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Elixir Capital Ltd

ELIXIR

BSE

₹98.99-1.05%19 Oct 2026 at 2:16 PM

Reports

Finance

Elixir Capital Ltd

ELIXIR

BSE

₹98.99

-1.05%

19 Oct 2026 at 2:16 PM

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Finance

Indices

Business Overview: What the company does, in plain English.Forensic Report: Accounting quality and red flags.

Elixir Capital is fundamentally a bet on the Indian stock market, run by a family that has been placing that bet for over three decades. It started as a traditional broking and trading house and has since built a full-service financial firm around that core, adding wealth management, advisory, and a new digital platform along the way. The recurring approach is simple: the listed holding company owns an operating subsidiary, that subsidiary does the real work of investing and advising, and the group’s fortunes rise and fall with the market’s tides.

Business segments

A single operating engine - a stock-market investing and advisory firm - now adding a digital front door to reach retail investors directly.

1. Broking, trading and advisory: the group’s sole operating engine

Everything the group earns flows through one subsidiary that trades stocks, manages money, and advises clients - a business whose health is tied directly to whether the market is rising or falling.

Proprietary trading is the original heartbeat - the company invests its own capital in shares and securities, which means it makes money when stock prices go up and loses when they fall; a prolonged bear market is the single biggest threat to the business.
A full-service licence stack - the subsidiary, Elixir Equities Pvt. Ltd., is registered with SEBI as a stock broker, portfolio manager, research analyst, and depository participant of CDSL, so it can trade for clients, manage their portfolios, publish research, and hold their securities in electronic form - all under one roof.
Arbitrage smooths the ride - alongside directional trading, the group runs arbitrage strategies that aim to profit from price differences between markets, providing a counterbalance when outright stock bets turn sour.
The margin pledge is the fuel - shares and mutual fund units held by the subsidiary are pledged with the Indian Clearing Corporation as margin, which is how the firm secures the capital it needs to trade at scale.
No debt, no deposits - the company has never borrowed from banks or taken deposits from the public, so it operates entirely on its own equity and retained earnings, keeping the balance sheet simple and the risk contained.

2. PaisaSmart: a digital advisory layer on top of the core

A WhatsApp-first mutual fund platform that aims to turn the group’s three decades of market experience into a product any Indian saver can use - combining AI ratings with a human relationship manager.

A chatbot that rates and recommends - the PaisaSmart WhatsApp bot uses a proprietary scoring system to rate mutual funds and then builds customised baskets based on a user’s goals and risk appetite, so the advice is automated but the methodology is the group’s own.
Human support closes the loop - every user gets a dedicated relationship manager alongside the AI, which means the platform is not a pure robo-advisor; it blends machine recommendations with a person who can explain them.
Built for India’s language map - the chatbot already works in English, Hindi, Marathi, Gujarati, and Tamil, with more regional languages planned, which widens the addressable market beyond English-speaking urban investors.
Content feeds the funnel - a companion YouTube channel, also called PaisaSmart, had over 116,000 subscribers by mid-2025, creating a free content audience that the paid advisory service can convert.
A diversification play, not a replacement - the group is building mutual fund distribution to reduce its dependence on pure trading income, giving it a fee-based revenue stream that is less volatile than proprietary stock bets.

Group structure and partners

A family-controlled holding company with a single operating subsidiary that in turn owns two smaller step-down entities - the entire group is unborrowed and promoter-held.

The holding company is the listed shell - Elixir Capital Ltd. itself does no operating business; its standalone activity is trading and investment in shares, and its real job is to hold 100% of Elixir Equities Pvt. Ltd., the operating engine.
Two step-down subsidiaries sit below the engine - Elixir Equities owns Dipan Mehta Commodities Pvt. Ltd. and Elixir Wealth Management Pvt. Ltd., both fully held, extending the group’s reach into commodities and wealth management respectively.
Promoters own over 71% - as of March 2025, the promoter group held 71.29% of the equity, with Dipan Mehta as Non-Executive Chairman, his spouse Radhika Mehta as Whole Time Director, and their son Varun Mehta as CFO and fintech lead.
Listed only on BSE - the company’s shares trade on BSE Limited, with Bigshare Services acting as the registrar and share transfer agent.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹58Cr

