Joindre Capital Services Limited (**JCSL**) is a Mumbai-headquartered financial services group providing a comprehensive ecosystem for capital market participation. Established as a prominent **SEBI-registered Stock Broker** and **Depository Participant**, the Group caters to a diverse clientele including retail investors, High-Net-Worth Individuals (**HNIs**), mutual funds, and corporate entities. The Group operates through a single reportable segment—**Capital Market Services**—and maintains a robust presence across all major Indian exchanges through its parent entity and specialized subsidiaries. --- ### **Integrated Service Ecosystem & Market Presence** JCSL utilizes a multi-channel delivery model, combining a physical distribution network of **branches**, **Authorised Persons**, and **Remisiers** with advanced digital trading infrastructure. * **Equity & Derivatives Broking:** Trading-cum-Clearing membership on the **BSE** and **NSE**, covering **Cash**, **Equity Derivatives**, and **Currency Derivatives**. * **Commodity Operations:** Conducted via the wholly-owned subsidiary, **Joindre Commodities Limited**, which holds memberships in the **NCDEX** and **MCX**. * **Depository Services:** Registered as a Depository Participant with **CDSL** (**Registration No. IN-DP-98-2015**), providing seamless electronic holding and settlement. * **Portfolio Management Services (PMS):** Specialized investment management under **SEBI Registration No. INP000006138**. * **Research & Advisory:** Provision of technical and fundamental research reports to assist individual clients in data-driven decision-making. **Group Structure and Memberships:** | Entity | Memberships / Registrations | | :--- | :--- | | **Joindre Capital Services Ltd.** (Holding) | **BSE**, **NSE**, **CDSL** (DP), **SEBI** (PMS) | | **Joindre Commodities Ltd.** (Subsidiary) | **NCDEX**, **MCX** | --- ### **Financial Performance & Revenue Drivers** The Group has demonstrated a consistent upward trajectory in total income and operational profitability over the last three fiscal years. Revenue is diversified across brokerage fees, depository charges, PMS commissions, and treasury income. **Consolidated Financial Summary (₹ Crore):** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Income** | **48.48** | **41.51** | **28.97** | | **Profit Before Tax (PBT)** | **13.38** | **10.13** | **4.27** | | **Profit After Tax (PAT)** | **9.96** | **0.49** | **3.08** | | **Total Comprehensive Income** | **9.97** | **2.34** | **3.68** | * **Revenue Recognition:** Brokerage income is recognized on a trade-date basis (net of **GST** and **STT**). Depository and PMS incomes are recognized on an accrual basis. * **Shareholder Returns:** For the fiscal year ended **March 31, 2025**, the Board recommended a final dividend of **Rs. 2 per equity share** (Face Value **Rs. 10**). * **Human Capital:** The workforce has expanded to **77** professionals as of **March 31, 2025**, reflecting a recovery from **67** in **2023**. --- ### **Strategic Growth & Governance Framework** JCSL’s strategy focuses on capital augmentation, leadership stability, and rigorous regulatory adherence to support long-term scaling. * **Capital Augmentation:** The company is authorized to accept deposits from members up to **25%** of its **paid-up share capital and free reserves**. These funds are earmarked for **short-term working capital** and general corporate purposes. * **Leadership Continuity:** To ensure stability, the core executive team has been reappointed for **5-year terms** effective from **September 15, 2025**: * **Mr. Anil Mutha**: Chairman and Whole-Time Director. * **Mr. Dinesh Khandelwal**: Whole-Time Director. * **Mr. Paras Bathia**: Whole-Time Director. * **Independent Oversight:** **Mr. Shirish Shetye** serves as an **Independent Director** with a term ending **March 31, 2029**, strengthening board-level governance. * **Infrastructure:** Headquartered in **Fort, Mumbai**, the firm maintains high-capacity communication infrastructure, including **300** dedicated phone lines and a real-time **Trader Terminal** for client transparency. --- ### **Risk Management & Asset Quality** The company follows **Division III** accounting (applicable to **NBFCs**) but is not required to register under **Section 45-IA** of the **RBI Act, 1934**. * **Credit Risk:** Primary exposure is limited to **Trade Receivables**. JCSL employs the **Ind AS 109 simplified approach** to calculate **Expected Credit Losses (ECL)**. * **Market & Interest Risk:** Market price risk is managed by monitoring **FVTPL** and **FVOCI** investments against indices, with all material trades requiring formal approval. Interest rate risk is categorized as **Low**, as the company maintains **zero borrowings** from banks or financial institutions. * **Operational Integrity:** A strict prohibition on cash transactions is enforced; all movements of funds occur via **account payee cheques** or digital banking channels. **Movement in Expected Credit Loss (₹ Lakhs):** | Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Opening Balance** | **8.03** | **7.31** | **7.15** | | **Impairment Loss (Net)** | **(0.30)** | **0.72** | **0.16** | | **Closing Balance** | **7.73** | **8.03** | **7.31** | --- ### **Legal, Regulatory & Technology Safeguards** JCSL proactively manages its legal and technological landscape to mitigate systemic vulnerabilities. * **Litigation Resolution:** In **January 2026**, the company successfully settled a decade-old dispute (**Suit No. 25 of 2015**) regarding a **₹7.01 crore** capital advance for a sub-lease property. The counterparty will refund the full amount in equal monthly installments over **48 months**. * **Regulatory Compliance:** * The company is monitoring the **four new Labour Codes (2019-2020)**; preliminary assessments suggest no material financial impact. * A **March 2025 SEBI search** at a Director's residence was clarified as a personal matter with no impact on corporate operations or governance. * Previous **BSE** notices regarding Board composition and vacancies have been addressed to ensure full compliance with listing regulations. * **Cybersecurity & IT:** To prevent hacking and data leakage, the firm utilizes **sophisticated firewalls** and **redundant internet bandwidth**. Automated systems monitor client-level risks, including **illiquid/penny stock** exposure and brokerage caps.