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Crescentis Capital Ltd

CRESCENTIS

BSE

₹91.45-14.45%3 Nov 2026

Reports

NBFC Others

Crescentis Capital Ltd

CRESCENTIS

BSE

₹91.45

-14.45%

3 Nov 2026

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NBFC Others

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Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Crescentis Capital is a newly minted lender that was, for three decades, simply a family-run stock-picking vehicle. The company transformed after a prominent hospital-chain founder bought control, renamed it, and injected a fresh mandate: to stop passively holding shares and start actively making loans. The recurring approach is to deploy capital for stable returns with a close eye on risk, a philosophy that once meant buying blue-chip stocks and now means writing secured loans, mostly to small businesses and healthcare operators connected to its new promoter’s world.

Business segments

Four engines at different stages - a secured-lending operation in its first year, a legacy stock portfolio that still generates income, a small rental property, and a pool of interest-bearing deposits - all funded by a recent rights issue and run by a team of nine.

1. Secured lending: the new growth engine

The company writes loans of up to five years to small businesses and healthcare providers, charging 13% to 28% interest while securing the loan against property, invoices or inventory - a business that did not exist before June 2025.

Secured from day one - every loan is backed by a charge over the borrower’s assets, whether that is commercial property, unpaid customer invoices, or the inventory the loan is buying, which gives the company a claim if things go wrong.
Priced for the risk - the interest rate a borrower pays is set by its credit rating, how long it wants the money, and the quality of the collateral it can offer, with the company’s own borrowing cost currently at 9.75%.
Built on the promoter’s healthcare network - the company has proposed loans of up to Rs. 5 crore each to five related parties, including three hospital businesses and two medical-education firms, two of which already have management contracts with the promoter’s listed KIMS Hospitals.
Funded by a rights issue - a Rs. 49.04 crore capital raise in mid-2025 gave the company the equity base to start lending, supplemented by a loan-against-securities facility from a large financial institution.
Sold through a two-phase plan - the company first built a customer list through field visits and digital ads, and is now adding direct sales agents and partnerships with fintechs and other NBFCs to find borrowers.

2. Proprietary investment portfolio: the legacy cash engine

A portfolio of publicly traded Indian stocks, held directly and measured at fair value, generates dividend income and realised gains - the company’s sole activity for most of its history and still a material contributor.

A stock-picker’s book - the portfolio holds unquoted equity shares, government securities and mutual funds, with the company explicitly stating its prospects are tied to how well its investee companies perform.
Rotated with market cycles - the company has shifted the mix sharply before, such as moving from nearly all mutual funds in 2020 to nearly all direct equity in 2021, and it describes its strategy as investing in sectors that are growing or expected to turn around.
Pledged for liquidity - some of the investment securities have been pledged to a large financial institution to secure a loan-against-securities facility, turning a static portfolio into a source of working capital.
Run with internal controls - a formal risk-management framework and internal checks govern the safety of funds and securities, a carry-over discipline from the company’s decades as a pure investment vehicle.

3. Rental income: a small property asset

The company earns rent from a property it owns, a steady non-lending income stream that predates the change in control.

A legacy asset - the rental income appears as a distinct segment in the company’s revenue mix, though the dossiers do not detail the property’s location or tenant (segment mix line).
Stable and separate - unlike the lending and investment engines, this income does not depend on credit cycles or stock-market movements, providing a small buffer of predictability.

4. Interest and dividend income: the treasury function

Cash held in fixed deposits and interest-bearing instruments generates a base layer of income, distinct from the fair-value gains on the equity portfolio.

Deposits earn while waiting - the company recognises interest income on fixed deposits, a low-risk use of surplus cash that sits alongside the equity portfolio.
Dividends from investee companies - when the stocks in the proprietary portfolio declare dividends, the company books the income as soon as the right to receive it is established.

Group structure and partners

Crescentis Capital is a standalone company with no subsidiaries, controlled by a single promoter who holds roughly two-thirds of the shares, and run by a managing director with four decades of banking experience.

