Beryl Securities Limited is an Indian Non-Banking Financial Company (**NBFC**) incorporated in **1994** and headquartered in **Indore, Madhya Pradesh**. Registered with the Reserve Bank of India (**RBI**) under Section **45-IA** (Registration No. **03.0040**), the company is classified as a **Non-Systemically Important Non-Deposit taking NBFC (NBFC-ND-NSI)**. Historically focused on the broking sector, the company is currently undergoing a fundamental strategic transformation. Following a complete change in ownership and management in **2024-2025**, Beryl Securities is pivoting toward a diversified financial services and technology platform, expanding its footprint into solar energy, insurance distribution, and microfinance. --- ### **Strategic Reorientation and New Business Verticals** In **September 2024**, the company amended its Memorandum of Association (**MOA**) to significantly broaden its operational scope. The new strategy focuses on reducing exposure to the volatile broking sector in favor of more resilient revenue streams: * **Insurance & Mutual Fund Distribution:** The company is pursuing a **Corporate Agency License** to act as a retail and institutional distributor for life and general insurance (Fire, Marine, Motor, Health) and **Mutual Fund schemes**. * **Solar Energy Power Generation:** A new strategic pillar involves entering the renewable energy sector, specifically **Solar Energy Power Generation**, to capitalize on growing industrial demand. * **Asset Financing & Leasing:** Expansion into hire-purchase and leasing for industrial machinery, automobiles, and consumer goods. * **Micro-Services:** A long-term focus on **low-cost microfinance** and **micro-broking**, utilizing **consumer services** in the short term to generate immediate cash flow. --- ### **Ownership Transition and New Leadership Profile** The company underwent a mandatory **Open Offer** and Share Purchase Agreement (**SPA**) process initiated in **2023**, resulting in a total change of control from the original Sethi family to a new promoter group. **New Promoter Shareholding Structure:** | Shareholder | No. of Shares Held | % of Paid-up Capital | | :--- | :--- | :--- | | **Mr. Vineet Bajpai** | **1,429,911** | **29.48%** | | **Mr. Sanyam Jain** | **734,563** | **15.15%** | | **Mr. Agam Gupta** | **734,563** | **15.15%** | | **Mrs. Rani Sulochana Bajpai** | **39,216** | **0.81%** | **Management Appointments:** * **Mr. Vineet Bajpai:** Appointed as **Managing Director** in **September 2024** for a **5-year term**. * **Mr. Agam Gupta:** Appointed as **Chief Financial Officer** in **July 2024**. --- ### **Geographic Expansion and Infrastructure** To support its growth trajectory, the company is aggressively expanding its physical presence across **Uttar Pradesh (UP)** and **Madhya Pradesh (MP)**: * **Corporate Office:** Established in **Noida, UP** (August 2025) to maintain books of accounts and facilitate expansion. * **New Branch Offices:** * **Chhatarpur, MP** (Opened April 2024) * **Banda, UP** (Opened January 2026) * **Pipeline Locations:** Planned branches in **Tikamgarh (MP)**, **Mahoba (UP)**, and **Panna (MP)**. --- ### **Financial Performance and Capital Adequacy** Beryl Securities has demonstrated significant growth in total income while maintaining a robust capital cushion that far exceeds regulatory requirements. **Key Financial Metrics:** | Particulars | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Total Income** | **₹1.87 Crore** | **₹84.43 Lakhs** | | **Total Comprehensive Income (PAT)** | **₹25.72 Lakhs** | **₹17.20 Lakhs** | | **Capital to Risk-Weighted Assets (CRAR)** | **91.82%** | **111.44%** | | **Liquidity Coverage Ratio** | **41.42%** | **164.97%** | | **Gearing Ratio (Debt/Net Owned Funds)** | **23.53%** | **-** | **Financial Policy Highlights:** * **Capital Strength:** The **CRAR of 91.82%** is substantially higher than the **RBI-mandated 15%**, providing significant headroom for lending expansion. * **Dividend Policy:** The Board currently **preserves all profits** to fund business growth; no dividends were recommended for the recent fiscal years. * **Asset Quality:** The company utilizes the **Expected Credit Loss (ECL)** model under **Ind AS 109**. As of March 31, 2025, there were **no defaults** recognized in loans payable. --- ### **Capital Structure and Fundraising Capacity** To facilitate the entry into solar energy and expanded lending, the company has increased its financial flexibility: * **Authorized Capital:** Increased to **₹7.00 Crores** (70,00,000 equity shares of ₹10 each). * **Borrowing Limits:** Shareholders approved borrowing powers up to **₹90 Crores** (or four times net worth). * **Equity Raising:** Approval is in place to raise up to **₹2 Crores** via preferential issues, **QIPs**, or convertible instruments (**GDRs, ADRs, FCCBs**). --- ### **Risk Profile and Mitigation Strategies** The company’s transition occurs against a backdrop of intense competition and regulatory oversight. **Market and Credit Risks:** * **Asset Quality:** Management identifies **asset quality deterioration** as the primary threat to profitability. To mitigate this, the company maintains an **in-house credit appraisal process** rather than outsourcing. * **Interest Rate Volatility:** High costs of funds and rising interest rates pose a risk to net interest margins. * **Market Sensitivity:** Performance remains tied to the stability of Indian capital markets and macro-economic variables. **Operational and Regulatory Risks:** * **Competition:** Faces pressure from the **organized banking sector** and local unorganized regional players. * **Regulatory History:** The company has navigated historical compliance issues, including a **SEBI** direction against erstwhile promoters for violating **Regulation 3(1)** of the **SAST Regulations** (failing to make a public announcement after a shareholding increase). * **Human Capital:** Retention of skilled manpower is a critical challenge in the crowded financial services landscape. --- ### **Listing and Compliance Information** * **Stock Exchange:** Listed on **BSE Limited** (Scrip Code: **531582**). * **Delisting:** Previously listed on Jaipur and Madhya Pradesh exchanges; voluntarily delisted following **SEBI** exit grants. * **Deposits:** The company does **not** accept public deposits. * **Working Capital:** The company has **not availed** working capital limits exceeding **₹5 Crore** from banks.