now shifted to monthly expiry derivative products. Further the regulator also streamlined expiry of all monthly products to the same day for each of the exchanges.

Increase in contract size: From 20th November, 2024, the regulator directed exchanges to change the derivative notional contract value to H1.5-2.0 million from the previous value of H0.5-1.0 million. Further, the lot size for each of the contracts is now pegged to the revised contract value.

Increase in tail risk coverage on the day of options expiry: As an additional measure to cover tail risk, the regulator has imposed an additional 2% of Extreme Loss Margin (ELM) for short options contracts. This would be applicable for all open short option contracts, at the start of the day, as well on short options contracts initiated during the day, on the day of expiry. This measure was also effective from 20th November 2024.

Upfront collection of option premium from option buyers: To avoid any undue intraday leverage coupled with exposure beyond collateral at the client level, SEBI mandated all trading and clearing members to collect options premium upfront from option buyers, effective from 01st February 2025. This move ensures traders fully cover the risk associated with the underlying contract.

Removal of calendar spread treatment on expiry day: Starting 01st February, 2025, the regulator directed that the benefit of calendar spread would not be available on the day of expiry for contracts, expiring on that day.

Intra-day monitoring of position limits: Prior to 01st April 2025, position limits for index derivatives contracts, as specified by SEBI from time to time, were monitored by Stock Exchanges / Clearing corporations at the end of day. To address any risk emerging from the risk of position created beyond permissible limits on large trading volumes expiry days, the regulator decided to monitor existing position limits on intraday basis by exchanges. For this, Stock Exchanges shall consider minimum 4 position snapshots during the day. While the exchanges will monitor the existing position limits, the regulator has clarified that no penalties will be levied in case of breach of limits, until further notice.

Company Business Segments Overview;

During the year, ACMFSL continued its core activities of property leasing and advisory with consistent performance. Revenue from infrastructure leasing remained stable and advisory engagements were taken up selectively, focusing on restructuring and capital mobilization for mid-market corporates.

ACMIIL, the material subsidiary, contributed significantly to the Groups financial performance. It reported steady growth in brokerage revenue, PMS inflows and mutual fund distribution. The www.investmentz.com platform further expanded its retail client base, reflecting the growing shift toward digital investing.

Broking and Depository Operations Equity Trading and Support Services Client Funding IPOs Bonds PMS

I Baskets

Mutual Fund Distribution

SWOT Analysis Strengths

Technology edge, “investmentz.com” platform leverages advanced technology, AI-driven analytics and personalised investment tools to deliver seamless trading experiences. Our App integrates cutting-edge solutions, ensuring scalability, optimisation and industry-leading performance. Backed by a robust team, we continue to innovate, solidifying our position as a leader in Indias digital financial services landscape.

Strong brand recognition, with a legacy of close to four decades, ACMIIL has established a strong brand name in the Indian broking industry. Further, our association and with smart engagement initiatives resonated deeply with the younger audience, resulting in higher brand recall.

Challenges

Increasing competition: The Indian broking industry remains intensely competitive, with established firms and emerging fintech platforms strategically positioning themselves to capture and expand their market share. The moat for us is the multidecadal experience, a large client base and our technology prowess.

Changing client behavior: Shifts in client preferences, could reduce demand for brokerage services. In order to have long term engagement with clients, we have expanded our abilities to offer services beyond broking. Through this, we are ensuring that we build an annuity business from every cohort.

Changing Compliance Requirements: Continuously changing compliance requirements and undergoing technology transformations.

Opportunities

Growing demand for financial advisory and restructuring services due to increasing corporate consolidation and capital expansion.

Rising investor participation in capital markets presents immense scope for digital trading platforms and Mutual Fund distribution.

Government initiatives like “Digital India,” “Financial Inclusion,” and tax incentives for capital market participation are tail winds.

Expanding awareness of alternative investment products like PMS and AIFs among HNIs and UHNIs.

Increase in per capita income will lead to higher prosperity to save a big opportunity for investors to buy financial products.

Threats

Regulatory changes and compliance burdens may increase operational overhead. Intense competition from agile fintech startups and discount brokerages.

Market volatility due to global macroeconomic uncertainties may affect investor sentiment and asset valuations. Cybersecurity risks in digital platforms require continuous investment and vigilance.

