Quest Capital Markets Limited (formerly **BNK Capital Markets Limited**) is a Kolkata-based **Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFC-ND-SI)**. Registered with the **Reserve Bank of India (RBI)** since **December 9, 2004** (CoR No. **B.05.02574**), the company is a key financial entity within the **RPSG Group** ecosystem. It primarily operates as an investment vehicle focused on capital markets, strategic equity acquisitions, and corporate lending. --- ### **Core Business Model & Asset Concentration** The company’s operations are heavily weighted toward financial services, with a strategic focus on trading and dealing in **securities and mutual funds**. It adopts a long-term investment philosophy, holding equity instruments through **Fair Value through Other Comprehensive Income (FVOCI)** to maintain positions in sector leaders with high growth potential. * **Financial Dominance**: As of March 31, 2024, financial assets constituted **97.12%** of total assets, and financial income accounted for **97.95%** of total income. * **Segment Reporting**: While the company previously reported under **Finance & Investment** and **Other Services**, it has transitioned to a single reportable segment under **Ind AS 108** as of **February 2026**. * **Regulatory Status**: The company operates under the RBI’s **Scale Based Regulation (SBR)** framework and maintains a strict policy of **not accepting public deposits**. | Asset & Income Concentration | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Financial Assets to Total Assets** | **97.12%** | **99.36%** | | **Financial Income to Total Income** | **97.95%** | **98.17%** | | **Public Deposits Accepted** | **Nil** | **Nil** | --- ### **Strategic Capital Allocation & Group Synergy** A central pillar of the company’s strategy is the deployment of capital into high-value equity within the **RPSG Group**. This is evidenced by significant recent investments in **PCBL Chemical Limited**. * **Strategic Investment Mandate**: In March 2024, the Board authorized a **₹33.6 crore** investment in listed equity shares. * **Warrant Conversion**: In **November 2025**, the company converted **12,00,000 warrants** into equity shares of **PCBL Chemical Limited** at **₹280 per unit**, following the initial allotment in **May 2024**. * **Portfolio Optimization**: During FY2023-24, the company realized a cumulative gain of **₹149.11 lacs** from the disposal of investments valued at **₹395.50 lacs**, demonstrating active portfolio rebalancing. --- ### **Financial Position & Capital Adequacy** Quest Capital Markets maintains an exceptionally strong balance sheet characterized by **zero debt** and capital adequacy ratios that far exceed regulatory minimums. * **Capital Strength**: The **Capital to Risk-weighted Assets Ratio (CRAR)** stood at **137.15%** in FY 2023-24, providing a massive buffer against market volatility. * **Net Debt Free**: The company carries **zero borrowings**, ensuring total financial independence and a low-risk profile. * **Statutory Reserves**: In compliance with **Section 45 IC of the RBI Act, 1934**, the company transferred **₹4.32 crore** to its Statutory Reserve in FY 2023-24. | Key Financial Metrics (₹ in Lakhs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Equity** | **1,32,333.34** | **98,642.16** | - | | **Profit After Tax (PAT)** | - | **2,015.17** | **1,886.28** | | **Total Borrowings** | **0.00** | **0.00** | **0.00** | | **CRAR (%)** | - | **137.15%** | **104.91%** | | **Tier I Capital (%)** | - | **136.94%** | **104.60%** | | **Dividend per Share** | **₹2.50 (25%)** | **₹2.50 (25%)** | **₹2.50 (25%)** | --- ### **Loan Portfolio & Credit Exposure** The company’s lending activities are targeted toward corporate entities, maintaining a conservative and localized credit profile. * **Portfolio Size**: The loan book stood at **₹4,260.00 Lakhs** as of March 31, 2024. * **Concentration**: **100%** of loans are domestic and provided to the private sector. * **Intra-Group Lending**: Exposure to group companies accounts for **₹860.00 Lakhs**, or **20.19%** of the total loan portfolio. * **Credit Quality**: Trade receivables are currently considered **immaterial**, and cash reserves are held only with high-credit-quality institutions. --- ### **Digital Transformation & Future Growth Roadmap** The company is pivoting toward a digital-first credit delivery model to capture opportunities in underserved markets and emerging green sectors. * **Technological Integration**: Implementation of **GenAI** and **Large Language Models (LLMs)** for automated sourcing, servicing, and collections. * **Digital Ecosystems**: Leveraging the **Open Credit Enablement Network (OCEN)** and **ONDC** to facilitate frictionless credit. * **Market Expansion**: Targeting **Tier 2, Tier 3, and Tier 4** markets to drive credit penetration. * **Niche Financing Verticals**: Identifying growth in **MSME climate funding**, **Electric Vehicle (EV) segments**, and **clean-tech equipment manufacturing**, where NBFCs enjoy greater flexibility than traditional banks. --- ### **Listing Status & Governance Infrastructure** The company has streamlined its listing and administrative structure to focus on primary trading hubs. * **Primary Listing**: Equity shares are listed on **BSE Limited** (Scrip Code: **500069**). * **Rationalization**: The company voluntarily delisted from **The Calcutta Stock Exchange Limited (CSE)** effective **March 13, 2024**. * **Shareholder Services**: Mandatory **dematerialization** is enforced for all transfers. Governance is managed through specialized committees, including the **Stakeholders' Relationship Committee**. * **Audit Status**: Financial statements for the most recent period received an **Unmodified Opinion** from statutory auditors. --- ### **Risk Management & Regulatory Landscape** Quest Capital Markets operates in a high-stakes regulatory environment where compliance and market volatility are the primary risk drivers. * **Market & Price Risk**: High exposure to equity price volatility is managed through diversification across **BSE** and **NSE** listed securities. * **Regulatory Shifts**: * **Risk Weights**: RBI’s increase in risk weights for consumer lending (from **100% to 125%**) and new **Liquidity Coverage Ratio (LCR)** mandates require tighter capital management. * **Labour Code**: The company accounted for an additional **₹2.41 Lakh** in gratuity expenses following the **November 2025** New Labour Code. * **Operational Vulnerabilities**: * **Cybersecurity**: The sector faces rising threats (1.3 million attacks annually), necessitating robust data privacy controls. * **Compliance Gaps**: Recent audits noted minor procedural delays, such as a late disclosure of a Director's resignation to the BSE and the absence of a specific SEBI-mandated contingency insurance policy. * **Macro Factors**: While the company has **Nil** foreign exchange risk and no floating interest rate liabilities, rising borrowing costs in the broader NBFC sector are expected to compress gross spreads by **40-60 bps**.