Concentrated ownership - Dr. Bhaskara Rao Bollineni, the cardiothoracic surgeon who founded KIMS Hospitals, held 68.80% of Doc Tutorials Edutech Private Limited as of March 2025, with the balance held by a co-promoter and public shareholders on the BSE.
No corporate web - the company has no subsidiary, associate or joint venture; it once had a wholly-owned subsidiary called Som Datt Infosoft, but that entity ceased to be a subsidiary on April 24, 2019.
A banker at the helm - Managing Director Subba Rao Veera Venkata Meka, who previously held senior roles at Syndicate Bank, ABN AMRO and RBS/NatWest, built the lending architecture and governance framework after joining in September 2023.
Listed only on BSE - the company voluntarily delisted from the Calcutta Stock Exchange in December 2021, and its shares are now traded solely on BSE Limited.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

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Balance Sheet

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Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹156Cr

Close Price

₹91.45

Industry

NBFC Others

Price To Earnings

79.52

Price To Sales

20.80

Revenue

₹7Cr

Rev Gr TTM

Revenue Growth TTM

347.68%

PAT Gr TTM

PAT Growth TTM

122.52%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	4	4	4	5	0	-4	-4	5	0	4	-7	11
Growth YoY Revenue Growth YoY%	29.8	71.4	1,306.7	50.1	-99.2	-195.1	-203.0	0.2	766.7	187.1	-99.5	121.0
Interest Expended Interest ExpendedCr	0	0	0	0	0	0	0	0	0	0	0	0
Expenses ExpensesCr	0	0	1	1	1	1	1	1	1	1	1	1
Financing Profit Financing ProfitCr	3	4	3	4	-1	-5	-5	4	-1	2	-9	10
FPM FPM%	92.8	90.0	83.2	88.5	-1,900.0	119.9	120.9	83.0	-273.1	61.3	119.8	88.6
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	4	3	4	-1	-5	-5	4	-1	2	-9	10
Tax TaxCr	0	0	0	1	0	-1	-1	1	0	1	-2	2
PAT PATCr	3	4	3	3	-1	-4	-4	3	0	1	-7	8
Growth YoY PAT Growth YoY%	29.3	70.3	861.1	12.9	-117.3	-220.5	-238.0	6.0	7.7	127.7	-94.4	133.4
NPM NPM%	82.9	79.3	75.7	64.0	-1,733.3	100.5	101.3	67.7	-184.6	32.0	98.8	71.5
EPS EPS₹	2.5	2.9	2.3	2.6	-0.4	-3.5	-3.1	3.4	-0.3	1.4	-4.6	4.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	4	4	4	5	0	-4	-4	5	0	4	-7	11
Growth YoY Revenue Growth YoY%	29.8	71.4	1,306.7	50.1	-99.2	-195.1	-203.0	0.2	766.7	187.1	-99.5	121.0
Interest Expended Interest ExpendedCr	0	0	0	0	0	0	0	0	0	0	0	0
Expenses ExpensesCr	0	0	1	1	1	1	1	1	1	1	1	1
Financing Profit Financing ProfitCr	3	4	3	4	-1	-5	-5	4	-1	2	-9	10
FPM FPM%	92.8	90.0	83.2	88.5	-1,900.0	119.9	120.9	83.0	-273.1	61.3	119.8	88.6
