**Kalyan Capitals Limited** (formerly known as **Akashdeep Metal Industries Limited**) is a listed **Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC)**. Registered with the **Reserve Bank of India (RBI)** since **1998** (Registration No. **B-14.00270**, updated **August 18, 2023**), the company operates as a **Base-layer NBFC** under the current scale-based regulatory framework. The company is currently executing a strategic pivot toward retail lending, digital transformation, and geographic expansion within the **Delhi NCR** region. --- ### **Core Business Operations & Market Positioning** Kalyan Capitals focuses on bridging the credit gap for underserved and unbanked populations, primarily through funded facilities for individuals and corporate clients. * **Lending Portfolio:** The company deploys capital through a diverse range of products, including **Affordable Housing Finance**, **Retail Loans**, and **Inter-corporate Advances**. * **Strategic Diversification:** A significant recent shift includes the entry into the **Gold Loan** segment (pilot launched in **August 2023**) and the introduction of **Product Payment Day Loans**. * **Distribution Strategy:** The company employs an **omnichannel distribution strategy**, focusing on deeper penetration in contiguous markets to ensure high-touch customer service alongside digital accessibility. * **Subsidiary Operations:** The company operates through one material subsidiary, **Anmol Financial Services Limited (AFSL)**, which complements the parent’s financial services offerings. --- ### **Strategic Growth Drivers & Recent Developments (2023–2025)** The company is undergoing an aggressive scaling phase, supported by capital raises and infrastructure investments. | Date | Strategic Action | Impact/Detail | | :--- | :--- | :--- | | **Jul 2025** | **Capital Expansion** | Increased Authorised Share Capital from **₹11.51 Crores** to **₹25 Crores**. | | **Sep 2025** | **Branch Expansion** | Opened a new branch in **Laxmi Nagar, Delhi** for **Product Payment Day Loans**. | | **Dec 2025** | **NPA Acquisition** | Approved investment in **CFM Asset Reconstruction** to acquire the NPA of **Three C Facility Management** from **ICICI Bank**. | | **Dec 2025** | **AIF Investment** | Approved investment of up to **₹2 Crores** in **Securocrop Bharat Amritkaal Fund** (Category III AIF). | | **Aug 2023** | **Gold Loan Launch** | Opened the first dedicated **Gold Loan branch** in **Kalkaji, New Delhi**. | **Key Strategic Pillars:** * **Digital Transformation:** Integration of **AI and Machine Learning** to automate credit assessments, reduce operational costs, and develop "super apps" for enhanced customer engagement. * **Strategic Partnerships:** Building alliances with larger financial institutions and **fintech companies** to access untapped debt capital and improve distribution. * **Investment Mandate:** The Board has approved a limit of up to **₹500 Crores** for inter-corporate loans, guarantees, and investments to pursue long-term strategic objectives. --- ### **Consolidated Financial Performance & Capital Structure** The group has demonstrated significant growth in scale, with consolidated turnover increasing by **59.7%** in the most recent audited fiscal year. **Financial Summary:** | Metric (Rs. in Crore) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Consolidated Turnover** | **31.70** | **19.85** | | **Consolidated Net Profit** | **7.39** | **3.99** | | **Standalone Revenue** | **19.68** | **15.14** | | **Standalone Net Profit** | **1.36** | **1.68** | **Capital & Liquidity Position:** As of **March 31, 2025**, the company reported a **Gearing Ratio of 2.85**, reflecting a strategic shift from a debt-free model to a leveraged structure to fund credit book expansion. | Particulars (Rs. in Lakhs) | March 31, 2025 | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | :--- | | **Gross Debt** | **18,653.65** | **12,507.25** | **9,562.55** | | **Cash & Bank Balances** | **2,663.12** | **228.13** | **25.51** | | **Net Debt** | **15,990.52** | **12,279.12** | **9,537.05** | | **Total Equity** | **5,602.21** | **5,295.10** | **4,554.20** | --- ### **Regulatory Compliance & Asset Quality** Kalyan Capitals adheres to **RBI Prudential Norms** and maintains a disciplined approach to statutory requirements. * **Capital Adequacy:** As of March 31, 2024, the standalone **CRAR** stood at **9.04%**, with **Tier I CRAR** at **17.87%**. * **Statutory Reserves:** The company transferred **₹27.19 lakhs** (20% of net profit) to the **Statutory Reserve Fund** per Section 45-IC of the RBI Act. * **Asset Quality:** The parent company booked an impairment of financial assets totaling **₹17.61 lakhs** in FY24. No auctions were conducted for defaulting loan accounts during that period, indicating stable recovery. * **Public Deposits:** The company remains a **non-deposit taking** entity, reaffirmed by a Board resolution on **April 23, 2024**. --- ### **Risk Framework & Internal Controls** The company utilizes an **Ind AS 109** three-stage model to measure **Expected Credit Loss (ECL)** based on **Probability of Default (PD)** and **Loss Given Default (LGD)**. | Risk Category | Management Strategy | | :--- | :--- | | **Credit Risk** | **Stage 2 (SICR)** triggered at **>30 days** past due; **Stage 3 (Default)** at **>90 days**. | | **Liquidity Risk** | Proactive diversification of funding sources and regular **stress testing**. | | **Market Risk** | Monitoring high sensitivity to **interest rate shifts** and macroeconomic volatility. | | **Operational Risk** | Transitioning from manual to **automated ageing and default reports**. | **Identified Internal Control Weaknesses:** Auditors have noted material weaknesses as of **March 31, 2025**, including: * Reliance on manual preparation for asset impairment provisioning. * Lack of formal **Standard Operating Procedures (SOPs)** for the valuation and safekeeping of gold ornaments. * Gaps in controls regarding the modification of entries and loan file maintenance. --- ### **Governance & Leadership Transitions** The company has recently navigated several leadership changes and regulatory hurdles: * **Leadership:** **Mr. Anshu Agarwal** was appointed **CEO cum CFO** in **November 2024** following the resignations of the previous CEO (**Mr. Chandan Kumar Bhardwaj**, effective **August 2025**) and CFO (**Mr. Arun Agarwal**, **December 2023**). * **Board Composition:** The company addressed a **BSE** non-compliance notice regarding the lack of a **woman director** (Regulation 17(1)) by appointing two women directors. A waiver for the **₹8,31,900** fine is currently pending. * **Promoter Reclassification:** In **May 2024**, the board approved the reclassification of certain entities from the **'Promoter Group'** to the **'Public'** category to streamline the shareholding structure. --- ### **Industry Headwinds & Outlook** Kalyan Capitals operates in a competitive landscape dominated by commercial banks and large-scale NBFCs. The company faces specific industry-wide challenges: * **Risk Weight Hikes:** The RBI’s **25 bps risk weight hike** (to **125%**) on unsecured retail loans has increased capital requirements across the sector. * **Economic Sensitivity:** The retail and SME segments remain vulnerable to economic downturns and natural disasters, which may impact repayment capacities. * **Strategic Focus:** Management remains focused on maintaining **going concern** status while aggressively reducing the cost of capital through diversified funding and technological efficiency.