Group Outlook

The outlook for FY 2025 26 remains optimistic. The Company anticipates an uptrend in demand for restructuring services as India Inc. undergoes strategic transformation. Infrastructure leasing is expected to yield stable cash flows.

The Groups focus remains on expansion, digitization and client-centric innovation. ACMIIL aims to further enhance its technology stack, introduce AI-driven investment tools and broaden its AUM base through customized wealth management solutions. Edgytal is poised for PAN India growth, supporting financial and non-financial clients with digital transformation.

The Management believes that with a strong brand, deep industry expertise and the backing of the Pantomath Group, the Asit C Mehta Group is well-positioned to seize emerging opportunities and deliver long-term stakeholder value.

Synergy in operations with Pantomath Group in backward integration of services of Investment banking, Mutual Fund & Alternative Investment Fund (AIF) is a big area of expansion of business into new areas.

Risks and Concerns

Key risks that may impact the business include:

Market Risk: Fluctuations in capital markets can impact brokerage and portfolio management income.

Regulatory Risk: Stringent norms around capital markets, fund distribution, or property leasing could impact operations. Technology Risk: Cyber threats and tech disruptions require constant upgradation of IT infrastructure.

Liquidity Risk: Any stress in financial markets or tenant defaults may affect lease cash flows.

Operational Risk: Reliance on digital platforms demands continuous training, monitoring and compliance enforcement.

Risk management remains a key focus, with proactive monitoring and internal controls across all verticals to ensure compliance, business continuity and data protection.

Internal Control Systems and Their Adequacy

The Company has a robust internal control system in place to ensure operational efficiency, accuracy of financial reporting and compliance with applicable laws and regulations. Periodic audits both internal and statutory are conducted to assess the effectiveness of processes and controls.

These controls are continuously reviewed and strengthened in line with the evolving business landscape. The Audit Committee, in conjunction with senior management, oversees the control environment and ensures prompt mitigation of identified risks.

Human Resources Development

People are at the heart of the Companys growth journey. The Group emphasizes a performance-driven culture, continuous learning and employee well-being. As of March 31, 2025, the Group has a balanced team of 150 experienced professionals and young talent across financial, technical and support functions.

Ongoing training programs, leadership development and technology enablement continue to build a resilient and agile workforce. The Group promotes diversity, collaboration and an entrepreneurial spirit aligned with its vision.

Performance Review

Overview Consolidated Financial Statements

Results of operations Extract of Profit and Loss Statement

Particular	2025	% of Total Income (%)	2024	% of Total Income (%)
INCOME
Revenue from Operations	7,264	93%	4,240	90%
Other Income	522	7%	469	10%
Total Income (A)	7,786	100%	4,709	100%
EXPENDITURE
Employee benefit expenses	1,996	26%	1,608	34%
Finance costs	1,002	13%	1,111	24%
Net Loss on Fair Value Change	-	0%	-	0%
Depreciation and amortisation expense	209	3%	162	3%
Other Expenses	4,883	63%	2,937	62%
Total Expenses (B)	8,060	104%	5,818	123%
Profit Before exceptional items	(274)	-4%	(1,109)	-23%
Exceptional Item	-	0%	-	0%
Profit before tax	(274)	-4%	(1,109)	-23%
Tax expense :
(i) Current tax	-	0%	-	0%
(ii) Deferred tax	2	0%	(2)	0%
(iii) MAT Credit Entitlement Written off / Utilised	-	0%	-	0%
(iv) Prior Tax Adjustment	0	0%	4	0%
Total Tax Expense	2	0%	2	0%
Profit for the year	(276)	-4%	(1,111)	-23%
Other Comprehensive Income
a) Re-measurement gains/ (losses) on defined benefit plans	(8)	0%	(17)	0%
b) Effect of measuring Equity Instruments on Fair Value	165	2%	(82)	-2%
c) Income Tax on (a) and (b)	(38)	0%	23	0%
Other comprehensive income for the year, net of tax	119	2%	(76)	-2%
Total comprehensive income for the year	(157)	-2%	(1,187)	-25%

