Fundviser Capital (India) Limited (BSE: **530197**) is a diversified financial services and investment holding company. Originally established as a manufacturer of dye intermediates, the company underwent a transformative pivot in **FY 2015-16** following the divestment of its industrial assets. Under new leadership since a **2023** change in control, the firm has evolved into a multi-sector investment vehicle, deploying capital into high-growth subsidiaries, real estate, and global trading markets. --- ### **Strategic Evolution & Corporate Governance** The company’s trajectory is defined by a complete management overhaul and a shift toward aggressive capital deployment. * **Change in Control (2023):** Following a Share Purchase Agreement and an Open Offer at **₹18.00** per share, **Mrs. Kriti Jain** and **Mr. Sohan Lal Garg** assumed promoter status. * **Leadership Team:** **Mr. Prem Krishan Jain** serves as Chairman and Managing Director (re-appointed **September 2025**), supported by **Mrs. Kriti Jain** as Whole Time Director (appointed **April 2025**). * **Identity Rebranding:** Reflecting its new focus, the Corporate Identification Number (CIN) was updated to **L64300MH1985PLC205386** in **December 2025**. * **Promoter Stability:** As of the latest filings, the promoter group maintains a robust **66.36%** equity stake, ensuring strong alignment with shareholder interests. --- ### **Capital Structure & Fundraising Trajectory** Fundviser has significantly expanded its equity base to provide the "dry powder" necessary for its acquisition-led growth strategy. * **Authorized Capital Expansion:** Increased from **₹3.75 Crore** to **₹12.50 Crore** between **2024** and **2025**. * **Preferential Allotment (2025):** The company issued **64,85,000** Convertible Warrants at **₹122.50** per warrant (including a premium of **₹112.50**), targeting a total raise of **₹79.44 Crore**. * **Warrant Conversion (March 2026):** The Board approved the allotment of **19,85,000** Equity Shares following the conversion of warrants by promoters and strategic investors, who paid the remaining **75%** of the issue price (**₹91.875** per warrant). * **Listed Capital Growth:** Following these conversions, the listed share capital reached **₹5.15 Crore** in **October 2024** and further increased to **₹7.90 Crore** (comprising **79,00,000** shares) by **March 2026**. --- ### **Diversified Subsidiary Portfolio & Global Expansion** The company operates as a holding entity, managing a portfolio of subsidiaries across entertainment, infrastructure, and international trade. | Subsidiary / Entity | Stake | Sector | Key Activity | | :--- | :---: | :--- | :--- | | **Starlight Box Theatres Pvt Ltd** | **51.61%** | Entertainment | Container box cinemas; film production/distribution. | | **DARS Transtrade Pvt Ltd** | **51.12%** | Trading/Logistics | General trading and construction services. | | **New India RE & INFRA LLP** | **64.00%** | Real Estate | Infrastructure development (Inc. Oct 2024). | | **Silver Sage Trading LLC (UAE)** | **100.00%** | Global Trade | International trading of commodities, scrap, and electronics. | **Key Developments:** * **International Entry:** In **February 2026**, the company initiated the **100%** acquisition of **Silver Sage Trading LLC (UAE)** for **₹1.25 Crore**, marking its first foray into the Middle Eastern commodity markets. * **Niche Entertainment:** Through **Starlight Box Theatres**, the company is scaling a unique "container cinema" model, which reported a high **26.94% PAT margin** in **FY 2024-25**. * **New Verticals:** In **October 2025**, the Main Object Clause was amended to include trading in **precious metals (gold, silver, bullion)** and electronics. The company is also evaluating entries into **Distilleries** and **Patented Medical Devices**. --- ### **Financial Performance & Asset Deployment** Fundviser has successfully transitioned from a loss-making entity to a profitable investment firm. #### **Standalone Financial Highlights (INR Hundreds)** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **1,94,118** | **96,520** | **21,141** | | **Other Income** | **22,591** | **850** | **1,055** | | **Net Profit / (Loss)** | **43,080** | **44,337** | **(1,009)** | #### **Consolidated Group Performance** For the nine months ended **December 31, 2025**, the group reported: * **Total Revenue:** **₹107.73 Crore** * **Net Profit After Tax (PAT):** **₹1.17 Crore** **Operational Limits:** To facilitate aggressive growth, shareholders approved an investment limit for loans, guarantees, and securities up to an aggregate of **₹150 Crore**. --- ### **Risk Management & Governance Framework** The company maintains a formal risk governance structure to mitigate exposures inherent in financial services. * **Credit & Liquidity Risk:** Funds are held exclusively with **Public Sector Banks**. The company maintains **committed credit lines** and utilizes rolling cash flow forecasts to ensure liquidity stability. * **Market & Equity Price Risk:** The company is exposed to volatility in its quoted investments, which had a fair value of **₹68,88,697** as of **March 31, 2025**. A **10% market shift** would impact equity by approximately **₹6.88 Lakhs**. * **Audit Observations:** Auditors have flagged the **Valuation of Unlisted Investments** as a **Key Audit Matter**, noting the high degree of management judgment involved. * **Regulatory Compliance:** The company is committed to maintaining the **Minimum Public Shareholding (MPS)** of **25%** as per **SEBI (LODR)** regulations. The promoters have undertaken to dilute their holdings if corporate actions trigger a breach of this limit. * **Subsidiary Transparency:** Investors should note that **DARS Transtrade** carries significant **Trade Receivables (₹15.09 Crore)**, and **New India RE & Infra LLP** is currently in a pre-revenue stage despite having reported trade payables.