Close Price

₹98.99

Industry

Finance

Price To Earnings

8.93

Price To Sales

1.32

Revenue

₹44Cr

Rev Gr TTM

Revenue Growth TTM

21.75%

PAT Gr TTM

PAT Growth TTM

12.81%

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	6	6	16	15	19	6	0	11	11	13	-1	20
Growth YoY Revenue Growth YoY%	-22.1	7,275.0	2,735.0	210.8	205.3	2.4	-97.6	-25.9	-40.3	120.4	-392.1	87.0
Expenses ExpensesCr	2	2	2	3	3	4	10	7	7	6	9	8
Operating Profit Operating ProfitCr	4	4	13	12	16	2	-10	4	4	7	-10	13
OPM OPM%	72.5	72.7	84.8	79.4	83.8	38.7	-2,513.2	38.9	40.3	55.4	875.7	62.5
Other Income Other IncomeCr	0	0	1	0	0	0	0	1	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	1	1	0	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	4	14	11	15	2	-10	5	4	7	-10	12
Tax TaxCr	1	1	3	3	4	1	-2	1	2	2	-3	4
PAT PATCr	4	3	11	9	11	1	-8	4	2	5	-7	8
Growth YoY PAT Growth YoY%	-27.3	322.4	501.1	180.7	177.0	-62.6	-179.4	-57.2	-79.6	357.1	13.2	125.5
NPM NPM%	67.1	53.9	67.2	58.3	60.9	19.7	-2,221.1	33.7	20.8	40.9	660.4	40.6
EPS EPS₹	5.4	4.1	13.6	10.9	14.4	1.5	-10.8	4.7	2.9	6.9	-9.3	10.6

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	6	6	16	15	19	6	0	11	11	13	-1	20
Growth YoY Revenue Growth YoY%	-22.1	7,275.0	2,735.0	210.8	205.3	2.4	-97.6	-25.9	-40.3	120.4	-392.1	87.0
Expenses ExpensesCr	2	2	2	3	3	4	10	7	7	6	9	8
Operating Profit Operating ProfitCr	4	4	13	12	16	2	-10	4	4	7	-10	13
OPM OPM%	72.5	72.7	84.8	79.4	83.8	38.7	-2,513.2	38.9	40.3	55.4	875.7	62.5
Other Income Other IncomeCr	0	0	1	0	0	0	0	1	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	1	1	0	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	5	4	14	11	15	2	-10	5	4	7	-10	12
Tax TaxCr	1	1	3	3	4	1	-2	1	2	2	-3	4
PAT PATCr	4	3	11	9	11	1	-8	4	2	5	-7	8
Growth YoY PAT Growth YoY%	-27.3	322.4	501.1	180.7	177.0	-62.6	-179.4	-57.2	-79.6	357.1	13.2	125.5
NPM NPM%	67.1	53.9	67.2	58.3	60.9	19.7	-2,221.1	33.7	20.8	40.9	660.4	40.6
EPS EPS₹	5.4	4.1	13.6	10.9	14.4	1.5	-10.8	4.7	2.9	6.9	-9.3	10.6

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	4	12	10	3	-1	18	23	4	33	35	34	44
Growth Revenue Growth%	-61.8	189.0	-18.4	-65.1	-117.7	3,051.8	27.4	-83.8	765.4	8.7	-3.3	21.8
Expenses ExpensesCr	2	3	4	3	4	5	6	6	7	15	28	29
Operating Profit Operating ProfitCr	2	10	6	0	-4	14	18	-2	25	20	6	15
OPM OPM%	46.6	78.3	62.4	3.7	704.4	74.5	76.2	-51.5	77.7	56.7	18.6	34.0
Other Income Other IncomeCr	0	0	0	0	0	1	1	1	2	1	2	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	1	2	1	2	2	2	3
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	1	0	1
PBT PBTCr	3	9	6	0	-5	14	17	-3	26	18	5	13
Tax TaxCr	1	2	2	0	0	1	4	1	5	5	1	4
PAT PATCr	2	7	4	0	-5	12	13	-3	21	13	4	9
Growth PAT Growth%	-63.4	185.3	-38.9	-106.3	-1,842.2	337.0	6.2	-126.4	711.7	-39.7	-67.5	12.8
NPM NPM%	57.1	56.4	42.2	-7.6	837.5	67.3	56.0	-91.1	64.4	35.7	12.0	19.9
EPS EPS₹	2.9	8.8	5.4	-0.4	-6.6	15.7	16.5	-4.2	26.9	16.1	5.2	11.1