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	4	3	4	-1	-5	-5	4	-1	2	-9	10
Tax TaxCr	0	0	0	1	0	-1	-1	1	0	1	-2	2
PAT PATCr	3	4	3	3	-1	-4	-4	3	0	1	-7	8
Growth YoY PAT Growth YoY%	29.3	70.3	861.1	12.9	-117.3	-220.5	-238.0	6.0	7.7	127.7	-94.4	133.4
NPM NPM%	82.9	79.3	75.7	64.0	-1,733.3	100.5	101.3	67.7	-184.6	32.0	98.8	71.5
EPS EPS₹	2.5	2.9	2.3	2.6	-0.4	-3.5	-3.1	3.4	-0.3	1.4	-4.6	4.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	2	2	1	0	5	5	1	15	-3	1	7
Growth Revenue Growth%	27.0	29.6	25.9	-68.3	-19.7	1,006.6	0.4	-75.1	1,018.0	-120.1	149.1	347.7
Interest Expended Interest ExpendedCr	0	0	0	0	0	0	0	0	0	0	0	0
Expenses ExpensesCr	1	2	2	0	0	1	1	1	1	3	4	5
Financing Profit Financing ProfitCr	0	0	0	0	0	5	5	1	14	-6	-3	2
FPM FPM%	-4.3	0.0	0.0	40.0	6.1	90.1	87.4	61.2	90.5	192.4	-218.2	31.4
Other Income Other IncomeCr	0	1	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	5	5	1	14	-6	-3	2
Tax TaxCr	0	0	0	0	0	0	1	0	1	0	-1	1
PAT PATCr	0	0	0	0	0	4	4	1	12	-5	-3	1
Growth PAT Growth%	120.3	1.3	-89.3	309.5	-65.0	7,396.0	-13.3	-81.2	1,578.5	-144.8	53.4	122.5
NPM NPM%	32.3	25.3	2.2	27.9	12.2	82.5	71.2	53.6	80.5	179.3	-170.3	15.8
EPS EPS₹	0.3	0.3	0.0	0.1	0.1	3.6	3.2	0.6	10.0	-4.5	-1.6	1.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	2	2	1	0	5	5	1	15	-3	1	7
Growth Revenue Growth%	27.0	29.6	25.9	-68.3	-19.7	1,006.6	0.4	-75.1	1,018.0	-120.1	149.1	347.7
Interest Expended Interest ExpendedCr	0	0	0	0	0	0	0	0	0	0	0	0
Expenses ExpensesCr	1	2	2	0	0	1	1	1	1	3	4	5
Financing Profit Financing ProfitCr	0	0	0	0	0	5	5	1	14	-6	-3	2
FPM FPM%	-4.3	0.0	0.0	40.0	6.1	90.1	87.4	61.2	90.5	192.4	-218.2	31.4
Other Income Other IncomeCr	0	1	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	5	5	1	14	-6	-3	2
Tax TaxCr	0	0	0	0	0	0	1	0	1	0	-1	1
PAT PATCr	0	0	0	0	0	4	4	1	12	-5	-3	1
Growth PAT Growth%	120.3	1.3	-89.3	309.5	-65.0	7,396.0	-13.3	-81.2	1,578.5	-144.8	53.4	122.5
NPM NPM%	32.3	25.3	2.2	27.9	12.2	82.5	71.2	53.6	80.5	179.3	-170.3	15.8
EPS EPS₹	0.3	0.3	0.0	0.1	0.1	3.6	3.2	0.6	10.0	-4.5	-1.6	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10	10	17
Reserves ReservesCr	4	4	4	4	4	9	13	13	25	20	59
Borrowings BorrowingsCr	0	0	0	0	0	0	0	0	0	0	14
Other Liabilities Other LiabilitiesCr	1	1	0	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	15	15	14	14	14	19	23	24	36	30	91
Fixed Assets Fixed AssetsCr	0	0	0	0	0	0	0	0	0	0	0
Cash Equivalents Cash EquivalentsCr	4	2	1	0	1	0	3	2	2	0	1
Other Assets Other AssetsCr	12	13	14	14	13	19	20	22	34	30	90
Total Assets Total AssetsCr	15	15	14	14	14	19	23	24	36	30	91

