Apoorva Leasing Finance & Investment Co Ltd is fundamentally an investment vehicle that deploys its own capital across public markets, private lending, and real estate - it is not a bank or a deposit-taking NBFC (non-banking financial company). Incorporated in 1983 and listed on the Bombay Stock Exchange, the company has spent four decades building a sufficient reserve base that now funds a deliberate pivot from a pure investing and trading outfit into a diversified conglomerate with interests in capital markets, real estate development, and infrastructure. The recurring approach is to use its own balance sheet - free of any secured or unsecured borrowings - to take calculated risks across a spectrum of asset classes, from the highest-risk unsecured lending to the lowest-risk third-party product distribution, while steadily acquiring controlling stakes in operating businesses that extend its reach. # Business segments Two engines at different stages - a capital-allocation core that funds loans, trades securities, and collects rent, and a growing family of acquired operating subsidiaries in stock broking and construction - each built with the cash flows of the one before. ## 1. Proprietary capital allocation: where the company's own money works hardest **The company acts as a principal investor, using its own reserves to lend, trade, and hold property - it earns every rupee of interest, dividend, and rent for its own book, not as a fee-collecting intermediary.** - **Unsecured lending to businesses and individuals** - it originates personal loans and corporate loans, including financing to MSMEs (micro, small and medium enterprises) and other borrowers that banks approach cautiously, an activity the company itself calls its "highest balance sheet risk" because there is no collateral backing the repayment. Interest is calculated on a declining balance and recognised daily over the life of the agreement. - **Securities-backed financing** - it also lends against shares through products like loan against shares, margin funding, IPO financing, and promoter funding, which means the loan is secured by a pledge of marketable securities, reducing the risk compared to its unsecured book. - **Trading and investing in public markets** - the company buys and sells listed shares, mutual funds, and commodity futures and options, with its quoted equity and mutual fund holdings marked to market value at every balance-sheet date so that gains and losses flow through its profit-and-loss account or other comprehensive income. It also holds unquoted equity instruments and investments in its own subsidiaries and associates at cost, reflecting a longer-term strategic portfolio alongside its trading book. - **Rental income from owned property** - it holds investment properties, including residential flats in Delhi and Noida and a larger land parcel in Punjab, which generate long-term rental yield and are carried at cost on the books. Rental income is recognised on a straight-line basis over the lease term, so the company earns a steady, predictable stream from these assets. - **Fee-light distribution of third-party products** - as the lowest-risk leg of its capital-allocation strategy, the company distributes third-party financial products, earning commission income without putting its own balance sheet at risk. ## 2. Operating subsidiaries and associates: the conglomerate pivot in progress **The company has been acquiring controlling and significant minority stakes in operating businesses - a stock-broking firm, a construction LLP, and several IT and advisory entities - turning it from a pure investment vehicle into a group with real operating cash flows.** - **Stock broking, bought not built** - in August 2023, the company acquired an 81.22% controlling stake in Standard Stock Brokers Private Limited, a stock and share broking firm incorporated in 1904, paying cash for a business that was already operational and aligned with its main line of business. This gives the group a direct presence in capital-market intermediation, rather than just proprietary trading. - **Construction and real estate development** - its 53.24%-owned subsidiary Space Height Constructions LLP, acquired in April 2018, extends the group into physical infrastructure and real estate development, complementing the investment properties held on its own balance sheet. - **A web of allied stakes** - the company holds a 50% stake in Antriksh Stock & Shares Brokers Pvt Ltd, 45.61% in Akshat Commodity Ltd, 45.15% in Summer Infotech Pvt Ltd, and 49.24% in Cloud Business Advisory LLP, all acquired between 2016 and 2018, giving it significant influence over a cluster of financial-services, commodity, IT, and advisory businesses. It also owns 82.76% of Yukati E Services Limited, an e-services subsidiary. - **Lean and legal by design** - the entire group operates with fewer than 20 employees, reflecting a structure where the investment company itself does not need large human resources and the subsidiaries focus on their own core business areas. The company has successfully defended itself against a winding-up petition from the Registrar of Companies and was moved out of the BSE's shell-company surveillance framework in 2021, clearing the path for its acquisition-led strategy. # Group structure and partners **The company is majority-owned by two corporate shareholders and controls a network of seven subsidiaries and associates, with its shares almost entirely held in electronic form.** - Times Capital Services Private Limited (49.08%) and KD Stock Broking Private Limited (17.01%) together held 66.09% of the company as of FY23, with promoters - both individual and body corporate - holding a combined 52.66% as of March 2025. - 95.51% of the company's equity shares are held in dematerialised (electronic) form, with the remaining 4.49% in physical certificates, and Bigshare Services Private Limited acts as the registrar and share transfer agent. - The Managing Director and CFO, Mr. Atul Singh Tyagi, brings 30 years of experience and leads a senior management team with diverse knowledge across finance, operations, manufacturing, corporate law, and legal matters.