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	4	12	10	3	-1	18	23	4	33	35	34	44
Growth Revenue Growth%	-61.8	189.0	-18.4	-65.1	-117.7	3,051.8	27.4	-83.8	765.4	8.7	-3.3	21.8
Expenses ExpensesCr	2	3	4	3	4	5	6	6	7	15	28	29
Operating Profit Operating ProfitCr	2	10	6	0	-4	14	18	-2	25	20	6	15
OPM OPM%	46.6	78.3	62.4	3.7	704.4	74.5	76.2	-51.5	77.7	56.7	18.6	34.0
Other Income Other IncomeCr	0	0	0	0	0	1	1	1	2	1	2	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	1	2	1	2	2	2	3
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	1	0	1
PBT PBTCr	3	9	6	0	-5	14	17	-3	26	18	5	13
Tax TaxCr	1	2	2	0	0	1	4	1	5	5	1	4
PAT PATCr	2	7	4	0	-5	12	13	-3	21	13	4	9
Growth PAT Growth%	-63.4	185.3	-38.9	-106.3	-1,842.2	337.0	6.2	-126.4	711.7	-39.7	-67.5	12.8
NPM NPM%	57.1	56.4	42.2	-7.6	837.5	67.3	56.0	-91.1	64.4	35.7	12.0	19.9
EPS EPS₹	2.9	8.8	5.4	-0.4	-6.6	15.7	16.5	-4.2	26.9	16.1	5.2	11.1

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	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	14	18	21	20	15	23	31	28	43	51	53
Current Liabilities Current LiabilitiesCr	2	3	3	2	9	32	30	19	28	35	47
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	30	36	40	38	39	73	83	68	96	116	131
Current Assets Current AssetsCr	21	27	30	29	26	61	69	54	71	84	95
Non Current Assets Non Current AssetsCr	9	9	10	9	13	11	14	14	25	32	37
Total Assets Total AssetsCr	30	36	40	38	39	73	83	68	96	116	131

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	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	14	18	21	20	15	23	31	28	43	51	53
Current Liabilities Current LiabilitiesCr	2	3	3	2	9	32	30	19	28	35	47
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	0	1
Total Liabilities Total LiabilitiesCr	30	36	40	38	39	73	83	68	96	116	131
Current Assets Current AssetsCr	21	27	30	29	26	61	69	54	71	84	95
Non Current Assets Non Current AssetsCr	9	9	10	9	13	11	14	14	25	32	37
Total Assets Total AssetsCr	30	36	40	38	39	73	83	68	96	116	131

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	1	-3	2	2	13	-2	5	6	-17	2	3
Investing Cash Flow Investing Cash FlowCr	-2	3	-2	0	-9	-3	0	2	2	-5	-1
Financing Cash Flow Financing Cash FlowCr	1	0	0	-2	-1	14	-2	-12	14	5	6
Net Cash Flow Net Cash FlowCr	1	0	0	1	2	9	3	-5	-1	1	8
Free Cash Flow Free Cash FlowCr	1	-3	1	2	13	-2	4	6	-17	1	3
CFO To PAT CFO To PAT%	52.7	-42.3	48.0	-873.4	-248.1	-16.5	35.3	-174.0	-81.2	15.8	68.9
CFO To EBITDA CFO To EBITDA%	64.6	-30.4	32.5	1,794.2	-295.0	-14.9	26.0	-307.6	-67.3	10.0	44.5

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	1	-3	2	2	13	-2	5	6	-17	2	3
Investing Cash Flow Investing Cash FlowCr	-2	3	-2	0	-9	-3	0	2	2	-5	-1
Financing Cash Flow Financing Cash FlowCr	1	0	0	-2	-1	14	-2	-12	14	5	6
Net Cash Flow Net Cash FlowCr	1	0	0	1	2	9	3	-5	-1	1	8
Free Cash Flow Free Cash FlowCr	1	-3	1	2	13	-2	4	6	-17	1	3
CFO To PAT CFO To PAT%	52.7	-42.3	48.0	-873.4	-248.1	-16.5	35.3	-174.0	-81.2	15.8	68.9
CFO To EBITDA CFO To EBITDA%	64.6	-30.4	32.5	1,794.2	-295.0	-14.9	26.0	-307.6	-67.3	10.0	44.5