Balance Sheet position

Particulars	As at March 31, 2025	As at March 31, 2024
I. ASSETS
(1) Non-current assets
(a) Property, Plant and Equipment	619	589
(b) Right of Use Assets	29	37
(c) Intangible Assets under development	1,028	1,222
(d) Investment Property & Right of Use Assets	4,419	4,532
(e) Goodwill	315	315
(f) Other Intangible assets	447	261
(g) Financial Assets
(i) Investments	1,716	920
(ii) Trade Receivables	250	171
(iii) Loans	-	-
(iv) Others	163	157
(h) Non-Current Tax Assets (net)	537	275
(i) Deferred tax assets (net)	130	174
(j) Other non-current assets	9	4
Total Non-Current Assets	9,662	8,657
(2) Current assets
(a) Financial Assets
(i) Inventory	-	2
(ii) Trade receivables	829	1,112
(iii) Cash and cash equivalents	1,727	937
(iv) Bank balance other than (iii) above	2,982	3,394
(v) Loans	123	120
(vi) Other Financial Assets	4,256	4,919
(b) Current Tax assets (Net)	-	-
(c) Other current assets	224	71
Total Current Assets	10,141	10,555
Total Assets	19,803	19,212

 

II. EQUITY AND LIABILITIES
Equity
(a) Equity Share capital	825	825
(b) Other Equity	1,729	2,093
Equity attributable to owners	2,554	2,918
(c) Non-Controlling Interest	177	171
Total Equity	2,731	3,089
Liabilities
(1) Non-current liabilities
(a) Financial Liabilities
(i) Borrowings	4,054	4,814
(ii) Lease Liabilities	28	31
(iii) Other financial liabilities	87	56
(b) Provisions	63	31
(c) Deferred tax liabilities (net)	-	4
(d) Other non-current liabilities	-	7
Total Non- Current Liabilities	4,232	4,943
(2) Current liabilities
(a) Financial Liabilities
(i) Borrowings	7,717	4,437
(ia) Lease Liabilities	3	6
(ii) Trade payables
- dues to micro enterprises and small enterprises; and and small enterprises	-	-
- dues to creditors other than micro enterprises	4,567	6,340
(iii) Other financial liabilities	394	218
(b) Other current liabilities	131	148
(c) Provisions	28	31
(d) Current tax liability	-	-
Total Current Liabilities	12,840	11,180
Total Liabilities	17,072	16,123
Total Equity and Liabilities	19,803	19,212

Key Financial Ratios

S No.	Ratio	Ratio as on March 31, 2025	Ratio as on March 31, 2024	Variation	Reason (If variation is more than 25%)
(a)	Current Ratio	0.79 Times	0.94 Times	-16%	Not Applicable
(b)	Debt-Equity Ratio	4.31 Times	3.00 Times	44%	The Companys debt equity ratio increased to 4.31 times as on 31st March 2025 from 3 times as on 31st March 2024, due to increase in Total Equity and increase Debt during the year.
(c )	Debt Service Coverage Ratio	0.51 Times	0.04 Times	1342%	There is an increase in profitability with increase in revenue and net margin, as well as debts were repaid/converted during the previous year, which resulted in better ratio.
(d)	Return on Equity Ratio	(0.09)	(0.75)	-87%	There is a decrease in loss due to increase in revenue and net margin resulted into increase in Total Equity
(e)	Trade Receivables Turnover Ratio	4.26 Times	2.79 Times	52%	There is an Increase in net revenue but average trade receivables are in line with last year, resulting in net increases in ratio.
(f)	Net Capital Turnover Ratio	(2.69)	(6.77)	-60%	There is an Increase in net Sales during the year, but Net Working Capital has also increased during the year, Resulting in Decrease in Ratio.
(g)	Net Profit Ratio	(0.04)	(0.26)	-85%	There is a decrease in loss due to increase in revenue and net margin. Also, company has raised funds by issue of Preference Shares which resulted in better ratio.
(h)	Return on Capital Employed	0.05	0.00	-18462%	There is a decrease in loss due to increase in revenue and net margin. Also, company has raised funds by issue of Preference Shares which resulted in better ratio.
(i)	Return on Investment	0.04	0	42620%	There is a decrease in loss due to increase in revenue and net margin. Also, company has raised funds by issue of Preference Shares which resulted in better ratio.

Note:

The Ratios i.e. Debtors Turnover, Inventory Turnover, Interest Coverage and Operating Profit Margin are not applicable to the Company.

	For and on behalf of the Board of Directors
	Deena A. Mehta	Madhu Lunawat
	Director	Director
	(DIN: 00168992)	(DIN: 06670573)
Mumbai, July 31, 2025