NMS Global Limited (formerly **NMS Resources Global Limited**) is an Indian multi-disciplinary service provider undergoing a strategic transformation. Historically focused on manpower and recruitment, the company rebranded in **November 2023** to reflect its evolution into a large-scale infrastructure, civil works, and technology-driven consultancy firm. The company is currently executing a massive corporate restructuring to consolidate its operations and scale its presence in India’s industrial and manufacturing sectors. --- ### **Strategic Rebranding and Corporate Restructuring** The company is transitioning from a niche service provider to a diversified global entity. This shift is characterized by a major consolidation of its corporate structure and a broadening of its legal mandate. * **The "NMS Global" Identity:** The removal of "Resources" from the corporate name signals a move away from legacy manpower services toward high-value engineering, infrastructure, and technology sectors. * **Subsidiary Amalgamation:** To eliminate administrative duplication and improve operational efficiency, the company is merging **seven wholly-owned subsidiaries** and **Saturn Infocom Limited** into the parent entity. The appointed date for this merger is **April 1, 2024**. * **Expanded Charter:** Recent amendments to the company’s charter allow for expansion into **FinTech**, **AI-based software development**, **Payment Gateways**, and **E-commerce solutions**, positioning the firm to capture digital economy tailwinds. --- ### **Core Business Verticals and Operational Capabilities** NMS Global operates through four primary divisions, leveraging both traditional methods and advanced modern technologies. #### **1. Infrastructure & Civil Works (Infra Division)** This is the company’s primary growth engine. It utilizes a mix of traditional **RCC frame structures** and advanced construction technologies: * **Pre-Engineered Buildings (PEB)** * **Monolithic Construction** * **Expanded Polystyrene (EPS)** * **Light Gauge Steel Framing (LGSF)** * **Key Clients:** Empaneled with **Reliance Infrastructure**, **Bharat Electronics (BEL)**, **Uttar Pradesh Rajkiya Nirman Nigam Ltd**, and **Haryana PWD (B&R)**. #### **2. Manpower & Payroll Management** * **Scale:** Employs approximately **600 personnel** (as of **September 2023**) with a stated target to scale to **1,000 workers**. * **Revenue Model:** Operates on an administrative fee model, typically charging **4.6%** over the total cost of each employee. * **Major Partners:** Maintains service agreements with **United Telelinks Neolyncs Pvt Ltd** and **MCM Telecom Equipment Pvt Ltd**. #### **3. Skill Development & Training** * **Affiliations:** Partnered with the **National Development Corporation** for **Pradhan Mantri Kaushal Vikas Yojna** and the **Telecom Sector Skill Council**. * **NMSkar Platform:** Launched **NMS Kaushal And Rozgar**, an online skill education platform. * **Government Mandates:** Received approval in **September 2023** to train **1,000 aspirants** in mobile manufacturing under the **Ministry of Electronics and Information Technology**. #### **4. Financial & Technical Consultancy** * **Expertise:** Provides auditing, taxation, and engineering consultancy. The team features **Chartered Accountants** with over **56 years** of collective experience. --- ### **Project Pipeline and Strategic Partnerships** The company has secured high-profile mandates across defense, rural development, and green energy. | Project/Partner | Scope of Work | Value/Status | | :--- | :--- | :--- | | **Bharat Electronics (BEL)** | Refurbishment for **Indian Navy** (Kochi) & Govt School (Raichur) | **₹4.65 Crore** (Combined) | | **Bharat Heera Kendra** | Land mapping and survey in rural **Uttar Pradesh** | **₹8.26 Crore** | | **Boston Supplies (Australia)** | Exclusive sourcing of **Nickel, Gold, Lithium, and Iron Ore** | MOU Signed | | **EV & Energy Sector** | Development of **EV charging** and **battery swapping** stations | MOU Signed | | **NMS Enterprises Ltd** | Joint Venture for executing large-scale govt/private infra projects | Active JV | --- ### **Capital Structure and Financial Health** NMS Global is currently in a capital-raising phase to fund its aggressive expansion into infrastructure and new technology. #### **Equity and Shareholding (as of March 2025)** * **Authorized Capital:** **₹5,50,00,000** (55,00,000 shares at **₹10** each). * **Paid-up Capital:** **₹3,00,56,000**. * **Promoter Holding:** Led by **O.P. Yadav (28.04%)**, **Impressive Plastic Pvt Ltd (9.98%)**, and **Saroj Kumari Yadav (7.07%)**. * **Listing Status:** Listed on **BSE** (**522289**) and **MSEI** (**NMSRESRC**). #### **Key Financial Metrics (Three-Year Trend)** | Metric (INR) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Net Worth** | **1,53,70,372** | **1,37,50,724** | **1,06,77,506** | | **Profit Before Tax** | **21.90 Lakhs** | **41.80 Lakhs** | **35.18 Lakhs** | | **Paid-up Capital** | **3,00,56,000** | **3,00,56,000** | **3,00,56,000** | #### **2026 Capital Infusion Plan** In **February 2026**, the board approved a massive issuance of **Convertible Equity Warrants** to public investors: * **Total Issue Size:** Up to **₹84,26,52,000**. * **Warrants Issued:** **1,17,03,500** units at **₹72** each (including a **₹62 premium**). * **Purpose:** Funding working capital, CAPEX, and new project development. --- ### **Subsidiary Ecosystem** The company’s current structure (prior to the completion of the merger) includes seven specialized entities: * **NMS Enterprises Limited:** Wholly-owned; ISO 9001:2008 certified; **'AA' category** empanelment with Rajasthan PWD. * **Geo IT Skills Private Limited:** IT consultancy and programming. * **Ebony & Ivory Advertising India Pvt Ltd:** Marketing and advertising. * **M S Corridor Management Private Limited:** Infrastructure management. * **Kuberakshi Advisory Services Private Limited:** Financial consultancy. * **Credible Management Solutions Private Limited:** HR and management solutions. * **IDM Enterprises Private Limited:** General business services. --- ### **Risk Profile and Governance Challenges** Investors should note several critical regulatory and operational headwinds currently facing the company. #### **1. Regulatory and Listing Issues** * **Trading Suspension:** Since **May 2023**, trading on **BSE** and **MSEI** has been suspended due to **non-payment of annual listing fees** for FY 2022-23. While the company states fees are now paid, the suspension has not yet been revoked. * **Auditor Resignation:** In **August 2023**, statutory auditors **SPS Associates** resigned, citing the company's inability to increase fees to cover the increased workload of consolidation and limited reviews. #### **2. Operational Risks** * **Liquidity Management:** FY25 saw a net cash outflow from operations of **₹394.41 Lakhs**, driven by a sharp increase in **Loans and Advances (₹2,386.30 Lakhs)** and **Inventory (₹694.69 Lakhs)**. * **Market Competition:** Intense pressure in the consultancy and infrastructure sectors from established players. * **Macroeconomic Sensitivity:** Vulnerability to **commodity price increases** and inflation, which impact the cost of civil construction materials. #### **3. Risk Mitigation Framework** The company manages these through a **Risk Management Committee** (reconstituted under **Regulation 21 of SEBI LODR**), focusing on: * **Credit Risk:** Evaluating counterparty track records. * **Liquidity Risk:** Using rolling forecasts to manage undrawn borrowing facilities. * **Contractual Indemnity:** Strict clauses requiring contractors to indemnify the company against fraud, including a **48-hour FIR mandate** for illegal activities.