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	21	20	26	21	21	17	22	20	51	78	46	58
Price To Earnings Price To Earnings	14.3	3.0	8.5			1.8	1.7		3.3	8.4	15.2	8.9
Price To Sales Price To Sales	4.8	1.6	2.6	5.6	-53.3	0.8	0.9	4.6	1.5	1.9	1.3	1.3
Price To Book Price To Book	1.1	0.8	1.0	0.8	1.0	0.6	0.6	0.6	1.1	1.4	0.8	1.0
EV To EBITDA EV To EBITDA	9.7	2.1	4.3	153.2	-4.2	1.5	1.4	-8.3	2.6	4.9	10.6	5.4
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	46.6	78.3	62.4	3.7	704.4	74.5	76.2	-51.5	77.7	56.7	18.6	34.0
NPM NPM%	57.1	56.4	42.2	-7.6	837.5	67.3	56.0	-91.1	64.4	35.7	12.0	19.9
ROCE ROCE%	15.1	37.1	21.1	-0.2	-20.6	31.7	34.0	-3.7	38.3	22.8	7.8	7.8
ROE ROE%	12.3	29.4	15.6	-1.0	-25.1	42.7	34.9	-10.1	43.3	22.3	7.0	7.0
ROA ROA%	8.0	19.0	10.5	-0.7	-13.4	16.8	15.7	-5.1	21.7	10.9	3.1	3.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity 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	21	20	26	21	21	17	22	20	51	78	46	58
Price To Earnings Price To Earnings	14.3	3.0	8.5			1.8	1.7		3.3	8.4	15.2	8.9
Price To Sales Price To Sales	4.8	1.6	2.6	5.6	-53.3	0.8	0.9	4.6	1.5	1.9	1.3	1.3
Price To Book Price To Book	1.1	0.8	1.0	0.8	1.0	0.6	0.6	0.6	1.1	1.4	0.8	1.0
EV To EBITDA EV To EBITDA	9.7	2.1	4.3	153.2	-4.2	1.5	1.4	-8.3	2.6	4.9	10.6	5.4
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	46.6	78.3	62.4	3.7	704.4	74.5	76.2	-51.5	77.7	56.7	18.6	34.0
NPM NPM%	57.1	56.4	42.2	-7.6	837.5	67.3	56.0	-91.1	64.4	35.7	12.0	19.9
ROCE ROCE%	15.1	37.1	21.1	-0.2	-20.6	31.7	34.0	-3.7	38.3	22.8	7.8	7.8
ROE ROE%	12.3	29.4	15.6	-1.0	-25.1	42.7	34.9	-10.1	43.3	22.3	7.0	7.0
ROA ROA%	8.0	19.0	10.5	-0.7	-13.4	16.8	15.7	-5.1	21.7	10.9	3.1	3.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	INDCEMCAP	PIONRINV	GEMSI	ELIXIR	21STCENMGM	SAICAPI	MSLGLOBAL
Market CapitalizationMkt CapCr	68	66	59	58	51	44	39
Close PriceClose₹	31.22	53.55	1.27	98.99	48.45	151.99	18.30
IndustryIndustry	Finance	Finance	Finance	Finance	Finance	Finance	Finance
Price To EarningsPE		4.61	25.40	8.93		3.41	13.56
Price To SalesPS	14.00	1.73	16.52	1.32	-4.82	58.35	5.30
RevenueRevenueCr	5	38	4	44	-11	1	7
Revenue Growth TTMRev Gr TTM%	-9.4%	-11.2%	242.9%	21.8%	-238.3%	27.1%	10,471.4%
PAT Growth TTMPAT Gr TTM%	-263.2%	73.7%	792.3%	12.8%	-84.3%	6.3%	388.4%

	INDCEMCAP	PIONRINV	GEMSI	ELIXIR	21STCENMGM	SAICAPI	MSLGLOBAL
Market CapitalizationMkt CapCr	68	66	59	58	51	44	39
Close PriceClose₹	31.22	53.55	1.27	98.99	48.45	151.99	18.30
IndustryIndustry	Finance	Finance	Finance	Finance	Finance	Finance	Finance
Price To EarningsPE		4.61	25.40	8.93		3.41	13.56
Price To SalesPS	14.00	1.73	16.52	1.32	-4.82	58.35	5.30
RevenueRevenueCr	5	38	4	44	-11	1	7
Revenue Growth TTMRev Gr TTM%	-9.4%	-11.2%	242.9%	21.8%	-238.3%	27.1%	10,471.4%
PAT Growth TTMPAT Gr TTM%	-263.2%	73.7%	792.3%	12.8%	-84.3%	6.3%	388.4%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26