Ladderup Finance Limited (**LFL**) is a diversified Indian financial services firm registered with the **Reserve Bank of India (RBI)** as a **Base Layer Non-Banking Financial Company (NBFC-BL)**. Operating as a non-deposit-taking entity, the company functions as a strategic investment vehicle and a provider of high-end corporate advisory and wealth management services. The Group maintains a presence in manufacturing through joint ventures and is currently expanding its footprint into international financial hubs like **GIFT City**. --- ### **Core Business Segments and Revenue Streams** The company manages its operations through two primary reportable segments, utilizing assets and liabilities interchangeably across these divisions to optimize capital efficiency. | Segment | Primary Activities & Focus Areas | | :--- | :--- | | **Investment Activities** | Long-term capital appreciation through a diversified portfolio in **Financial Services, Healthcare, Retail, Packaging, QSR, IT, Infrastructure, Energy, Oil & Gas, and Real Estate**. | | **Finance Activities** | Providing specialized financing solutions and related financial services to corporate and HNI clients. | **Consolidated Revenue Performance (₹ Lakhs):** | Particulars | FY 2024-25 (Interim/Annualized) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Investment Activities** | **16.23** (Standalone) | **27.87** | **18.42** | | **Finance Activities** | **108.64** (Standalone) | **78.79** | **115.85** | | **Total Segment Revenue** | **124.87** (Standalone) | **106.66** | **134.27** | --- ### **Strategic Corporate Advisory & Compliance Verticals** LFL provides a comprehensive suite of **Corporate Law, Commercial Advisory, and Compliance Management** services, catering to **PSUs, MNCs, and listed entities**. * **Audit and Assurance:** Specialized secretarial audits ensuring adherence to **SEBI (LODR) Regulations 2015**, **RBI Guidelines**, and **DPE Guidelines 2010**. This includes bank diligence reports and compliance certification for **CSR, Sustainable Development (SD), and R&D**. * **Strategic Advisory & Restructuring:** Management of complex corporate actions including **Mergers, De-mergers, Amalgamations, and Bought-out deals**. The firm provides valuation expertise for **ESOPs**, swap ratios, and business valuations. * **Capital Markets:** Issue management for **IPOs, FPOs, Rights Issues, and Preferential Offers** via book-building processes. * **India Entry & Incubational Services:** Assisting overseas entities in establishing **100% Subsidiaries, JVs, or LLPs**. This includes seeking clearances from the **Secretariat for Industrial Assistance (SIA)** and setting up **Liaison/Branch Offices**. * **Specialized Digital Compliance:** Leveraging technology for **XBRL Data Conversion**, E-filing of international returns, and acting as **E-voting/Postal Ballot Scrutinizers**. --- ### **Group Structure and Manufacturing Interests** The Group operates through a network of subsidiaries and joint ventures, blending financial services with industrial manufacturing. * **Ladderup Asset Managers Private Limited:** A **material subsidiary** focused on wealth management and customized investment strategies. * **Ladderup Fund Management IFSC Private Limited:** A new step-down subsidiary in **GIFT City, Ahmedabad** (est. June 2025). * **Jericho Ventures Private Limited (JVPL):** Acquired **100%** stake in April 2026 for **₹14,00,00,000**. * **Waterproof Corporation Private Limited (WACO) [Joint Venture]:** A pioneer in the Indian adhesive tapes industry with a **35,000 sq. ft.** facility in Mumbai. * Owns flagship brands **WACO** and **TACO**, exported to **50+ countries**. * Recently amalgamated with **Annapurna Pet Private Limited** (capacity: **100 crore preforms/annum**) to achieve administrative synergies. * **Divestment Note:** In September 2025, WACO agreed to sell its **100% stake** in **Shree Vinayak Organics (SVO)** to streamline the portfolio. --- ### **Capital Management and Shareholder Value Initiatives** LFL has taken aggressive steps to optimize its capital structure and reward shareholders. * **2024 Share Buyback:** Completed a buyback of **2,250,123 equity shares** via the **Tender Offer** route. * **Buyback Price:** **₹44 per share** (a **31.04% premium** over the 3-month VWAP). * **Total Outlay:** **₹9.9 crore** (out of an authorized **₹11 crore**). * **Strategic Impact:** The **Promoter Group did not participate**, effectively increasing their relative stake while improving **EPS** and **ROE** for remaining holders. * **Tax Optimization:** Effective **FY 2023-24**, the company transitioned to the **concessional tax regime (Section 115BAA)**, resulting in a one-time reversal of **MAT credit** totaling **₹5.17 crore**. * **Accounting Shift:** As of **April 1, 2024**, new equity investments are classified as **Fair Value through Profit or Loss (FVTPL)** rather than **FVOCI** to provide better performance visibility. --- ### **Financial Profile and Debt Structure** The Group maintains a monitored debt-to-equity ratio with diversified funding sources. As of **March 31, 2025**, consolidated **Total Debts** stood at **₹21.83 crore**. **Key Borrowing Facilities (as of Aug 2025):** | Lender | Facility Type | Amount (₹) | Interest Rate | | :--- | :--- | :--- | :--- | | **Tata Capital** | Margin against Equity | **9.70 Cr** | **10.20% p.a.** | | **ICICI Securities** | Margin against Equity | **5.57 Cr** | **9.69% p.a.** | | **Anmol Insurance** | Unsecured Loan | **4.55 Cr** | **12.00% p.a.** | | **Yes Bank** | Cash Credit | **1.76 Cr** | **8.25% p.a.** | | **HDFC Bank** | Vehicle Loans | **24.95 Lakh** | **8.90% p.a.** | **Consolidated Financial Summary:** * **Total Revenue (FY 2024-25):** **₹17.82 Crore** (up from **₹12.62 Crore** in FY24). * **Total Comprehensive Income (FY 2024-25):** **₹9.59 Crore**. * **Cash & Equivalents:** **₹2.71 Crore** (as of March 2025). --- ### **Risk Framework and Mitigation Strategies** LFL operates under a formal **Risk Management Policy** overseen by eight mandatory board committees. * **Market & Equity Risk:** Significant sensitivity to stock market volatility. A **1% shift** in the value of **FVTOCI investments** (valued at **₹50.55 crore**) impacts the balance sheet by approximately **₹50.5 lakh**. * **Regulatory Evolution:** The company is currently adapting to the **Code on Social Security 2020** and the unified **four labour codes** effective **November 21, 2025**. * **Credit Risk:** Managed via a **three-stage Expected Credit Loss (ECL)** model to mitigate counterparty defaults. * **Operational Challenges:** The company faces high competitive intensity from **Fintech** players and rising costs in logistics and raw materials for its manufacturing JV. * **Currency Exposure:** While historically domestic, the Group now monitors **USD fluctuations** due to international expansion in **Dubai (DIFC)** and **GIFT City**.