Available Finance Limited is an Indian listed financial services entity operating as an **Unregistered Non-Deposit Taking Core Investment Company (NBFC-ND-CIC)**. The company functions primarily as a holding and investment vehicle, providing financial assistance and capital to its group companies. Classified under the **"Base Layer"** of the Reserve Bank of India’s (RBI) Scale-Based Regulations, the company maintains a specialized niche in intra-group financial intermediation. --- ### **Core Business Model and Revenue Architecture** The company’s operations are centered on the deployment of capital within its corporate ecosystem. It does not engage in retail lending or public deposit-taking. * **Primary Activities:** The business model is built on two pillars: making strategic investments in **equity shares** and providing **loans and advances** to group entities. * **Revenue Generation:** Income is derived through **interest income** on credit facilities and **dividends** accrued from its investment portfolio. * **Segment Concentration:** The company operates within a **single reportable segment (Financing)**. There are no separate geographic or diversified business segments. * **Asset Quality:** A defining feature of the company’s operational model is its **Zero Non-Performing Asset (NPA)** status. As of **March 2025**, the company reported **no bad debts**, a result of its restrictive lending strategy focused almost exclusively on known group entities. --- ### **Strategic Investment Portfolio and Associate Entities** Available Finance Limited holds significant equity stakes in major trading and financial entities. The financial performance of these associates is a primary driver of the company’s consolidated valuation. | Associate Entity | Ownership Stake (as of March 2025) | Nature of Business | | :--- | :--- | :--- | | **Agarwal Fuel Corporation Private Limited** | **43.55%** | Trading Sector | | **Agarwal Coal Corporation Private Limited** | **32.63%** | Trading Sector | | **Ad-Manum Finance Limited** | **Outstanding loan of ₹6.21 crore** | Group Financial Entity | --- ### **Consolidated Financial Performance and Capital Structure** The company’s financial health is characterized by a conservative debt profile and a heavy reliance on the profitability of its associate companies. **Key Financial Metrics (Consolidated)** The impact of associate entities is evident in the substantial difference between standalone turnover and consolidated comprehensive income. * **H1 FY2025 (Apr-Sept 2025):** Share of Net Profit from Associates reached **₹60.73 Crore**, with a Total Comprehensive Income of **₹10.13 Crore**. * **Q2 FY2025 (Sept 30, 2025):** Share of Net Profit from Associates was **₹23.27 Crore**, with a Total Comprehensive Income of **₹9.22 Crore**. **Standalone Historical Performance** While turnover has seen a slight downward trend, net profit margins have shown resilience through cost management. * **FY 2023-24:** Turnover of **₹54.65 Lakhs**; Net Profit of **₹23.30 Lakhs** (**+9.93%** YoY). * **FY 2022-23:** Turnover of **₹58.97 Lakhs**; Net Profit of **₹21.20 Lakhs** (**-40.23%** YoY). * **FY 2021-22:** Turnover of **₹63.46 Lakhs**; Net Profit of **₹35.47 Lakhs**. **Capital Reserves and Dividends** * **Statutory Reserves:** In compliance with **Section 45-IC of the RBI Act, 1934**, the company transfers **20% of its net profit** to a reserve fund annually. This amounted to **₹4.51 Lakhs** in FY 2024-25 and **₹4.66 Lakhs** in FY 2023-24. * **Dividend Policy:** The Board has consistently maintained a **Nil dividend** policy to preserve capital for internal business activities and reinvestment. * **Leverage:** The company maintains a **Leverage Ratio of 0**, indicating no external debt. --- ### **Corporate Governance and Leadership Continuity** The company emphasizes management stability and long-term leadership to oversee its finance and IT functions. * **Executive Leadership:** **Mr. Rakesh Sahu** was re-appointed as **Whole-time Director (Executive Director)** for a three-year term (**May 29, 2024, to May 28, 2027**). His mandate focuses on Finance, Accounts, and Information Technology. * **Audit Oversight:** **M/s Ishan Jain & Co.** has been appointed as **Secretarial Auditors** for a five-year tenure (**FY 2025-26 to 2029-30**) to ensure rigorous adherence to **SEBI (LODR) Regulations**. * **Operational Systems:** While the company utilizes an internal audit system, management has determined that **SAP ERP** implementation is not currently necessary given the current scale of operations. --- ### **Ownership Shifts and Promoter Consolidation** A significant restructuring of the promoter group occurred in **March 2026**, signaling a shift toward individual promoter control and away from corporate parentage. * **Divestment by ACPL:** **Archana Coal Private Limited (ACPL)** sold **8,16,296 equity shares** (**8.00%** stake) at **₹130.34 per share**, totaling **₹10.64 crores**. * **Change in Status:** Following this transaction, Available Finance Limited ceased to be a subsidiary of ACPL and is now classified as an **Associate** of ACPL. * **Promoter Acquisition:** On **March 24, 2026**, **Tapan Agarwal** acquired **7,35,281 shares** (**7.206%** of equity) from ACPL at **₹130.44 per share** (**₹9.59 Crore**), consolidating the promoter group's direct interest. --- ### **Risk Profile and Regulatory Environment** As an unregistered CIC, the company faces unique regulatory and concentration risks. **Regulatory and Compliance Risks** * **NBFC Status:** The company surrendered its NBFC-ND license in **February 2022** and now operates as an **Unregistered CIC**. While this exempts it from computing the **Capital to Risk Weighted Assets Ratio (CRAR)**, it subjects the company to strict investment concentration limits under **Section 186 of the Companies Act, 2013**. * **Audit Qualifications:** The Secretarial Audit for **FY 2024-25** noted a lapse in the renewal of the **Special Contingency Insurance Policy**, which expired on **February 15, 2025**, in violation of **SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/70**. **Operational and Market Risks** * **Related Party Constraints:** Following the **September 2024 AGM**, a resolution for Related Party Transactions failed to gain majority approval. This has resulted in a **cessation of fresh loans** to certain group entities, potentially limiting future interest income growth. * **Concentration Risk:** The company’s financial health is inextricably linked to the trading sector via its associates (**Agarwal Coal** and **Agarwal Fuel**). Any downturn in these sectors or changes in **Government Industrial Policy** would directly impact the company’s valuation. * **Macroeconomic Sensitivity:** Profitability remains susceptible to fluctuations in interest rates and changes in taxation laws that affect the financial services sector.