Share Samadhan Limited is India’s premier specialized organization dedicated to the **recovery of unclaimed investments**, wealth protection, and the pioneering field of **Third-Party Litigation Funding (TPLF)**. As the only **Public Limited company** operating in this niche sector, the group provides a comprehensive platform for retrieving lost assets across various asset classes. To date, the company has served over **43,000+ prospects** and facilitated solutions for assets worth over **₹600 crores**. --- ### **Core Business Verticals & Specialized Service Offerings** The company operates through a synergistic three-pillar model designed to capture the entire lifecycle of asset recovery and protection: | Entity | Focus Area | Key Services & Value Proposition | |:---|:---|:---| | **Share Samadhan Limited** (Parent) | **Asset Recovery** | Specialized in retrieving unclaimed investments, managing shares transferred to the **IEPF (Investor Education and Protection Fund)**, issuing duplicate share certificates, and complex asset tracing. | | **Wealth Samadhan Pvt Ltd** (Subsidiary) | **Wealth Protection** | Provides digital-first solutions for securing, organizing, and optimizing investment data to prevent future asset loss. | | **Nyaya Mitra Limited** (Subsidiary) | **Litigation Funding** | Offers consultancy for high-stakes asset disputes, commercial conflicts, family inheritance disputes, arbitration, and cross-border recovery. | --- ### **Operational Infrastructure & Revenue Mechanics** * **Professional Human Capital:** Headquartered in **New Delhi**, the firm employs a high-caliber team of **46+ professionals**, including Chartered Accountants (**CAs**), Company Secretaries (**CSs**), **MBAs**, and legal experts. * **Revenue Streams:** Income is generated through professional service fees, the sale of recovered shares, and a **success-fee model** for litigation consulting. In the latter, fees are directly linked to the final recovery amounts or settlement ratios, aligning company interests with client outcomes. * **Inventory & Asset Management:** The company maintains an inventory of **shares and securities** valued at the lower of cost or net realizable value. * **Accounting for Litigation:** Funds provided to vendors for litigation and consultancy are recorded as **advances to suppliers**; these are only expensed upon the final legal outcome or settlement of the case. --- ### **Strategic Growth Pillars & Market Expansion** Share Samadhan is transitioning from a boutique consultancy to a scaled financial services player through aggressive market expansion and technological integration. * **Third-Party Litigation Funding (TPLF) Leadership:** The company is a first-mover in the Indian TPLF market, which is projected to exceed **$57 billion globally by 2035**. In October 2024, subsidiary **Nyaya Mitra Limited** secured a landmark contract for litigation funding consulting on claims with damages valued at **₹1,240 crore**. * **Strategic Partnership with Choice International:** In late **2025**, the company entered a long-term collaboration with **Choice International Limited** (an NSE-listed entity). This partnership aims to leverage Choice’s vast financial network to scale the unclaimed investment recovery ecosystem. * **Technology & ODR Investment:** In February 2025, the company invested **₹1.03 crore** in **Erdac Solutions Pvt. Limited** (the CADRE Online Dispute Resolution platform) via **Compulsorily Convertible Debentures (CCDs)** to integrate tech-driven dispute resolution into its service suite. * **Internal Digitalization:** The company has capitalized **₹1.36 crore** as **Intangible Assets** specifically for internal IT services and process automation. --- ### **Capital Structure & IPO Fund Utilization** The company successfully transitioned to the public markets in **September 2024**, listing on the **BSE SME** platform. * **IPO Details:** Raised **₹24.06 crore** through the issuance of **32,52,000 equity shares**. Net proceeds (after **₹3.69 crore** in expenses) totaled **₹20.36 crore**. * **Post-Listing Equity:** Total equity shares stand at **1,22,70,103**. * **Fund Deployment:** As of **November 2025**, the unutilized IPO balance was **₹8.65 crore** (down from **₹13.97 crore** in April 2025). Remaining funds are temporarily parked in **Fixed Deposit Receipts (FDRs)** with scheduled commercial banks while being systematically deployed for **working capital**. * **Convertible Warrants (October 2025):** To further fuel growth, the company increased its **Authorised Share Capital** from **₹15 Crore** to **₹20 Crore** and issued **30,00,000 warrants** at **₹78 per warrant**. **Warrant Allotment Breakdown:** * **Choice International Limited:** 15,00,000 warrants * **Promoters (Abhay Kumar Chandalia & Vikash Kumar Jain):** 12,00,000 warrants * **Others:** 3,00,000 warrants --- ### **Financial Performance & Balance Sheet Strength** The fiscal year ending **March 31, 2025**, reflects a period of heavy capital infusion and balance sheet expansion, though operational profitability faced headwinds. | Metric | FY 2024-25 (₹ in thousands) | FY 2023-24 (₹ in thousands) | | :--- | :--- | :--- | | **Revenue from Operations** | **88,714.69** | **92,823.54** | | **Profit Before Tax (PBT)** | **29,904.04** | **50,877.07** | | **Total Assets** | **344,140.10** | *Not Specified* | | **Cash & Cash Equivalents** | **163,545.79** | *Not Specified* | **Key Financial Observations:** * **Lending Operations:** The company extended loans totaling **₹10.50 crore** to **F Mec International Financial Services Limited** at interest rates exceeding prevailing bank rates. * **Short-term Liquidity:** Short-term loans and advances stood at **₹7.04 crore** as of March 2025. * **Revenue Recognition:** Revenue is recognized upon the transfer of risks and rewards to the customer, while dividend income is recognized when the right to receive payment is established. --- ### **Risk Factors & Auditor Focus Areas** Investors should note the following "Key Audit Matters" and operational risks identified in recent filings: * **Revenue-Profit Disconnect:** Statutory auditors highlighted a disconnect where **operational revenue remained stagnant** and **PBT declined** despite a significant post-IPO capital infusion. * **Valuation Judgments:** Significant management judgment is required to assess the recoverability of **unquoted investments** and **trade receivables**. * **Revenue Timing:** There is inherent risk regarding the timing and cut-off of professional service charges, particularly for high-value consultation contracts recognized at the end of reporting periods. * **Concentration Risk:** The company operates within a **single primary business segment**, making it highly sensitive to regulatory changes in the Indian financial and legal sectors.