Shivansh Finserve Limited (formerly **Mansarovar Financial Services Limited**) is an Ahmedabad-based public limited company listed on the **BSE Limited**. Historically a single-segment financial services entity, the company is currently executing a fundamental strategic pivot to reposition itself as a high-growth technology and infrastructure player. This transformation involves a comprehensive overhaul of the company’s legal framework, brand identity, and operational focus. As of **April 2026**, the Board has approved a shift in the "Main Objects" of the company to enter the following high-potential sectors: * **Renewable Energy:** Generation, transmission, and distribution of power from **Solar, Wind, Hydro, Geothermal, and Biomass** sources. This vertical includes **EPC (Engineering, Procurement, and Construction)** contracts, the manufacturing of **photovoltaic (PV) modules**, and advanced energy storage solutions. * **Unmanned Aerial Vehicles (UAVs):** Manufacturing, leasing, and servicing of **drones** and related software for **non-defence and civilian applications**, including agriculture, logistics, mapping, and research. To reflect this new direction, the company is deliberating a formal name change to **Indeed Energy Limited**. --- ### **Growth Strategy and Capital Allocation** Management has established an aggressive growth trajectory with a long-term revenue target of **₹6,000 Crores** within the next **4–6 years**. To achieve this, the company is implementing a multi-pronged financial and operational strategy: * **Capital Raising:** The Board has approved raising funds through the issuance of equity shares on a **preferential basis**. To facilitate this, plans are finalized to increase the **Authorised Share Capital**. * **Strategic Partnerships:** The Board has approved a **share-swapping** agreement with **Startech Infralogistics Private Limited** to bolster its logistics and infrastructure capabilities. * **Brand Positioning:** In a move to increase retail visibility and market presence, the company has engaged high-profile celebrities **Ranbir Kapoor** and **Vaani Kapoor** as brand ambassadors. * **Retail Expansion:** Strategic initiatives include a focus on the **AGL demerger**, expansion of the retail footprint, and the aggressive growth of physical showrooms. * **Resource Conservation:** Despite generating substantial revenue, the Board has opted to **not recommend a dividend**. All current profits are being transferred to reserves to fund long-term growth requirements and navigate the "market changing scenario." --- ### **Corporate Restructuring and Asset Management** The company is actively streamlining its portfolio to exit non-core legacy investments and focus on its new industrial objectives: * **Subsidiary Divestment:** In **September 2024**, shareholders approved a **99.5% disinvestment** (**995,000 equity shares**) in its wholly-owned subsidiary, **M/s. Slopho Infotech Private Limited**. As of the **FY2025** cycle, this entity is no longer a subsidiary. * **Asset Maintenance:** The company maintains a rigorous physical verification program for **Property, Plant & Equipment (PPE)** on a **three-year phased cycle**. Currently, the company does not hold any immovable properties or intangible assets. * **Depreciation Policy:** Tangible assets are depreciated according to **Schedule II of the Companies Act, 2013**: | Asset Class | Useful Life | | :--- | :--- | | **Furniture and Fixtures** | **10 Years** | | **Vehicles** | **8 Years** | | **Computers** | **6 Years** | | **Office Equipment** | **5 Years** | --- ### **Financial Profile and Compliance Status** Shivansh Finserve operates under a conservative financial framework while maintaining compliance with **Indian Accounting Standards (Ind AS)**. **Key Financial Metrics:** * **Paid-up Equity Share Capital:** **Rs. 6.24 Crore** (62,400,000 shares at **Rs. 10 par value**). * **Net Worth:** Currently below **Rs. 25 Crore**. * **Regulatory Exemptions:** Because the **Paid-up Capital** is under **Rs. 10 Crore** and **Net Worth** is under **Rs. 25 Crore**, the company is exempt from certain **SEBI (LODR)** Corporate Governance provisions (Regulations 17 to 27), including the disclosure of **Related Party Transactions** under **Regulation 23 (9)**. **Ownership and Governance:** * **Acquisition Activity:** In **September 2025**, an acquirer group led by **Sanjeev Lunkad** acquired **1,061,557 shares** (**17%+** of capital). A subsequent acquisition in **February 2026** of **457,575 shares** (**7%+**) was reported under **SEBI (SAST) Regulations**. * **Promoter Reclassification:** The company is currently evaluating the reclassification of certain promoters to the **non-promoter category**. * **Administrative Updates:** The registered office was relocated in **November 2025** to **Mithakhali, Ahmedabad**. --- ### **Risk Management Framework** The Board of Directors oversees a comprehensive risk management framework designed to mitigate financial, operational, and regulatory threats. **1. Financial and Market Risks** * **Interest Rate Risk:** Managed by the treasury department through a balance of **fixed and floating-rate instruments** to mitigate exposure from short-term borrowings. * **Credit Risk:** Managed via **credit approvals**, **limits**, and the **Expected Credit Loss (ECL) model**. Major customers are analyzed individually, while minor receivables are grouped for historical data analysis. Currently, no financial assets are **past due or impaired**, and the company holds **no collateral**. * **Liquidity Risk:** Cash equivalents and **term deposits** are strictly monitored by the treasury to ensure business continuity. **2. Operational and Regulatory Risks** * **Infrastructure Risks:** The company has noted regional **power supply disruptions** (e.g., in Godhra) lasting from **3 hours to 3 days**, which pose a threat to localized business continuity. * **Governance Gaps:** Recent audits identified the need to fill critical statutory vacancies to comply with the **Companies Act, 2013**, including: * **Internal Auditor** * **Chief Financial Officer (CFO)** * **Non-executive Independent Director** * **Company Secretary** (Proposed appointment of **Mr. Prakhar Agarwal** in **March 2026**). **3. Risk Summary Table** | Risk Category | Primary Drivers | Mitigation Strategy | | :--- | :--- | :--- | | **Market Risk** | Forex and Commodity price volatility | Use of non-derivative financial instruments | | **Credit Risk** | Trade receivable defaults | ECL modeling; individual customer assessment | | **Operational** | Regional power outages/unrest | Infrastructure diversification | | **Compliance** | Vacant statutory positions | Active recruitment of CFO and Independent Directors |