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10	10	17
Reserves ReservesCr	4	4	4	4	4	9	13	13	25	20	59
Borrowings BorrowingsCr	0	0	0	0	0	0	0	0	0	0	14
Other Liabilities Other LiabilitiesCr	1	1	0	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	15	15	14	14	14	19	23	24	36	30	91
Fixed Assets Fixed AssetsCr	0	0	0	0	0	0	0	0	0	0	0
Cash Equivalents Cash EquivalentsCr	4	2	1	0	1	0	3	2	2	0	1
Other Assets Other AssetsCr	12	13	14	14	13	19	20	22	34	30	90
Total Assets Total AssetsCr	15	15	14	14	14	19	23	24	36	30	91

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-3	-1	1	2	3	1	2	-2	-2	-44
Investing Cash Flow Investing Cash FlowCr	2	1	0	-1	-1	-4	2	-3	3	0	-18
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	63
Net Cash Flow Net Cash FlowCr	2	-1	-1	0	1	-1	3	-1	0	-2	1
Free Cash Flow Free Cash FlowCr	0	-3	-1	1	2	3	1	2	-2	-2	-44
CFO To EBITDA CFO To EBITDA%	-379.7	3,44,424.1	-2,83,499.6	235.6	8,914.9	60.6	19.5	206.9	-17.8	29.7	1,367.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-3	-1	1	2	3	1	2	-2	-2	-44
Investing Cash Flow Investing Cash FlowCr	2	1	0	-1	-1	-4	2	-3	3	0	-18
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	63
Net Cash Flow Net Cash FlowCr	2	-1	-1	0	1	-1	3	-1	0	-2	1
Free Cash Flow Free Cash FlowCr	0	-3	-1	1	2	3	1	2	-2	-2	-44
CFO To EBITDA CFO To EBITDA%	-379.7	3,44,424.1	-2,83,499.6	235.6	8,914.9	60.6	19.5	206.9	-17.8	29.7	1,367.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	4	6	4	3	18	13	36	142	97	99	191	156
Price To Earnings Price To Earnings	11.2	15.3	111.8	18.8	303.3	3.0	9.2	197.2	8.0			79.5
Price To Sales Price To Sales	3.0	3.6	2.3	5.3	37.2	2.5	6.6	106.0	6.5	-32.9	123.2	20.8
Price To Book Price To Book	0.3	0.4	0.3	0.2	1.3	0.7	1.6	6.1	2.7	3.3	2.5	2.0
EV To EBITDA EV To EBITDA	-16.2	-4,799.5	7,390.6	12.7	665.0	2.8	7.0	171.9	7.0	-17.1	-63.1	83.1
Profitability Ratios Profitability Ratios
FPM FPM%	-4.3	-0.1	0.0	39.0	5.3	90.1	87.4	60.8	90.5	192.1	-217.7	31.4
NPM NPM%	32.3	25.3	2.2	27.9	12.2	82.5	71.2	53.6	80.5	179.3	-170.3	15.8
ROCE ROCE%	2.6	3.4	0.4	1.6	0.2	25.7	20.8	3.5	38.6	-19.5	-3.2	-3.2
ROE ROE%	2.7	2.7	0.3	1.2	0.4	23.6	17.0	3.1	34.1	-18.2	-3.3	-3.3
ROA ROA%	2.4	2.6	0.3	1.2	0.4	23.5	16.8	3.1	33.9	-17.9	-2.8	-2.8
Solvency Ratios Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	4	6	4	3	18	13	36	142	97	99	191	156
Price To Earnings Price To Earnings	11.2	15.3	111.8	18.8	303.3	3.0	9.2	197.2	8.0			79.5
Price To Sales Price To Sales	3.0	3.6	2.3	5.3	37.2	2.5	6.6	106.0	6.5	-32.9	123.2	20.8
Price To Book Price To Book	0.3	0.4	0.3	0.2	1.3	0.7	1.6	6.1	2.7	3.3	2.5	2.0
EV To EBITDA EV To EBITDA	-16.2	-4,799.5	7,390.6	12.7	665.0	2.8	7.0	171.9	7.0	-17.1	-63.1	83.1
Profitability Ratios Profitability Ratios
FPM FPM%	-4.3	-0.1	0.0	39.0	5.3	90.1	87.4	60.8	90.5	192.1	-217.7	31.4
NPM NPM%	32.3	25.3	2.2	27.9	12.2	82.5	71.2	53.6	80.5	179.3	-170.3	15.8
ROCE ROCE%	2.6	3.4	0.4	1.6	0.2	25.7	20.8	3.5	38.6	-19.5	-3.2	-3.2
ROE ROE%	2.7	2.7	0.3	1.2	0.4	23.6	17.0	3.1	34.1	-18.2	-3.3	-3.3
ROA ROA%	2.4	2.6	0.3	1.2	0.4	23.5	16.8	3.1	33.9	-17.9	-2.8	-2.8
Solvency Ratios Solvency Ratios

	VLL	SUPRAPFSL	BAIDFIN	CRESCENTIS	JAFINANCE	SANGAMFIN	IBLFL
Market CapitalizationMkt CapCr	169	161	156	156	154	148	147
Close PriceClose₹	65.00	32.70	9.65	91.45	144.50	31.70	59.40
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE		12.67	8.85	79.52	258.04	19.57	56.57
Price To SalesPS	200.89	1.63	1.64	20.80	59.87	6.40	6.87
RevenueRevenueCr	1	99	95	7	3	23	21
Revenue Growth TTMRev Gr TTM%	-4.5%	48.3%	9.5%	347.7%	10.8%	16.4%	40.2%
PAT Growth TTMPAT Gr TTM%	-82.0%	174.0%	6.6%	122.5%	514.3%	-12.2%	17.0%

	VLL	SUPRAPFSL	BAIDFIN	CRESCENTIS	JAFINANCE	SANGAMFIN	IBLFL
Market CapitalizationMkt CapCr	169	161	156	156	154	148	147
Close PriceClose₹	65.00	32.70	9.65	91.45	144.50	31.70	59.40
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE		12.67	8.85	79.52	258.04	19.57	56.57
Price To SalesPS	200.89	1.63	1.64	20.80	59.87	6.40	6.87
RevenueRevenueCr	1	99	95	7	3	23	21
Revenue Growth TTMRev Gr TTM%	-4.5%	48.3%	9.5%	347.7%	10.8%	16.4%	40.2%
PAT Growth TTMPAT Gr TTM%	-82.0%	174.0%	6.6%	122.5%	514.3%	-12.2%	17.0%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2026

Jun 26