Beryl Securities Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Beryl Securities presents a record of unqualified audit opinions and a clean regulatory sheet for the last two years, but the numbers behind the profit tell a different story: operating cash flow has been negative in four of the last six years, and a single-day board sweep in April 2025 handed control to a new promoter group that immediately raised its own pay and launched a preferential issue.

Key findings

  1. A single-day board sweep replaced the promoter group, and the new promoters raised their own pay with no-profit clauses Major - On 23 April 2025, three directors resigned simultaneously, and the incoming promoters, Mr. Vineet Bajpai, Mr. Sanyam Jain, and Mr. Agam Gupta, had already been reclassified as promoters by the Board on 1 July 2024. Their monthly remuneration was raised to Rs. 1.75 lakh each by 29 September 2025, with clauses allowing payment as minimum remuneration even if the company has no profit. A preferential issue of up to 1,295,635 shares at Rs. 23 per share (fair value Rs. 20.90) was approved on 28 July 2026.
  2. Operating cash flow has been persistently negative, and the company has not paid a dividend in seven years Major - In FY26, reported profit was Rs. 0.32 crore but operating cash flow was negative Rs. 4.92 crore, a ratio of -15.38 times. The pattern repeats: FY25 profit of Rs. 0.26 crore against negative cash flow of Rs. 1.57 crore, and FY23 profit of Rs. 0.13 crore against negative cash flow of Rs. 0.10 crore. No dividend has been declared for FY25 and FY26.
  3. A single doubtful loan to Jai Girnari Infratech was fully provided for, and its recovery in FY25 drove a material impairment reversal that inflated that year's profit Major - The loan to Jai Girnari Infratech was fully provided for at Rs. 17.22 Lakh in FY21 and Rs. 20.13 Lakh in FY23. In FY25, the company recorded a net impairment reversal of Rs. 12.98 Lakh, comprising a reversal of Rs. 13.59 Lakh on that loan upon full recovery, against a profit of Rs. 0.26 crore. Revenue rose from Rs. 0.75 crore in FY21 to Rs. 4.28 crore in FY26, yet operating cash flow was negative in four of those six years.
  4. Audit opinions have been unqualified, but the auditor has flagged capital advances pending possession for over five years and a newly emerged overdue loan book Minor - The statutory auditor has issued an unqualified opinion every year from FY20 through FY26. An Emphasis of Matter, a special call-out in the audit report, has drawn attention to capital advances for three properties where possession and registry remain pending since at least FY20, with the Indore plot advance standing at Rs. 20.00 Lakh as at 31 March 2024. The FY26 CARO report also notes overdue loans exceeding 90 days of Rs. 19.42 Lakh, compared to nil in the prior year.
  5. A 2017 SEBI order was completed by FY21, and a BSE fine was reported in FY24 Minor - A SEBI order dated 24 August 2017 directed an open offer, which was completed during FY21. The related penalty of Rs. 25 lakh was paid by the Acquirers. BSE levied a fine of Rs. 2.54 Lakh for non-compliance with committee constitution; management has applied for a waiver and treats it as contingent. The company reports no penalties from RBI or other regulators during FY25 and FY26.

What to watch

Bottom line: This is a company where the governance centre of gravity shifted in a single day, and the new promoters have already written themselves pay cheques that survive even a loss-making year. The reported profit is a thin layer over cash flows that have run negative in four of the last six years, and a single loan recovery made the FY25 profit look better than the underlying business would suggest. A Rs. 10 crore RPT umbrella with Hubco Technologies has been approved. Watch the preferential issue vote, the RPT drawdown, and whether the Rs. 19.42 Lakh overdue loan book grows.